BeOne Medicines Ltd. American Depositary Shares (ONC)

FairStock Score: 42/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for durable businesses earning high returns on capital and selling at a sensible price. BeOne Medicines is an oncology company with commercial products such as BRUKINSA and TEVIMBRA. The filed figures show a real turnaround. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $1.7B and net income was $237.0M, or diluted EPS $0.16. In fiscal Q2 2025, the quarter ended 2025-06-30, revenue was $1.3B and net income was $94.3M, or diluted EPS $0.06. For fiscal year 2025, revenue was $5.3B and net income $286.9M, after fiscal year 2024 revenue of $3.8B and a net loss of $644.8M, and fiscal year 2023 revenue of $2.5B and a net loss of $881.7M. That is a genuine inflection from losses to profits. Financial health looks better: trailing free cash flow is $1.3B, and FairStock calculations show debt-to-equity of 0.40, an Altman Z-Score of 4.78, and a Piotroski F-Score of 6/9. But returns are mixed: ROE is 14.66% while ROCE is only 7.46%, which is not the high-capital-return profile I prefer. Valuation is the rub. At the 2026-10-13 close of $349.08, FairStock shows a P/E of 62.56, P/B of 7.63, EV/EBITDA of 25.05, and a Graham Number of $21.02, leaving a margin of safety of -1560.70%. The PEG ratio of 0.41 is attractive if rapid growth persists, but that is a large if. The Lynch category is TURNAROUND, returned to profit after a loss within the last three years. I would need evidence of a durable competitive moat and a price that offers protection. Today, the market is paying for continued success.

In plain English: BeOne Medicines is a biotech company that develops and sells cancer treatments. Its sales are growing quickly, and after losing money in earlier years it is now profitable, which is a good sign. However, the stock price looks expensive compared with the company's current earnings and accounting value, so the market is already expecting a lot of future success.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer