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Zhengye Biotechnology Holding Ltd (ZYBT) stock

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NASDAQ: ZYBT Nasdaq Pharmaceuticals

D Fundamentals grade

Zhengye Biotechnology Holding Ltd is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$0.9

Cash-flow model

Base case. Range ~$0.6–$1.2 across our lower- and higher-growth cases (-1%–9% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 35% below it.

Price used: $1.33, November 2, 2026

Zhengye Biotechnology Holding 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.

  • Funds2 adding, 4 cuttingOf 1 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Zhengye Biotechnology Holding files

Where Zhengye Biotechnology stands after its latest Filing

Revenue for the twelve months was $16m. That puts it 70 of 74 for growth among the pharmaceuticals companies we cover. Free-cash-flow margin held at 10.6%. The diluted share count is up 3.7% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 5 of our 6 financial-health checks. Our cash-flow model value is $0.87 a share, against a share price of $1.30.

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

Zhengye Biotechnology Holding Ltd's trailing-twelve-month revenue fell 37.5% year on year, with a free-cash-flow margin of 10.6%. Where it stands out: long-term debt as % of assets of 2.2% ranks 9 of 53 pharmaceuticals companies we cover. Where it lags: revenue growth of -37.5% ranks 70 of 74 pharmaceuticals companies we cover.

Our discounted-cash-flow model values the business at ~$0.9 per share in the base case (~$0.6–$1.2 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -37.5% (-24.1pp vs the prior quarter).

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

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Priced above our value. The share price of $1.33 is 34% above our value per share of $1.
  • Revenue shrinking. Revenue fell 37.5% over the last 12 months.
  • Growth slowing. The growth rate is 24.1 points lower than a quarter earlier.
  • Loss-making. Operating margin is -60.6%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 69.4 points on a year ago.
  • Share dilution. Diluted shares rose 3.7% in a year.

Price chart

  • 1 day+2.3%
  • 1 week-6.3%

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)
$16.2M
Operating margin
-60.6%
Net margin
-60.0%
EPS (TTM, diluted)
$-0.21

Growth

Revenue growth
−37.5%
Change in growth rate
−24.1 pts
Share count change
+3.7%

Cash

Free cash flow (TTM)
$1.7M
FCF margin
10.6%

News & updates

Updated November 2, 2026

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

No recent updates are available for ZYBT 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

Zhengye Biotechnology Holding Ltd valuation models and calculator

What the price is pricing in

The share price implies about 10.2% a year of cash-flow growth for five years.That is faster than the -25.2% a year revenue growth Zhengye Biotechnology Holding has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in10.2%
  • Last 12 months-37.5%
  • 3 years a year-25.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($1.34, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$0.9
Price used
$1.34close November 3, 2026
Implied change
▼ 35%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Zhengye Biotechnology Holding Ltd's free cash flow after stock-based pay with after-tax interest added back ($2.8M, FY2025 Q4 TTM), growing 4% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$0.6–~$1.2 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Zhengye Biotechnology Holding Ltd's free cash flow after stock-based pay ( $2.8M, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Zhengye Biotechnology Holding Ltd as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.86 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$0.9 ~$0.6–$1.2 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. ~$0.2 ~$0.1–$0.3 Left out: out of range vs price (0.14x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$0.0 ~$0.0–$0.0 Left out: out of range vs price (0.01x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) 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. ~$0.9 ~$0.6–$1.2 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Zhengye Biotechnology Holding Ltd with Pharmaceuticals 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.

What moves the value

  • Revenue growth 5 points lower ▼ −38%
  • Revenue growth 5 points higher ▲ +49%
  • Free-cash-flow margin 1 point lower ▼ −12%
  • Last year's free-cash-flow margin change, if it persists ▼ −32%
  • Discount rate 1 point higher ▼ −21%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $1$1$1$2$3$3
8.5% $0$1$1$1$2$2
10% $0$0$1$1$1$2

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

Analysts' consensus

No analyst estimates are published for Zhengye Biotechnology Holding Ltd: too few analysts cover it.

Positioning

Short interest
0.1%
of tradable shares
Days to cover
0.04
at average volume
Short interest, 1 month
−51%
to October 15, 2026
Held by institutions
1%
of shares
Held by insiders
16.2%
of shares
Employees
269
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.

