BeOne Medicines Ltd. (ONC) Stock Analysis

Price updated 4 days ago · SEC data refreshed 53 days ago ⓘ · Not investment advice

BeOne Medicines Ltd.

ONC Healthcare Pharmaceuticals📄 SEC filings ↗
Valuation N/A
Long-term trend (200d) 10% above 200-day Risk 43/100 Elevated
▾ What's in the 43/100 risk score? (higher = riskier)
Fundamental health (43%) 20/100 → +8.6
leverage 20/100 · Altman Z not scored — input unavailable (see Financial Health)
Smart money (short interest + insider buying) (31%) 79/100 → +24.8
Macro backdrop (VIX, curve, credit, fear/greed + week-over-week momentum) (26%) 39/100 → +10.0
early-warning: macro conditions deteriorating week-over-week
Total43/100

Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). It excludes the Altman Z score, whose retained-earnings input this filer does not report separately. See the Financial Health section for the full balance-sheet read.

💵 Price $346.51 · 4 days ago 📄 Financials SEC EDGAR · refreshed 53 days ago
📍 START HERE

How to read ONC

We are not publishing an intrinsic value for this one — the section below says exactly why. Everything on this page that comes straight from the filings and the tape is still here; treat the missing valuation as a known gap, not as a verdict on the business.

Where to start — the sections that matter most for this stock
  1. 1 Reported earnings & margins ↓
    What the company actually reported — unaffected by the valuation being held.
  2. 2 Balance sheet & book value ↓
    Assets, liabilities and equity as filed.
  3. 3 Who's selling & betting against it ↓
    Insider and short-interest behaviour needs no valuation model.
Or — what are you trying to decide?
A note on process: fear-driven decisions — including fear of missing out — tend to be the expensive ones. A stock up 10% a day for three days is excitement, not evidence. Whichever reader you are, the data below is there to be checked before anything is decided.
🚀
"It's surging — should I chase it?"
The momentum / FOMO trade. Before you chase, see whether the people who know it best are quietly selling into the rally.
🏷️
"Is it a cheap bargain?"
The deep-value trade. How far below assets and our value it trades — and whether it's cheap for a reason.
ⓘ The price sits far above our cash-flow model

Our DCF for ONC lands well below today's price. For a non-cyclical that usually means the market is pricing in growth far beyond recent cash flows (or there's a data quirk), so we don't headline a single fair-value number.

What to use instead: The Reverse-DCF shows exactly how much growth the price demands — decide whether that's realistic. Pair it with peer multiples.

This note is only about the single DCF fair-value number — ONC's full financial statements, health scores, and written analysis are all below.

ⓘ Why does ONC trade at $346.51?

BeOne Medicines Ltd. has 1.47 billion shares outstanding. At $346.51 per share, the market values all outstanding ONC equity at $511.0 billion. That's market capitalization, not enterprise value — enterprise value also accounts for debt and cash. The share price by itself tells you almost nothing — a company can pick any share price by splitting or issuing more shares. What matters is the total value (Market Cap?Market Cap — The total dollar value the market is assigning to the entire company.
Why it matters: This is the number that actually matters when comparing companies. Two companies with the same business but different share counts have the same market cap.
Reference: Mega cap >$200B · Large $10–200B · Mid $2–10B · Small $300M–2B · Micro <$300M
Full explanation →) compared to what the business actually produces. This page values ONC in Per Share?Per Share — A company-level figure divided by total shares — what one share represents.
Why it matters: Per-share metrics are the only way to fairly compare two companies with different share counts.
Full explanation → economics — what each share represents of the underlying business. Play with the share-price calculator on the homepage →

Loading insider & short-seller data…
Checking filings for failure warnings…
VALUATION RANGE — CROSS-METHOD CHECK

Football field: where does the price sit?

Different valuation methods produce different fair-value ranges depending on assumptions. Plotting them together lets you see at a glance whether the current price is reasonable across approaches, or only one specific lens.

$11$100$189$278$367Current price $346.51EV / Sales (p25→p75)$11.45$38.62
The current price sits ABOVE the high end of every method. The market is paying a premium to all of these lenses — it expects materially better growth or margins than the models assume.

Industry multiples sourced from: industry: Pharmaceuticals. See the Peer Basket section below for the peer comparison and its limited-comparables caveat.

FINANCIAL HEALTH SCREENS

Quality & solvency checks

Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.

