ZYME Healthcare

Zymeworks Inc.

$30.13+3.93%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 2.2B USD
Enterprise value: 1.9B USD
Full-time employees: 231

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.19 vs a peer median of 0.63)bigger price swings (beta 1.19 vs peers 0.63)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,105 of 1,157 healthcare companies (bottom 5%)

See how it ranks against its peers

Worth knowing

Paying shareholders without free cash flow. Paid out $72M over the 3 fiscal years to 2025 with -$267M of free cash flow.
Zymeworks returned $72M in buybacks and dividends over three fiscal years while its free cash flow totalled -$267M. The money came from its cash pile or from borrowing.
Shareholders being diluted. Shares outstanding up 13% from December 2022 to August 2026.
Zymeworks had 13% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Zymeworks had 13% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock pay is large next to buybacks. Stock-based pay expense $54M vs $72M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Zymeworks recorded $54M of stock-based pay expense and spent $72M repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years Zymeworks recorded $54M of stock-based pay expense and spent $72M repurchasing shares.
Stock-based pay is a large cost. Stock pay was 26% of revenue in 2025.
Zymeworks paid employees $28M in stock in 2025, 26% of its $106M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

StockQuotient Score

20/ 100

Oct 5 20 → Nov 4 20

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Share count down 2.8%

Valuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-7.0%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-8.0%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-5.6%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield3.8%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

3/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

12-month revenue fell 54.3%

Why

Weaker than most peers on:

▼ 3-yr revenue
▼ Revenue growth
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth-56.4%

SEC filings · 3 years to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.70Sector median: 0.0584 · MAD: 0.0840

Revenue growth-69.8%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.87Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

6/100

Weak

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-419.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -35.00Sector median: 0.0706 · MAD: 0.1217

Return on assets-37.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -7.35Sector median: 0.0166 · MAD: 0.0537

Return on invested capitalUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin-246.7%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-186.6%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.19

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.67Sector median: 0.6250 · MAD: 0.3380

Current ratio6.32×

SEC filings · latest balance sheetReported value33% base weight · Z-score 2.69Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.20×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.11Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Zymeworks

Is Zymeworks getting weaker?: Its latest SEC filing (Oct 16, 2026) was mixed: some things better, some worse: 12-month revenue fell 54.3%; share count down 2.8%. Its overall score is unchanged at 20/100 since Oct 28, 2026.
How is Zymeworks valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -7.0% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -7.0% vs peers 1.5% (weaker than 100% of peers).
Is Zymeworks growing?: More slowly than most of its peers. Growth scores 3/100 against 1,393 healthcare peers. 3-year revenue growth -56.4% vs a peer median of 5.8% (weaker than 100% of peers).3-year revenue growth -56.4% vs peers 5.8% (weaker than 100% of peers).
How profitable is Zymeworks?: Less profitable than most of its peers. Profitability scores 6/100 against 1,393 healthcare peers. Operating margin -419.0% vs a peer median of 7.1% (weaker than 93% of peers).Operating margin -419.0% vs peers 7.1% (weaker than 93% of peers).
How risky is Zymeworks?: Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 6.32× vs a peer median of 2.59× (stronger than 79% of peers).Current ratio 6.32× vs peers 2.59× (stronger than 79% of peers). Beta 1.19 vs a peer median of 0.63 (weaker than 79% of peers).Beta 1.19 vs peers 0.63 (weaker than 79% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Oct 16, 2026 · compared with the quarter ended Mar 31, 2026

Mixed: some things better, some worse

12-month revenue fell 54.3%
Share count down 2.8%

Worth watching: Zymeworks is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	81.3M USD	37.1M USD	−54.3%
Net income (12 months)	−102.7M USD	−150.0M USD	+46.1%
Operating margin	-140.4%	-419.0%	−278.6 pts
Free cash flow (12 months)	−77.0M USD	−120.5M USD	+56.5%
Cash	244.3M USD	179.4M USD	−26.6%
Shares outstanding	73.0M	71.0M	−2.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-808.2%	31.6%	-181.6%	-179.7%	-87.3%	▲ 92 pts
Net margin	-794.0%	30.1%	-156.1%	-160.8%	-76.6%	▲ 84 pts
Return on assets (ROA)	-54.4%	19.2%	-20.4%	-26.5%	-23.4%	▲ 3.1 pts
Return on equity (ROE)	-85.0%	25.2%	-25.5%	-36.2%	-30.2%	▲ 6.0 pts
Free cash flow margin	-767.8%	33.0%	-158.9%	-146.8%	-32.6%	▲ 114 pts
Current ratio	4.01×	5.70×	7.41×	3.40×	5.88×	▲ 73%

