Share count
0peak FY2019
← All companies ← BNJ Manual BNS → ← BLLN Life Sciences Tools & Services BRKR →
BNR, Burning Rock Biotech Limited
We are a company incorporated outside China and our records are maintained outside China.
The implementation rules define the term "de facto management body" as the body that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
CN¥540M
+4.6% YoY · 5% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue CN¥540M 5-yr avg CN¥533M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is Inhospital business (42%), Central laboratory business (30%) and Pharma research and development services (29%).
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Net current asset value. Current assets alone exceed every liability combined, and the surplus is most of the balance sheet: the shape Graham called a net-net.
- What moves the needle
- Operating margin has run around −96% through the cycle on a 70% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. Capital spending runs about 11% of sales, below what it charges for depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on volume, payer mix and reimbursement. On its own account, the filing leans hardest on concentrated dependence, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median −229%, above 15% in 0 of 6 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 3 segments, the largest Inhospital business at 42%.
Revenue by reportable segment, FY2025
- Inhospital business42%CN¥224M
- Central laboratory business30%CN¥160M
- Pharma research and development services29%CN¥156M
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2018–2025
realized figures from each filing · older years to the left| 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| CN¥209M | CN¥382M | CN¥430M | CN¥508M | CN¥563M | CN¥537M | CN¥516M | CN¥540M | CN¥540M | RevenueRevenue |
| 65% | 72% | 73% | 72% | 67% | 68% | 70% | 75% | 75% | Gross marginGross mgn |
| (CN¥161M) | (CN¥169M) | (CN¥412M) | (CN¥797M) | (CN¥980M) | (CN¥669M) | (CN¥358M) | (CN¥55M) | (CN¥55M) | Operating incomeOp. inc. |
| −77.3% | −44.3% | −95.9% | −156.9% | −174.1% | −124.5% | −69.3% | −10.2% | −10.2% | Operating marginOp. mgn |
| (CN¥177M) | (CN¥169M) | (CN¥407M) | (CN¥797M) | (CN¥971M) | (CN¥654M) | (CN¥347M) | (CN¥55M) | (CN¥55M) | Net incomeNet inc. |
| Cash flow & returns | |||||||||
| (CN¥149M) | (CN¥228M) | (CN¥74M) | (CN¥478M) | (CN¥457M) | (CN¥256M) | (CN¥92M) | (CN¥28M) | (CN¥28M) | Operating cash flowOp. cash |
| CN¥25M | CN¥31M | CN¥33M | CN¥48M | CN¥124M | CN¥133M | CN¥52M | CN¥22M | CN¥22M | DepreciationDeprec. |
| CN¥4M | (CN¥90M) | CN¥300M | CN¥271M | CN¥390M | CN¥265M | CN¥202M | CN¥5M | CN¥5M | Working capital & otherWC & other |
