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ZKH Group Ltd (ZKH) stock

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NYSE: ZKH NYSE Broadline Retail Next results ~November 19, 2026

C Fundamentals grade

ZKH Group Ltd is a US-listed company in the broadline retail industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$5.8

Revenue-to-maturity cash-flow model

Base case. Range ~$5.2–$6.9 across our lower- and higher-growth cases (0%–7.7% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

ZKH Group Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds14 adding, 8 cuttingOf 8 active managers that changed their stake, 7 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter ZKH Group files

Where ZKH stands after its latest Filing

Revenue for the twelve months was $1.25bn, up 2.7% on a year earlier, against a decline of 1.2% a quarter earlier. Free-cash-flow margin rose to -0.5% from -20.0% a year earlier. Operating margin widened to -2.4% from -14.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 6 financial-health checks. Our revenue-to-maturity cash-flow model value is $5.76 a share, against a share price of $1.64.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 19, 2026 (estimated)

ZKH Group Ltd's trailing-twelve-month revenue grew 2.7% year on year, with a free-cash-flow margin of -0.5%. Where it stands out: long-term debt as % of assets of 0.7% ranks 3 of 12 broadline retail companies we cover. Where it lags: days sales outstanding of 136 days ranks 13 of 14 broadline retail companies we cover.

Current signal Net income rising while operating cash flow falls: TTM net income grew 47.8% while operating cash flow fell 96.2% — earnings and cash are telling different stories.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 3.9 points higher than a quarter earlier.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Loss-making. Operating margin is -2.4%: costs exceed revenue.
  • Burning cash. Free cash flow was -0.5% of revenue over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 136 days ranks 13 of 14 broadline retail companies we cover (median 13 days).
  • Below peers: gross margin. Gross margin of 16.4% ranks 20 of 22 broadline retail companies we cover (median 44.4%).

Latest results

Earnings per share
-$0.09 against an average estimate of $0.19: missed by 147.4%
Next report
November 19, 2026

ZKH Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.2%
  • 1 week-6.7%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.3B
Operating margin
-2.4%
Net margin
-1.6%
EPS (TTM, diluted)
$-0.12

Growth

Revenue growth
+2.7%
Change in growth rate
+3.9 pts
Share count change
−0.9%

Cash

Free cash flow (TTM)
-$6.2M
FCF margin
-0.5%
Stock pay % of revenue
0.6%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for ZKH from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

ZKH Group Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value ZKH Group Ltd as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.04 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$5.8 ~$5.2–$6.9 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$1.8 ~$1.7–$15 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$5.0 ~$1.8–$5.8 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare ZKH Group Ltd with Broadline Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 19, 2026, before the open.

Analysts' consensus

No analyst estimates are published for ZKH Group Ltd: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2025 $0.19 −$0.09 −147.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

3 analysts, Nov 2026
Buy3100%
Hold00%
Sell00%

Monthly trend

  1. Nov 202633

Counts of recommendations published by analysts covering ZKH Group Ltd, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.0%
of tradable shares
Days to cover
0.06
at average volume
Short interest, 1 month
−41%
to October 15, 2026
Held by institutions
26%
of shares
Held by insiders
18.1%
of shares
Employees
2,933
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

ZKH Group Ltd in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) ZKH Group Ltd
$1.2B $1.2B $1.2B $1.2B $1.3B FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY21 Q4: $1.2B Revenue (TTM), FY22 Q4: $1.2B Revenue (TTM), FY23 Q4: $1.2B Revenue (TTM), FY24 Q4: $1.2B Revenue (TTM), FY25 Q4: $1.3B $1.3B

