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Operating cash flow reached $664.2M in 2026Q2, 2.8 times net income, with FCF margin expanding to 34.9%, though SBC of $260.8M exceeded net income, suggesting cash generation may be partly non-cash.
BeOne Medicines AG (ONC) cash flow statement — 13-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 1.69B | 1.13B | -140.63M | -1.16B | -1.5B | -1.3B | -1.28B | -750.27M | -547.72M | 12.75M | -89.51M | -39.84M | -8.69M | 4.07M |
| Operating CF Margin % | - | 21.1% | -3.69% | -47.07% | -105.7% | -110.41% | -415.53% | -175.21% | -276.32% | 5.35% | -8365.7% | -451.94% | -66.7% | 36.54% |
| Operating CF Growth % | 1079.03% | 901.8% | 87.85% | 22.66% | -15.24% | -1.19% | -71.07% | -36.98% | -4395.15% | 114.25% | -124.66% | -358.28% | -313.45% | - |
| Net Income | 655.71M | 286.93M | -644.79M | -881.71M | -2B | -1.41B | -1.6B | -950.58M | -674.03M | -93.3M | -119.22M | -57.1M | -18.55M | -7.89M |
| Depreciation & Amortization | 370.31M | 141.69M | 171.76M | 87.67M | 66.28M | 46.46M | 31.79M | 18.62M | 10.39M | 4.76M | 1.91M | 1.54M | 1.56M | 1.59M |
| Stock-Based Compensation | 1.16B | 510.86M | 441.62M | 367.62M | 303.16M | 240.71M | 183.48M | 134.15M | 87.13M | 42.86M | 10.63M | 10.21M | 6.64M | -24K |
| Deferred Taxes | 9.47M | 9.47M | 25.98M | 689K | 2.06M | -41.09M | -27.81M | -9.23M | -21.95M | -5.84M | 2.93M | 2.15M | -70K | -112K |
| Other Non-Cash Items | -1.01B | -12.77M | 21.96M | -361.19M | 3.31M | -13.11M | -20.98M | 67.6M | 67.96M | 7.08M | 121K | 1.09M | 3.27M | 2.77M |
| Working Capital Changes | -45.08M | 191.4M | -157.17M | -370.54M | 132.39M | -118.34M | 150.58M | -10.83M | -17.21M | 57.2M | 14.12M | 2.26M | -1.54M | 7.75M |
| Change in Receivables | -360.09M | -164.95M | -329.44M | -188.31M | 304.11M | -423.02M | 10.36M | -29.82M | -11.63M | -29.43M | 0 | 0 | 0 | 0 |
| Change in Inventory | -290.58M | -93.17M | -91.5M | -140.95M | -56.69M | -153.33M | -58.91M | -12.31M | -5.31M | -10.93M | 0 | 0 | 0 | 0 |
| Change in Payables | 68.94M | 79.83M | 121.5M | 21.48M | -4.35M | 20.01M | 95.83M | 2.22M | 23.47M | 55.3M | 2.71M | 6.19M | 731K | -768K |
| Cash from Investing | -228.38M | -276.15M | -548.35M | 60M | 1.08B | 640.66M | -3.17B | 554.16M | -637.61M | -356.32M | -221.85M | -58.91M | -33.64M | -250K |
| Capital Expenditures | -443.33M | -185.84M | -492.66M | -561.9M | -469.1M | -314.85M | -229.03M | -158.61M | -140.84M | -58.73M | -23.5M | -5.31M | -654K | -264K |
| CapEx % of Revenue | 7.23% | 3.48% | 12.93% | 22.85% | 33.13% | 26.77% | 74.15% | 37.04% | 71.05% | 24.64% | 2196.45% | 60.28% | 5.02% | 2.37% |
| Acquisitions | 0 | 0 | 0 | 0 | -1.4B | 51.91M | 109.5M | 69M | 70.55M | 19.92M | 0 | 0 | -2.44M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 215.64M | -81.93M | -39.34M | -36.44M | 1.4B | -51.91M | -109.5M | -69M | -108.85M | -329.86M | 4K | 1K | -30.54M | 14K |
| Cash from Financing | 1.19B | 1.06B | 193.45M | 416.48M | -18.97M | 3.64B | 5.2B | 85.68M | 1.69B | 490.36M | 380.9M | 103.2M | 52.16M | -482K |
| Debt Issued (Net) | 155.83M | 889.71M | 145.08M | 360.77M | -65.94M | 101.53M | 289.6M | 34.68M | 33.58M | 132.76M | 12.05M | 5.85M | 17.85M | 0 |
| Equity Issued (Net) | 158.82M | 196.8M | 0 | 0 | 0 | 3.44B | 4.23B | 0 | 1.63B | 339.12M | 368.88M | 97.28M | 35.42M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -75K | -80K | 0 |
| Other Financing | 875.87M | -27.06M | 48.37M | 55.71M | 46.96M | 92.76M | 681.21M | 51M | 29.66M | 18.48M | -23K | 77K | -1.1M | -482K |
| Net Change in Cash | 2.74B | 1.97B | -547.24M | -689.05M | -507.85M | 2.99B | 769.23M | -119.94M | 501.11M | 152.09M | 69.64M | 3.97M | 9.97M | 3.3M |
| Free Cash Flow | 1.24B | 941.74M | -669.77M | -1.75B | -1.97B | -1.61B | -1.51B | -908.88M | -688.55M | -45.98M | -113.02M | -45.16M | -9.35M | 3.81M |
| FCF Margin % | 20.28% | 17.63% | -17.58% | -71.32% | -138.83% | -137.18% | -489.68% | -212.25% | -347.37% | -19.29% | -10562.15% | -512.22% | -71.71% | 34.17% |
| FCF Growth % | 653.85% | 240.61% | 61.81% | 10.79% | -21.82% | -6.68% | -66.41% | -32% | -1397.64% | 59.32% | -150.27% | -383.07% | -345.42% | - |
| FCF per Share | 10.73 | 8.30 | -6.36 | -16.80 | -19.06 | -17.39 | -18.12 | -15.13 | -12.42 | -1.10 | -3.64 | -1.43 | -0.18 | 0.72 |
| FCF Conversion (FCF/Net Income) | 1.90x | 3.93x | 0.22x | 1.31x | 0.75x | 0.89x | 0.79x | 0.79x | 0.81x | -0.14x | 0.75x | 0.70x | 0.48x | -0.54x |
| Interest Paid | 24.96M | 52.45M | 51.17M | 19.75M | 25.17M | 29.97M | 44.13M | 4.32M | 2.21M | 1.26M | 826K | 0 | 0 | 0 |
| Taxes Paid | 2.93M | 0 | 69.43M | 56M | 29.5M | 15.7M | 10.6M | 8.98M | 12K | 29.29M | 25K | 0 | 0 | 0 |
Quick answers to the most common questions about buying ONC stock.