Altman Z-Score?Altman Z-Score — A bankruptcy-risk score combining 5 financial ratios into one number. Predictive of bankruptcy within 2 years.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
n/a
Not reliably computable

We can't produce a trustworthy Altman Z here: retained earnings weren't separately reported in our data, so a core input would have to be fabricated. Rather than show a categorical "distress" verdict from an invented number, we mark it unavailable. Judge financial health from the leverage, cash position, and the measurable Piotroski checks instead.

Piotroski F-Score?Piotroski F-Score — A 9-point quality checklist scoring profitability, leverage, and operating efficiency.
Why it matters: High score = fundamentals improving. Low score = deteriorating. Especially powerful for filtering cheap stocks: cheap + high F-score historically outperforms; cheap + low F-score is often a value trap.
Reference: 7–9 = strong · 4–6 = mediocre · 0–3 = weak
Full explanation →
7 / 9
Strong
▾ The checks — what passed, what didn't (and what we couldn't measure)
  • ✓ Positive net income
    Net income $286.9M in FY2025.
  • ✓ Positive operating cash flow
    Operating cash flow $1,127.6M (was -$140.6M the prior year).
  • ✓ Cash flow backs up reported profit
    Operating cash flow $1,127.6M vs net income $286.9M.
  • ✓ Return on assets improving
    Return on assets 3.5% vs -10.9% a year ago.
  • ✗ Debt load (vs assets)
    Long-term debt is 11.7% of assets vs 2.8% a year ago ($961.9M of $8,188.6M assets).
    Why this matters: Rising debt relative to assets means more risk and more cash going to interest instead of shareholders. Falling debt is a sign of strengthening.
  • ✓ Short-term liquidity (current ratio)
    Current ratio 3.41x vs 1.80x a year ago.
  • ✗ Share count (dilution)
    Share count rose 7.8% (1,368.7M → 1,474.8M year-over-year).
    Why this matters: Issuing lots of new shares splits the pie into more pieces, shrinking your slice. Stable or falling share count protects existing owners.
  • ✓ Pricing power (gross margin)
    Gross margin 87.5% vs 84.4% a year ago.
  • ✓ Sales per asset (asset turnover)
    Asset turnover 0.65x vs 0.64x a year ago.

Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.

INTERACTIVE — TWEAK YOUR ASSUMPTIONS

What if you assume different inputs?

Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount Rate?Discount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation → (the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 10.0%, the figure our model used for ONC. Open Advanced to also change beta, growth and the rate path.

Note: no headline intrinsic value is published for this stock (the valuation is held for a data-quality reason — see the notes above). The calculator below is a what-if tool: the values it produces are your assumptions played out, not our estimate.

4.5% (risk-free)9-10% normal18% (deep-risk)
0%2-3% (GDP)5% (rarely sustainable)

A full intrinsic value isn't shown for ONC because the valuation is currently held for a data-quality reason (see the guardrail notes above). The reverse-DCF reading still works — it needs only the price and cash flow — but we won't publish a forward value until the underlying data passes our checks.

For comparison — the revenue growth today's price already assumes
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—

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⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
Where the discount rate comes from — discount rate = risk-free + beta × equity-risk-premium
What you'd earn risk-free from government bonds — the floor under every other rate. Slide it down to model the market expecting rate cuts (value rises); up for higher-for-longer.
The extra yearly return investors demand for owning stocks instead of safe bonds — the price of risk. History runs ~4.5–6.5%; we default to 5.5% (slightly conservative). It's an estimate, not a law — lower it if you think equities are less risky than that.
Inflation reduces the purchasing power of a nominal return: a 9% gain at 3% inflation is about 6% in real terms. The intrinsic value above is already in today's dollars (a nominal DCF carries inflation in both the growth and the discount rate), so this switch does not change the value — it restates the return in real terms.
Higher beta → higher discount rate (sets the rate above). 1.0 = moves with the market.
What you think ONC can grow revenue for ~5 years, then fades to terminal.
For a pre-profit company: the % of revenue that eventually becomes free cash flow once mature. (Our published value uses the sector norm.)
All inputs start at the values our model used.

    Copy shareable link to this scenario →

    Price$346.51
    Model IVNot applicable — DCF couldn't price this stock. The other valuation lenses on this page (reverse-DCF, peers, sector lens — whichever apply to this filer) carry the read instead.