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY21 Q4 $1.2B
FY22 Q4 $1.2B
FY23 Q4 $1.2B
FY24 Q4 $1.2B
FY25 Q4 $1.3B
Revenue growth, TTM YoY ZKH Group Ltd
-2% 0% 2% 4% 6% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY22 Q4: 4.3% Revenue growth, TTM YoY, FY23 Q4: -0.5% Revenue growth, TTM YoY, FY24 Q4: -1.2% Revenue growth, TTM YoY, FY25 Q4: 2.7% 2.7%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY22 Q4 4.3%
FY23 Q4 -0.5%
FY24 Q4 -1.2%
FY25 Q4 2.7%
Operating margin (TTM) ZKH Group Ltd
-15% -10% -5% 0% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY21 Q4: -14.5% Operating margin (TTM), FY22 Q4: -8.2% Operating margin (TTM), FY23 Q4: -4.6% Operating margin (TTM), FY24 Q4: -3.9% Operating margin (TTM), FY25 Q4: -2.4% -2.4%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY21 Q4 -14.5%
FY22 Q4 -8.2%
FY23 Q4 -4.6%
FY24 Q4 -3.9%
FY25 Q4 -2.4%
FCF margin (TTM) ZKH Group Ltd
-20% -10% 0% 10% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY21 Q4: -20.0% FCF margin (TTM), FY22 Q4: -6.5% FCF margin (TTM), FY23 Q4: -7.1% FCF margin (TTM), FY24 Q4: 1.7% FCF margin (TTM), FY25 Q4: -0.5% -0.5%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY21 Q4 -20.0%
FY22 Q4 -6.5%
FY23 Q4 -7.1%
FY24 Q4 1.7%
FY25 Q4 -0.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 1,187 1,238 1,232 1,218 1,251
Gross profit 161 196 205 210 205
EBITDA −164 −91 −46 −39 −23
Operating income −172 −102 −56 −47 −30
Net income −174 −110 −43 −37 −19
Diluted EPS — — — −$0.24 —
Growth (year on year)
Revenue — +4.3% −0.5% −1.2% +2.7%
Margins
Gross margin 13.6% 15.8% 16.7% 17.2% 16.4%
EBITDA margin −13.8% −7.3% −3.7% −3.2% −1.8%
Operating margin −14.5% −8.2% −4.6% −3.9% −2.4%
Net margin −14.7% −8.8% −3.5% −3.1% −1.6%
Free-cash-flow margin −20.0% −6.5% −7.1% 1.7% −0.5%
Cash flow
Cash from operations −214 −75 −80 32 1
Capital spending 23 6 7 11 7
Free cash flow −237 −81 −87 21 −6
Stock-based pay 28 5 2 15 7
Free cash flow after stock pay −265 −85 −90 6 −14
Balance sheet
Cash 177 283 154 195 147
Total debt 0 36 82 48 41
Net debt (negative = net cash) −177 −247 −71 −147 −107
Diluted shares 35m 38m 44m 164m 162m
Returned to shareholders
Buybacks — — — 6 6
Total returned — — — 6 6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · December 31, 2025
What it owns · $934m
Short-term assets $878mLonger-term assets $56m
What it owes, and who funded it · $934m
Short-term liabilities $490mLonger-term liabilities $23mShareholders' equity $421m
  • Short-term assets cover short-term liabilities $878m of assets due within a year against $490m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $878m short-term assets against $23m of longer-dated liabilities.
  • More cash than debt $147m of cash against $6m of debt.
  • Debt below 40% of shareholders' equity Debt is 2% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $1m of operating cash flow against $6m of debt.
  • Operating profit covers interest at least five times over Operating income of −$30m against $2m of interest.

From ZKH Group Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$5.7M
Returned to shareholders
-93%
of free cash flow
Diluted share count
−0.9%
year over year
Total shareholder yield
2.2%
dividends 0.0% + buybacks 2.2% of market value
R&D spending
1.8%
of revenue
Days sales outstanding
136 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in broadline retail
Last 12 months unless stated ZKH RVLV BZUN OLLI ETSY DDS Median
Revenue, last 12 months $1.3bn $1.3bn $1.4bn $2.8bn $3.0bn $6.6bn $2.8bn
Revenue growth, last 12 months 2.7% 10.8% 5.7% 14.4% 10.8% 0.2% 4.4%
Revenue growth, 3-year average — 6.6% 77.5% 12.9% 3.5% −1.7% 9.1%
Revenue growth, latest quarter — 12.4% — 9.1% 10.9% −0.4% 9.1%
Gross margin 16.4% 54.3% 74.1% 41.6% 71.3% 39.8% 44.4%
Operating margin −2.4% 6.1% 0.6% 12.3% 14.0% — 2.5%
Operating margin, 3-year average — 4.5% 2.3% 11.5% 13.1% — 2.8%
Net margin −1.6% 5.5% −2.4% 9.8% 32.8% 10.3% 1.7%
Cash from operations / revenue 0.1% 3.3% 4.2% 12.2% 19.9% 11.0% 4.0%
Free-cash-flow margin −0.5% 2.1% 3.2% 8.0% 19.7% 9.6% 2.1%
Free-cash-flow margin, 3-year average — 3.0% −3.8% 5.9% 23.4% 9.7% 3.0%
Stock pay / revenue 0.6% 0.8% 0.2% 0.5% 7.7% — 0.7%
Change in share count −0.9% 0.2% −3.4% −0.9% 4.1% −9.5% −0.4%

