Zhengye Biotechnology Holding Limited
ZYBTHealthcare|Drug Manufacturers - Specialty & Generic|CN
$1.50
+0.12 (+8.70%)
DCF Value
$0.44
Tangible Book / Share
$5.32
Cash / Share
$1.09
Financials
Financial Snapshot
Market Cap
$71.1M
Enterprise Value
$499.2M
Revenue (TTM)
$142.4M
Net Income (TTM)
-$93.0M
Cash & Investments
$51.9M
Net Cash
-$23.2M
Free Cash Flow (TTM)
$24.9M
Operating CF (TTM)
$19.3M
Debt/Equity
0.30
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Cash & Investments | $6.3M | $9.7M | $16.3M | $20.0M | $51.9M | $51.9M | |
| Operating Cash Flow | $31.8M | $17.3M | $48.2M | $41.0M | $13.3M | $19.3M | |
| Free Cash Flow | $5.4M | -$10.0M | $36.6M | $13.3M | $703.0K | $24.9M | |
| Capital Expenditure | -$26.4M | -$27.3M | -$11.6M | -$27.8M | -$12.6M | -$1.4M | |
| Financing Cash Flow | -$3.0M | $13.5M | -$19.0M | -$22.1M | $32.3M | $49.1M |
R&D Spending
R&D (TTM)
$22.4M
R&D Intensity
15.7%
R&D Growth vs Prior
+24.2%
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Revenue | $214.1M | $260.3M | $211.7M | $186.4M | $116.4M | $142.4M | |
| R&D Expense | $11.4M | $13.4M | $11.9M | $12.8M | $18.0M | $22.4M | |
| R&D % of Revenue | 5.3% | 5.2% | 5.6% | 6.9% | 15.5% | 15.7% | |
| SG&A | $58.2M | $63.6M | $66.6M | $63.8M | $74.9M | $94.2M |
Income Statement
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Revenue | $214.1M | $260.3M | $211.7M | $186.4M | $116.4M | $142.4M | |
| Cost of Revenue | $88.7M | $106.8M | $81.8M | $95.1M | $92.5M | $116.4M | |
| Gross Profit | $125.4M | $153.5M | $129.9M | $91.3M | $23.9M | $26.0M | |
| R&D | $11.4M | $13.4M | $11.9M | $12.8M | $18.0M | $22.4M | |
| SG&A | $58.2M | $63.6M | $66.6M | $63.8M | $74.9M | $94.2M | |
| Operating Income | $52.4M | $65.8M | $45.0M | $16.4M | -$68.3M | -$90.6M | |
| Interest Expense | $1.0M | $2.8M | $4.4M | $4.0M | $3.4M | $4.2M | |
| Pretax Income | $53.1M | $63.9M | $43.8M | $14.4M | -$71.9M | -$91.6M | |
| Net Income | $39.0M | $46.7M | $31.5M | $11.3M | -$69.8M | -$93.0M | |
| EPS (Diluted) | 0.83 | 0.99 | 0.67 | 0.24 | -1.40 | -2.17 | |
| EBITDA | $70.1M | $85.6M | $72.1M | $42.6M | -$42.5M | -$58.0M | |
| Shares Out. (M) | 47.17 | 47.17 | 47.17 | 47.17 | 47.35 | 47.39 |
Balance Sheet
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.3M | $9.7M | $15.1M | $18.6M | $50.3M | $50.3M | |
| Short-Term Investments | $0.00 | $0.00 | $1.2M | $1.4M | $1.6M | $1.6M | |
| Total Current Assets | $164.9M | $214.3M | $205.6M | $177.6M | $137.4M | $137.4M | |
| Total Assets | $445.3M | $519.7M | $499.9M | $493.2M | $436.5M | $436.5M | |
| Total Current Liabilities | $125.6M | $152.2M | $150.2M | $135.9M | $120.5M | $120.5M | |
| Long-Term Debt | $0.00 | $10.0M | $10.0M | $4.8M | $8.8M | $8.8M | |
| Total Liabilities | $126.4M | $162.8M | $160.6M | $140.7M | $129.8M | $129.8M | |
| Stockholders' Equity | $267.5M | $296.5M | $272.9M | $284.0M | $249.8M | $249.8M | |
| Retained Earnings | $42.3M | $65.8M | $38.4M | $48.2M | -$21.6M | -$21.6M |
Cash Flow Statement
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $31.8M | $17.3M | $48.2M | $41.0M | $13.3M | $19.3M | |
| Capital Expenditure | -$26.4M | -$27.3M | -$11.6M | -$27.8M | -$12.6M | -$1.4M | |
| Free Cash Flow | $5.4M | -$10.0M | $36.6M | $13.3M | $703.0K | $24.9M | |
