ZKH

MKT CAP:$488M

ZKH Group Limited

Market Cap

$488M

Consumer Cyclical·Specialty Retail·🇨🇳 China·NYSE

Consumer Cyc.·Specialty Retail·🇨🇳·NYSE

Stock Price

$3.00-$0.69 (-18.70%)

Apr 23, 2026

Company Details

ZKH 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 Repub...

CEO

Long Chen

IPO Date

Dec 15, 2023

Website

www.zkh.com

Key Metrics TTM

Revenue

$1.3B

+2.2% YoY

Net Income

-$20M

EPS (Diluted)

-$0.13

Free Cash Flow

$0

Revenue / Share

$8.08

Gross Margin

16.4%

Operating Margin

-2.4%

Net Margin

-1.6%

FCF Margin

0.0%

P/S

0.4x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$1.3B-0.2%EPS -$0.12

Q4 2025

Mar 19, 2026

$368M+6.4%EPS $0.00

Q3 2025

Nov 20, 2025

$340M+2.1%EPS -$0.02

Q2 2025

Aug 22, 2025

$317M-3.7%EPS -$0.05

Q1 2025

May 20, 2025

$283M+4.0%EPS -$0.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 23	$303M	$49M	-$18M
Q3 23	$331M	$54M	-$18M
Q4 23	$357M	$61M	-$990.5K
Q1 24	$272M	$49M	-$19M
Q2 24	$329M	$56M	-$10M
Q3 24	$333M	$57M	-$15M
Q4 24	$346M	$59M	-$5M
Q1 25	$283M	$49M	-$12M
Q2 25	$317M	$52M	-$11M
Q3 25	$340M	$57M	-$5M
Q4 25	$368M	$57M	-$4M

Valuation

Quarter	P/S	P/E
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	2.0x	—
Q2 24	0.5x	—
Q3 24	0.5x	—
Q4 24	0.5x	—
Q1 25	0.4x	—
Q2 25	0.4x	—
Q3 25	0.4x	—
Q4 25	0.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 23	$0	$0
Q3 23	$0	$0
Q4 23	-$9M	-$12M
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q2 23	$0
Q3 23	$0
Q4 23	$4M
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 24	+8.5%	+5.7%
Q3 24	+0.7%	-0.0%
Q4 24	-3.0%	-2.0%
Q1 25	+4.0%	+1.3%
Q2 25	-3.7%	-3.6%
Q3 25	+2.1%	-1.1%
Q4 25	+6.4%	+6.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 23	$12.0K	0.0%
Q3 23	-$144.4K	-0.0%
Q4 23	$1M	0.3%
Q1 24	$7M	2.6%
Q2 24	$5M	1.4%
Q3 24	$2M	0.7%
Q4 24	$2M	0.6%
Q1 25	$2M	0.9%
Q2 25	$2M	0.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 23	$7M	$20M	$25M	—
Q3 23	$6M	$22M	$27M	—
Q4 23	$6M	$16M	$25M	—
Q1 24	$6M	$24M	$24M	—
Q2 24	$6M	$23M	$23M	—
Q3 24	$7M	$26M	$25M	—
Q4 24	$6M	$91M	$90M	—
Q1 25	$6M	$21M	$20M	—
Q2 25	$6M	$22M	$22M	—
Q3 25	$6M	$21M	$21M	—
Q4 25	$6M	—	—	$55M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$12M	$0	$12M
Q1 22	$29M	$0	$29M
Q2 22	$28M	$0	$28M
Q3 22	$200M	$0	$200M
Q4 22	$286M	$0	$286M
Q1 23	$0	$571M	$571M
Q3 23	$130M	$91M	$221M
Q4 23	$159M	$128M	$287M
Q1 24	$160M	$115M	$275M
Q2 24	$191M	$85M	$276M
Q3 24	$213M	$77M	$290M
Q4 24	$208M	$79M	$288M
Q1 25	$166M	$80M	$246M
Q2 25	$160M	$96M	$256M
Q3 25	$132M	$134M	$266M
Q4 25	$160M	$121M	$280M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 23	156M	—	—
Q3 23	161M	+3.0%	—
Q4 23	161M	0.0%	—
Q1 24	164M	+1.9%	—
Q2 24	164M	+0.3%	+5.3%
Q3 24	164M	-0.3%	+1.9%
Q4 24	163M	-0.3%	+1.6%
Q1 25	163M	-0.3%	-0.6%
Q2 25	162M	-0.3%	-1.2%
Q3 25	162M	-0.2%	-1.1%
Q4 25	162M	+0.0%	-0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 23	—	—
Q3 23	—	—
Q4 23	$76.6K	5K
Q1 24	$58.3K	5K
Q2 24	$70.5K	5K
Q3 24	$71.5K	5K
Q4 24	$87.5K	4K
Q1 25	$71.5K	4K
Q2 25	$80.0K	4K
Q3 25	$86.0K	4K
Q4 25	$93.1K	4K

Revenue / Employee