BeOne Medicines AG (ONC) generated $1.13B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BeOne Medicines AG (ONC) generated $941.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
BeOne Medicines AG (ONC) spent $185.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
SBC dilution and sustainability
Metrics are mathematically derived from official filings.
Cash Conversion Strengthens as Losses Reverse
Operating cash flow reached $664.2M in 2026Q2, 2.8 times net income of $237M, according to the latest quarterly report, signaling robust cash conversion despite heavy stock-based compensation.
The OCF/NI ratio of 2.80 in 2026Q2, up from 0.89 in the prior quarter, indicates that earnings are increasingly backed by cash generation. However, the gap between net income and operating cash flow is partly driven by non-cash charges like D&A and SBC, which totaled $342.5M in 2026Q2, suggesting that reported profitability may overstate cash earnings power if SBC persists.
Free Cash Flow Inflects Sharply Upward
Free cash flow swung from -$501.6M in 2024Q1 to $595.9M in 2026Q2, with FCF margin expanding to 34.9% as per financial statements, indicating a dramatic improvement in cash generation.
The trajectory shows a clear inflection point in 2025Q1 when FCF turned positive, and by 2026Q2 FCF exceeded net income by $358.9M. This suggests that the company is now converting its revenue growth into cash at an accelerating pace, though the sustainability of this margin depends on maintaining revenue momentum and controlling capex.
Capital Intensity Declines as Growth Matures
CapEx as a percentage of revenue fell from 25.7% in 2024Q1 to 4.0% in 2026Q2, based on reported figures, indicating a shift from heavy investment to a more asset-light phase.
The sharp reduction in capital intensity, with CapEx/Revenue dropping from double digits in 2024 to single digits in 2026, suggests that the company has largely completed its infrastructure build-out. This may indicate that future capex will be more maintenance-oriented, freeing up cash for other uses, but investors should monitor whether this trend continues as the company scales.
Working Capital Swings Reflect Scaling Operations
Working capital changes were negative $119.4M in 2026Q2, after a positive $164.0M in 2025Q4, as per the cash flow statement, indicating volatile cash flow impacts from receivables and payables.
The volatility in working capital changes, swinging from -$189.7M in 2026Q1 to +$164.0M in 2025Q4, suggests that the company is experiencing significant swings in collections and payments as revenue scales. This may indicate that cash flow from operations is not yet stable, and investors should monitor the efficiency of working capital management as the company grows.
No Capital Returns Yet, Cash Retained for Growth
Dividends and buybacks were zero across all reported quarters, according to SEC filings, indicating that all free cash flow is being retained for reinvestment or debt reduction.
The absence of shareholder returns, despite positive FCF, suggests that management is prioritizing reinvestment in the business or building a cash reserve. This is consistent with a growth-stage biotech that may need to fund future R&D or acquisitions, but investors should watch for a shift in capital allocation policy as cash accumulates.
Cumulative Cash Generation Outpaces Reported Losses
Over the last ten quarters, cumulative operating cash flow was $1.95B against cumulative net income of $0.1B, as per financial statements, highlighting a significant divergence between earnings and cash.
The cumulative gap between operating cash flow and net income is driven by large non-cash charges, particularly SBC and D&A, which totaled over $1.5B in the period. This suggests that the company's cash generation is stronger than its accounting profitability, but it also raises questions about the sustainability of SBC as a compensation tool, as it dilutes shareholders without a corresponding cash expense.
What Could Invalidate the Base Case
Despite strong cash flow, stock-based compensation of $260.8M in 2026Q2 exceeded net income, as per the cash flow statement, suggesting that reported cash generation may not be fully sustainable.
The heavy reliance on SBC, which is a non-cash expense but a real economic cost to shareholders, may indicate that the company's cash flow is partly inflated by non-cash charges. If revenue growth decelerates or SBC continues to outpace net income, the quality of earnings and cash flow could deteriorate, warranting close monitoring of dilution and compensation practices.