Share count
1.5Bpeak FY2025
← All companies ← ONBPP Manual ONDS → ← OMER Pharmaceuticals OPK →
ONC, BeOne Medicines Ltd.
Pharmaceuticals consumer brand
We are a leading global oncology company discovering and developing innovative treatments that are more accessible to cancer patients worldwide.
Despite being the third entrant to the market, BRUKINSA became the global market leader across B-cell malignancies in 2025.
BRUKINSA generated $3.9 billion in sales in 2025, is approved in over 75 markets and has launched in many key markets, including Europe, Japan, Korea and Brazil.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$5.3B
+40.2% YoY · 77% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $5.7B 5-yr avg $2.8B
Revenue $1.5B +35.5% vs yr-ago qtr
Operating margin 16.5% yr-ago 1.0%
Net income $227M yr-ago $1M
Net margin 15.0% yr-ago 0.1%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Operating margin has run around −126% through the cycle on a 86% 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 22% of sales, well above depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on the pipeline against the patent cliff, and pricing. On its own account, the filing leans hardest on pricing power & competition, 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 −46%, above 15% in 1 of 10 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 10-K →50% of revenue comes from outside the United States.
Revenue by geography, FY2025
- United States50%$2.9B
- China29%$1.7B
- Europe11%$611M
- Other3%$172M
From the segment footnote of the company's own 10-K. 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, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $1M | $238M | $198M | $428M | $309M | $1.2B | $1.4B | $2.5B | $3.8B | $5.3B | $5.7B | RevenueRevenue |
| 100% | 98% | 86% | 83% | 77% | 86% | 80% | — | — | — | 94% | Gross marginGross mgn |
| n/m | 26% | 99% | 91% | 194% | 84% | 90% | 61% | 48% | 39% | 38% | SG&A / revenueSG&A/rev |
| n/m | 113% | 343% | 217% | 419% | 124% | 116% | 72% | 51% | 40% | 38% | R&D / revenueR&D/rev |
| ($117M) | ($98M) | ($706M) | ($960M) | ($1.7B) | ($1.4B) | ($1.8B) | ($1.2B) | ($568M) | $447M | $686M | Operating incomeOp. inc. |
| n/m | −41.3% | −356.1% | −224.2% | −536.7% | −122.3% | −126.4% | −49.1% | −14.9% | 8.4% | 12.0% | Operating marginOp. mgn |
| ($119M) | ($93M) | ($674M) | ($949M) | ($1.6B) | ($1.5B) | ($2.0B) | ($882M) | ($645M) | $287M | $513M | Net incomeNet inc. |
| Cash flow & returns | |||||||||||
| ($90M) | $13M | ($548M) | ($750M) | ($1.3B) | ($1.3B) | ($1.5B) | ($1.2B) | ($141M) | $1.1B | $1.3B | Operating cash flowOp. cash |
| $2M | $5M | $10M | $19M | $32M | $46M | $66M | $88M | $172M | $142M | $150M | DepreciationDeprec. |
| $17M | $58M | $29M | $46M | $126M | ($128M) | $138M | ($731M) | ($109M) | $188M | $83M | Working capital & otherWC & other |
| $24M | $46M | $70M | $90M | $118M | $263M | $325M | $562M | $493M | $186M | $170M | CapexCapex |
| n/m | 19.5% | 35.5% | 20.9% | 38.0% | 22.4% | 23.0% | 22.9% | 12.9% | 3.5% | 3.0% | Capex / revenueCapex/rev |
| ($91M) | $8M | ($558M) | ($769M) | ($1.3B) | ($1.3B) | ($1.6B) | ($1.2B) | ($312M) | $986M | $1.1B | Owner earningsOwner earn. |
| n/m | 3.4% | −281.6% | −179.6% | −425.8% | −114.4% | −110.4% | −50.6% | −8.2% | 18.5% | 19.4% | Owner earnings marginOE mgn |
| ($113M) | ($34M) | ($618M) | ($840M) | ($1.4B) | ($1.6B) | ($1.8B) | ($1.7B) | ($633M) | $942M | $1.1B | Free cash flowFCF |
