Ctrl K
Total debt fell from $2.0B in 2025Q4 to $1.1B in 2026Q2, reducing D/E to 0.22, while cash of $5.1B now covers total debt and current ratio improved to 3.40.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Current Assets | 7.22B | 6.23B | 3.99B | 4.2B | 5.21B | 7.61B | 4.96B | 1.17B | 1.94B | 913.5M | 374.4M | 106.27M | 47.19M | 4.43M |
| Cash & Short-Term Investments | 5.1B | 4.55B | 2.63B | 3.17B | 4.53B | 6.62B | 4.65B | 982.74M | 1.78B | 837.52M | 368.17M | 100.49M | 44.4M | 3.93M |
| Cash Only | 5.1B | 4.55B | 2.63B | 3.17B | 3.87B | 4.38B | 1.38B | 618.01M | 712.94M | 239.6M | 87.51M | 17.87M | 13.9M | 3.93M |
| Short-Term Investments | 0 | 0 | 0 | 2.6M | 665.25M | 2.24B | 3.27B | 364.73M | 1.07B | 597.91M | 280.66M | 82.62M | 30.5M | 0 |
| Accounts Receivable | 1.07B | 886.86M | 709.11M | 395.89M | 198.98M | 500.18M | 60.4M | 70.88M | 49.67M | 29.43M | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 56.7 | 60.58 | 67.93 | 58.77 | 51.29 | 155.2 | 71.38 | 60.42 | 91.46 | 45.06 | - | - | - | - |
| Inventory | 732.6M | 608.23M | 494.99M | 416.12M | 282.35M | 242.63M | 89.29M | 28.55M | 16.24M | 10.93M | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 342.4 | 332.07 | 304.11 | 399.78 | 359.74 | 537.02 | 461.27 | 146.39 | 8.38 | 14.56 | - | - | - | - |
| Other Current Assets | 0 | 60.24M | 25.19M | 56.25M | 196K | 328K | 19.58M | 76.49M | 17.64M | 25.73M | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 1.96B | 1.95B | 1.93B | 1.6B | 1.17B | 921.64M | 640.07M | 439.59M | 305.84M | 132.98M | 31.41M | 10.49M | 6.43M | 7.36M |
| Property, Plant & Equipment | 1.79B | 1.79B | 1.66B | 1.37B | 923.98M | 662.51M | 446.3M | 324.92M | 194.24M | 62.57M | 25.98M | 6.61M | 5.93M | 7.05M |
| Fixed Asset Turnover | 3.44x | 2.99x | 2.30x | 1.79x | 1.53x | 1.78x | 0.69x | 1.32x | 1.02x | 3.81x | 0.04x | 1.33x | 2.20x | 1.58x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 109K | 109K | 109K | 109K | 109K | 0 | 0 | 0 | 0 |
| Intangible Assets | 60.96M | 62.7M | 129.76M | 108.86M | 94.57M | 103.35M | 53.73M | 5.85M | 52.23M | 19.71M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 315.2M | 82.51M | 128.93M | 89.64M | 91.78M | 100.79M | 49.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 43.52M | 19.91M | 13.38M | 31.57M | 61.89M | -55.53M | 24.62M | 108.72M | 29.73M | 42.91M | 4.67M | 3.88M | 502K | 312K |
| Total Assets | 9.18B | 8.19B | 5.92B | 5.81B | 6.38B | 8.54B | 5.6B | 1.61B | 2.25B | 1.05B | 405.81M | 116.76M | 53.62M | 11.8M |
| Asset Turnover | 0.73x | 0.65x | 0.64x | 0.42x | 0.22x | 0.14x | 0.06x | 0.27x | 0.09x | 0.23x | 0.00x | 0.08x | 0.24x | 0.94x |
| Asset Growth % | 161.31% | 38.3% | 1.99% | -9% | -25.26% | 52.4% | 247.38% | -28.33% | 114.98% | 157.87% | 247.55% | 117.76% | 354.49% | - |
| Total Current Liabilities | 2.12B | 1.83B | 2.21B | 1.81B | 1.47B | 1.6B | 1.08B | 310.31M | 246.45M | 149.99M | 35.06M | 35.17M | 13.37M | 31.73M |
| Accounts Payable | 470.3M | 479.04M | 405M | 315.11M | 294.78M | 262.4M | 231.96M | 122.49M | 113.28M | 69.78M | 11.96M | 8.98M | 2.79M | 2.06M |
| Days Payables Outstanding | 235.48 | 261.54 | 248.82 | 302.74 | 375.58 | 580.79 | 1.2K | 628.01 | 58.43 | 92.96 | 44.52 | 56.27 | 46.65 | 55.93 |
| Short-Term Debt | 190.9M | 134.71M | 851.53M | 688.37M | 328.97M | 427.56M | 335.01M | 0 | 8.73M | 9.22M | 0 | 14.6M | 322K | 20M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 213.86M | 187.41M | 0 | 0 | 18.14M | 12.23M | 0 | 1.07M | 8.91M | 7.86M |
