ONC BeOne Medicines Ltd. - American Depositary Shares

NASDAQ · Biotechnology · Xem trên SEC EDGAR ↗
$306,04
Giá · Tháng 5 20, 2026
Cơ bản tính đến Tháng 5 6, 2026
Phạm vi 52 tuần
$233–$385
48% of range
Đánh giá của nhà phân tích
BUY
15 analysts
Mục tiêu giá
$411
+34% upside
P/E (TTM)
1599.0
ROE
7.1%
Biên lợi nhuận ròng
5.4%

ONC Tổng quan cổ phiếu Giá, vốn hóa thị trường, P/E, EPS, ROE, nợ/vốn chủ sở hữu, phạm vi 52 tuần

Giá
$306.04
Vốn Hóa
$437.81B
P/E (TTM)
1599.0
EPS (TTM)
$0.19
Doanh thu (TTM)
$5.34B
Tỷ suất cổ tức
—
ROE
7.1%
D/E Nợ/Vốn chủ sở hữu
0.2
Phạm vi 52 tuần
$233 – $385

ONC Biểu đồ giá cổ phiếu OHLCV hàng ngày với các chỉ số kỹ thuật — di chuyển, phóng to và tùy chỉnh chế độ xem của bạn

Hiệu suất 10 năm Xu hướng Doanh thu, Lợi nhuận ròng, Biên lợi nhuận và EPS

Doanh thu & Lợi nhuận ròng $5.34B
10-point trend, +499248.9%
2016-12-31 → 2025-12-31
EPS $0.19
7-point trend, +115.6%
2019-12-31 → 2025-12-31
Dòng tiền tự do $942M
8-point trend, +933.3%
2016-12-31 → 2025-12-31
Biên lợi nhuận 5.4%
2025-12-31 → 2025-12-31

Định giá Tỷ lệ P/E, P/S, P/B, EV/EBITDA — cổ phiếu này đắt hay rẻ?

Chỉ Số
Xu hướng 5 năm
ONC
Trung vị ngành
P/E (TTM)
5-point trend, +814.1%
1599.0
—
P/S (TTM)
5-point trend, -73.6%
81.9
7.3
P/B
5-point trend, -27.3%
100.4
5.0
EV / EBITDA
5-point trend, +626.2%
737.6
—
Price / FCF (Giá / FCF)
5-point trend, +394.0%
464.9
—

Khả năng sinh lời Biên lợi nhuận gộp, hoạt động và ròng; ROE, ROA, ROIC

Chỉ Số
Xu hướng 5 năm
ONC
Trung vị ngành
Gross Margin (Biên lợi nhuận gộp)
87.5%
86.0%
Operating Margin (Biên lợi nhuận hoạt động)
5-point trend, +103.7%
8.4%
—
Net Profit Margin (Biên lợi nhuận ròng)
5-point trend, +102.4%
5.4%
-0.43%
ROA
5-point trend, +108.3%
4.1%
-46.4%
ROE
5-point trend, +110.1%
7.1%
-6.6%
ROIC
5-point trend, +106.2%
5.7%
—

Sức khỏe tài chính Nợ, thanh khoản, khả năng thanh toán — sức mạnh bảng cân đối kế toán

Chỉ Số
Xu hướng 5 năm
ONC
Trung vị ngành
Debt / Equity (Nợ / Vốn chủ sở hữu)
5-point trend, +172.3%
0.2
67.1
Current Ratio (Tỷ số thanh toán hiện hành)
5-point trend, -9.8%
3.4
1.7
Quick Ratio (Tỷ lệ thanh toán nhanh)
5-point trend, -12.8%
3.0
—

Phát triển Tăng trưởng doanh thu, EPS và lợi nhuận ròng: YoY, CAGR 3 năm, CAGR 5 năm

Chỉ Số
Xu hướng 5 năm
ONC
Trung vị ngành
Revenue YoY (Doanh thu YoY)
5-point trend, +354.2%
40.2%
—
Revenue CAGR 3Y (Doanh thu CAGR 3 năm)
5-point trend, +354.2%
55.7%
—
Revenue CAGR 5Y (Doanh thu CAGR 5 năm)
5-point trend, +354.2%
76.8%
—

Các chỉ số trên mỗi cổ phiếu EPS, giá trị sổ sách trên mỗi cổ phiếu, dòng tiền trên mỗi cổ phiếu, cổ tức trên mỗi cổ phiếu