| n/m | −14.1% | −311.8% | −196.1% | −453.6% | −132.8% | −128.7% | −69.9% | −16.6% | 17.6% | 19.4% | Free cash flow marginFCF mgn |
| -33% | -17% | -52% | -177% | -44% | -48% | -134% | -76% | -26% | 37% | 51% | ROICROIC |
| -34% | -14% | -39% | -99% | -42% | -24% | -46% | -25% | -19% | 7% | 11% | Return on equityROE |
| −34% | −14% | −39% | −99% | −42% | −24% | −46% | −25% | −19% | 7% | 11% | Retained to equityRetained/eq |
| Balance sheet | |||||||||||
| $368M | $838M | $1.8B | $983M | $4.7B | $6.6B | $4.5B | $3.2B | $2.6B | $4.5B | $4.8B | Cash & investmentsCash+inv |
| — | $29M | $41M | $71M | $60M | $483M | $173M | $358M | $676M | $865M | $938M | ReceivablesReceiv. |
| — | $11M | $16M | $29M | $89M | $243M | $282M | $416M | $495M | $608M | $682M | InventoryInvent. |
| $12M | $70M | $113M | $122M | $232M | $262M | $295M | $315M | $405M | $479M | $424M | Accounts payablePayables |
| — | ($29M) | ($56M) | ($23M) | ($82M) | $463M | $161M | $459M | $766M | $994M | $1.2B | Operating working capitalOper. WC |
| $374M | $913M | $1.9B | $1.2B | $5.0B | $7.6B | $5.2B | $4.2B | $4.0B | $6.2B | $6.6B | Current assetsCur. assets |
| $35M | $150M | $246M | $310M | $1.1B | $1.6B | $1.5B | $1.8B | $2.2B | $1.8B | $1.8B | Current liabilitiesCur. liab. |
| 10.7× | 6.1× | 7.9× | 3.8× | 4.6× | 4.8× | 3.5× | 2.3× | 1.8× | 3.4× | 3.6× | Current ratioCurr. ratio |
| — | $109K | $109K | $109K | $109K | $109K | $109K | — | — | — | $109K | GoodwillGoodwill |
| $406M | $1.0B | $2.2B | $1.6B | $5.6B | $8.5B | $6.4B | $5.8B | $5.9B | $8.2B | $8.6B | Total assetsAssets |
| $17M | $18M | $50M | $83M | $519M | $630M | $538M | $886M | $1.0B | $1.0B | $1.1B | Total debtDebt |
| ($351M) | ($819M) | ($1.7B) | ($899M) | ($4.1B) | ($6.0B) | ($4.0B) | ($2.3B) | ($1.6B) | ($3.5B) | ($3.7B) | Net debt / (cash)Net debt |
| — | — | — | — | — | — | — | -276.7× | -26.1× | 7.7× | 8.2× | Interest coverageInt. cov. |
| $353M | $670M | $1.7B | $962M | $3.9B | $6.1B | $4.4B | $3.5B | $3.3B | $4.4B | $4.8B | Shareholders’ equityEquity |
| 993.0% | 18.0% | 44.0% | 31.3% | 59.4% | 20.5% | 21.4% | 15.0% | 11.6% | 9.6% | 9.4% | Stock comp / revenueSBC/rev |
| Per share | |||||||||||
| 404M | 543M | 721M | 781M | 1.09B | 1.21B | 1.34B | 1.36B | 1.37B | 1.47B | 1.51B | Shares out (diluted)Shares |
| $0.00 | $0.44 | $0.28 | $0.55 | $0.28 | $0.98 | $1.06 | $1.81 | $2.78 | $3.62 | $3.81 | Revenue / shareRev/sh |
| $-0.30 | $-0.17 | $-0.93 | $-1.22 | $-1.50 | $-1.21 | $-1.49 | $-0.65 | $-0.47 | $0.19 | $0.34 | EPS (diluted)EPS |
| $-0.23 | $0.01 | $-0.77 | $-0.98 | $-1.21 | $-1.12 | $-1.17 | $-0.92 | $-0.23 | $0.67 | $0.74 | Owner earnings / shareOE/sh |
| $-0.28 | $-0.06 | $-0.86 | $-1.08 | $-1.29 | $-1.29 | $-1.36 | $-1.27 | $-0.46 | $0.64 | $0.74 | Free cash flow / shareFCF/sh |
| $0.06 | $0.09 | $0.10 | $0.11 | $0.11 | $0.22 | $0.24 | $0.41 | $0.36 | $0.13 | $0.11 | Cap. spending / shareCapex/sh |
| $0.87 | $1.23 | $2.41 | $1.23 | $3.57 | $5.08 | $3.27 | $2.61 | $2.43 | $2.96 | $3.16 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +123.1%/yr | +66.3%/yr |
| Capital spending / share | +9.0%/yr | +3.1%/yr |
| Book value / share | +14.5%/yr | −3.7%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
ROIC
37%low FY2019
Gross margin
80%low FY2020
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$986Mowner earningsvs.$287Mnet incomelow FY2022