ZYME price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

BB Biotech AGBBZA.DE100/ 100

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 1.19 vs a peer median of 0.63)bigger price swings (beta 1.19 vs peers 0.63)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,105 of 1,157 healthcare companies (bottom 5%)

See how it ranks against its peers

Worth knowing

Paying shareholders without free cash flow. Paid out $72M over the 3 fiscal years to 2025 with -$267M of free cash flow.

Zymeworks returned $72M in buybacks and dividends over three fiscal years while its free cash flow totalled -$267M. The money came from its cash pile or from borrowing.

Shareholders being diluted. Shares outstanding up 13% from December 2022 to August 2026.

Zymeworks had 13% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Zymeworks had 13% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock pay is large next to buybacks. Stock-based pay expense $54M vs $72M spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years Zymeworks recorded $54M of stock-based pay expense and spent $72M repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years Zymeworks recorded $54M of stock-based pay expense and spent $72M repurchasing shares.

Stock-based pay is a large cost. Stock pay was 26% of revenue in 2025.

Zymeworks paid employees $28M in stock in 2025, 26% of its $106M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Questions investors ask about Zymeworks

Is Zymeworks getting weaker?

Its latest SEC filing (Oct 16, 2026) was mixed: some things better, some worse: 12-month revenue fell 54.3%; share count down 2.8%. Its overall score is unchanged at 20/100 since Oct 28, 2026.

How is Zymeworks valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -7.0% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -7.0% vs peers 1.5% (weaker than 100% of peers).

Is Zymeworks growing?

More slowly than most of its peers. Growth scores 3/100 against 1,393 healthcare peers. 3-year revenue growth -56.4% vs a peer median of 5.8% (weaker than 100% of peers).3-year revenue growth -56.4% vs peers 5.8% (weaker than 100% of peers).

How profitable is Zymeworks?

Less profitable than most of its peers. Profitability scores 6/100 against 1,393 healthcare peers. Operating margin -419.0% vs a peer median of 7.1% (weaker than 93% of peers).Operating margin -419.0% vs peers 7.1% (weaker than 93% of peers).

How risky is Zymeworks?

Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 6.32× vs a peer median of 2.59× (stronger than 79% of peers).Current ratio 6.32× vs peers 2.59× (stronger than 79% of peers). Beta 1.19 vs a peer median of 0.63 (weaker than 79% of peers).Beta 1.19 vs peers 0.63 (weaker than 79% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

81.3M USD

37.1M USD

−54.3%

Net income (12 months)

−102.7M USD

−150.0M USD

+46.1%

Operating margin

-140.4%

-419.0%

−278.6 pts

Free cash flow (12 months)

−77.0M USD

−120.5M USD

+56.5%

Cash

244.3M USD

179.4M USD

−26.6%

Shares outstanding

73.0M

71.0M

−2.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-808.2%

31.6%

-181.6%

-179.7%

-87.3%

▲ 92 pts

Net margin

-794.0%

30.1%

-156.1%

-160.8%

-76.6%

▲ 84 pts

Return on assets (ROA)

-54.4%

19.2%

-20.4%

-26.5%

-23.4%

▲ 3.1 pts

Return on equity (ROE)

-85.0%

25.2%

-25.5%

-36.2%

-30.2%

▲ 6.0 pts

Free cash flow margin

-767.8%

33.0%

-158.9%

-146.8%

-32.6%

▲ 114 pts

Current ratio

4.01×

5.70×

7.41×

3.40×

5.88×

▲ 73%