ZKH Group Ltd
ZKH · Retail-Building Materials, Hardware, Garden Supply · EDGAR filings ↗
Grade
D52Well-capitalized Chinese MRO procurement platform still operating at a loss despite narrowing deficits.
Strengths
- Very strong liquidity: $1.86B cash (89th pct), negligible debt (D/E 0.01) and a long cash runway
- Operating loss narrowed ~37% and customer base nearly doubled to 155,000 with high large-customer retention
Risks
- Still loss-making: net margin -1.6%, operating margin -2.4%, ROE -4.8% and negative FCF
- Low gross margin (16.4%, 17th pct), sluggish revenue growth (2.6%) and China-VIE/HFCAA exposure
Notable findings
- Net lossNet loss (net margin -1.6%)
- Cash burnNegative free cash flow (-6.3M)
- Strong balance sheetStrong balance sheet — $265M cash & investments, ~168 quarters of runway
Key metrics
Gross margin
16.4%
Operating margin
-2.4%
Net margin
-1.6%
Return on equity
-4.8%
Return on assets
-2.1%
ROIC
-5.6%
Revenue growth (QoQ)
7.0%
Debt / equity
0.0×
Current ratio
1.8×
Free cash flow
-$6M
EBITDA
-$24M
Tangible book value
$413M
Cash & investments
$265M
Cash runway
168q
Stock comp / revenue
0.6%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-24 | 2025-12-31 | 0001104659-26-048107 ↗ |
| 20-F | 2025-04-17 | 2024-12-31 | 0001410578-25-000779 ↗ |
| 20-F | 2024-04-19 | 2023-12-31 | 0001104659-24-049024 ↗ |