ZKH Group Limited(ZKH)Earnings, Financials & Key Ratios
ZKH•NYSE
$2.48
Price updated Jul 7, 2026
AboutZKH Group Limited develops and operates a maintenance, repair, and operating (MRO) products trading and service platform that offers spare parts, chemicals, manufacturing parts, general consumables, and office supplies in the People's Republic of China. The company provides MRO procurement and management services; digitalized MRO procurement solutions; and logistics and warehousing services. It also engages in the production and sale of intelligent warehousing equipment. ZKH Group Limited was founded in 1998 and is based in Shanghai, the People's Republic of China.Show more
- Revenue$8.99B+2.6%
- EBITDA-$165M-140.0%
- Net Income-$140M+47.9%
- EPS (Diluted)-0.84+48.8%
- Gross Margin16.42%-4.8%
- EBITDA Margin-1.84%-139.0%
- Operating Margin-2.37%-161.4%
- Net Margin-1.55%+49.2%
- ROE-4.63%+45.6%
ZKH Price & Volume
ZKH Group Limited (ZKH) stock price & volume — 10-year historical chart
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Persistent Operating Losses Challenge ZKH Growth Trajectory
Investment Thesis • Updated 2025Q2
VerdictNegative
Growth:Decelerating
Profitability:Negative
Financial:Healthy
Cash Flow:Burning
Primary Risk:Industrial demand cyclicality
Key Thesis Takeaways
- ZKH Group faces significant headwinds as its revenue growth contracted by 3.7% in 2025Q2, reflecting broader saturation and demand cooling within the Chinese industrial sector.
- While the company maintains a conservative debt-to-equity ratio of 0.18, the persistent inability to achieve positive operating margins—currently at -3.3%—suggests that the current business model struggles to scale efficiently.
- Investors should monitor whether the company can transition from its aggressive market share acquisition phase to a sustainable profitability model, given the ongoing reliance on share-based compensation which reached $17.0 million in the most recent quarter.
Verdict Logic
the company's inability to generate positive free cash flow and its persistent negative operating margin of -3.3% suggest that the current industrial distribution model lacks the necessary scale to achieve sustainable profitability.
ZKH Growth Metrics
ZKH Group Limited (ZKH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years13.91%
3 Years2.63%
TTM-0.75%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM1.25%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM26.04%
Return on Capital
10 Years-13.31%
5 Years-13.68%
3 Years-2.8%
Last Year-6.69%
ZKH Recent Earnings
ZKH Group Limited (ZKH) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 3/12 qtrs (38%)●Beat Revenue 7/12 qtrs (78%)
Q2 2026Latest
May 21, 2026Metric
Actual
Est
EPS
$0.01
—
Rev
$306M+5.0%
$292M
Q2 2026
Mar 19, 2026Metric
Actual
Est
EPS
$0.01-81.6%
$0.05
Rev
$366M+4.0%
$352M
Q4 2025
Nov 20, 2025Metric
Actual
Est
EPS
$0.01-137.5%
$0.03
Rev
$327M+2.1%
$320M
Q3 2025
Aug 22, 2025Metric
Actual
Est
EPS
$0.03-115.8%
$0.19
Rev
$302M-88.9%
$2.7B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 21, 2026 | $0.01 | $306Mvs $292M+5.0% |
| Q2 2026 | Mar 19, 2026 | $0.01vs $0.05-81.6% | $366Mvs $352M+4.0% |
| Q4 2025 | Nov 20, 2025 | $0.01vs $0.03-137.5% | $327Mvs $320M+2.1% |
| Q3 2025 | Aug 22, 2025 | $0.03vs $0.19-115.8% | $302Mvs $2.7B-88.9% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for ZKH Group Limited (ZKH)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $2.48 | $401.95M | -20.06 | 2.58% | -1.55% | -4.63% | — | |
| $47.11 | $54.08B | 43.22 | 8.67% | 15.39% | 33.25% | — | |
| $1356.43 | $64.04B | 38.32 | 4.51% | 9.7% | 43.13% | — | |
| $120.07 | $6.71B | 33.63 | -1.35% | 5.9% | 16.51% | — | |
| $109.99 | $4.87B | 32.64 | 3.62% | 3.24% | 9.09% | — | |
| $389.44 | $15.83B | 31.79 | -4.98% | 6.85% | 15.31% | — |
Compare ZKH vs Peers
ZKH Group Limited (ZKH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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ZKH Frequently Asked Questions
ZKH Group Limited (ZKH) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is ZKH Group Limited's revenue?
ZKH Group Limited (ZKH) reported $8.75B in revenue for fiscal year 2025. This represents a 87% increase from $4.69B in 2020.
How fast is ZKH Group Limited growing?
ZKH Group Limited (ZKH) grew revenue by 2.6% over the past year. Growth has been modest.
Is ZKH profitable?
ZKH Group Limited (ZKH) reported a net loss of $231.1M for fiscal year 2025.
Dividend & Returns
What is ZKH's return on equity?
ZKH Group Limited (ZKH) has a return on equity (ROE) of -4.6%. Negative ROE indicates the company is unprofitable.
What is ZKH Group Limited's free cash flow?
ZKH Group Limited (ZKH) had negative free cash flow of $43.0M in fiscal year 2025, likely due to heavy capital investments.