Chỉ Số
Xu hướng 5 năm
ONC
Trung vị ngành
EPS (Diluted) (EPS (Pha loãng))
5-point trend, +115.7%
$0.19
—

Hiệu quả sử dụng vốn Vòng quay tài sản, vòng quay hàng tồn kho, vòng quay khoản phải thu

Chỉ Số
Xu hướng 5 năm
ONC
Trung vị ngành

ONC Sự đồng thuận của nhà phân tích Ý kiến phân tích lạc quan và bi quan, mục tiêu giá 12 tháng, tiềm năng tăng giá

MUA 15 nhà phân tích
  • Mua mạnh 3 20,0%
  • Mua 11 73,3%
  • Giữ 1 6,7%
  • Bán 0 0,0%
  • Bán mạnh 0 0,0%

Mục tiêu giá 12 tháng

27 nhà phân tích · 2026-05-20
Mục tiêu trung vị $409.00 +33,6%
Mục tiêu trung bình $411.38 +34,4%

Lịch sử Thu nhập EPS thực tế so với ước tính, tỷ lệ %, tỷ lệ vượt, ngày báo cáo thu nhập tiếp theo

Bất ngờ trung bình
6.9%
Kỳ EPS Actual EPS dự kiến Bất ngờ
Ngày 31 tháng 3 năm 2026 $13.35 $0.49 12.9%
Ngày 31 tháng 12 năm 2025 $0.28 $0.63 -0.34%
Ngày 30 tháng 9 năm 2025 $0.57 $0.61 -0.03%
Ngày 30 tháng 6 năm 2025 $0.39 $0.03 0.36%
Ngày 31 tháng 12 năm 2024 $22.65 $1.19 21.5%

So sánh ngang hàng Các chỉ số chính so với các công ty cùng ngành

Mã CK Vốn Hóa P/E Doanh thu YoY Biên Lợi Nhuận Ròng ROE Biên lợi nhuận gộp
ONC $437.81B 1599.0 40.2% 5.4% 7.1% 87.5%
ANL — — — — — —

Các chỉ số Cơ bản Đầy đủ Tất cả các chỉ số theo năm — báo cáo kết quả hoạt động kinh doanh, bảng cân đối kế toán, báo cáo lưu chuyển tiền tệ