| Other Current Liabilities | 0 | 1.22B | 359.5M | 285.81M | 299.11M | 260.77M | 234.57M | 56.86M | 31.08M | 18.98M | 804K | 4.8M | 643K | 8.93M |
| Current Ratio | 3.40x | 3.41x | 1.80x | 2.32x | 3.55x | 4.76x | 4.61x | 3.78x | 7.89x | 6.09x | 10.68x | 3.02x | 3.53x | 0.14x |
| Quick Ratio | 3.06x | 3.08x | 1.58x | 2.09x | 3.35x | 4.61x | 4.53x | 3.69x | 7.82x | 6.02x | 10.68x | 3.02x | 3.53x | 0.14x |
| Cash Conversion Cycle | 163.62 | 131.12 | 123.22 | 155.81 | 35.45 | 111.44 | -665.59 | -421.2 | 41.41 | -33.34 | - | - | - | - |
| Total Non-Current Liabilities | 1.88B | 2.01B | 373.79M | 457.83M | 527.41M | 803.41M | 656.32M | 323.62M | 249.59M | 212.26M | 17.85M | 7.27M | 14.48M | 18.79M |
| Long-Term Debt | 882.16M | 1.81B | 166.48M | 197.62M | 209.15M | 202.11M | 183.64M | 240.69M | 189.67M | 155.49M | 17.28M | 6.19M | 13.52M | 15.24M |
| Capital Lease Obligations | 202.2M | 52.94M | 44.28M | 22.25M | 34.52M | 43.04M | 29.42M | 25.83M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 257.53M | 97.21M | 42.01M | 16.49M | 16M | 14.17M | 10.79M | 0 | 11.14M | 0 | -564K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 894.68M | 51.27M | 90.7M | 187.27M | 187.54M | 277.44M | 383.33M | 57.09M | 1.08M | 155K | 564K | 1.08M | 966K | 3.55M |
| Total Liabilities | 4B | 3.83B | 2.59B | 2.27B | 2B | 2.4B | 1.73B | 633.93M | 496.04M | 362.25M | 52.91M | 42.45M | 27.85M | 48.76M |
| Total Debt | 1.14B | 2B | 1.08B | 930.18M | 596.67M | 694.64M | 561.96M | 277.34M | 198.4M | 164.72M | 17.28M | 20.79M | 13.84M | 27.36M |
| Net Debt | -3.95B | -2.55B | -1.55B | -2.24B | -3.27B | -3.68B | -819.99M | -340.67M | -514.54M | -74.89M | -70.23M | 2.92M | -60K | 23.44M |
| Debt / Equity | 0.22x | 0.46x | 0.32x | 0.26x | 0.14x | 0.11x | 0.15x | 0.28x | 0.11x | 0.24x | 0.05x | - | 0.54x | - |
| Debt / EBITDA | 1.06x | 3.40x | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -3.67x | -4.33x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | 13.83x | 8.16x | - | - | - | - | - | - | - | -23.97x | -305.64x | - | -4.44x | -1.50x |
| Total Equity | 5.17B | 4.36B | 3.33B | 3.54B | 4.38B | 6.13B | 3.87B | 978.35M | 1.77B | 698.65M | 352.91M | -101.77M | 25.77M | -36.96M |
| Equity Growth % | 124.31% | 30.88% | -5.8% | -19.3% | -28.52% | 58.5% | 295.48% | -44.67% | 153.07% | 97.97% | 446.79% | -494.93% | 169.72% | - |
| Book Value per Share | 44.68 | 38.44 | 31.65 | 33.89 | 42.50 | 66.09 | 46.35 | 16.29 | 31.89 | 16.72 | 11.37 | -3.23 | 0.49 | -7.02 |
| Total Shareholders' Equity | 5.17B | 4.36B | 3.33B | 3.54B | 4.38B | 6.13B | 3.87B | 962.21M | 1.75B | 684.23M | 352.91M | -101.77M | 25.77M | -38.73M |
| Common Stock | 147K | 144K | 138K | 135K | 135K | 133K | 118K | 79K | 77K | 59K | 52K | 12K | 23K | 9K |
| Retained Earnings | -7.86B | -8.32B | -8.61B | -7.96B | -7.08B | -5.08B | -3.55B | -1.96B | -1.01B | -330.52M | -237.41M | -118.19M | -61.09M | -42.81M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -25.37M | -78.18M | -148.99M | -99.45M | -77.42M | 17.95M | 6.94M | -8M | 1.53M | -480K | -946K | -1.81M | 100K | 309K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.15M | 14.45M | 14.42M | 0 | 0 | 0 | 1.77M |
SBC dilution and sustainability
Total assets grew 61% from $5.7B in 2024Q1 to $9.2B in 2026Q2, while equity expanded from $3.4B to $5.2B, as per the latest quarterly report, indicating a rapidly strengthening balance sheet.
The balance sheet is expanding at an accelerating pace, driven by a surge in cash and retained earnings improvement. Equity grew by $1.8B over the period, while total liabilities increased only modestly, suggesting that asset growth is primarily funded by internal cash generation rather than debt. This trajectory implies the company is building a fortress-like balance sheet to support its growth initiatives.
Total debt fell from $2.0B in 2025Q4 to $1.1B in 2026Q2, reducing D/E from 0.46 to 0.22, as reported in financial statements, indicating a strategic deleveraging.
The sharp reduction in debt in 2025Q4, likely a repayment or refinancing, has cut leverage in half. With D/E now at 0.22, the company has ample financial flexibility, and interest coverage is likely strong given the low debt level. This suggests that debt is not a constraint on growth, and the company may be positioning for future borrowing capacity if needed.
Cash and equivalents nearly doubled from $2.6B in 2024Q1 to $5.1B in 2026Q2, now representing 55% of total assets, as per the latest balance sheet, highlighting a liquidity-heavy asset base.
The asset mix is increasingly dominated by cash, which now exceeds total debt by a wide margin. Goodwill remains modest at $61M, suggesting minimal acquisition-related intangibles, while PPE is stable at $1.8B, indicating a relatively asset-light model. This composition implies the company is prioritizing liquidity to fund R&D and potential strategic moves, with low impairment risk from intangibles.
Retained earnings improved from -$8.2B in 2024Q1 to -$7.9B in 2026Q2, as per financial statements, reflecting cumulative profitability that is reducing the accumulated deficit.
The improvement in retained earnings, despite a still-negative balance, signals that the company is generating profits that are being reinvested. Equity growth is driven by retained earnings and possibly capital raises, but the absence of buybacks or dividends indicates a focus on internal growth. The negative retained earnings highlight historical losses, but the trend is positive, suggesting improving equity quality.
Current ratio improved from 1.80 in 2024Q4 to 3.40 in 2026Q2, with cash of $5.1B covering total debt of $1.1B, as per the latest balance sheet, indicating a robust liquidity position.
The current ratio has consistently exceeded 1.5, and the cash position alone is more than four times total debt, providing a substantial buffer against operational shocks. Given the company's positive operating cash flow of $664M in 2026Q2, liquidity appears more than adequate to fund ongoing operations and growth investments. This suggests the company is well-positioned to weather any near-term volatility.
Stock-based compensation of $260.8M in 2026Q2 exceeded net income, as per the income statement, potentially inflating cash balances while diluting shareholders, a risk not captured by balance sheet metrics.
While the balance sheet appears strong, the heavy use of stock-based compensation may be overstating the quality of equity and cash generation. SBC is a non-cash expense that reduces reported earnings but adds to cash, yet it dilutes existing shareholders. Investors should monitor the cumulative dilution effect, as it could undermine the per-share value of the growing asset base.
Quick answers to the most common questions about buying ONC stock.
As of 2025, BeOne Medicines AG (ONC) had total assets of $8.19B including $6.23B in current assets.
BeOne Medicines AG (ONC) carries total debt of $2.00B, offset by $4.55B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BeOne Medicines AG (ONC) has total shareholders' equity (book value) of $4.36B ($38.44 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BeOne Medicines AG (ONC) reported a current ratio of 3.41x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.