Median of all 23 companies we cover in broadline retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 broadline retail companies
Measure Company Peer median Rank
Revenue growth Growth 2.7% 4.4% 13 of 23
Change in growth rate Growth +3.9pp +0.9pp 7 of 23
Gross margin Profitability 16.4% 44.4% 20 of 22
Operating margin Profitability -2.4% 3.6% 16 of 22
Net margin Profitability -1.6% 1.7% 16 of 23
Free-cash-flow margin Cash generation -0.5% 2.1% 16 of 23
Stock pay as % of revenue Cash generation 0.6% 0.8% 11 of 22
Long-term debt as % of assets Balance sheet 0.7% 6.2% 3 of 12
Change in share count Balance sheet -0.9% 0.1% 7 of 22
Days sales outstanding Balance sheet 136 days 13 days 13 of 14

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$50.9M
Institutions reporting
24
Shares held vs prior quarter
▲ 2.9%
Positions opened / closed
7 / 2

Top buyers and sellers, Q2 2026: 14 institutions bought and 8 sold ; the biggest buyer was Fil Ltd (+457K shares) and the biggest seller Jpmorgan Chase & Co (−398K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Canada Pension Plan Investment Board $24M 10.6M 47.1% 0.0%
Fil Ltd $19.4M 8.6M 38.0% ▲ 5.6%
Boundless Plain Holdings Ltd $5.4M 2.4M 10.6% 0.0%
Marshall Wace, LLP $737,823 326K 1.4% New
Renaissance Technologies LLC $301,484 133K 0.6% ▲ 48.4%
Arrowstreet Capital, Limited Partnership $225,275 100K 0.4% New
Invesco Ltd. $155,822 69K 0.3% ▼ 10.3%
Citadel Advisors LLC $149,158 66K 0.3% ▼ 0.5%
Acadian Asset Management LLC $135,000 62K 0.3% ▲ 215.6%
Oasis Management Co Ltd. $113,000 50K 0.2% 0.0%
Millennium Management LLC $93,634 41K 0.2% New
Goldman Sachs Group Inc $74,885 33K 0.1% ▲ 33.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not ZKH Group Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $796,953 2 trades by 1 insider · 0% under pre-set plans
Net ▼ $796,953 net selling
Insider Date Trade Shares Price Value
Han Yunjie Director September 11, 2026 Sell 9,289,000 $0.08 $743,120
Han Yunjie Director September 9, 2026 Sell 672,910 $0.08 $53,833

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on ZKH Group Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

ZKH Group Ltd in brief

What does ZKH Group Ltd do?
ZKH Group Ltd is a US-listed company in the broadline retail industry. Its financial year ends in December.
What is ZKH Group Ltd's stock ticker?
ZKH Group Ltd trades under the ticker ZKH on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is ZKH Group Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, ZKH Group Ltd reported revenue of $1.3B, 2.7% higher than a year earlier, according to its SEC filings.
What is ZKH Group Ltd's free cash flow?
ZKH Group Ltd's free-cash-flow margin is -0.5% of revenue over the trailing twelve months, ranking 16 of the 23 broadline retail companies we cover.
Who are ZKH Group Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Canada Pension Plan Investment Board, Fil Ltd and Boundless Plain Holdings Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is ZKH Group Ltd buying back stock, and does it pay a dividend?
ZKH Group Ltd spent $5.7M on share repurchases over the trailing twelve months, and its diluted share count fell 0.9% over the year.
How much debt does ZKH Group Ltd have?
ZKH Group Ltd's debt-to-equity ratio is 1.5%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are ZKH Group Ltd's competitors?
In our Broadline Retail peer group, the companies closest to ZKH Group Ltd are Revolve Group, Inc., Baozun Inc., Ollie's Bargain Outlet Holdings, Inc., Etsy Inc and Dillard's, Inc. The side-by-side comparison below sets their revenue, margins and growth against ZKH Group Ltd's.
Are insiders buying or selling ZKH Group Ltd stock?
Over the last 12 months, ZKH Group Ltd's directors and officers reported 0 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is ZKH Group Ltd's next earnings date?
Around November 19, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — ZKH Group Ltd announces its own schedule.