    A standard discounted cash flow?DCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
    Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
    Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
    Full explanation →     (DCF) valuation is not meaningful for BeOne Medicines Ltd. (ONC) because the model indicates extreme valuation, with the price 7.4x the model's intrinsic value?Intrinsic Value — Our DCF model's estimate of what each share is mathematically worth based on projected cash flows.
    Why it matters: Compare to current price. Below IV = potentially undervalued. Above IV = priced for growth that must actually happen.
    Reference: Model-derived; quality depends on data and assumptions.
    Full explanation →    , suggesting the market is pricing optionality or narrative catalysts beyond what trailing cash flows support. The company exhibits positive operating cash flow and net income in the latest period, but only in 1 of the last 5 years, indicating an early-stage or volatile financial profile. Investors are likely betting on the company's significant revenue growth of 46% per year over the last four years and expanding gross margins. The biggest risk is that the market's implied optionality or future margin expansion does not materialize, as the model's output is suppressed due to the company's early-stage financial characteristics.

    ⚠️ Revenue/margin projection model used - trailing FCF may understate growth runway at current scale.

    As of 53 days ago

    ANATOMY

    Anatomy of a share

    What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.

    ONC BeOne Medicines Ltd. stock anatomy showing per-share revenue, operating expenses, free cash flow, and debt
    5.4%
    profit
    Where each $1 of revenue goes
    Net profit — 5.4¢ of every dollar ($0.19/sh = latest fiscal-year net income ÷ current shares. The table below shows GAAP diluted EPS of $0.19, computed on that year's weighted-average diluted shares — the share count moved, which is why they differ)
    Costs & taxes — 94.6¢ (on $3.62 revenue/sh)
    Net margin = net income ÷ revenue (most recent fiscal year).
    Plain English: each share (at $347) represents $3.62 of revenue per share per year, $0.19 of net income per current share, and $0.29 of free cash flow per share from the latest fiscal year. Each share carries $0.69 of total debt (interest-bearing borrowings, current + long-term).
    What's free cash flow / what do these mean?

    Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.

    Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.

    Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.

    Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.

    THE KEY DEBATE

    What you actually need to decide

    Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.

    🐂 The Bull Case
    The most important operating factor for the bull case is the continued successful progression of its drug pipeline through clinical trials and regulatory approval, leading to sustained revenue growth and improved profitability beyond the current positive net income in 1 of 5 years. This would validate the market's pricing of optionality.
    🐻 The Bear Case
    The biggest operating risk is that the company's drug pipeline fails to produce commercially viable products, leading to a deterioration in revenue growth from its current 46% annual rate and a return to consistent net losses, despite the current positive operating cash flow. This would undermine the market's expectations for future growth and profitability.
    📌 Signposts to watch — update your view as these print
    • Updates on clinical trial progress and regulatory submissions
    • Launch of new pharmaceutical products and their initial sales performance
    • Trends in gross margin and operating cash flow in subsequent filings
    MOMENTUM — WHAT'S GETTING BETTER & WORSE

    The trend, in plain numbers (FY2024 → FY2025, latest reported)

    Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.

    ✅ Improving
    • Revenue grew +40% to $5.34B.
    • Free cash flow turned positive at $430.9M.
    • Gross margin improved to 87% (+3 pts).
    • Swung to a profit of $286.9M (from a loss the prior year).

    Nothing was clearly worsening year-over-year.

    WHO

    Management & Leadership

    Limited executive data available. BeOne Medicines Ltd. operates in the pharmaceutical sector, typically led by experienced executives in drug development and commercialization.

    WHAT

    What They Make

    BeOne Medicines Ltd. is a pharmaceutical company focused on developing and commercializing therapeutic products. They generate revenue through the sale of their pharmaceutical products to healthcare providers and distributors.

    End Markets

    PharmaceuticalsBiotechnologyHealthcare

    Revenue Drivers

    Drug sales
    Pipeline development
    Market access
    Market Cap: 511.0BBeta: 0.76
    WHY

    Why Is It Priced Like This?

    Why Customers Pay

    Addresses unmet medical needs
    Offers innovative treatment options
    Improves patient outcomes
    No discounted-cash-flow value for this filer Our own data-quality checks flagged this company's figures as inconsistent enough that a discounted-cash-flow value would be misleading, so we hold it. This is our judgement about model reliability, not a gap in the company's reporting.

    What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.

    The market is likely pricing in the potential for future blockbuster drugs and significant pipeline catalysts, which are not captured by a backward-looking cash flow model. The company's revenue has grown at 46% per year over the last four years, from $1176M to $5343M, and gross margins are expanding from 86% to 87.5%, suggesting strong underlying business momentum that investors anticipate will lead to sustained profitability and cash generation. The market may be assigning value to the successful development and commercialization of new drug candidates, which is not in the model.

    HOW

    Business Model & Valuation

    How They Make Money

    Pharmaceutical product sales
    Research and development funding
    Licensing agreements

    The company funds itself primarily through equity raises and has seen its long-term debt rising from $202M to $962M, indicating reliance on external financing for growth and operations.

