Cash flow ZKH Group Limited

Stocks

ZKH

US98877R1041

Diversified Industrial Goods Wholesale

Real-time Estimate Cboe BZX Other stock markets 17:11:14 11/06/2026 BST			5-day change	1st Jan Change
2.885 ^USD	-0.52%		-1.14%	-22.10%

05-21	ZKH Group Limited, Q1 2026 Earnings Call, May 21, 2026
05-21	ZKH Group Limited Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

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Published financial data: ZKH GROUP LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	7.62B	8.27B	8.65B	8.69B	8.94B
Other Revenues, Total	37.86M	48.81M	72.16M	67.14M	49.72M
Total Revenues	7.65B	8.32B	8.72B	8.76B	8.99B
Cost of Goods Sold, Total	6.61B	7B	7.27B	7.25B	7.51B
Gross Profit	1.04B	1.32B	1.45B	1.51B	1.48B
Selling General & Admin Expenses, Total	1.89B	1.76B	1.68B	1.68B	1.52B
R&D Expenses	256M	241M	176M	169M	166M
Other Operating Expenses, Total	2.15B	2B	1.85B	1.85B	1.69B
Operating Income	-1.11B	-686M	-399M	-339M	-213M
Interest Expense, Total	-10.59M	-94.18M	-19.34M	-19M	-11.35M
Interest And Investment Income	28.28M	14.56M	53.7M	64.25M	50.09M
Net Interest Expenses	17.68M	-79.62M	34.36M	45.24M	38.74M
Currency Exchange Gains (Loss)	-8.2M	13.73M	-11.06M	-12.21M	16.4M
Other Non Operating Income (Expenses)	7.48M	20.18M	73.73M	38.71M	19.14M
EBT, Excl. Unusual Items	-1.09B	-731M	-302M	-267M	-139M
Gain (Loss) On Sale Of Assets	-432K	-175K	-3.01M	-	-
EBT, Incl. Unusual Items	-1.09B	-732M	-305M	-267M	-139M
Income Tax Expense	200K	-471K	195K	1.01M	689K
Earnings From Continuing Operations	-1.09B	-731M	-305M	-268M	-140M
Net Income to Company	-1.09B	-731M	-305M	-268M	-140M
Minority Interest	-28.37M	-4.56M	586K	-	-
Net Income - (IS)	-1.12B	-736M	-304M	-268M	-140M
Preferred Dividend and Other Adjustments	330M	509M	660M	-	-
Net Income to Common Incl Extra Items	-1.45B	-1.24B	-964M	-268M	-140M
Net Income to Common Excl. Extra Items	-1.45B	-1.24B	-964M	-268M	-140M
Per Share Items
Net EPS - Basic	-41.87	-32.88	-22.08	-1.64	-0.86
Basic EPS - Continuing Operations	-41.87	-32.88	-22.08	-1.64	-0.86
Basic Weighted Average Shares Outstanding	34.68M	37.86M	43.67M	164M	162M
Net EPS - Diluted	-41.87	-32.88	-22.08	-1.64	-0.86
Diluted EPS - Continuing Operations	-41.87	-32.88	-22.08	-1.64	-0.86
Diluted Weighted Average Shares Outstanding	34.68M	37.86M	43.67M	164M	162M
Normalized Basic EPS	-20.52	-12.2	-4.3	-1.02	-0.53
Normalized Diluted EPS	-20.52	-12.2	-4.3	-1.02	-0.53
American Depositary Receipts Ratio (ADR)	35	35	35	35	35
Supplemental Items
EBITDA	-1.06B	-610M	-325M	-284M	-165M
EBITA	-1.1B	-678M	-390M	-331M	-206M
EBIT	-1.11B	-686M	-399M	-339M	-213M
EBITDAR	-908M	-450M	-147M	-129M	-35.14M
Total Revenues (As Reported)	7.65B	8.32B	8.72B	8.76B	8.99B
Effective Tax Rate - (Ratio)	-0.02	0.06	-0.06	-0.38	-0.5
Current Domestic Taxes	200K	-	-	-	689K
Total Current Taxes	200K	-471K	195K	1.01M	689K
Normalized Net Income	-712M	-462M	-188M	-167M	-86.91M
Supplemental Operating Expense Items
Advertising Expense	50.41M	18.73M	34.83M	32.33M	28.58M
Selling and Marketing Expenses	690M	683M	701M	642M	585M