| CN¥23M | CN¥43M | CN¥60M | CN¥204M | CN¥62M | CN¥8M | CN¥5M | CN¥5M | CN¥5M | CapexCapex |
| 11.1% | 11.3% | 14.0% | 40.2% | 11.0% | 1.5% | 1.1% | 1.0% | 1.0% | Capex / revenueCapex/rev |
| (CN¥172M) | (CN¥259M) | (CN¥107M) | (CN¥526M) | (CN¥519M) | (CN¥264M) | (CN¥98M) | (CN¥34M) | (CN¥34M) | Owner earningsOwner earn. |
| −82.3% | −68.0% | −24.9% | −103.5% | −92.1% | −49.1% | −18.9% | −6.2% | −6.2% | Owner earnings marginOE mgn |
| (CN¥172M) | (CN¥271M) | (CN¥134M) | (CN¥682M) | (CN¥519M) | (CN¥264M) | (CN¥98M) | (CN¥34M) | (CN¥34M) | Free cash flowFCF |
| −82.3% | −71.0% | −31.1% | −134.3% | −92.1% | −49.1% | −18.9% | −6.2% | −6.2% | Free cash flow marginFCF mgn |
| CN¥0 | CN¥4M | CN¥0 | CN¥0 | — | — | — | — | — | BuybacksBuybacks |
| — | — | -62% | -152% | -306% | -345% | -463% | -76% | -76% | ROICROIC |
| — | — | -17% | -43% | -84% | -85% | -60% | -10% | -10% | Return on equityROE |
| — | — | −17% | −43% | −84% | −85% | −60% | −10% | −10% | Retained to equityRetained/eq |
| Balance sheet | |||||||||
| CN¥93M | CN¥408M | CN¥2.3B | CN¥1.5B | CN¥905M | CN¥615M | CN¥520M | CN¥478M | CN¥478M | Cash & investmentsCash+inv |
| — | CN¥89M | CN¥88M | CN¥92M | CN¥110M | CN¥127M | CN¥152M | CN¥170M | CN¥170M | ReceivablesReceiv. |
| — | CN¥58M | CN¥68M | CN¥123M | CN¥130M | CN¥69M | CN¥54M | CN¥49M | CN¥49M | InventoryInvent. |
| — | CN¥12M | CN¥35M | CN¥63M | CN¥51M | CN¥18M | CN¥34M | CN¥41M | CN¥41M | Accounts payablePayables |
| — | CN¥135M | CN¥121M | CN¥152M | CN¥189M | CN¥178M | CN¥172M | CN¥177M | CN¥177M | Operating working capitalOper. WC |
| — | CN¥707M | CN¥2.5B | CN¥1.8B | CN¥1.3B | CN¥884M | CN¥777M | CN¥739M | CN¥739M | Current assetsCur. assets |
| — | CN¥164M | CN¥242M | CN¥372M | CN¥411M | CN¥263M | CN¥266M | CN¥247M | CN¥247M | Current liabilitiesCur. liab. |
| — | 4.3× | 10.4× | 4.9× | 3.1× | 3.4× | 2.9× | 3.0× | 3.0× | Current ratioCurr. ratio |
| — | CN¥848M | CN¥2.7B | CN¥2.3B | CN¥1.6B | CN¥1.0B | CN¥885M | CN¥820M | CN¥820M | Total assetsAssets |
| — | — | CN¥3M | CN¥0 | — | — | — | — | CN¥0 | Total debtDebt |
| — | — | (CN¥2.3B) | (CN¥1.5B) | — | — | — | — | (CN¥478M) | Net debt / (cash)Net debt |
| -9.0× | -18.8× | -618.3× | -518.9× | — | — | — | — | -35.7× | Interest coverageInt. cov. |
| (CN¥603M) | (CN¥891M) | CN¥2.4B | CN¥1.8B | CN¥1.2B | CN¥768M | CN¥581M | CN¥535M | CN¥535M | Shareholders’ equityEquity |
| Per share | |||||||||
| 22.4M | 23.5M | 0K | 0K | — | — | — | — | 0K | Shares out (diluted)Shares |
Per-share growththe realized rate an owner's share compounded
| 7-yr | 5-yr | |
|---|---|---|
| Revenue / share | +74.1%/yr (1-yr) | +74.1%/yr (1-yr) |
| Capital spending / share | +76.6%/yr (1-yr) | +76.6%/yr (1-yr) |
The record, charted
FY2018–2025Each measure over its full record; the current point and the worst year marked.
