Zhengye Biotechnology Holding Ltd key statistics and ratios

In fiscal 2025, Zhengye Biotechnology Holding Ltd had return on equity of -26.0%, an operating margin of -60.6%, debt equal to 29.9% of equity and a current ratio of 1.14. 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.

Zhengye Biotechnology Holding Ltd: financial ratios, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	56.8%	55.5%	49.0%	20.5%
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%
Return on equity	13.5%	9.9%	4.1%	−26.0%
Return on assets	—	6.3%	2.3%	−14.9%
Asset turnover	—	0.42	0.38	0.25
Current ratio	—	1.26	1.31	1.14
Debt to equity	0.0%	32.9%	30.4%	29.9%
Interest cover (operating income ÷ interest)	23.2x	10.2x	4.1x	n/m
Effective tax rate	12.8%	14.3%	6.4%	—
R&D as % of revenue	5.2%	5.6%	6.9%	15.5%
Capital spending as % of revenue	10.5%	3.5%	7.3%	0.9%
Free cash flow ÷ net income	−21.4%	129.7%	242.8%	—
Dividends ÷ net income	45.8%	125.4%	141.7%	—
Dividends and buybacks ÷ free cash flow	—	96.7%	58.4%	—

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

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.

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.

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Figures from Zhengye Biotechnology Holding Ltd's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Zhengye Biotechnology Holding Ltd.