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 earned $986M of owner earnings, the operating cash left after the $142M it takes just to hold its position. It put $44M more into growth; free cash flow, after that spending, was $942M.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | $287M | ($645M) | ($882M) | ($2.0B) | ($1.5B) |
| Depreciation & amortizationnon-cash charge added back | +$142M | +$172M | +$88M | +$66M | +$46M |
| Stock-based compensationreal costnon-cash, but a real cost | +$511M | +$442M | +$368M | +$303M | +$241M |
| Working capital & othertiming of cash in and out, other non-cash items | +$188M | −$109M | −$731M | +$138M | −$128M |
| Cash from operations | $1.1B | ($141M) | ($1.2B) | ($1.5B) | ($1.3B) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$142M | −$172M | −$88M | −$66M | −$46M |
| Owner earnings | $986M | ($312M) | ($1.2B) | ($1.6B) | ($1.3B) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$44M | −$321M | −$474M | −$259M | −$216M |
| Free cash flow | $942M | ($633M) | ($1.7B) | ($1.8B) | ($1.6B) |
| Owner-earnings marginowner earnings ÷ revenue | 18% | -8% | -51% | -110% | -114% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $142M, roughly its depreciation, the rate its assets wear out). The other $44M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $511M), owner earnings is nearer $475M.
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 10-K · source on SEC EDGAR →
Will it survive?
- ComfortableOperating income $447M ÷ interest expense $58M
What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
- Net cashCash $4.5B + ST investments $3M − debt $1.0B
What this means
Cash and short-term investments exceed every dollar of debt by $3.5B, 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 59 + DIO 775 − DPO 610 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 cycle10-yr median, range -177%–37%; 37% latest = NOPAT $308M ÷ invested capital $833MIndustry peers: median 1%
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 10 years (it ran 37% 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.
- Positive this year, negative across the cyclelatest $986M = operating cash $1.1B − maintenance capex $142M (positive this year), after an earlier loss stretch (10-yr median -114%)Industry peers: median 6%
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 18% of revenue this year, a -114% median across 10 years. Treating stock comp as the real expense it is (less $511M of SBC) leaves $475M.
- Cash-backedCash from ops $1.1B ÷ net income $287M
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
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? 1.31×ExpandingCapex $186M ÷ depreciation $142M
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 · 3 of 5 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 PassRevenue ≥ $2B · $5.3B
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 3.41×
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 · $1.0B vs $4.4B 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 (10-yr record) · 9 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. Three-year average earnings are $-0.29/share (latest year $0.20), the averaged base the calculator's gate runs on, and book value is $3.02/share. 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, 2016–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 1 of 10
What this means
Lost money in 9 year(s), look at what happened there before trusting the average.