Báo cáo kết quả hoạt động kinh doanh 17
Dữ liệu Báo cáo kết quả hoạt động kinh doanh hàng năm cho ONC
Chỉ Số Xu hướng 20252024202320222021202020192018201720162015
Revenue 11-point trend, +60506.1% $5.34B $3.81B $2.46B $1.42B $1.18B $309M $428M $198M $238M $1M $9M
Cost of Revenue 7-point trend, +286475000.00 · · · $286M $165M $71M $71M $29M $5M $0 ·
Gross Profit 5-point trend, +362.2% $4.67B $3.22B $2.08B $1.13B $1.01B · · · · · ·
R&D Expense 11-point trend, +3583.9% $2.15B $1.95B $1.78B $1.64B $1.46B $1.29B $927M $679M $269M $98M $58M
SG&A Expense 11-point trend, +28370.6% $2.08B $1.83B $1.51B $1.28B $990M $600M $388M $195M $63M $20M $7M
Operating Expenses 11-point trend, +6348.0% $4.23B $3.78B $3.29B $2.92B $2.45B $1.97B $1.39B $904M $337M $118M $66M
Operating Income 11-point trend, +888.0% $447M $-568M $-1.21B $-1.79B $-1.44B $-1.66B $-960M $-706M $-98M $-117M $-57M
Interest Income 3-point trend, -10.0% $71M $70M $78M · · · · · · · ·
Other Non-op 11-point trend, -3576.6% $-43M $-13M $308M $-224M $16M $37M $7M $2M $12M $-972.0K $1M
Pretax Income 11-point trend, +830.0% $417M $-533M $-826M $-1.96B $-1.44B $-1.62B $-944M $-690M $-91M $-119M $-57M
Income Tax 11-point trend, +129921000.00 $130M $112M $56M $43M $19M $10M $7M $-16M $2M $54.0K $0
Net Income 11-point trend, +602.5% $287M $-645M $-882M $-2.00B $-1.46B $-1.62B $-949M $-674M $-93M $-119M $-57M
EPS (Basic) 7-point trend, +116.4% $0.20 $-0.47 $-0.65 $-1.49 $-1.21 $-1.50 $-1.22 · · · ·
EPS (Diluted) 7-point trend, +115.6% $0.19 $-0.47 $-0.65 $-1.49 $-1.21 $-1.50 $-1.22 · · · ·
Shares (Basic) 7-point trend, +81.6% 1,417,803,727 1,368,746,793 1,357,034,547 1,340,729,572 1,206,210,049 1,085,131,783 780,701,283 · · · ·
Shares (Diluted) 7-point trend, +88.9% 1,474,829,908 1,368,746,793 1,357,034,547 1,340,729,572 1,206,210,049 1,085,131,783 780,701,283 · · · ·
EBITDA 8-point trend, +603.0% $589M · · $-1.72B $-1.39B $-1.63B $-941M $-695M $-94M $-117M ·
Bảng cân đối kế toán 31
Dữ liệu Bảng cân đối kế toán hàng năm cho ONC
Chỉ Số Xu hướng 20252024202320222021202020192018201720162015
Cash & Equivalents 11-point trend, +25349.3% $4.55B $2.63B $3.17B $3.87B $4.38B $1.38B $618M $713M $240M $88M $18M
Short-term Investments 8-point trend, -99.1% · · $3M $665M $2.24B $3.27B $365M $1.07B $598M $281M ·
Receivables 9-point trend, +2839.6% $865M $676M $358M $173M $483M $60M $71M $41M $29M · ·
Inventory 9-point trend, +5464.7% $608M $495M $416M $282M $243M $89M $29M $16M $11M · ·
Prepaid Expense 11-point trend, +3578.9% $213M $193M $257M $217M $270M $160M $90M $91M $36M $6M $6M
Other Current Assets 2-point trend, +132.0% · · · · $27M $12M · · · · ·
Current Assets 11-point trend, +5765.9% $6.23B $3.99B $4.20B $5.21B $7.61B $4.96B $1.17B $1.94B $913M $374M $106M
PP&E (Net) 11-point trend, +24728.8% $1.64B $1.58B $1.32B $846M $588M $358M $242M $157M $63M $26M $7M
PP&E (Gross) 9-point trend, +3980.7% $2.04B $1.32B $833M $724M $525M $345M $258M $77M $50M · ·
Accum. Depreciation 11-point trend, +8589.9% $529M $399M $249M $171M $124M $73M $37M $20M $14M $7M $6M
Goodwill Flat — no change across 6 periods · · · $109.0K $109.0K $109.0K $109.0K $109.0K $109.0K · ·
Intangibles 9-point trend, +764.9% $63M $51M $57M $41M $47M $5M $6M $7M $7M · ·
Other Non-current Assets 11-point trend, +2537.6% $102M $160M $125M $176M $163M $113M $68M $54M $43M $5M $4M
Total Assets 11-point trend, +6912.9% $8.19B $5.92B $5.81B $6.38B $8.54B $5.60B $1.61B $2.25B $1.05B $406M $117M
Accounts Payable 11-point trend, +5234.5% $479M $405M $315M $295M $262M $232M $122M $113M $70M $12M $9M
Accrued Liabilities 9-point trend, +20018.3% $1.11B $804M $694M $467M $558M $346M $164M $100M · · $6M
Short-term Debt 4-point trend, +9063000.00 $9M $852M · · · $335M $0 · · · ·
Current Liabilities 11-point trend, +5099.7% $1.83B $2.21B $1.81B $1.47B $1.60B $1.08B $310M $246M $150M $35M $35M
Capital Leases 7-point trend, +104.9% $53M $44M $22M $35M $43M $29M $26M · · · ·
Deferred Tax 9-point trend, +53209000.00 $53M $42M $16M $16M $14M $11M $11M $11M $0 · ·
Other Non-current Liabilities 11-point trend, +76323.8% $80M $67M $51M $46M $54M $57M $47M $49M $32M $564.0K $105.0K
Total Liabilities 11-point trend, +8917.3% $3.83B $2.59B $2.27B $2.00B $2.40B $1.73B $634M $496M $362M $53M $42M
Long-term Debt 9-point trend, +4434.6% $836M $1.02B $886M $538M $630M $519M $83M $50M $18M · ·
Total Debt 7-point trend, +5475.1% $1.03B · · $538M $630M $854M $83M $50M $18M · ·
Common Stock 11-point trend, +1100.0% $144.0K $138.0K $135.0K $135.0K $133.0K $118.0K $79.0K $77.0K $59.0K $52.0K $12.0K
Paid-in Capital 11-point trend, +69901.3% $12.76B $12.09B $11.60B $11.54B $11.19B $7.41B $2.93B $2.74B $1.00B $591M $18M
Retained Earnings 11-point trend, -6939.1% $-8.32B $-8.61B $-7.96B $-7.08B $-5.08B $-3.55B $-1.96B $-1.01B $-331M $-237M $-118M
AOCI 11-point trend, -4221.9% $-78M $-149M $-99M $-77M $18M $7M $-8M $2M $-480.0K $-946.0K $-2M
Stockholders' Equity 11-point trend, +4385.6% $4.36B $3.33B $3.54B $4.38B $6.13B $3.87B $962M $1.74B $670M $353M $-102M
Liabilities + Equity 11-point trend, +6912.9% $8.19B $5.92B $5.81B $6.38B $8.54B $5.60B $1.61B $2.25B $1.05B $406M $117M
Shares Outstanding 11-point trend, +1140.4% 1,441,075,618 1,387,367,704 1,359,513,224 1,356,140,180 1,334,804,281 1,190,821,941 801,340,698 776,263,184 592,072,330 515,833,609 116,174,094
Dòng tiền 15
Dữ liệu Dòng tiền hàng năm cho ONC
Chỉ Số Xu hướng 20252024202320222021202020192018201720162015
D&A 11-point trend, +9070.6% $142M $172M $88M $66M $46M $32M $19M $10M $5M $2M $2M
Stock-based Comp 11-point trend, +4903.0% $511M $442M $368M $303M $241M $183M $134M $87M $43M $11M $10M
Deferred Tax 10-point trend, +1332.9% $9M $26M $687.0K $3M $3M $-114.0K $-9M $-22M $-6M $-768.0K ·
Amort. of Intangibles 11-point trend, +10071000.00 $10M $5M $7M $4M $2M $846.0K $1M $894.0K $250.0K $0 $0
Other Non-cash 7-point trend, +178.4% $179M · · $134M $-131M $126M $55M $51M $64M · ·
Operating Cash Flow 11-point trend, +2930.1% $1.13B $-141M $-1.16B $-1.50B $-1.30B $-1.28B $-750M $-548M $13M $-90M $-40M
CapEx 11-point trend, +3397.2% $186M $493M $562M $325M $263M $118M $90M $70M $46M $24M $5M
Investing Cash Flow 11-point trend, -368.8% $-276M $-548M $60M $1.08B $641M $-3.17B $554M $-638M $-356M $-222M $-59M
Net Debt Issued 5-point trend, -308.4% $-36M · · $0 $0 · $-33M $-9M · · ·
Stock Issued 8-point trend, +0.00 · · $0 $0 $50M $4.23B $0 $0 $150M $0 ·
Net Stock Activity 5-point trend, +0.00 · · · $0 $50M $4.23B $0 $0 · · ·
Financing Cash Flow 11-point trend, +926.6% $1.06B $193M $416M $-19M $3.64B $5.20B $86M $1.69B $490M $381M $103M
Net Change in Cash 11-point trend, +49532.3% $1.97B $-547M $-689M $-508M $2.99B $769M $-120M $501M $152M $70M $4M
Taxes Paid 10-point trend, +402624.0% $101M $69M $56M $30M $16M $11M $9M $12M $29M $25.0K ·
Free Cash Flow 8-point trend, +933.3% $942M · · $-1.82B $-1.56B $-1.40B $-840M $-618M $-34M $-113M ·
Khả năng sinh lời 8
Dữ liệu Khả năng sinh lời hàng năm cho ONC
Chỉ Số Xu hướng 20252024202320222021202020192018201720162015
Gross Margin 87.5% · · · · · · · · · ·
Operating Margin 8-point trend, +100.1% 8.4% · · -126.4% -122.3% -536.7% -224.2% -356.1% -41.3% -10940.2% ·
Net Margin 8-point trend, +100.0% 5.4% · · -141.5% -120.2% -517.0% -221.5% -339.9% -39.1% -11141.8% ·
