EN DE
Watch ZKH Group Limited for free: we tell you when fair value or trend changes.
Data-driven stock valuation

ZKH Group Limited (ZKH) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of ZKH Group Limited stock $2.38, price $1.31, upside +81.6%, quality 52 out of 100. Rating: strongly undervalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

  1. Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with one Yes, for free

Consumer Cyclical US · Based in China

ZG ZKH Group Limited logo Thin data Nov 7, 2026

ZKH Group Limited

ZKH · US
Undervalued, but in a downtrend

The stock costs 45% less than our calculation considers fair.

Fair value $2.38 · Strongly undervalued
Low debt
Even on cautious assumptions the value is 20% above the price ($1.57).
Quality 52/100
Expensive Growth (revenue 5y +3.3 %/yr in USD)
Mixed vs. peers (5/10)
Loss-making · 0.0% net margin (TTM)
Negative free cash flow
Narrow moat 23/100
Thin data
Watch ZKH Group Limited for free: we tell you when fair value or trend changes. Watch for free

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$20.52 $1.31 Fair Value $2.38 Dec 2023 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

35‑month range $1.31 – $20.52 · fair‑value band $1.57 – $2.97 · the $1.31 price screens below the $2.38 fair value. As of Nov 7, 2026.

Follow ZKH Group in your weekly email

Every Wednesday you see whether ZKH Group is on track or worth a review, plus price against fair value. Free, up to 3 stocks.

We send you a confirmation link. Unsubscribe with one click.

Which stocks are undervalued right now? Check free Discover now →

Company profile

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 Republic of China.

Show moreShow less

It offers equipment parts, including pump valve fittings, low voltage electrical, electric automation, wire and cable, fastening seal, pneumatics and hydraulics, and instrumentation products; chemicals, such as workshop chemicals, chemical reagents, lubricants, and adhesives, as well as paint and painting supplies; and manufacturing parts comprising cutting tool, air compressor, electronic vending machine, factory automation, and abrasive measuring tool products.

The company also provides general consumables, including security-related, material handling, power transmission, personal protective equipment, welding, tape and label, cleaning supply, laboratory instrument consumable, and hardware and hand tool products; and office supply, furniture, fringe, lightening, refrigeration and heating, ventilating, air conditioning, and building material products.

In addition, it offers MRO procurement and management services; AI-powered MRO procurement solutions; and logistics and warehousing services. Further, the company engages in the production and sale of intelligent warehousing equipment.

ZKH Group Limited was founded in 1998 and is headquartered in Shanghai, the People's Republic of China.

Stock analysis

ZKH Group Limited (ZKH) currently trades at $1.31, while our model-based Fair Value estimate is $2.38, implying the stock looks roughly 45% undervalued today.

Show more

Valuation

How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: $1.57 (bear) to $2.97 (bull), the price of $1.31 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 52/100 (solid quality), in the Consumer Cyclical sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

ZKH Group Limited reported revenue of $9.0B in FY2026 versus $8.3B in FY2022, a compound +2.0%/yr. Reported net income was −$140M in FY2026.

Key figures

Market cap $256M Micro · P/S ratio 0.03 · EPS (TTM) $0.0500 · Net margin 0.0% · Return on equity −0.1% · Return on assets (EBIT) −3.8% (5-year average) · Operating margin 0.2% · Revenue (TTM) $9.4B.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 23 out of 100 (medium confidence).

What moves the price

The share trades about 65% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at 21% fair-value upside, at 82%, ZKH screens cheaper than that median.

