ZKH Group Ltd key statistics and ratios

In fiscal 2025, ZKH Group Ltd had return on equity of -4.6%, an operating margin of -2.4%, debt equal to 9.7% of equity and a current ratio of 1.79. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

ZKH Group Ltd: financial ratios, annual
Fiscal year	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	13.6%	15.8%	16.7%	17.2%	16.4%
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%
Return on equity	—	—	—	−8.5%	−4.6%
Return on assets	—	−11.1%	−4.2%	−3.8%	−2.1%
Asset turnover	—	1.25	1.22	1.25	1.36
Current ratio	—	1.80	1.73	1.85	1.79
Debt to equity	—	—	18.2%	11.3%	9.7%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	3.3%	2.9%	2.0%	1.9%	1.8%
Capital spending as % of revenue	1.9%	0.4%	0.6%	0.9%	0.6%
Dividends and buybacks ÷ free cash flow	—	—	—	27.2%	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from ZKH Group Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to ZKH Group Ltd.