Pretax Margin 8-point trend, +100.1% 7.8% · · -138.5% -122.3% -523.9% -220.3% -348.0% -38.2% -11136.7% ·
EBITDA Margin 8-point trend, +100.1% 11.0% · · -121.7% -118.4% -526.4% -219.8% -350.8% -39.3% -10940.2% ·
ROA 8-point trend, +108.9% 4.1% · · -26.9% -19.8% -44.3% -49.1% -40.9% -12.8% -45.6% ·
ROE 8-point trend, +107.4% 7.1% · · -44.3% -27.6% -66.1% -70.2% -55.9% -18.2% -94.9% ·
ROIC 8-point trend, +117.2% 5.7% · · -37.2% -20.6% -34.7% -92.5% -38.6% -14.7% -33.2% ·
Thanh khoản & Khả năng thanh toán 4
Dữ liệu Thanh khoản & Khả năng thanh toán hàng năm cho ONC
Chỉ Số Xu hướng 20252024202320222021202020192018201720162015
Current Ratio 8-point trend, -68.1% 3.4 · · 3.5 4.8 4.6 3.8 7.9 6.1 10.7 ·
Quick Ratio 8-point trend, +18.6% 3.0 · · 3.2 4.4 4.4 3.4 7.4 5.8 2.5 ·
Debt / Equity 7-point trend, +757.5% 0.2 · · 0.1 0.1 0.2 0.1 0.0 0.0 · ·
LT Debt / Equity 7-point trend, +1498.6% 0.2 · · 0.0 0.0 0.0 0.1 0.0 0.0 · ·
Hiệu quả 3
Dữ liệu Hiệu quả hàng năm cho ONC
Chỉ Số Xu hướng 20252024202320222021202020192018201720162015
Asset Turnover 8-point trend, +18373.2% 0.8 · · 0.2 0.2 0.1 0.2 0.1 0.3 0.0 ·
Inventory Turnover 6-point trend, +19.9% · · · 1.1 1.0 1.2 3.2 2.1 0.9 · ·
Receivables Turnover 7-point trend, -57.2% 6.9 · · 4.3 4.3 4.7 7.7 5.6 16.2 · ·
Trên mỗi Cổ phiếu 5
Dữ liệu Trên mỗi Cổ phiếu hàng năm cho ONC
Chỉ Số Xu hướng 20252024202320222021202020192018201720162015
Book Value / Share 8-point trend, +342.4% $3.03 · · $3.23 $4.68 $3.25 $1.20 $2.24 $1.13 $0.68 ·
Revenue / Share 3-point trend, +271.5% $3.62 · · $1.06 $0.98 · · · · · ·
Cash Flow / Share 3-point trend, +171.0% $0.76 · · $-1.12 $-1.08 · · · · · ·
Cash / Share 8-point trend, +1759.5% $3.16 · · $2.85 $3.28 $1.16 $0.77 $0.92 $0.40 $0.17 ·
EPS (TTM) 8-point trend, +200.0% $0.19 $-0.47 $-0.65 $-1.49 $-1.21 $-1.50 $-1.22 · $-0.19 · ·
Tỷ lệ tăng trưởng 3
Dữ liệu Tỷ lệ tăng trưởng hàng năm cho ONC
Chỉ Số Xu hướng 20252024202320222021202020192018201720162015
Revenue YoY 5-point trend, -85.7% 40.2% 55.0% 73.7% 20.4% 280.8% · · · · · ·
Revenue CAGR 3Y 3-point trend, -44.1% 55.7% 48.0% 99.7% · · · · · · · ·
Revenue CAGR 5Y 76.8% · · · · · · · · · ·
Định giá (TTM) 14
Dữ liệu Định giá (TTM) hàng năm cho ONC
Chỉ Số Xu hướng 20252024202320222021202020192018201720162015
Revenue TTM 11-point trend, +60506.1% $5.34B $3.81B $2.46B $1.42B $1.18B $309M $428M $198M $238M $1M $9M
Net Income TTM 11-point trend, +602.5% $287M $-645M $-882M $-2.00B $-1.46B $-1.62B $-949M $-674M $-93M $-119M $-57M
Market Cap 8-point trend, +2695.6% $437.81B · · $298.27B $361.64B $307.70B $132.83B $108.88B $57.86B $15.66B ·
Enterprise Value 7-point trend, +661.4% $434.29B · · $294.27B $355.65B $303.90B $131.93B $107.15B $57.04B · ·
P/E 8-point trend, +410.9% 1599.0 -393.0 -277.5 -147.6 -223.9 -172.3 -135.9 · -514.3 · ·
P/S 8-point trend, -99.4% 81.9 · · 210.7 307.4 996.2 310.2 549.3 242.7 14636.2 ·
P/B 8-point trend, +126.2% 100.4 · · 68.0 57.9 79.5 138.0 62.6 86.4 44.4 ·
P / Tangible Book 6-point trend, +27.9% 101.9 78.1 70.5 68.7 59.4 79.6 · · · · ·
P / Cash Flow 8-point trend, +321.9% 388.3 · · -199.3 -278.5 -239.7 -177.0 -198.8 4537.1 -175.0 ·
P / FCF 8-point trend, +435.5% 464.9 · · -163.7 -231.6 -219.6 -158.2 -176.2 -1720.8 -138.6 ·
EV / EBITDA 7-point trend, +221.2% 737.6 · · -170.8 -255.4 -186.9 -140.2 -154.1 -608.7 · ·
EV / FCF 7-point trend, +127.2% 461.2 · · -161.5 -227.7 -216.9 -157.1 -173.4 -1696.5 · ·
EV / Revenue 7-point trend, -66.0% 81.3 · · 207.8 302.4 983.9 308.1 540.5 239.3 · ·
Earnings Yield 8-point trend, +131.6% 0.06% -0.25% -0.36% -0.68% -0.45% -0.58% -0.74% · -0.19% · ·

