ZYME
Zymeworks Inc.
ZYME's fundamentals are strong, but it looks expensive: trading at 51x earnings, about 16 times its usual 3.2x. Analysts expect earnings to fall sharply, though they disagree widely on how much.
ZYME Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Weak | |
| Weak |
ZYME's revenue and profitability are currently healthy, but its cash flow and balance sheet are weak.
ZYME PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 2.6x | $1.33 | -95% |
| Fair | 3.2x | $1.65 | -94% |
| Expensive | 4.5x | $2.34 | -91% |
| Forward | 49x | $26.47 | — |
| Current | 51x | $26.47 | — |
Historical ranges are pointers, not guarantees.
ZYME's PE is in its expensive range at 51x. On analysts' estimates for next year's earnings, today's price would be 49x.
ZYME Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong decline | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect ZYME's revenue to grow, but its earnings and profitability to decline. However, they disagree widely on these estimates.
ZYME Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.54 | +4.1% |
| Q3 2026 | $0.52 | +$1.37 |
| Q2 2026 | -$2.02 | -$1.04 |
| Q1 2026 | -$1.37 | +$0.13 |
| Q4 2025 | -$1.08 | +$0.54 |
| Q3 2025 | -$0.85 | +$0.63 |
| Q2 2025 | -$0.98 | +$0.52 |
| Q1 2025 | -$1.50 | +$0.27 |
| Q4 2024 | -$1.62 | +$0.10 |
ZYME has returned to profit: it earned $0.52 per share over the past year, after losing money the year before.
ZYME Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $256.5M | +829% |
| Q2 2026 | $4.6M | -91% |
| Q1 2026 | $2.4M | -91% |
| Q4 2025 | $2.5M | -92% |
| Q3 2025 | $27.6M | +73% |
| Q2 2025 | $48.7M | +153% |
| Q1 2025 | $27.1M | +170% |
| Q4 2024 | $31M | +83% |
ZYME's revenue is recovering but still below its 2022 peak: $256M last quarter, up 829% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 69% | +149 points |
| Q2 2026 | -919% | -918 points |
| Q1 2026 | -1957% | -1862 points |
| Q4 2025 | -1756% | -1684 points |
| Q3 2025 | -80% | +134 points |
| Q2 2025 | -1.4% | +222 points |
| Q1 2025 | -94% | +282 points |
| Q4 2024 | -72% | +67 points |
ZYME's operating margin was 69% last quarter, up 149 points from the same quarter a year ago, near the top of its range since 2019.
ZYME Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$24.1M | +$7.7M |
| Q2 2026 | -$31.9M | -376% |
| Q1 2026 | -$45.9M | -$42.5M |
| Q4 2025 | -$10.8M | +$31M |
| Q3 2025 | -$31.8M | -$25M |
| Q2 2025 | $11.6M | +$37.1M |
| Q1 2025 | -$3.4M | +$34.4M |
| Q4 2024 | -$41.8M | -408% |
ZYME has burned cash in almost every quarter: −$113M over the past year, against −$66M the year before.
ZYME Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +4.5% | +3.3M shares |
| 1 year | +0.6% | +477K shares |
| 3 years | +8% | +5.7M shares |
| 5 years | +46% | +24M shares |
| Available history | +101% | +38.2M shares |
ZYME has 76M diluted shares, up 0.6% from a year ago, despite $166M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $12M |
| Q2 2026 | $51.9M |
| Q1 2026 | $76.2M |
| Q4 2025 | $25.5M |
| Q4 2024 | $9.4M |
ZYME spent $166M buying back its own shares over the past year.
ZYME Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.9x | High |
ZYME's net debt is about 4.8 years of its operating earnings (EBITDA).
ZYME Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.4 | Neutral |
| Stochastic | 63.0 | Neutral |
ZYME's weekly RSI is 51 (neutral) and its Stochastic is 63 (neutral).
ZYME PE vs Healthcare Sector
| Metric | ZYME | Sector median | Relative |
|---|---|---|---|
| PE | 51x | 26x | 97% above |
| PE % | 100 | 29 | 71 pts above |
ZYME is trading at 51x earnings, a 97% premium to the Healthcare sector's median of 26x.
ZYME Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $26.9 | 1.7% below |
| 20 week MA | $26.2 | 1% above |
| 50 week MA | $25.3 | 4.8% above |
| 100 week MA | $19.9 | 33% above |
| 200 week MA | $14.8 | 79% above |
ZYME's trend is up, with a small recent dip: it's below only its 8-week average, and 79% above its 200-week average.
ZYME Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $44.7 | $50.1 | +12% |
| 2021 | $50.1 | $16.6 | -67% |
| 2022 | $16.6 | $8.04 | -51% |
| 2023 | $8.04 | $10.4 | +29% |
| 2024 | $10.4 | $14.5 | +40% |
| 2025 | $14.5 | $26.9 | +85% |
| 2026 YTD | $26.9 | $26.5 | -1.5% |
ZYME has finished higher in four of the last six years. It's down 1.5% so far in 2026.