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ZKH Group Valuation Multiples

Discover revenue and EBITDA valuation multiples for ZKH Group and similar public comparables like Hangzhou Onechance Tech, Global-e, 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

3.5K+

Website

zkh.com

Financials

LTM Revenue $172M

LTM EBITDA -$2.7M

EV

$287M

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ZKH Group Financials

ZKH Group has a last 12-month revenue of $172M and a last 12-month EBITDA of -$2.7M.

In the most recent fiscal year, ZKH Group achieved revenue of $8.7B and an EBITDA of -$212M.

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

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ZKH Group P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $8.3B $8.7B XXX XXX XXX
Gross Profit $1.0B $1.3B XXX XXX XXX
Gross Margin 13% 15% XXX XXX XXX
EBITDA -$561M -$212M XXX XXX XXX
EBITDA Margin -7% -2% XXX XXX XXX
Net Profit -$1.1B -$736M XXX XXX XXX
Net Margin -13% -8% XXX XXX XXX
Net Debt $213M n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

ZKH Group Stock Performance

As of April 15, 2025, ZKH Group's stock price is $3.

ZKH Group has current market cap of $483M, and EV of $287M.

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ZKH Group Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$287M $483M XXX XXX XXX XXX $-0.18

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ZKH Group Valuation Multiples

As of April 15, 2025, ZKH Group has market cap of $483M and EV of $287M.

ZKH Group's trades at 0.2x LTM EV/Revenue multiple, and -14.7x LTM EBITDA.

Analysts estimate ZKH Group's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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ZKH Group Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $287M XXX XXX XXX
EV/Revenue 0.0x XXX XXX XXX
EV/EBITDA -1.4x XXX XXX XXX
P/E -1.6x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF -0.5x XXX XXX XXX

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ZKH Group Valuation Multiples

ZKH Group's NTM/LTM revenue growth is 10%

ZKH Group's revenue per employee for the last fiscal year averaged $2.5M, while opex per employee averaged $0.5M for the same period.

Over next 12 months, ZKH Group's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate ZKH Group's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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ZKH Group Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 5% XXX XXX XXX XXX
EBITDA Margin -2% XXX XXX XXX XXX
EBITDA Growth -62% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 8% XXX XXX XXX XXX
Revenue per Employee $2.5M XXX XXX XXX XXX
Opex per Employee $0.5M XXX XXX XXX XXX
S&M Expenses to Revenue 8% XXX XXX XXX XXX
G&A Expenses to Revenue 6% XXX XXX XXX XXX
R&D Expenses to Revenue 2% XXX XXX XXX XXX
Opex to Revenue 21% XXX 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 3.5K+ 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 $483M
What is the current revenue of ZKH Group? ZKH Group's last 12-month revenue is $172M.
What is the current EBITDA of ZKH Group? ZKH Group's last 12-month EBITDA is -$2.7M.
What is the current EV/Revenue multiple of ZKH Group? Current revenue multiple of ZKH Group is 0.2x.
What is the current EV/EBITDA multiple of ZKH Group? Current EBITDA multiple of ZKH Group is -14.7x.
What is the current revenue growth of ZKH Group? ZKH Group revenue growth between 2023 and 2024 was 5%.
Is ZKH Group profitable? Yes, ZKH Group is EBITDA-positive (as of the last 12 months).

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