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Employees: 925
Size Zylox-Tonbridge Medical Technology (2190.HK) is a Hong Kong Health Care company (Medical Specialties) with a market value of $851M, the 633rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$19.39 on 6 Nov 2026.
Performance Over six months the shares fell 13.0%, against -5.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 39.3% over the last twelve months (peer median +11.3%); the operating margin is 24.7% (peer median 9.6%).
Valuation It trades at 15.9× forward earnings against a peer median of 19.3× (5th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +106%, so the hurdle is -100 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.9 points above its cost of capital (8.5% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$1.35B | HK$1.15B | HK$848M | HK$583M | HK$389M |
| Revenue growth | — | +35% | +45% | +50% | — |
| Gross profit | HK$963M | HK$806M | HK$587M | HK$400M | HK$271M |
| EBITDA | HK$380M | HK$260M | HK$110M | -HK$131M | -HK$238M |
| Net income | HK$342M | HK$265M | HK$109M | -HK$87.0M | -HK$132M |
| Free cash flow | HK$417M | HK$299M | -HK$20.2M | -HK$104M | -HK$262M |
| Capital expenditure | HK$104M | HK$121M | HK$207M | HK$211M | HK$169M |
| Total debt | n/a | HK$70.9M | HK$96.7M | HK$61.5M | HK$15.7M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2190.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.3% | -2.6% | 5th lowest of 21 |
| 6-month return | -13.0% | -5.4% | 10th lowest of 21 |
| Distance from 52-week high | -30.8% | -32.9% | 10th highest of 21 |
| Revenue growth (TTM) | +39.3% | +11.3% | 3rd highest of 21 |
| Operating margin | 24.7% | 9.6% | 3rd highest of 21 |
| Forward P/E | 15.9× | 19.3× | 5th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 5.5% | 2.9% | 7th most demanding of 14 |
| Growth delivered (Del g) | +105.8% | +11.3% | highest of 14 |
| Hurdle (Req g minus delivered) | -100.4 pp | -5.2 pp | least demanding of 14 |
| ROIC minus cost of capital | +3.9 pp | +0.8 pp | 7th highest of 21 |
| EV / EBITDA | 14.4× | 10.3× | 4th most expensive of 11 |
| Net debt / EBITDA | -3.3× | 0.0× | least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zylox-Tonbridge Medical Technology 2190.HK | Hong Kong | $851M | -13% | +39% | 25% | 15.9× | 5.5% | +105.8% |
| Beta Bionics BBNX | United States | $854M | +63% | +44% | -73% | n/a | n/a | n/a |
| Menicon 7780.T | Japan | $854M | +12% | +5% | 9% | 19.3× | n/a | n/a |
| MedCap MCAP.ST | Sweden | $864M | +6% | +17% | 15% | 26.4× | 2.9% | +20.9% |
| JINS 3046.T | Japan | $865M | -12% | +14% | 10% | 16.6× | -7.2% | +11.7% |
| Sino Medical Sciences Technology 688108.SS | China | $868M | -35% | +22% | 19% | 69.2× | 31.0% | +9.9% |
| Beijing Aerospace Changfeng 600855.SS | China | $832M | -35% | -10% | -19% | n/a | n/a | n/a |
| Modern Dental 3600.HK | Hong Kong | $871M | +19% | +12% | 22% | 8.8× | -7.0% | +11.3% |
| OrthoPediatrics KIDS | United States | $829M | +78% | +16% | -8% | n/a | n/a | n/a |
| Hangzhou Biotest Biotech 688767.SS | China | $824M | +5% | -4% | 3% | 34.7× | n/a | n/a |
| Advanced Medical Solutions AMS.L | United Kingdom | $824M | +14% | +6% | 12% | 20.7× | 19.6% | +21.4% |
| Maccura Biotechnology 300463.SZ | China | $814M | -14% | -1% | -4% | 164.7× | 9.2% | -10.2% |
| Cisen Pharmaceutical 603367.SS | China | $890M | -15% | -6% | 8% | 8.3× | -12.9% | -1.3% |
| Safilo SFL.MI | Italy | $890M | +24% | -4% | 9% | 16.0× | -0.5% | +4.7% |
| Bioventus BVS | United States | $894M | +1% | +4% | 10% | 13.1× | 6.9% | +12.1% |
| Shanghai Aladdin Biochemical Technology 688179.SS | China | $806M | -25% | +39% | 26% | 30.0× | 21.1% | +24.2% |
| Allmed Medical Products 002950.SZ | China | $798M | -39% | +14% | 8% | n/a | n/a | n/a |
| Cofoe Medical Technology 1187.HK | Hong Kong | $798M | -27% | +40% | 10% | 12.5× | -8.0% | +6.6% |
| Mani 7730.T | Japan | $909M | -15% | +10% | 30% | 18.4× | 1.5% | +13.9% |
| Shanghai Runda Medical Technology 603108.SS | China | $909M | -25% | -12% | -2% | 25.1× | 22.2% | -0.2% |
| Standard Engineering Technology SETL.NS | India | $796M | +164% | +26% | 13% | n/a | n/a | n/a |