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ZKH Group Valuation Multiples

Discover revenue and EBITDA valuation multiples for ZKH Group and similar public comparables like Smartphoto Group, Alibaba Group, and Baozun.

ZKH Group Overview

About ZKH Group

ZKH Group Ltd engages in providing MRO procurement service platform in China. It provides one-stop MRO procurement and management services for its customers, and offers digital and fulfillment solutions for participants along the industry value chain. It offers a broad range of MRO product offerings covering all MRO product lines on its platform, including spare parts, chemicals, manufacturing parts, general consumables, and office supplies. All of the Group’s revenues are derived from the PRC.


Founded

2021

HQ

United States of America
Employees

3.3K+

Website

zkh.com

Financials

LTM Revenue $176M

LTM EBITDA -$2.3M

EV

$266M

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ZKH Group Financials

ZKH Group has a last 12-month revenue (LTM) of $176M and a last 12-month EBITDA of -$2.3M.

In the most recent fiscal year, ZKH Group achieved revenue of $8.8B and an EBITDA of -$193M.

ZKH Group expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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ZKH Group P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $176M XXX $8.8B XXX XXX XXX
Gross Profit $30.8M XXX $1.5B XXX XXX XXX
Gross Margin 17% XXX 17% XXX XXX XXX
EBITDA -$2.3M XXX -$193M XXX XXX XXX
EBITDA Margin -1% XXX -2% XXX XXX XXX
EBIT -$3.9M XXX -$339M XXX XXX XXX
EBIT Margin -2% XXX -4% XXX XXX XXX
Net Profit -$3.5M XXX -$268M XXX XXX XXX
Net Margin -2% XXX -3% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

ZKH Group Stock Performance

As of May 30, 2025, ZKH Group's stock price is $3.

ZKH Group has current market cap of $449M, and EV of $266M.

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ZKH Group Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$266M $449M XXX XXX XXX XXX $-0.15

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ZKH Group Valuation Multiples

As of May 30, 2025, ZKH Group has market cap of $449M and EV of $266M.

ZKH Group's trades at 0.0x EV/Revenue multiple, and -1.4x EV/EBITDA.

Equity research analysts estimate ZKH Group's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

ZKH Group has a P/E ratio of -17.9x.

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ZKH Group Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $449M XXX $449M XXX XXX XXX
EV (current) $266M XXX $266M XXX XXX XXX
EV/Revenue 0.2x XXX 0.0x XXX XXX XXX
EV/EBITDA -16.0x XXX -1.4x XXX XXX XXX
EV/EBIT -9.5x XXX -0.8x XXX XXX XXX
EV/Gross Profit 1.2x XXX n/a XXX XXX XXX
P/E -17.9x XXX -1.7x XXX XXX XXX
EV/FCF 11.7x XXX 1.8x XXX XXX XXX

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ZKH Group Margins & Growth Rates

ZKH Group's last 12 month revenue growth is 11%

ZKH Group's revenue per employee in the last FY averaged $2.7M, while opex per employee averaged $0.6M for the same period.

ZKH Group's rule of 40 is 9% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

ZKH Group's rule of X is 26% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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ZKH Group Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 11% XXX -59% XXX XXX XXX
EBITDA Margin -1% XXX -2% XXX XXX XXX
EBITDA Growth -153% XXX n/a XXX XXX XXX
Rule of 40 9% XXX 9% XXX XXX XXX
Bessemer Rule of X XXX XXX 26% XXX XXX XXX
Revenue per Employee XXX XXX $2.7M XXX XXX XXX
Opex per Employee XXX XXX $0.6M XXX XXX XXX
S&M Expenses to Revenue XXX XXX 7% XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX 2% XXX XXX XXX
Opex to Revenue XXX XXX 21% XXX XXX XXX

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ZKH Group Public Comps

See public comps and valuation multiples for B2B E-commerce and B2B Marketplaces comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Smartphoto Group XXX XXX XXX XXX XXX XXX
Alibaba Group XXX XXX XXX XXX XXX XXX
Baozun XXX XXX XXX XXX XXX XXX
Global-e XXX XXX XXX XXX XXX XXX
Hangzhou Onechance Tech XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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ZKH Group M&A and Investment Activity

ZKH Group acquired  XXX companies to date.

Last acquisition by ZKH Group was  XXXXXXXX, XXXXX XXXXX XXXXXX . ZKH Group acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by ZKH Group

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About ZKH Group

When was ZKH Group founded? ZKH Group was founded in 2021.
Where is ZKH Group headquartered? ZKH Group is headquartered in United States of America.
How many employees does ZKH Group have? As of today, ZKH Group has 3.3K+ employees.
Who is the CEO of ZKH Group? ZKH Group's CEO is Mr. Long Chen.
Is ZKH Group publicy listed? Yes, ZKH Group is a public company listed on NYS.
What is the stock symbol of ZKH Group? ZKH Group trades under ZKH ticker.
When did ZKH Group go public? ZKH Group went public in 2023.
Who are competitors of ZKH Group? Similar companies to ZKH Group include e.g. Smartphoto Group, Alibaba Group, Baozun, Global-e.
What is the current market cap of ZKH Group? ZKH Group's current market cap is $449M
What is the current revenue of ZKH Group? ZKH Group's last 12 months revenue is $176M.
What is the current revenue growth of ZKH Group? ZKH Group revenue growth (NTM/LTM) is 11%.
What is the current EV/Revenue multiple of ZKH Group? Current revenue multiple of ZKH Group is 0.2x.
Is ZKH Group profitable? Yes, ZKH Group is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of ZKH Group? ZKH Group's last 12 months EBITDA is -$2.3M.
What is ZKH Group's EBITDA margin? ZKH Group's last 12 months EBITDA margin is -1%.
What is the current EV/EBITDA multiple of ZKH Group? Current EBITDA multiple of ZKH Group is -16.0x.
What is the current FCF of ZKH Group? ZKH Group's last 12 months FCF is $3.2M.
What is ZKH Group's FCF margin? ZKH Group's last 12 months FCF margin is 2%.
What is the current EV/FCF multiple of ZKH Group? Current FCF multiple of ZKH Group is 11.7x.

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