Detailed financial statements for LZ Technology Holdings Limited Class B Ordinary Shares (LZMH): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
LZ Technology Holdings Limited, a Chinese enterprise founded in 2022 and headquartered in Huzhou, functions as an information technology and advertising firm, operating as a subsidiary of LZ Digital Technology Holdings Co., Ltd.
Analysis Summary
Trailing-twelve-month margins: gross margin 3.3%, operating margin -15.6%, net margin -15.4%.
At the current price of $1.19, LZMH has negative trailing earnings (P/E not meaningful) and an ROE of -305.00%. Market capitalisation stands at $9M.
Balance sheet quality for LZMH: current ratio of 1.1, net debt of $39.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $81.0M | $163.0M | $568.9M | $822.8M | $1.13B |
| Cost of Revenue | $70.0M | $143.1M | $537.6M | $788.4M | $1.09B |
| Gross Profit | $11.0M | $19.9M | $31.3M | $34.4M | $37.2M |
| Research & Development | $6.4M | $6.9M | $5.5M | $4.5M | $56.3M |
| Selling, General & Admin | $18.9M | $34.9M | $32.2M | $26.4M | $157.0M |
| Operating Expenses | $25.3M | $41.8M | $37.7M | $30.8M | $213.3M |
| Operating Income | -$14.3M | -$22.0M | -$6.4M | $3.6M | -$176.0M |
| EBITDA | -$9.5M | -$4.8M | $6.5M | $14.3M | -$161.9M |
| Interest Expense | $34.8M | $18000 | $408000 | $764000 | $1.3M |
| Pre-tax Income | -$48.5M | -$14.8M | -$4.0M | $4.8M | -$172.8M |
| Income Tax | $8000 | 0 | $2.4M | -$972000 | $510000 |
| Net Income | -$45.1M | -$13.6M | -$6.2M | $5.5M | -$173.5M |
| EPS | $-94.00 | $-27.60 | $-12.60 | $11.20 | $-22.60 |
| EPS (Diluted) | $-94.00 | $-27.60 | $-12.60 | $11.20 | $-22.60 |
| Shares Outstanding (Diluted) | $479462 | $495058 | $495058 | $495058 | $7.7M |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $5.1M | $7.0M | $10.8M | $4.2M | $23.5M |
| Short-term Investments | $989000 | $1.7M | 0 | 0 | 0 |
| Receivables | $78.2M | $73.1M | $224.6M | $262.6M | $308.0M |
| Inventory | 0 | 0 | 0 | 0 | $3.2M |
| Total Current Assets | $97.0M | $83.7M | $254.5M | $278.2M | $370.1M |
| Property, Plant & Equipment | $42.2M | $34.2M | $24.4M | $19.2M | $12.2M |
| Goodwill | 0 | 0 | 0 | 0 | $1.7M |
| Intangible Assets | 0 | $4.0M | $3.1M | $2.1M | $1.2M |
| Total Assets | $140.5M | $122.5M | $286.1M | $305.6M | $390.1M |
| Accounts Payable | $17.1M | $35.3M | $163.1M | $182.2M | $201.9M |
| Short-term Debt | $139.8M | $67.1M | $32.1M | $31.9M | $59.1M |
| Total Current Liabilities | $169.7M | $107.6M | $222.2M | $234.7M | $330.2M |
| Long-term Debt | 0 | 0 | 0 | $667000 | 0 |
| Total Liabilities | $169.9M | $107.6M | $224.5M | $238.2M | $332.7M |
| Retained Earnings | -$139.9M | -$154.3M | -$160.8M | -$155.2M | -$328.7M |
| Total Equity | -$27.5M | $13.9M | $57.6M | $65.1M | $48.7M |
| Total Debt | $140.1M | $67.1M | $32.1M | $35.2M | $62.5M |
| Net Debt | $134.0M | $58.4M | $21.3M | $31.1M | $39.0M |
| Working Capital | -$72.7M | -$23.9M | $32.3M | $43.5M | $39.8M |
Balance Sheet (Quarterly)
| Year | 2024-Q2 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|---|---|---|---|
| Cash & Equivalents | $4.3M | $4.2M | $15.9M | $23.5M |
| Total Assets | $362.2M | $305.6M | $511.9M | $390.1M |
| Total Liabilities | $300.5M | $238.2M | $441.8M | $332.7M |
| Total Equity | $59.0M | $65.1M | $68.2M | $48.7M |
| Total Debt | $39.7M | $35.2M | $29.6M | $62.5M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Net Income | -$48.5M | -$14.8M | -$6.4M | $5.8M | -$173.3M |
| Depreciation & Amortization | $4.2M | $10.0M | $10.1M | $8.7M | $9.5M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | $111.1M |
| Change in Working Capital | -$1.9M | $12.0M | -$24.3M | -$9.6M | -$2.2M |
| Operating Cash Flow | -$45.5M | $2.5M | -$16.8M | $4.7M | -$41.2M |
| Capital Expenditure | -$27.4M | -$6.2M | -$111000 | -$347000 | -$580000 |
| Acquisitions | 0 | -$338000 | $1.9M | 0 | -$105000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$72.9M | -$3.7M | -$17.0M | $4.3M | -$41.8M |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue Growth (YoY) | +101.1% | +249.1% | +44.6% | +37.2% | |
| Net Income Growth (YoY) | +69.7% | +54.5% | +189.3% | -3230.2% | |
| EPS Growth (YoY) | +70.6% | +54.3% | +188.9% | -301.8% | |
| Shares Change (YoY) | +3.3% | +0.0% | +0.0% | +1456.8% | |
| FCF Growth (YoY) | +94.9% | -355.2% | +125.5% | -1066.5% | |
| Gross Margin | 13.6% | 12.2% | 5.5% | 4.2% | 3.3% |
| Operating Margin | -17.7% | -13.5% | -1.1% | 0.4% | -15.6% |
| EBITDA Margin | -11.7% | -2.9% | 1.1% | 1.7% | -14.3% |
| Net Margin | -55.6% | -8.4% | -1.1% | 0.7% | -15.4% |
| FCF Margin | -89.9% | -2.3% | -3.0% | 0.5% | -3.7% |
| Effective Tax Rate | -0.0% | -0.0% | -59.1% | -20.2% | -0.3% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| FCF Per Share | $-151.95 | $-7.52 | $-34.25 | $8.73 | $-5.42 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $479462 | $495058 | $495058 | $495058 | $7.7M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -305.00% |
| Return on Invested Capital | -146.53% |
| Return on Assets | -44.47% |
| Gross Margin | 3.30% |
| Operating Margin | -15.59% |
| Net Margin | -15.37% |
Financial Health
| Debt / Equity | 1.28 |
| Current Ratio | 1.12 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| P/E | -6.76 | -24.99 | -56.33 | 65.17 | -10.27 |
| P/B | -11.07 | 24.53 | 6.10 | 5.55 | 36.78 |
| P/S | 3.76 | 2.10 | 0.62 | 0.44 | 1.58 |
| Gross Margin | 13.6% | 12.2% | 5.5% | 4.2% | 3.3% |
| Operating Margin | -17.7% | -13.5% | -1.1% | 0.4% | -15.6% |
| Net Margin | -55.6% | -8.4% | -1.1% | 0.7% | -15.4% |
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Explore sector: Technology · Information Technology Services
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