General and Administrative Expenses	760M	612M	535M	647M	576M
Research And Development Expense From Footnotes	256M	241M	176M	169M	166M
Net Rental Expense, Total	150M	160M	178M	155M	130M
Imputed Operating Lease Interest Expense	23.54M	197M	39.87M	34.55M	24.35M
Imputed Operating Lease Depreciation	126M	-36.55M	138M	120M	105M
Stock-Based Comp., R&D Exp. (Total)	10.13M	3.88M	3.07M	4.62M	4.28M
Stock-Based Comp., S&M Exp. (Total)	8.2M	5.94M	4.68M	11.06M	8.29M
Stock-Based Comp., G&A Exp. (Total)	163M	21.5M	9.45M	92.04M	40.57M
Stock-Based Comp., SG&A Exp. (Total)	2.15M	585K	195K	811K	672K
Total Stock-Based Compensation	183M	31.9M	17.39M	109M	53.82M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	538M	1.95B	1.09B	1.42B	1.03B
Short Term Investments	-	-	874M	544M	825M
Total Cash And Short Term Investments	538M	1.95B	1.96B	1.97B	1.86B
Accounts Receivable, Total	3.16B	3.38B	3.99B	3.32B	3.37B
Other Receivables	-	-	-	29.56M	23.78M
Total Receivables	3.16B	3.38B	3.99B	3.35B	3.39B
Inventory	763M	656M	669M	625M	670M
Restricted Cash	589M	51.61M	160M	92.94M	61.87M
Other Current Assets, Total	230M	244M	168M	150M	156M
Total Current Assets	5.28B	6.28B	6.95B	6.19B	6.14B
Gross Property Plant And Equipment	692M	618M	563M	582M	563M
Accumulated Depreciation	-82.65M	-142M	-182M	-208M	-224M
Net Property Plant And Equipment	610M	476M	381M	374M	339M
Goodwill	30.81M	30.81M	30.81M	30.81M	30.81M
Other Intangibles, Total	21.31M	24.05M	20.1M	15.93M	21.87M
Total Assets	5.94B	6.81B	7.39B	6.61B	6.53B
Liabilities
Accounts Payable, Total	2.45B	2.57B	2.88B	2.55B	2.72B
Accrued Expenses, Total	288M	275M	236M	222M	216M
Short-term Borrowings	264M	250M	585M	311M	240M
Current Portion of Long-Term Debt	-	-	-	997K	2.3M
Current Portion of Leases	130M	95.78M	91.23M	81.38M	50.2M
Current Income Taxes Payable	62.15M	112M	17.82M	9.85M	21.49M
Unearned Revenue Current, Total	30.11M	31.13M	19.91M	27.43M	27.15M
Other Current Liabilities	169M	152M	194M	134M	150M
Total Current Liabilities	3.39B	3.48B	4.03B	3.34B	3.43B
Long-Term Debt	-	-	-	38.89M	42.65M
Long-Term Leases	272M	214M	147M	109M	91.89M
Other Non Current Liabilities	1.22M	782K	507K	25.22M	28.18M
Total Liabilities	3.66B	3.7B	4.18B	3.51B	3.59B
Preferred Stock Convertible	5.04B	7.18B	-	-	-
Total Preferred Equity	5.04B	7.18B	-	-	-
Common Stock, Total	1K	1K	4K	4K	4K
Additional Paid In Capital	-	-	8.14B	8.31B	8.37B
Retained Earnings	-2.77B	-4.02B	-4.9B	-5.17B	-5.31B
Treasury Stock	-	-	-	-40.76M	-81.76M
Comprehensive Income and Other	-930K	-51.91M	-25.15M	4.76M	-37.29M
Total Common Equity	-2.77B	-4.07B	3.21B	3.1B	2.94B
Minority Interest	4.91M	4.24M	-	-	-
Total Equity	2.28B	3.12B	3.21B	3.1B	2.94B
Total Liabilities And Equity	5.94B	6.81B	7.39B	6.61B	6.53B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	34.82M	34.82M	161M	160M	159M
ECS Total Common Shares Outstanding	34.82M	34.82M	161M	160M	159M
Book Value / Share	-79.55	-116.92	19.94	19.36	18.5
Tangible Book Value	-2.82B	-4.13B	3.16B	3.05B	2.89B
Tangible Book Value Per Share	-81.05	-118.49	19.62	19.07	18.17
Total Debt	666M	560M	823M	541M	427M