    Growth / Revenue DCF

    FCF per share ($0.30) is <0.3% of price ($326) - FCF is too small to drive a meaningful DCF. Using revenue/margin growth model.

    Show advanced inputs
    Revenue Growth46.0%

    What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project its revenue segments independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.

    WHEN

    Maturity & Competitive Position

    Growth-stage life sciences

    Moat Signals

    Proprietary drug pipeline
    Regulatory approvals
    Intellectual property protection

    Revenue has been growing at 46% per year over the last four years, from $1176M to $5343M.

    WHERE

    Geography & Markets

    Not available from current data sources. As a pharmaceutical company, BeOne Medicines Ltd. likely operates in major global markets, including North America, Europe, and Asia, to maximize drug distribution and patient access.

    Geographic Risks

    Geographic or concentration risk: Not available from current data sources, but reliance on a few key markets or products could pose a risk.
    Regulatory risk: The pharmaceutical industry is subject to stringent and evolving regulatory environments, which can impact product development and commercialization.
    SIGNALS

    Market Signals

    These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.

    Model neutral, tape neutral - aligned.
    RSI?RSI — Relative Strength Index — a 0-100 momentum gauge. Above 70 = overbought; below 30 = oversold.
    Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
    Reference: 30–70 normal · >70 overbought · <30 oversold
    Full explanation →     (14)    69.5NeutralMomentum is balanced — neither overbought nor oversold.
    MACD?MACD — Moving Average Convergence Divergence — compares a fast and a slow price trend to gauge momentum direction.
    Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
    Reference: Line above signal = bullish momentum · below = bearish
    Full explanation →    BullishLine above signalThe fast trend is above the slow trend — short-term momentum is currently upward.
    50-Day Average$292.17Price above (+18.6%)Price above its 50-day average = near-term uptrend.
    200-Day Average$314.29Price aboveThe 200-day line is the long-term trend divider — above it is generally considered a bull market for the stock.
    50 vs 200 CrossDeath50-day below 200-dayA "death cross" — the medium trend is below the long trend (often read as bearish).

    Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.

    NEWS

    What's been happening

    Aggregate sentiment: neutral (0.00)
    • no recent material developments reported
    • lack of public information

    News summary written by Gemini gemini-2.5-flash, refreshed May 29, 2026. AI can be wrong; verify before acting.

    QUALITY

    Data Quality & Risk Flags (5 notes — click to expand/collapse)
    Guardrail Notes (5)
    • Revenue/margin projection model used - trailing FCF may understate growth runway at current scale.
    • Price is far above the model output - market may be pricing optionality, narrative catalysts, or margin expansion beyond what trailing cash flows support.
    • Extreme valuation: the price is far above the model output for a non-cyclical — likely dominated by a data issue. The model value is suppressed.
    • VALUATION HELD (EXTREME_MODEL_GAP): per-share values suppressed due to the model output failed plausibility checks.
    • Extreme valuation gap (P/IV withheld — see the note above): result may be dominated by model assumptions, share count issues, or sector-specific dynamics. Treat as low confidence.
    FINANCIALS

    Financial Statements (5-year tables — click to expand)

    From BeOne Medicines Ltd.'s SEC filings (EDGAR).

    Income (5yr)

    YearRevenueNet IncomeEPS
    20255.3B286.9M$0.19
    20243.8B-644.8M$-0.47
    20232.5B-881.7M$-0.65
    20221.4B-2.0B$-1.49
    20211.2B-1.5B$-1.21

    Cash Flow (5yr)

    YearOperating CFCapEx− SBCFree Cash Flow
    2025 1.1B 185.8M 510.9M 430.9M
    2024 -140.6M 492.7M 441.6M -1.1B
    2023 -1.2B 561.9M 367.6M -2.1B
    2022 -1.5B 325.4M 303.2M -2.1B
    2021 -1.3B 262.9M 240.7M -1.8B

    How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: 1.1B − 185.8M − 510.9M (stock-based comp) = 430.9M. This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a projected from revenue × terminal margin, not this single year.

    Balance Sheet

    Total Assets8.2B
    Total Liabilities3.8B
    Equity4.4B
    Total Debt1.0B
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    PG
    Methodology by Pouyan Golshani, MD — founder of Gighz. Savng was built by a physician for busy professionals: every number on this page comes from SEC filings (EDGAR) and FINRA data through transparent, rules-based models — no analyst opinions, no hidden inputs. How we calculate every number →
    ⚠️ Not investment advice. Automated model outputs, last refreshed July 26, 2026 (the analysis-refresh date, not the latest filing period). All models have blind spots. Full disclaimer →
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