BeOne Medicines Ltd. (ONC) stock analysis
Close on Nov 11, 2026Market cap $47.75BP/E 53.8Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed13 of 30 checks passed
BeOne Medicines passes 13 of the 30 checks behind our score; 11 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 3/6
- Past performance
- 4/6
- Financial health
- 6/6
- Dividend
- 0/6
What stands out
Return on capital over 10%
Return on invested capital was 88.9%, above the 10% that usually covers the cost of capital.
Low debt
Debt is 20.6% of shareholders' equity, under the 40% we consider low.
Revenue growing 10%+ a year
Revenue grew 55.7% a year over the last three fiscal years.
Interest well covered
Operating income covers interest expense 8.3 times.
What to watch
Margin of safety under 20%
The price is 1961% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $419.98 is above our fair value estimate of $20.38.
Return on equity under 15%
Return on equity was 18.4% over the last twelve months and averaged -20.2% over five years; we look for 15% on both.
P/E above the industry
BeOne Medicines's P/E of 700.0 is above the Drugs median of 25.1.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E above the industry
BeOne Medicines's P/E of 700.0 is above the Drugs median of 25.1.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B above the industry
BeOne Medicines's price-to-book of 106.66 is above the Drugs median of 2.29.
Trading above fair value
The share price of $419.98 is above our fair value estimate of $20.38.
Margin of safety under 20%
The price is 1961% above fair value, so there is no margin of safety.
Growth3/6
Revenue growing 10%+ a year
Revenue grew 55.7% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 32.9% over the last twelve months; the Drugs median is 8.0%.
Guidance issued
The latest outlook (full year 2026 Other income (expense), Aug 5, 2026) was issued for the first time, so it neither adds nor takes away points.
Gross margin improving
Gross margin was 89.4% over the last twelve months, against 86.2% a year earlier.
Past performance4/6
Return on equity under 15%
Return on equity was 18.4% over the last twelve months and averaged -20.2% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 88.9%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
BeOne Medicines's return on equity of 18.4% is above the Drugs median of -58.9%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 13.9% over the last twelve months, against a 5-year average of -62.6%.
Net margin above the industry
BeOne Medicines's net margin of 13.9% is above the Drugs median of -53.0%.
Financial health6/6
Low debt
Debt is 20.6% of shareholders' equity, under the 40% we consider low.
Debt falling against equity
Debt to equity fell from 22.1% five years ago to 20.6%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 132% of total debt.
Interest well covered
Operating income covers interest expense 8.3 times.
Short-term assets cover short-term debts
Current assets are 3.55 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 92.54; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
BeOne Medicines has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$20.38
The share price is 1961% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 25.1× | – | 25.1× | $15.05 | 47% |
| EV/EBITDA | 17.1× | – | 17.1× | $18.78 | 41% |
| P/B | 12.0× | 76.9× | 2.3× | $47.25 | 12% |
| Fair value | $20.38 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/B at month end
- Own 5-year median 76.9
- Drugs median 2.3
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $166.25M
- Value traded per 1% price move
- $96.76M
Downside
Medium risk
- Typical loss in a bad month
- 20.8%
- Volatility (annualized)
- 36%
- Sharpe ratio, 1 year
- 0.65
- Beta to the S&P 500 (5Y)
- 1.05
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2013 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +40.2% | +55.7% | +76.8% | +89.8% | |
| Gross profit | +45.3% | +60.6% | +81.4% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -94.9% | -67.3% | 7.5% | |
| Return on assets | -45.6% | -45.1% | 4.1% | |
| Current ratio | 10.68 | 4.61 | 3.41 | |
| Debt to equity | 0.05 | 0.22 | 0.24 | |
| Net debt to EBITDA | 0.61× | 0.33× | -5.98× | |
| Interest coverage | – | -90.5× | 7.7× | |
| Inventory turnover | – | 1.2× | 1.2× | |
| Capex to revenue | 2196.4% | 38.0% | 3.5% | |
| Diluted shares | 404M | 1.09B | 1.47B |
Where the cash went
Fiscal 2021 to 2025, five years combined
BeOne Medicines generated $5.22B from operations and spent $1.83B on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 5.4% | 0.76× | 1.83× | 7.5% |
| FY2024 | -16.9% | 0.65× | 1.71× | -18.8% |
| FY2023 | -35.9% | 0.40× | 1.54× | -22.3% |
| FY2022 | -141.5% | 0.19× | 1.42× | -38.1% |
| FY2021 | -123.9% | 0.17× | 1.41× | -29.2% |
| FY2020 | -526.1% | 0.09× | 1.49× | -67.3% |
| FY2019 | -221.5% | 0.22× | 1.43× | -70.2% |
| FY2018 | -339.9% | 0.12× | 1.37× | -55.9% |
| FY2017 | -39.1% | 0.33× | 1.42× | -18.2% |
| FY2016 | -11141.8% | 0.00× | 2.08× | -94.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$286.93M
- Cash generatingOperating cash flow above zero$1.13B
- Return on assets improvedROA up on the prior year-11.1% → 4.8%
- Earnings backed by cashOperating cash flow above net income$1.13B vs $286.93M
- Less leverageLong-term debt to assets fell2.8% → 11.7%
- Better liquidityCurrent ratio rose1.80 → 3.41
- No dilutionShare count did not rise1.37B → 1.47B
- Gross margin improvedGross margin up on the prior year84.41% → 87.49%
- More efficientAsset turnover rose0.66 → 0.90
See a number that looks wrong?