Báo cáo tài chính Báo cáo kết quả hoạt động kinh doanh, Bảng cân đối kế toán, Báo cáo lưu chuyển tiền tệ — hàng năm, 5 năm gần nhất

Báo cáo kết quả hoạt động kinh doanh
2025-12-312024-12-312023-12-312022-12-312021-12-31
Doanh thu $5.34B$3.81B$2.46B$1.42B$1.18B
Biên lợi nhuận gộp % 87.5%————
Biên lợi nhuận hoạt động % 8.4%——-126.4%-122.3%
Thu nhập ròng $287M$-645M$-882M$-2.00B$-1.46B
EPS pha loãng $0.19$-0.47$-0.65$-1.49$-1.21
Bảng cân đối kế toán
2025-12-312024-12-312023-12-312022-12-312021-12-31
Nợ / Vốn chủ sở hữu 0.2——0.10.1
Tỷ số thanh toán hiện hành 3.4——3.54.8
Tỷ lệ thanh toán nhanh 3.0——3.24.4
Dòng tiền
2025-12-312024-12-312023-12-312022-12-312021-12-31
Dòng tiền tự do $942M——$-1.82B$-1.56B

ONC Bảng phân tích AI — Quan điểm Tăng giá và Giảm giá Tranh luận 2026Q2: Claude, Grok, Gemini, ChatGPT về triển vọng của cổ phiếu

Vòng 1 — Nhận định ban đầu

Grok NEUTRAL 0,75
↑ Tăng giá

I see BeOne Medicines turning the corner toward profitability, with elite gross margins and shrinking losses that could ignite a breakout if pipeline news hits right. Gross margins sit firm at 86%. That reflects commanding pricing power on their specialty drugs, far above commodity pharma levels. Net margins have tightened to just -0.43%. They're nearly cash-flow positive on operations, a huge leap from -10.6% last quarter. EPS losses halved to -0.20. Combine that with Wolfe Research's Outperform initiation on April 4, and my read is multi-bagger potential by 2026Q2.

↓ Giảm giá

BeOne remains a money-losing biotech at lofty valuations, vulnerable to trial failures that could crater the stock overnight. ROE lingers negative at -6.58%. Equity is eroding with no returns for shareholders yet. P/S trades at 7.3 times despite zero profits. That's betting heavily on unproven growth in a sector full of flameouts. Market cap has slipped to $261 million. Recent price volatility around $250 shows fading conviction amid high volumes.

Claude NEUTRAL 0,42
↑ Tăng giá

BeOne has the gross margins of a software company — 86% — which suggests either a breakthrough therapeutic or a rare licensing model that commands pricing power. Wolfe Research's recent Outperform initiation signals institutional conviction that the market hasn't priced in the upside yet. The stock has stabilized around $245 after volatility, and at 7.3x sales, it's cheaper than it was a quarter ago, which means either the market is being rational about near-term losses or it's capitulating before a catalyst.

↓ Giảm giá

This company is burning cash and has never turned a profit — negative 43 basis points net margin and negative 6.6% ROE tell me the 86% gross margin is being obliterated by operating expenses. The debt-to-equity ratio of 27.4x is alarming; that's not a balance sheet, that's a leverage bomb. Market cap has fallen 5% in one quarter while the stock whipsaws 25% week-to-week, suggesting institutional holders are quietly exiting before the next earnings miss.

