ONC
BeOne Medicines Ltd.
Next earnings Aug 28, 2026
Last earnings +5.3% on 2026-05-06
$279.89
▲ 0.00%$279.89▲ +8.69%
over 1Y
L $240.99EODHDH $377.47
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.0%
1W+3.0%
1M-6.7%
3M-1.1%
YTD-10.0%
1Y+8.7%
Hold
Conviction
Horizon
Long (>12mo)
Street · 12 analysts
Buy
Best-in-class oncology franchise just turned GAAP-profitable, but a 73x sales and 1,400x earnings price leaves no margin of safety.
Revenue $5.34B · FY2025
The read
Middling fundamentals and a rich price (~97% above fair value) leave little margin of safety — a wait-and-see.
BeOne (ONC) has reached a genuine inflection point. FY2025 revenue hit $5.34B, up 40.2% YoY, and the company crossed into GAAP profitability for the first time, swinging from a -$645M net loss in FY2024 to +$287M net income (+144.5%). The engine is BRUKINSA, which management calls the global revenue leader in the BTK inhibitor class, contributing $3.9B in 2025 revenue (+48.6%). Operating income rose 178.7% to $447M, gross margin is an excellent 87.5%, and operating cash flow exploded to $1.13B (from roughly $113M the prior year). The balance sheet is sturdy: $4.55B cash (+73.1%), liabilities/equity of just 0.88x, and $6.23B current assets against $1.83B current liabilities. R&D of $2.15B grew only 9.9%, so revenue is now scaling faster than spend — the operating leverage thesis is real.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $1.18B | $1.42B | $2.46B | $3.81B | $5.34B |
| Gross profit | $1.01B | $1.13B | $2.08B | $3.22B | $4.67B |
| Operating income | -$1.44B | -$1.79B | -$1.21B | -$568M | $447M |
| Net income | -$1.46B | -$2.00B | -$882M | -$645M | $287M |
| Diluted EPS | -$1.21 | -$1.49 | -$0.65 | -$0.47 | $0.19 |
| Net margin | -123.9% | -141.5% | -35.9% | -16.9% | 5.4% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$400B
EV / EBITDA679.6
EV / Sales74.9
EV / FCF424.9
P / FCF428.6
PEG (trailing)10.19
Earnings yield0.1%
FCF yield0.2%
Quality & risk
ROIC (est.)6.6%
Free cash flow$942M
Total debt$1.02B
Net cash$3.53B
Altman Z-Score63.34 safe
Piotroski F-Score7/9
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Shares Δ YoY+4.0%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-262026-06-26open ↗4Period ending 2026-06-232026-06-25open ↗4Period ending 2026-06-232026-06-25open ↗4Period ending 2026-06-232026-06-25open ↗144Filing2026-06-23open ↗144Filing2026-06-23open ↗144Filing2026-06-23open ↗4Period ending 2026-06-162026-06-18open ↗4Period ending 2026-06-162026-06-18open ↗4Period ending 2026-06-162026-06-18open ↗4Period ending 2026-06-162026-06-18open ↗144Filing2026-06-16open ↗
Frequently asked
- Is BeOne Medicines Ltd. (ONC) a buy?
- ONC currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Best-in-class oncology franchise just turned GAAP-profitable, but a 73x sales and 1,400x earnings price leaves no margin of safety.
- What is ONC's fair value?
- A Modified-Graham model based on ONC's SEC fundamentals estimates a fair value of about $7.10. It is an estimate from reported earnings, not a price target.
- Is ONC overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, ONC currently appears overvalued relative to its SEC-grounded earnings power.
- What is BeOne Medicines Ltd.'s quality score?
- ONC scores 63.39215686274509/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001651308, latest 10-Q filed 2026-05-06) · EODHD · analysis by claude-code · as of 6/21/2026, 7:04:55 PM.
Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.