Zhengye Biotechnology Holding Ltd in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet Value

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) Zhengye Biotechnology Holding Ltd
$10M $20M $30M $40M FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY22 Q4: $38.8M Revenue (TTM), FY23 Q4: $29.9M Revenue (TTM), FY24 Q4: $25.9M Revenue (TTM), FY25 Q4: $16.2M $16.2M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY22 Q4 $38.8M
FY23 Q4 $29.9M
FY24 Q4 $25.9M
FY25 Q4 $16.2M
Operating margin (TTM) Zhengye Biotechnology Holding Ltd
-100% -50% 0% 50% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY22 Q4: 25.3% Operating margin (TTM), FY23 Q4: 21.3% Operating margin (TTM), FY24 Q4: 8.8% Operating margin (TTM), FY25 Q4: -60.6% -60.6%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY22 Q4 25.3%
FY23 Q4 21.3%
FY24 Q4 8.8%
FY25 Q4 -60.6%
FCF margin (TTM) Zhengye Biotechnology Holding Ltd
-10% 0% 10% 20% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY22 Q4: -3.8% FCF margin (TTM), FY23 Q4: 19.3% FCF margin (TTM), FY24 Q4: 14.7% FCF margin (TTM), FY25 Q4: 10.6% 10.6%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY22 Q4 -3.8%
FY23 Q4 19.3%
FY24 Q4 14.7%
FY25 Q4 10.6%

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 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 39 30 26 16
Gross profit 22 17 13 3
EBITDA 13 10 6 −6
Operating income 10 6 2 −10
Net income 7 4 2 −10
Diluted EPS $0.15 $0.10 $0.03 —
Growth (year on year)
Revenue — −22.8% −13.4% −37.5%
EBITDA — −22.7% −42.0% −210.0%
Operating income — −35.2% −64.1% −529.4%
Net income — −36.1% −64.6% −717.7%
Diluted EPS — −35.8% −64.4% —
Margins
Gross margin 56.8% 55.5% 49.0% 20.5%
EBITDA margin 32.5% 32.6% 21.8% −38.3%
Operating margin 25.3% 21.3% 8.8% −60.6%
Net margin 18.0% 14.9% 6.1% −60.0%
Free-cash-flow margin −3.8% 19.3% 14.7% 10.6%
Cash flow
Cash from operations 3 7 6 2
Capital spending 4 1 2 0
Free cash flow −1 6 4 2
Balance sheet
Cash 1 2 3 7
Total debt 0 13 12 11
Net debt (negative = net cash) −1 11 9 3
Diluted shares 46m 46m 46m 47m
Returned to shareholders
Dividends 3 6 2 —
Total returned 3 6 2 —

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

5 of 6 checks passed · December 31, 2025
What it owns · $62m
Short-term assets $20mLonger-term assets $43m
What it owes, and who funded it · $54m
Short-term liabilities $17mLonger-term liabilities $1mShareholders' equity $36m
  • Short-term assets cover short-term liabilities $20m of assets due within a year against $17m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $20m short-term assets against $1m of longer-dated liabilities.
  • More cash than debt $7m of cash against $1m of debt.
  • Debt below 40% of shareholders' equity Debt is 4% 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 $2m of operating cash flow against $1m of debt.
  • Operating profit covers interest at least five times over Operating income of −$10m against $473,100 of interest.

From Zhengye Biotechnology Holding 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

Dividends (TTM)
$2.2M
Returned to shareholders
58%
of free cash flow
Diluted share count
+3.7%
year over year
Total shareholder yield
3.5%
dividends 3.5% + buybacks 0.0% of market value
R&D spending
15.5%
of revenue
Days sales outstanding
60 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated ZYBT SLGL JAGX VRCA SCLX SBFM Median
Revenue, last 12 months $16m $19m $28m $30m $32m $35m $276m
Revenue growth, last 12 months −37.5% 68.0% 135.5% 106.2% −28.5% −2.7% 9.9%
Revenue growth, 3-year average — — 76.5% 52.2% −12.0% 34.5% 5.5%
Revenue growth, latest quarter — — −58.9% −53.8% −22.8% −1.6% 6.5%
Gross margin 20.5% — 82.3% 63.8% 55.5% 30.3% 62.0%
Operating margin −60.6% −38.9% −93.1% −93.6% <−999% −16.6% −5.9%
Operating margin, 3-year average — <−999% −227.7% −312.8% −512.2% −16.5% −7.4%
Net margin −60.0% −31.6% −188.5% −102.8% <−999% −16.5% −7.3%
Cash from operations / revenue 11.5% 1.7% −24.0% −44.0% −54.1% −15.1% 10.2%
Free-cash-flow margin 10.6% 1.4% −24.0% −44.0% −70.7% −15.2% 8.6%
Free-cash-flow margin, 3-year average — <−999% −182.5% −280.0% −2.8% −25.5% 7.4%
Stock pay / revenue — 0.4% 2.1% 11.6% 51.0% — 3.6%
Change in share count 3.7% 0.0% — 5.6% — 55.7% 1.9%