- Return on capital ≥ 15% 1 of 10 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin −3779% → −19% (3-yr avg ends)
In the filing’s words The words confirm the number: the filing says price increases held their volume, and the margin widened with them — Buffett’s strongest mark of pricing power.
What this means
Through the cycle the operating margin widened — about −3779% early to −19% lately, median −126% — pricing power intact or improving.
- Reinvestment, incremental ROIC −18%
What this means
Reinvested capital came back at a negative incremental return over this window — the invested base grew while operating profit did not. The filings show where it went.
- Worst year 2016 · −10940.2% op. margin
What this means
Operations went underwater in 2016, understand why before trusting the good years.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Named as a competitive risk
Its FY2025 10-K names artificial intelligence as a competitive threat.
“If the analyses that artificial intelligence applications assist in producing are deficient or inaccurate, we could be subjected to competitive harm, potential legal liability, and brand or reputational harm.”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
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 the latest quarter, Mar 31, 2026Can 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 assets$6.6B
- Cash & short-term investments$4.8B
- Receivables$938M
- Inventory$682M
- Other current assets$187M
Current liabilities$1.8B
- Debt due within a year$116M
- Accounts payable$424M
- Other current liabilities$1.3B
Current ratio3.64×all current assets ÷ what's due · Graham looked for 2×
Quick ratio3.27×stricter: inventory excluded
Cash ratio2.65×strictest: cash alone against what's due
Working capital$4.8Bthe cushion left after near-term bills
Debt due this year vs. cash$116M due · $4.8B cash
covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet
Revenue, latest quarter vs. a year ago+35.5%the freshest read on whether the business is still growing
Current ratio, recent quarters2.0× → 3.6×
Deeper floors
Tangible book value$4.7Bequity stripped of goodwill & intangibles
Net current asset value$2.8BGraham's net-net: current assets less all liabilities
Debt incl. operating leases$1.1B$70M of it operating leases
Deferred revenue$300Kcustomer cash collected before delivery; operating float
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2021 | John V. Oyler | $16.7M | $22.9M | ($1.3B) |
| 2022 | John V. Oyler | $18.0M | $11.2M | ($1.6B) |
| 2023 | John V. Oyler | $18.9M | $11.4M | ($1.2B) |
| 2024 | John V. Oyler | $20.8M | $15.0M | ($312M) |
| 2025 | John V. Oyler | $17.9M | $60.7M | $986M |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Stock-based compensation$511M
The slice of the business handed to employees in shares this year, 10% of revenue, equal to 114% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition, Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Pharmaceuticals
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 |
|---|---|---|---|---|---|
| OGNOrganon | $6.2B | 62% | 25.0% | 17% | 12% |
| ONCBeOne Medicines Ltd. | $5.3B | 86% | -124.4% | -46% | -112% |
| ELANElanco Animal Health Incorporated | $4.7B | 54% | -3.2% | -1% | 4% |
| JAZZJazz Pharmaceuticals | $4.3B | — | 16.8% | 8% | 35% |
| PRGOPerrigo Company plc | $4.3B | 36% | 3.9% | 1% | 6% |
| ALNYAlnylam | $3.7B | 86% | -126.0% | -83% | -107% |
| BMRNBioMarin | $3.2B | 78% | -1.7% | -1% | 1% |
| AMRXAmneal Pharmaceuticals Inc. | $3.0B | 37% | 7.9% | 3% | 9% |
| Group median | — | 62% | 1.1% | 0% | 5% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what BeOne Medicines Ltd. has delivered.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth, delivered—
Owner-earnings growth, delivered—
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Free cash flow $1.1B on 1445M shares outstanding, per the 10-Q cover, as of 2026-04-30; net cash $3.7B. The if-converted diluted count is 1505M, 4% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($170M) runs well above depreciation ($150M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $1.1B, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "BeOne Medicines Ltd. (ONC), the owner's record," https://ownerscorecard.com/c/ONC, data as of 2026-07-09.
Manual order: ← ONBPP its page in the Manual ONDS →
Industry order: ← OMER the Pharmaceuticals chapter OPK →