ROIC
−76%low FY2024
Gross margin
75%low FY2018
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
(CN¥34M)owner earningsvs.(CN¥55M)net incomelow FY2021
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned a CN¥55M loss into (CN¥34M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | (CN¥55M) | (CN¥347M) | (CN¥654M) | (CN¥971M) | (CN¥797M) |
| Depreciation & amortizationnon-cash charge added back | +CN¥22M | +CN¥52M | +CN¥133M | +CN¥124M | +CN¥48M |
| Working capital & othertiming of cash in and out, other non-cash items | +CN¥5M | +CN¥202M | +CN¥265M | +CN¥390M | +CN¥271M |
| Cash from operations | (CN¥28M) | (CN¥92M) | (CN¥256M) | (CN¥457M) | (CN¥478M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −CN¥5M | −CN¥5M | −CN¥8M | −CN¥62M | −CN¥48M |
| Owner earnings | (CN¥34M) | (CN¥98M) | (CN¥264M) | (CN¥519M) | (CN¥526M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | — | — | — | — | −CN¥157M |
| Free cash flow | (CN¥34M) | (CN¥98M) | (CN¥264M) | (CN¥519M) | (CN¥682M) |
| Owner-earnings marginowner earnings ÷ revenue | -6% | -19% | -49% | -92% | -104% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? -35.7×Does not cover its interestOperating income (CN¥55M) ÷ interest expense CN¥2M
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- How heavy is the debt, net of cash? +CN¥478MNet cash, debt-freeCash CN¥478M − debt CN¥0
What this means
Cash and short-term investments exceed every dollar of debt by CN¥478M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Long (60+ days)DSO 115 + DIO 130 − DPO 109 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Below average through the cycle6-yr median, range -463%–-62%; -76% latest = NOPAT (CN¥43M) ÷ invested capital CN¥57MIndustry peers: median -26%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 6 years (it ran -76% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Consumes cash through the cycle8-yr median margin, range -104%–-6%; latest (CN¥34M) = operating cash (CN¥28M) − maintenance capex CN¥5MIndustry peers: median -30%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -6% of revenue this year, a -68% median across 8 years.
- Are earnings backed by cash? (CN¥28M)Loss, and burning cashNet income (CN¥55M) · cash from operations (CN¥28M)
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 0.24×HarvestingCapex CN¥5M ÷ depreciation CN¥22M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 2 of 4 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size —Revenue ≥ $2B (a dollar floor) · CN¥540M
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity PassCurrent ratio ≥ 2× · 2.99×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt PassDebt ≤ working capital · CN¥0 vs CN¥492M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability MissA profit every year (8-yr record) · 8 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth —Earnings +33% over the record · —
What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. . Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2018–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 0 of 8
What this means
Lost money in 8 year(s), look at what happened there before trusting the average.
- Operating margin −73% → −68% (3-yr avg ends)
What this means
Through the cycle the operating margin widened — about −73% early to −68% lately, median −96% — pricing power intact or improving.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Worst year 2022 · −174.1% op. margin
What this means
Operations went underwater in 2022, understand why before trusting the good years.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsCN¥739M
- Cash & short-term investmentsCN¥478M
- ReceivablesCN¥170M
- InventoryCN¥49M
- Other current assetsCN¥42M
Current liabilitiesCN¥247M
- Accounts payableCN¥41M
- Other current liabilitiesCN¥206M
Current ratio2.99×all current assets ÷ what's due · Graham looked for 2×
Quick ratio2.79×stricter: inventory excluded
Cash ratio1.94×strictest: cash alone against what's due
Working capitalCN¥492Mthe cushion left after near-term bills
Cash runway14.2 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book valueCN¥535Mequity stripped of goodwill & intangibles
Net current asset valueCN¥453MGraham's net-net: current assets less all liabilities
Debt incl. operating leasesCN¥17MCN¥17M of it operating leases
Deferred revenueCN¥108Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Peers, Life Sciences Tools & Services
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| EXASExact Sciences | $3.2B | 70% | -36.6% | -13% | -13% |
| GHGuardant Health Inc. | $982M | 61% | -101.3% | -30% | -62% |
| BNRBurning Rock Biotech Limited | CN¥540M | 71% | -86.6% | -229% | -59% |
| CDNACareDx Inc. | $380M | 61% | -19.8% | -26% | -30% |
| BLLNBillionToOne Inc. | $305M | 53% | -30.9% | — | -31% |
| Group median | — | 61% | -36.6% | -28% | -31% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American depositary shares, each representing ten Class”; Burning Rock Biotech Limited reports in CNY, so every figure in this tool is stated per ADS and translated at CNY 1 = $0.147 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in CNY.
A reverse-DCF needs positive owner earnings, or at least revenue, to anchor to, there's no clean base here. Judge this one on assets or normalized earnings, not a growth model.
Cite: Owner Scorecard, "Burning Rock Biotech Limited (BNR), the owner's record," https://ownerscorecard.com/c/BNR, data as of 2026-07-09.
Manual order: ← BNJ its page in the Manual BNS →
Industry order: ← BLLN the Life Sciences Tools & Services chapter BRKR →