Net Debt	128M	-1.39B	-1.14B	-1.43B	-1.43B
Debt Equivalent Oper. Leases	1.2B	1.28B	1.43B	1.24B	1.04B
Minority Interest, Total (Incl. Fin. Div)	4.91M	4.24M	-	-	-
Account Code - Inventory Valuation	6	6	6	6	6
Machinery, Total	205M	214M	208M	209M	198M
Full Time Employees	4.66K	3.96K	3.48K	3.26K	2.93K
Accumulated Allowance for Doubtful Accounts (Supple)	85.12M	96.96M	107M	146M	160M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-1.12B	-736M	-304M	-268M	-140M
Depreciation & Amortization - CF	46.64M	67.88M	64.61M	47.21M	41.32M
Amortization of Goodwill and Intangible Assets - (CF)	6.39M	8.2M	8.86M	7.56M	7.04M
Depreciation & Amortization, Total	53.02M	76.07M	73.47M	54.77M	48.36M
(Gain) Loss From Sale Of Asset	432K	175K	3.01M	659K	-629K
Stock-Based Compensation (CF)	183M	31.9M	17.39M	109M	53.82M
Provision and Write-off of Bad Debts	31.48M	28.01M	12.76M	48.9M	32.87M
Other Operating Activities, Total	44.66M	84.92M	44.34M	12.62M	-5.06M
Change In Accounts Receivable	-1.13B	-333M	-585M	502M	-199M
Change In Inventories	-329M	85.8M	-52.96M	17.69M	-75.71M
Change In Accounts Payable	923M	120M	317M	-330M	166M
Change in Unearned Revenues	11.33M	1.02M	-11.22M	7.53M	-281K
Change in Other Net Operating Assets	-50.92M	137M	-82.17M	74.01M	129M
Cash from Operations	-1.38B	-504M	-568M	229M	8.79M
Capital Expenditure	-145M	-37.05M	-50.5M	-79.16M	-53.04M
Sale of Property, Plant, and Equipment	5.05M	12.94M	4.72M	2.09M	3.7M
Cash Acquisitions	-10.24M	-	-	-	-
Sale (Purchase) of Intangible assets	-12.87M	-13.06M	-5.07M	-3.88M	-665K
Investment in Marketable and Equity Securities, Total	68.86M	124K	-857M	357M	-274M
Cash from Investing	-94.4M	-37.04M	-908M	276M	-324M
Short Term Debt Issued, Total	404M	764M	1.11B	897M	590M
Long-Term Debt Issued, Total	-	1.38B	-	39.88M	5.07M
Total Debt Issued	404M	2.15B	1.11B	937M	595M
Short Term Debt Repaid, Total	-216M	-808M	-779M	-1.17B	-661M
Total Debt Repaid	-216M	-808M	-779M	-1.17B	-661M
Issuance of Common Stock	-	-	386M	30.3M	2.46M
Repurchase of Common Stock	-	-	-	-40.76M	-41M
Issuance of Preferred Stock	-	-	-	-	-
Other Financing Activities, Total	-13.7M	-38.08M	-5.04M	-9.61M	-
Cash from Financing	175M	1.3B	716M	-254M	-104M
Foreign Exchange Rate Adjustments	-8.7M	117M	5.04M	15.55M	-4.28M
Net Change in Cash	-1.31B	879M	-755M	267M	-424M
Supplemental Items
Cash Interest Paid	10.29M	20.96M	19.34M	10.16M	3.81M
Cash Income Tax Paid (Refund)	1.22M	1.22M	154K	842K	569K
Levered Free Cash Flow	-1.22B	123M	-672M	219M	35.07M
Unlevered Free Cash Flow	-1.21B	182M	-659M	231M	42.17M
Change In Net Working Capital	595M	-552M	446M	-362M	-127M
Net Debt Issued / Repaid	188M	1.34B	335M	-234M	-65.93M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-12.06	-6.72	-3.51	-3.03	-2.03
Return on Total Capital	-20.99	-12.95	-6.46	-5.52	-3.81
Return On Equity %	-39.55	-27.11	-9.64	-8.5	-4.63
Return on Common Equity	68.53	36.4	224.45	-8.5	-4.63
Margin Analysis
Gross Profit Margin %	13.58	15.85	16.65	17.24	16.42
SG&A Margin	24.74	21.2	19.21	19.17	16.95
EBITDA Margin %	-13.81	-7.33	-3.73	-3.24	-1.84
EBITA Margin %	-14.42	-8.15	-4.47	-3.78	-2.3
