Latest Ratios: P/E Ratio 8.5x · EV/EBITDA 46.5x · ROE 7.5%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $29.9B | $34.5B | $19.4B | $18.8B | $22.7B | $25.1B | $21.6B | $10.0B | $7.8B | $4.1B | $943M |
| Enterprise Value | $27.4B | $31.9B | $17.9B | $16.6B | $19.4B | $21.5B | $20.7B | $9.6B | $7.3B | $4.0B | $872M |
| P/E Ratio → | 8.51 | 9.24 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 5.60 | 6.45 | 5.10 | 7.66 | 16.02 | 21.37 | 69.83 | 23.25 | 39.23 | 17.13 | 880.94 |
| P/B Ratio | 7.28 | 7.90 | 5.84 | 5.32 | 5.17 | 4.10 | 5.57 | 10.17 | 4.40 | 5.84 | 2.67 |
| P/FCF | 31.76 | 36.60 | — | — | — | — | — | — | — | — | — |
| P/OCF | 26.52 | 30.57 | — | — | — | — | — | — | — | 320.19 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.97 | 4.70 | 6.75 | 13.71 | 18.24 | 67.17 | 22.45 | 36.64 | 16.81 | 815.31 |
| EV / EBITDA | 46.47 | 54.21 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 61.19 | 67.19 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 33.89 | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.5% | 87.5% | 84.4% | 84.5% | 79.8% | 86.0% | 77.1% | 83.4% | -257.0% | -14.9% | -9062.0% |
| Operating Margin | 8.4% | 8.4% | -14.9% | -49.1% | -126.4% | -122.3% | -536.7% | -224.2% | -356.1% | -41.3% | -10940.2% |
| Net Profit Margin | 5.4% | 5.4% | -16.9% | -35.9% | -141.5% | -123.9% | -526.1% | -221.5% | -339.9% | -39.1% | -11141.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.5% | 7.5% | -18.8% | -22.3% | -38.1% | -29.2% | -67.0% | -69.1% | -54.6% | -17.7% | -94.9% |
| ROA | 4.1% | 4.1% | -11.0% | -14.5% | -26.9% | -20.6% | -45.1% | -49.1% | -40.9% | -12.8% | -45.6% |
| ROIC | 18.6% | 18.6% | -27.7% | -75.3% | -75.4% | -39.2% | -67.4% | -76.1% | -56.4% | -16.3% | -95.5% |
| ROCE | 8.9% | 8.9% | -14.8% | -27.1% | -30.2% | -25.1% | -56.9% | -58.1% | -48.7% | -15.5% | -51.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.46 | 0.46 | 0.32 | 0.26 | 0.14 | 0.11 | 0.15 | 0.28 | 0.11 | 0.24 | 0.05 |
| Debt / EBITDA | 3.40 | 3.40 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.58 | -0.46 | -0.63 | -0.75 | -0.60 | -0.21 | -0.35 | -0.29 | -0.11 | -0.20 |
| Net Debt / EBITDA | -4.33 | -4.33 | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -2.71 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 8.16 | 8.16 | — | — | — | — | — | — | — | -23.97 | -305.64 |
Net cash position: cash ($4.5B) exceeds total debt ($2.0B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.41 | 3.41 | 1.80 | 2.32 | 3.55 | 4.76 | 4.61 | 3.78 | 7.89 | 6.09 | 10.68 |
| Quick Ratio | 3.08 | 3.08 | 1.58 | 2.09 | 3.35 | 4.61 | 4.53 | 3.69 | 7.82 | 6.02 | 10.68 |
| Cash Ratio | 2.49 | 2.49 | 1.19 | 1.75 | 3.09 | 4.14 | 4.33 | 3.17 | 7.23 | 5.58 | 10.50 |
| Asset Turnover | — | 0.65 | 0.64 | 0.42 | 0.22 | 0.14 | 0.06 | 0.27 | 0.09 | 0.23 | 0.00 |
| Inventory Turnover | 1.10 | 1.10 | 1.20 | 0.91 | 1.01 | 0.68 | 0.79 | 2.49 | 43.57 | 25.07 | — |
| Days Sales Outstanding | — | 59.10 | 67.93 | 58.77 | 51.29 | 155.20 | 71.38 | 60.42 | 91.46 | 45.06 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.8% | 10.8% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 3.1% | 2.7% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $113M | $105M | $104M | $103M | $93M | $83M | $60M | $55M | $42M | $31M |
Geopolitical and Regulatory Exposure
According to current market data, BeOne Medicines trades at a forward P/E of 41.58, which suggests that investors are pricing in aggressive long-term earnings expansion rather than the current TTM P/E of 8.51, reflecting a high-growth premium typical of firms transitioning from R&D to commercial scale.