| Investing Cash Flow | -$26.3M | -$27.3M | -$11.8M | -$27.7M | -$12.6M | -$18.7M | |
| Financing Cash Flow | -$3.0M | $13.5M | -$19.0M | -$22.1M | $32.3M | $49.1M | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $43.1M | $45.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$500.00 | |
| Net Debt Issuance | $8.0M | $34.9M | $25.0M | -$2.7M | -$12.1M | -$11.9M | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Change in Cash | $2.5M | $3.5M | $17.4M | -$8.6M | $31.7M | $33.4M |
Dilution Tracker
Shares Outstanding
47M
5-Year Share Growth
+0.4%
Stock Issuance (TTM)
$45.1M
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 47.17 | 47.17 | 47.17 | 47.17 | 47.35 | 47.39 | |
| Change vs Prior % | — | 0.0% | 0.0% | 0.0% | 0.4% | 0.1% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $43.1M | $45.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$500.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Margins & Profitability
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Gross Margin % | 58.6% | 59.0% | 61.4% | 49.0% | 20.5% | 18.3% | |
| Operating Margin % | 24.5% | 25.3% | 21.3% | 8.8% | -58.7% | -63.6% | |
| Net Margin % | 18.2% | 18.0% | 14.9% | 6.1% | -60.0% | -65.3% | |
| EBITDA Margin % | 32.8% | 32.9% | 34.1% | 22.9% | -36.5% | -40.7% | |
| FCF Margin % | 2.5% | -3.8% | 17.3% | 7.1% | 0.6% | 17.5% | |
| ROE % | 14.6% | 15.8% | 11.5% | 4.0% | -27.9% | -30.8% | |
| ROA % | 8.7% | 9.0% | 6.3% | 2.3% | -16.0% | -18.8% | |
| ROIC % | 13.1% | 13.6% | 9.0% | 3.5% | -17.9% | -19.9% | |
| R&D / Revenue % | 5.3% | 5.2% | 5.6% | 6.9% | 15.5% | 15.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 0.0% | 21.6% | -18.7% | -12.0% | -37.6% | |
| Gross Profit | 0.0% | 22.4% | -15.4% | -29.7% | -73.9% | |
| Operating Income | 0.0% | 25.7% | -31.7% | -63.5% | -515.2% | |
| Net Income | 0.0% | 20.0% | -32.7% | -64.0% | -717.0% | |
| EPS (Diluted) | 0.0% | 19.3% | -32.3% | -64.2% | -683.3% | |
| Operating Cash Flow | 0.0% | -45.5% | 178.0% | -14.8% | -67.5% | |
| Free Cash Flow | 0.0% | -284.7% | 466.1% | -63.7% | -94.7% | |
| R&D Expense | 0.0% | 18.1% | -11.3% | 7.5% | 40.8% | |
| SG&A Expense | 0.0% | 9.2% | 4.8% | -4.2% | 17.4% | |
| Total Assets | 0.0% | 16.7% | -3.8% | -1.3% | -11.5% | |
| Book Value / Share | 0.0% | 11.9% | -4.9% | 0.6% | -13.3% | |
| Debt | 0.0% | 116.3% | 38.5% | -3.8% | -13.1% | |
| Diluted Shares | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% |
Valuation
P/E (TTM)At Loss
10Y Low / Med / High32.86 / 49.99 / 147.80
P/S4.27
10Y Low / Med / High3.27 / 6.59 / 8.98
P/B1.90
10Y Low / Med / High1.52 / 5.27 / 5.89
EV/EBITDAAt Loss
10Y Low / Med / High18.54 / 22.89 / 40.87
EV/Revenue4.49
10Y Low / Med / High3.48 / 6.70 / 9.34
P/FCF14.84
10Y Low / Med / High43.06 / 260.64 / 541.63
Intrinsic Value Models (per share)
DCF Value
$0.44
Tangible Book / Share
$5.32
Net Current Assets / Share
$0.16
Cash / Share
$1.09
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| P/E Ratio | 36.32 | 32.86 | 49.99 | 147.80 | -5.74 | -5.16 | |
| P/S Ratio | 6.59 | 5.88 | 7.44 | 8.98 | 3.27 | 4.27 | |
| P/B Ratio | 5.27 | 5.16 | 5.77 | 5.89 | 1.52 | 1.90 | |
| EV/EBITDA | 20.44 | 18.54 | 22.89 | 40.87 | -9.54 | -10.05 | |
| EV/Revenue | 6.70 | 6.09 | 7.80 | 9.34 | 3.48 | 4.49 |
Analyst Estimates & Quality
Altman Z-Score
1.81
Distress
Piotroski F-Score
2
Weak