EBIT Margin %	-14.51	-8.25	-4.57	-3.87	-2.37
Income From Continuing Operations Margin %	-14.29	-8.79	-3.5	-3.06	-1.55
Net Income Margin %	-14.66	-8.85	-3.49	-3.06	-1.55
Net Avail. For Common Margin %	-18.97	-14.97	-11.06	-3.06	-1.55
Normalized Net Income Margin	-9.3	-5.55	-2.16	-1.9	-0.97
Levered Free Cash Flow Margin	-15.9	1.48	-7.7	2.5	0.39
Unlevered Free Cash Flow Margin	-15.81	2.18	-7.56	2.63	0.47
Asset Turnover
Asset Turnover	1.33	1.3	1.23	1.25	1.37
Fixed Assets Turnover	14.53	15.32	20.36	23.19	25.2
Receivables Turnover (Average Receivables)	2.98	2.53	2.35	2.38	2.67
Inventory Turnover (Average Inventory)	10.93	9.86	10.97	11.2	11.6
Short Term Liquidity
Current Ratio	1.56	1.8	1.73	1.85	1.79
Quick Ratio	1.09	1.53	1.48	1.59	1.53
Operating Cash Flow to Current Liabilities	-0.41	-0.14	-0.14	0.07	0
Days Sales Outstanding (Average Receivables)	122.51	144.3	155.52	154.02	136.7
Days Outstanding Inventory (Average Inventory)	33.41	37.01	33.27	32.67	31.47
Average Days Payable Outstanding	104.55	132.76	136.58	138.05	127.33
Cash Conversion Cycle (Average Days)	51.37	48.55	52.21	48.64	40.83
Long Term Solvency
Total Debt/Equity	29.27	17.98	25.63	17.47	14.52
Total Debt / Total Capital	22.64	15.24	20.4	14.87	12.68
LT Debt/Equity	11.94	6.88	4.58	4.78	4.57
Long-Term Debt / Total Capital	9.24	5.83	3.64	4.07	3.99
Total Liabilities / Total Assets	61.67	54.26	56.52	53.13	54.96
EBIT / Interest Expense	-104.83	-7.28	-20.61	-17.83	-18.8
EBITDA / Interest Expense	-85.68	-4.77	-7.6	-6.79	-3.1
(EBITDA - Capex) / Interest Expense	-99.38	-5.17	-10.21	-10.95	-7.77
Total Debt / EBITDA	-0.73	-1.25	-5.6	-4.2	-12.15
Net Debt / EBITDA	-0.14	3.1	7.76	11.06	40.67
Total Debt / (EBITDA - Capex)	-0.63	-1.15	-4.17	-2.6	-4.84
Net Debt / (EBITDA - Capex)	-0.12	2.86	5.78	6.85	16.2
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	63.34	8.63	4.88	0.46	2.58
Gross Profit, 1 Yr. Growth %	52.84	26.73	10.23	4	-2.3
EBITDA, 1 Yr. Growth %	191.64	-42.35	-46.65	-12.68	-41.91
EBITA, 1 Yr. Growth %	179.46	-38.63	-42.46	-15.04	-37.71
EBIT, 1 Yr. Growth %	177.74	-38.25	-41.85	-15.04	-37.03
Earnings From Cont. Operations, 1 Yr. Growth %	175.49	-33.18	-58.3	-12.09	-47.87
Net Income, 1 Yr. Growth %	179.41	-34.46	-58.64	-11.92	-47.87
Normalized Net Income, 1 Yr. Growth %	183.35	-35.14	-59.29	-12.09	-47.93
Diluted EPS Before Extra, 1 Yr. Growth %	131.1	-21.46	-32.85	-92.59	-50.85
Accounts Receivable, 1 Yr. Growth %	61.6	6.94	18.21	-16.74	1.38
Inventory, 1 Yr. Growth %	70.29	-14.02	1.98	-6.52	7.11
Net Property, Plant and Equip., 1 Yr. Growth %	37.44	-22	-19.84	-1.82	-9.44
Total Assets, 1 Yr. Growth %	6.59	14.7	8.41	-10.5	-1.23
Tangible Book Value, 1 Yr. Growth %	86.17	46.19	-176.61	-3.44	-5.34
Common Equity, 1 Yr. Growth %	88.61	46.96	-178.89	-3.52	-5.07
Cash From Operations, 1 Yr. Growth %	-4.45K	-63.54	12.64	-140.33	-96.16
Capital Expenditures, 1 Yr. Growth %	155.47	-74.49	36.3	56.76	-32.99
Levered Free Cash Flow, 1 Yr. Growth %	-	-110.08	-647.32	-132.56	-83.96
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-115	-463.22	-134.96	-81.71