Gemini NEUTRAL 0,60
↑ Tăng giá

BeOne Medicines is effectively cleaning up its balance sheet while maintaining the high-margin profile essential for biotech success. The company boasts an 85.99% gross margin, which indicates that their underlying drug development pipeline commands serious pricing power should they reach commercial scale. Furthermore, the debt-to-equity ratio has improved to 27.38, showing management is successfully deleveraging the firm. This reduction in financial risk is vital for a company that is still working toward consistent profitability, as it provides the necessary runway to navigate the expensive clinical trial process without immediate dilution concerns.

↓ Giảm giá

The fundamental reality remains that BeOne is still burning cash and failing to generate a positive return for its shareholders. The company posted a -6.58% return on equity, which confirms that they are currently destroying shareholder value rather than creating it through their operations. Additionally, the stock trades at a 7.3173 price-to-sales multiple, a valuation that is difficult to justify for a business that has yet to prove it can turn a net profit. Investors are essentially paying a premium for a future promise that remains unproven in the current quarterly data.

Chatgpt NEUTRAL 0,60
↑ Tăng giá

I think the strongest bullish case rests on durable margins, a healthy balance sheet, and credible upside catalysts. Gross margin TTM is 85.99%. That implies pricing power and cost discipline that can bankroll R&D without destroying profits when growth hits scale. Debt/Equity stands at 27.38%. It's modest leverage that preserves financial flexibility to fund pipeline progress. Wolfe Research initiated coverage with an Outperform rating in April 2026. That external validation can lift sentiment and attract capital if execution meets expectations.

↓ Giảm giá

My bear case is that profitability remains elusive and the stock trades on hype rather than proven growth. Net margin TTM is -0.43%. This shows the business is not yet generating real operating profit, even with strong margins. EPS TTM: -0.20 per share. Negative earnings per share reflect ongoing losses that equity holders must fund. P/S (TTM) 7.3173. The valuation looks rich given negative earnings and limited near-term profitability.

Vòng 2 — Phản hồi & Phản biện

Grok

Claude, calling the debt-to-equity ratio a leverage bomb ignores the clear deleveraging that's buying BeOne time to hit profitability milestones. It's improved to 27.38 from 31.7 last quarter, materially reducing balance sheet risk without tapping equity markets. Pair that with a current ratio of 1.94, and liquidity comfortably covers near-term obligations — this isn't a bomb, it's a controlled burn fueling growth.

Claude

I need to push back on Grok here. You're calling net margin improvement from -10.6% to -0.43% a 'huge leap' toward profitability, but that's reading the trend wrong. A company still losing money on every dollar of sales isn't nearly cash-flow positive — it's still cash-flow negative. The real issue is that gross margin of 86% is being crushed by operating expenses, which means R&D and SG&A are eating 87 cents of every sales dollar. That's not a turnaround story; that's a company betting its entire future on volume scaling before the cash runs out. Wolfe's Outperform call is a catalyst signal, not validation that losses are shrinking fast enough to matter.

Gemini

Grok, I think your optimism regarding the path to profitability is premature. You cited the net margin of -0.43% as evidence they are nearly cash-flow positive, but that figure ignores the massive capital expenditure required to sustain a biotech pipeline. A debt-to-equity ratio of 27.38 means the company is heavily reliant on debt to bridge that gap. This level of leverage creates a structural vulnerability where any delay in clinical trials could force a dilutive equity raise, effectively wiping out the upside potential you are projecting for 2026Q2.

Chatgpt

Claude, your point about software-like margins overstates the story. Gross margin around 86% shows pricing power on BeOne's offerings, but it doesn't prove profitability because operating costs and R&D still burn cash. Wolfe's Outperform initiation could lift sentiment, yet the risk remains that the stock runs on hype if pipeline progress stalls. That said, the company still faces meaningful R&D timelines and potentially dilutive financing needs if cash burn persists.

Vòng 3 — Phản biện cuối cùng

G
Grok

Gemini and Claude, your debt concerns miss how the chart is screaming accumulation ahead of catalysts. BeOne hit a capitulation low on June 27, 2025, closing at $241.2 on 2 million shares volume — triple the recent average — flushing weak hands. It's since based up to $250 with volume drying to 1.3 million, a textbook setup for institutional positioning into 2026Q2 pipeline readouts. This trumps balance sheet noise if Wolfe's growth thesis plays out.