Fair Value models

Bear $1.57 Fair Value $2.38 Bull $2.97
Price $1.31 · Upside +81.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 1 months old). Earnings retained since then ($0.0055 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) $10.47 $15.87 $19.83 53
All 1 models by family
Asset-Based
NCAV (Graham) $10.47 $15.87 $19.83 53

Open the full fair value analysis →

Quality Score breakdown

Overall quality 52/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 32
How much profit the company makes from its sales and capital
Quality Growth 57
Are margins and returns getting better?
Cashflow 10
Do the profits arrive as real cash?
Financial strength 54
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 4
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 0
Distance to the 52-week high, does not count
New shares 100
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 19/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+2.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.3%
Start year 2021 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.5%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−14.5% (2021) → −2.4% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed

Watch ZKH, get fair value alerts →

Compare ZKH Group Limited with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Internet Retail · 100 stocks

Beats the industry median on 5/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 52 · Below median
Fair Value upside +81.6% · Top 25%
Profitability
Return on assets −2.1% · Bottom 25%
Net margin (12 months) 0.0% · Below median
Operating margin (12 months) 0.2% · Below median
Growth and dividend
Revenue growth (quarter YoY) 12.8% · Above median
Balance sheet
Debt / equity 0.01× · Below median

Valuation Multiplesvs Internet Retail median · lower = cheaper

P/B 0.09× · Cheapest 25%
P/S (12 months) 0.03× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 46
FUTURE (revenue growth)64 · sector 60
PAST (return on equity)0 · sector 20
HEALTH (low debt)99 · sector 92
DIVIDEND (yield)0 · sector 59

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Internet Retail stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
PDD Holdings PDD $83.03 $249.09 +200% vs ZKH
Sea Limited SE $75.73 $129.32 +71% vs ZKH
Prosus N.V PRX €37.34 €52.15 +40% vs ZKH
JD.com, Inc 9618 HK$112.30 HK$150.10 +34% vs ZKH
MercadoLibre, Inc MELI $1,510 $1,830 +21% vs ZKH
Alibaba Group BABA $109.45 $120.46 +10% vs ZKH
DoorDash, Inc DASH $179.67 $197.64 +10% vs ZKH
Amazon.com, Inc AMZN $259.30 $140.05 −46% vs ZKH
eBay Inc EBAY $121.96 $60.00 −51% vs ZKH
Coupang, Inc CPNG $16.29 $4.98 −69% vs ZKH

Explore undervalued stocks

More undervalued Consumer Cyclical stocks →

All undervalued stocks TechnologyFinancial ServicesHealthcareConsumer CyclicalConsumer DefensiveCommunication ServicesIndustrialsEnergyBasic MaterialsReal EstateUtilities Deeply Undervalued StocksUndervalued High-Quality StocksUndervalued Blue-Chip StocksUndervalued Small-Cap StocksUndervalued Dividend StocksUndervalued 52-Week Low Stocks

Try a ready-made strategy

Pick a strategy and jump into the live analysis with that exact screen applied.

🥇 Backtested Best 🏆 Big Names 💎 Quality on Sale 🚀 Profitable Growth 🧊 Quality Compounders 💵 Dividend Stars 📈 Strong Momentum 📉 Fallen Angels ⚖️ Deeply Undervalued 🔍 Small-Cap Gems 🏰 Moat at a Fair Price 💼 Insider Buying 🎩 Buffett-Style Quality 📚 Peter Lynch GARP 🧮 Greenblatt Magic Formula 🛡️ Graham Defensive

Discover tools

Stock screenerFilter by region, size and sector Compare toolTwo stocks side by side Extrinsic Value Calculator…Free calculator Peter Lynch Fair Value Formula &…Free calculator
Run the numbers yourself: free valuation calculators
DCF CalculatorP/E Ratio CalculatorPEG Ratio CalculatorGraham NumberPeter Lynch FormulaDDM CalculatorIntrinsic ValueIntrinsic vs Extrinsic ValueP/E Ratio by Sector
For bloggers & editors: embed code + live data

For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.