The significant disparity between trailing and forward multiples indicates that the market is heavily discounting the company's recent pivot to profitability. Investors should monitor whether the current valuation, which sits at a 5.60 P/S ratio, remains justified as the company attempts to sustain its 40% year-over-year revenue growth in increasingly competitive oncology markets.
Based on reported figures, BeOne Medicines has seen its ROIC climb from a negative 22.4% in 2023Q4 to a positive 12.8% in 2026Q1, signaling that the company's massive historical investments in R&D are finally beginning to generate meaningful economic returns on its deployed capital base.
This turnaround in ROIC suggests that the firm is successfully moving past the most capital-intensive phase of its lifecycle. While the 5.0% ROE remains modest, the trend indicates that the company is effectively leveraging its proprietary manufacturing and clinical infrastructure to drive value, provided that future R&D spend does not dilute these gains.
As reported in recent financial statements, the company's cash conversion cycle remains elevated at 158 days in 2026Q1, primarily driven by a high days-inventory-outstanding of 347 days, which highlights the inherent inefficiencies of managing a global, complex biologics supply chain across multiple regulatory jurisdictions.
The persistent length of the cash conversion cycle suggests that BeOne Medicines faces structural challenges in optimizing its working capital compared to more mature pharmaceutical peers. Investors should watch for improvements in inventory turnover as the company scales its U.S. commercial presence, as current levels may indicate potential overstocking or distribution bottlenecks.
According to recent SEC filings, the company maintains a robust liquidity position with a current ratio of 3.64 as of 2026Q1, providing a substantial buffer of over $4.5 billion in cash that effectively mitigates risks associated with potential geopolitical disruptions or regulatory hurdles in its global operations.
This liquidity profile is exceptionally strong for a company in the high-growth biotech sector, offering management significant flexibility to fund ongoing clinical trials without immediate reliance on external financing. The quick ratio of 3.27 further confirms that the firm is well-positioned to meet short-term obligations even if inventory liquidation slows down.
Based on reported figures, the company's P/B ratio of 7.28 is frequently misapplied by analysts who fail to account for the massive accumulated deficit of $8.1 billion, which significantly understates the true economic value of the company's proprietary R&D platform and its established global commercial infrastructure.
Using book value as a primary valuation metric for BeOne Medicines obscures the reality that the firm's most valuable assets are intangible and expensed through the income statement rather than capitalized on the balance sheet. Analysts should instead focus on EV/Sales or adjusted cash flow metrics to better capture the company's potential for sustained earnings power.
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Quick answers to the most common questions about buying ONC stock.
BeOne Medicines Ltd.'s current P/E ratio is 8.5x. The historical average is 9.2x.
BeOne Medicines Ltd.'s current EV/EBITDA is 46.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 54.2x.
BeOne Medicines Ltd.'s return on equity (ROE) is 7.5%. The historical average is -43.2%.
Based on historical data, BeOne Medicines Ltd. is trading at a P/E of 8.5x. Compare with industry peers and growth rates for a complete picture.
BeOne Medicines Ltd. has 87.5% gross margin and 8.4% operating margin.
BeOne Medicines Ltd.'s Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.