BNRNasdaqServices-Medical Laboratories
Burning Rock Biotech Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 28, 2026
$12.29−0.61 (-4.73%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
74.7%+1.7 pts over 5 years
Operating margin
-10.2%+85.8 pts over 5 years
Net margin
-10.3%+84.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +4.6% | -1.4% | +4.6% | – | |
| Gross profit | +11.2% | +2.0% | +5.1% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -53.3% | -9.9% | |
| Return on assets | – | -23.2% | -6.5% | |
| Current ratio | – | 10.45 | 2.99 | |
| Debt to equity | – | 0.00 | 0.00 | |
| Net debt to EBITDA | – | 5.07× | 14.41× | |
| Interest coverage | – | -618.3× | – | |
| Inventory turnover | – | 1.8× | 2.7× | |
| Capex to revenue | – | 14.0% | 1.0% | |
| Diluted shares | – | 0M | – |
Where the cash went
Fiscal 2021 to 2025, five years combined
Burning Rock Biotech generated CN¥1.31B from operations and spent CN¥285.13M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
CN¥1.31B
Used
CN¥285.13M
Capital expenditureCN¥285.13M100%DividendsCN¥00%Share buybacksCN¥00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-10.3%
×Asset turnover0.63×
×Equity multiplier1.53×
=Return on equity, FY2025-9.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -10.3% | 0.63× | 1.53× | -9.9% |
| FY2024 | -67.2% | 0.54× | 1.43× | -51.4% |
| FY2023 | -121.6% | 0.41× | 1.36× | -67.9% |
| FY2022 | -172.4% | 0.29× | 1.29× | -64.7% |
| FY2021 | -156.9% | 0.21× | 1.16× | -37.3% |
| FY2020 | -94.7% | 0.24× | 2.30× | -53.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-CN¥55.35M
- Cash generatingOperating cash flow above zero-CN¥28.44M
- Return on assets improvedROA up on the prior year-33.3% → -6.3%
- Earnings backed by cashOperating cash flow above net income-CN¥28.44M vs -CN¥55.35M
- Less leverageLong-term debt to assets fell0.0% → 0.2%
- Better liquidityCurrent ratio rose2.92 → 2.99
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year70.26% → 74.67%
- More efficientAsset turnover rose0.50 → 0.61