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	33.2	6.74	2.65	1.52
Gross Profit, 2 Yr. CAGR %	-	39.18	18.19	7.07	0.8
EBITDA, 2 Yr. CAGR %	-	29.67	-44.54	-31.75	-28.78
EBITA, 2 Yr. CAGR %	-	30.95	-40.58	-30.08	-27.26
EBIT, 2 Yr. CAGR %	-	30.96	-40.08	-29.71	-26.85
Earnings From Cont. Operations, 2 Yr. CAGR %	-	35.68	-47.21	-39.45	-32.3
Net Income, 2 Yr. CAGR %	-	35.32	-47.93	-39.64	-32.24
Normalized Net Income, 2 Yr. CAGR %	-	35.57	-48.61	-39.88	-32.34
Diluted EPS Before Extra, 2 Yr. CAGR %	-	34.72	-27.38	-77.7	-80.26
Accounts Receivable, 2 Yr. CAGR %	-	31.46	12.43	-0.79	-8.12
Inventory, 2 Yr. CAGR %	-	21.01	-6.36	-2.36	0.06
Net Property, Plant and Equip., 2 Yr. CAGR %	-	3.54	-20.93	-11.28	-5.71
Total Assets, 2 Yr. CAGR %	-	10.57	11.51	-1.5	-5.98
Tangible Book Value, 2 Yr. CAGR %	-	64.98	5.83	-13.99	-4.4
Common Equity, 2 Yr. CAGR %	-	66.49	7.68	-12.76	-4.3
Cash From Operations, 2 Yr. CAGR %	-	298.18	-35.91	-32.6	-87.56
Capital Expenditures, 2 Yr. CAGR %	-	-19.27	-41.03	46.18	2.49
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	-25.71	33.5	-77.15
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	-26.18	12.69	-74.71
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	23	4.6	2.63
Gross Profit, 3 Yr. CAGR %	-	-	28.77	13.26	3.85
EBITDA, 3 Yr. CAGR %	-	-	-3.56	-35.48	-35.32
EBITA, 3 Yr. CAGR %	-	-	-0.44	-33.06	-32.72
EBIT, 3 Yr. CAGR %	-	-	-0.09	-32.68	-32.24
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	-8.43	-37.43	-42.4
Net Income, 3 Yr. CAGR %	-	-	-8.84	-37.96	-42.52
Normalized Net Income, 3 Yr. CAGR %	-	-	-9.21	-38.34	-42.69
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	6.82	-66.07	-70.32
Accounts Receivable, 3 Yr. CAGR %	-	-	26.89	1.72	-0.07
Inventory, 3 Yr. CAGR %	-	-	14.3	-6.41	0.7
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	-4.93	-15.01	-10.68
Total Assets, 3 Yr. CAGR %	-	-	9.85	3.63	-1.41
Tangible Book Value, 3 Yr. CAGR %	-	-	27.75	2.64	-11.2
Common Equity, 3 Yr. CAGR %	-	-	29.8	3.81	-10.27
Cash From Operations, 3 Yr. CAGR %	-	-	161.39	-45.08	-74.07
Capital Expenditures, 3 Yr. CAGR %	-	-	-3.87	-18.31	12.71
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-43.57	-34.13
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-42.46	-38.53
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	-	13.91
Gross Profit, 5 Yr. CAGR %	-	-	-	-	16.75
EBITDA, 5 Yr. CAGR %	-	-	-	-	-14.57
EBITA, 5 Yr. CAGR %	-	-	-	-	-12.19
EBIT, 5 Yr. CAGR %	-	-	-	-	-11.81
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	-	-18.85
Net Income, 5 Yr. CAGR %	-	-	-	-	-19.04
Normalized Net Income, 5 Yr. CAGR %	-	-	-	-	-19.13
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-	-	-45.64
Accounts Receivable, 5 Yr. CAGR %	-	-	-	-	11.51
Inventory, 5 Yr. CAGR %	-	-	-	-	8.38
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	-	-5.24
Total Assets, 5 Yr. CAGR %	-	-	-	-	3.22
Tangible Book Value, 5 Yr. CAGR %	-	-	-	-	13.77
Common Equity, 5 Yr. CAGR %	-	-	-	-	14.9
Cash From Operations, 5 Yr. CAGR %	-	-	-	-	-22.68
Capital Expenditures, 5 Yr. CAGR %	-	-	-	-	-1.37