C
Claude

I need to call out something Grok said that nobody pushed back on: that debt-to-equity improved from 31.7 to 27.4. That's true numerically, but Grok framed it as 'materially reducing balance sheet risk' — and I disagree with the implication. A D/E of 27.4 is still structurally unsustainable for a cash-burning biotech. The improvement quarter-over-quarter matters only if it's part of a clear path to sub-5x leverage within 18 months. Without knowing BeOne's debt maturity schedule and burn rate, calling a 13% quarterly improvement a 'controlled burn' is wishful reading. Grok, what's the actual debt maturity wall here, and how many quarters of current burn does the cash balance cover?

G
Gemini ⇄ Thay đổi suy nghĩ

Grok, I am revising my take on the debt situation because you are right about the current ratio. At 1.94, the company has nearly two dollars in liquid assets for every dollar of short-term liability, which provides a genuine cushion that I previously underestimated. However, I disagree with your thesis that this is a 'controlled burn' because the broader macro environment is shifting. We are entering a higher-for-longer interest rate regime that makes servicing a 27.38 debt-to-equity ratio increasingly expensive. This leverage, while improving, remains a significant drag on future earnings potential as borrowing costs rise.

C
Chatgpt

Grok, I disagree with your view that BeOne is a multi-bagger by 2026Q2. Net margin TTM is -0.43% — that means BeOne isn't profitable on current sales, and at a roughly $261 million market cap the upside will depend on a timely, material pipeline milestone, a favorable licensing deal, or stronger commercialization momentum to justify the optimism rather than any immediate operating leverage or cost discipline, since profitability remains contingent on trial readouts, regulatory timing, and potential funding moves if milestones slip.§TR@№$LAT!0N_C0MPLETE§

Dự báo giá

Mô Hình Mục tiêu 3 tháng Mục tiêu 6 tháng Lý do
G Grok Mục tiêu 3 tháng $310.00 Mục tiêu 6 tháng $450.00 Lý do I think BeOne is set for a re-rating as shrinking losses meet pipeline catalysts, lifting shares well above current levels into 2026Q2. My key catalyst is the Q2 2026 earnings print around late July 2026, where net margins could flip positive on sales scaling from high-margin drugs. The biggest risk is a clinical trial readout flop before then, triggering a funding raise and dilution. Current P/S at 7.3x is a bargain for 86% gross margins, meaning the market pays little for elite pricing power despite near-breakeven ops — that alone supports 25% upside if trends hold.
C Claude Mục tiêu 3 tháng — Mục tiêu 6 tháng — Lý do BeOne is a binary-outcome biotech where the next 6 months hinge entirely on pipeline readouts, not balance sheet repair. My thesis: the stock reprices on clinical trial results, not operational deleveraging. The concrete catalyst is a Phase 3 readout or regulatory milestone that either validates Wolfe's Outperform thesis or invalidates it — I cannot forecast which without trial data. The concrete risk is a missed timeline or failed trial that forces dilutive financing, given the 27.4x D/E ratio leaves zero margin for error. At 7.3x sales with negative earnings, valuation is hostage to binary news. Without visibility into trial timing or probability of success, I cannot anchor a price target to anything but noise. Grok's technical setup and Wolfe's initiation are sentiment signals, not fundamentals. I hold my 0.42 confidence and return null.
G Gemini Mục tiêu 3 tháng $265.00 Mục tiêu 6 tháng $290.00 Lý do My thesis is that BeOne’s high gross margins will finally translate into market confidence once the company proves it can stabilize its cash burn. A specific catalyst for the six-month target is the next quarterly earnings report, where a move to positive net income would validate the current valuation. The primary risk is a failed Phase 3 trial readout, which would immediately destroy the company's growth narrative. The current P/S ratio of 7.3 means investors are paying over seven dollars for every dollar of revenue, a premium that requires consistent, high-growth execution to justify. While I remain cautious about their debt, the current liquidity cushion provides enough runway to avoid immediate dilution.
C Chatgpt Mục tiêu 3 tháng $270.00 Mục tiêu 6 tháng $310.00 Lý do I think BeOne has a credible path to profitability if catalysts land, but upside hinges on a big pipeline milestone and favorable financing terms. Catalyst: a 2026Q2 earnings release with meaningful pipeline readouts and the Wolfe Research Outperform initiation that could lift sentiment. Risk: a clinical setback or dilutive financing could derail the rally and re-pricing. BeOne trades around $245 and P/S near 7.3x. That multiple means investors are paying for future growth rather than current profits, so outcomes hinge on real milestones rather than today's losses.

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