Median of all 75 companies we cover in pharmaceuticals. 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

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth -37.5% 10.0% 70 of 74
Change in growth rate Growth -24.1pp -0.3pp 66 of 74
Gross margin Profitability 20.5% 59.8% 51 of 59
Operating margin Profitability -60.6% -5.9% 51 of 67
Net margin Profitability -60.0% -7.3% 60 of 75
Free-cash-flow margin Cash generation 10.6% 10.1% 36 of 74
Long-term debt as % of assets Balance sheet 2.2% 23.8% 9 of 53
Change in share count Balance sheet 3.7% 1.5% 43 of 62
Days sales outstanding Balance sheet 60 days 72 days 17 of 59

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

Who owns it

Funds buying and selling
Reported value
$68,058
Institutions reporting
8
Shares held vs prior quarter
▼ 17.2%
Positions opened / closed
1 / 1

Top buyers and sellers, Q2 2026: 2 institutions bought and 4 sold ; the biggest buyer was Xtx Topco Ltd (+4,719 shares) and the biggest seller Winton Group Ltd (−21K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Xtx Topco Ltd $33,086 49K 48.6% ▲ 10.7%
Geode Capital Management, LLC $19,681 29K 28.9% 0.0%
Winton Group Ltd $8,619 13K 12.7% ▼ 61.9%
UBS Group AG $5,410 8K 7.9% ▼ 0.5%
Royal Bank Of Canada $1,000 1K 1.5% 0.0%
Morgan Stanley $168 0K 0.2% ▼ 5.0%
Jpmorgan Chase & Co $93 0K 0.1% New
Caitong International Asset Management Co., Ltd $1 0K 0.0% 0.0%

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 Zhengye Biotechnology Holding 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 → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

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

Data status

When each part of this page on Zhengye Biotechnology Holding 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.

Zhengye Biotechnology Holding Ltd in brief

What does Zhengye Biotechnology Holding Ltd do?
Zhengye Biotechnology Holding Ltd is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Zhengye Biotechnology Holding Ltd's stock ticker?
Zhengye Biotechnology Holding Ltd trades under the ticker ZYBT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Zhengye Biotechnology Holding Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Zhengye Biotechnology Holding Ltd reported revenue of $16.2M, 37.5% lower than a year earlier, according to its SEC filings.
What is Zhengye Biotechnology Holding Ltd's free cash flow?
Zhengye Biotechnology Holding Ltd's free-cash-flow margin is 10.6% of revenue over the trailing twelve months, ranking 36 of the 74 pharmaceuticals companies we cover.
What is Zhengye Biotechnology Holding Ltd's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Zhengye Biotechnology Holding Ltd's free cash flow after stock-based pay gives ~$0.9 per share in the base case, and ~$0.6–$1.2 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Zhengye Biotechnology Holding Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Xtx Topco Ltd, Geode Capital Management, LLC and Winton Group Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Does Zhengye Biotechnology Holding Ltd pay a dividend?
Yes: Zhengye Biotechnology Holding Ltd paid $2.2M in dividends over the trailing twelve months, a dividend yield of 3.54%.
How much debt does Zhengye Biotechnology Holding Ltd have?
Zhengye Biotechnology Holding Ltd's debt-to-equity ratio is 4.1%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Zhengye Biotechnology Holding Ltd's competitors?
In our Pharmaceuticals peer group, the companies closest to Zhengye Biotechnology Holding Ltd are Sol-gel Technologies Ltd., Jaguar Health, Inc., Verrica Pharmaceuticals Inc., Scilex Holding Co and Sunshine Biopharma Inc. The side-by-side comparison below sets their revenue, margins and growth against Zhengye Biotechnology Holding Ltd's.