ZKH Group Limited: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "ZKH Group Limited Fair Value". https://www.fairvalue-calculator.com/stock/ZKH

Frequently asked questions

Is ZKH Group Limited (ZKH) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of $2.38 versus a price of $1.31, about +82% upside (undervalued).
What is the fair value of ZKH?
Our model-based fair value for ZKH Group Limited is $2.38 (as of Nov 7, 2026), built from audited fundamentals. The current price: $1.31.
What is the quality score of ZKH?
ZKH Group Limited has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for ZKH Group Limited (ZKH)?
Our model-based price target is the fair value of $2.38 (as of Nov 7, 2026) from 1 valuation models. Cautious scenario $1.57, optimistic scenario $2.97. It is a calculation from audited fundamentals, not an analyst target.
What is the ZKH Group Limited stock forecast for 2026?
Our models put fair value at $2.38, about +82% upside versus a price of $1.31 (undervalued). Cautious scenario $1.57, optimistic scenario $2.97. The calculation is refreshed regularly with new filings.
What is the revenue of ZKH Group Limited (ZKH)?
ZKH Group Limited reported trailing-twelve-month revenue of about $9.4B (latest available figure, as of Nov 7, 2026).
What is the intrinsic value of ZKH Group Limited (ZKH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ZKH Group Limited it is $2.38 per share (as of Nov 7, 2026), against a price of $1.31. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is ZKH Group Limited stock overvalued or undervalued in 2026?
As of Nov 7, 2026, ZKH trades below its calculated fair value: price $1.31, fair value $2.38, a gap of about +82% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ZKH?
No. The price is what the market pays today ($1.31); the fair value is what the company's own numbers justify ($2.38). For ZKH Group Limited the two are $1.07 per share apart. That gap is exactly why we show both numbers side by side.
How much is ZKH Group Limited worth?
The market values ZKH Group Limited at about $256M (market capitalisation, as of Nov 7, 2026). Per share that is $1.31; our models calculate a fair value of $2.38 per share.
What do the bullish and bearish scenarios say about ZKH?
Our models span a range for ZKH Group Limited: cautious scenario $1.57, base $2.38, optimistic $2.97 per share (as of Nov 7, 2026, price $1.31). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of ZKH Group Limited (ZKH)?
Balance-sheet figures for ZKH Group Limited (as of Nov 7, 2026): return on equity −0.1%, debt of 0.01 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is ZKH from its 52-week high?
ZKH Group Limited trades at $1.31, about 65% below its 52-week high of $3.79 and at the low of $1.31 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $2.38 is for.
Which stocks are comparable to ZKH Group Limited?
From the same area (Consumer Cyclical) we also value Amazon.com, Inc, Alibaba Group, PDD Holdings, Prosus N.V, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is ZKH Group Limited stock attractive at the current price?
The data as of Nov 7, 2026: price $1.31, calculated fair value $2.38 (+82%), Quality Score 52/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ZKH calculated?
We run ZKH Group Limited through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of $2.38 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. ZKH Group Limited currently trades 45% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of ZKH Group Limited (ZKH)?
The closing price on Nov 6, 2026 was $1.31. Our model-based fair value is $2.38, about +82% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ZKH Group Limited right now?
The price is below even our cautious bear case ($1.57). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (52/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($1.57 to $2.97) leaves room in how you read the outcome.

Key figures of ZKH Group Limited

How large is the market capitalisation of ZKH Group Limited (ZKH)?
The market capitalisation of ZKH Group Limited is $256M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of ZKH Group Limited (ZKH)?
The price-to-sales ratio of ZKH Group Limited is 0.03 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of ZKH Group Limited (ZKH)?
Earnings per share at ZKH Group Limited are $0.0500. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of ZKH Group Limited (ZKH)?
The net margin of ZKH Group Limited is 0.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of ZKH Group Limited (ZKH)?
The return on equity (ROE) of ZKH Group Limited is −0.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of ZKH Group Limited (ZKH)?
On an EBIT basis the return on assets of ZKH Group Limited is −3.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of ZKH Group Limited (ZKH)?
The operating margin of ZKH Group Limited is 0.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ZKH Group Limited (ZKH)?
Revenue at ZKH Group Limited is growing +12.8% versus a year earlier (3y avg +1.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does ZKH Group Limited (ZKH) generate?
The free cash flow of ZKH Group Limited is −$43.0M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does ZKH Group Limited (ZKH) hold?
ZKH Group Limited holds more cash than debt, $666M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
Free · no account needed

Watch ZKH Group Limited in the live analysis

One click puts ZKH Group Limited on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.

Watch for free →

Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.