Latest Ratios: P/E Ratio 11.8x · EV/EBITDA 64.2x · 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 | $40.4B | $34.5B | $19.4B | $18.8B | $22.7B | $25.1B | $21.6B | $10.0B | $7.8B | $4.1B | $943M |
| Enterprise Value | $37.8B | $31.9B | $17.9B | $16.6B | $19.4B | $21.5B | $20.7B | $9.6B | $7.3B | $4.0B | $872M |
| P/E Ratio → | 11.76 | 9.46 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 7.55 | 6.45 | 5.10 | 7.66 | 16.02 | 21.37 | 69.83 | 23.25 | 39.23 | 17.13 | 880.94 |
| P/B Ratio | 9.82 | 7.90 | 5.84 | 5.32 | 5.17 | 4.10 | 5.57 | 10.17 | 4.40 | 5.84 | 2.67 |
| P/FCF | 42.85 | 36.60 | — | — | — | — | — | — | — | — | — |
| P/OCF | 35.79 | 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 | 64.20 | 54.21 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 84.55 | 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 | — | 60.58 | 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 | 8.5% | 10.6% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 2.3% | 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 |
Includes 30+ ratios · 13 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ONC stock.
BeOne Medicines AG's current P/E ratio is 11.8x. The historical average is 9.5x. This places it at the 100th percentile of its historical range.
BeOne Medicines AG's current EV/EBITDA is 64.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 54.2x.
BeOne Medicines AG's return on equity (ROE) is 7.5%. The historical average is -43.2%.
Based on historical data, BeOne Medicines AG is trading at a P/E of 11.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BeOne Medicines AG has 87.5% gross margin and 8.4% operating margin.
BeOne Medicines AG's Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
SBC dilution and sustainability
Metrics are mathematically derived from official filings.
Margin Expansion Signals Inflection
Operating margin swung from -34.8% in 2024Q1 to 19.1% in 2026Q2, while gross margin reached 89.8%, as per financial statements, indicating strong pricing power and operating leverage.
The dramatic improvement in operating margin from -34.8% to 19.1% over nine quarters reflects not only revenue scaling but also disciplined cost control, with R&D and SG&A growing slower than revenue. Net margin of 13.9% in 2026Q2, however, is tempered by stock-based compensation exceeding net income, suggesting that reported profitability may overstate economic earnings. Investors should monitor whether margin expansion can persist as revenue growth decelerates from its peak.
ROIC Inflects from Negative to Double Digits
ROIC improved from -13.4% in 2024Q1 to 20.9% in 2026Q2, as reported in financial statements, signaling a shift from value destruction to value creation, driven by margin recovery rather than asset efficiency.
The ROIC trajectory is striking: negative in early 2024, near breakeven in 2025Q1, and 20.9% by 2026Q2. This improvement is primarily margin-driven, as asset turnover remains low at 0.19, reflecting the capital-intensive nature of biotech manufacturing. The sustainability of this ROIC hinges on maintaining gross margins above 89% and converting revenue growth into operating leverage, which appears plausible given the current momentum.
Working Capital Drags on Cash Conversion
Cash conversion cycle lengthened to 190 days in 2026Q2 from 122 days in 2024Q1, as per financial statements, driven by inventory days of 369, indicating potential overstocking or slow-moving product inventory.
The CCC expansion is concerning: DIO rose from 314 days to 369 days, while DPO increased from 245 to 233 days, but not enough to offset the inventory build. This suggests that cash flow generation, while strong at 34.9% FCF margin, could be even higher if inventory were managed more tightly. The high DIO may reflect strategic stockpiling for anticipated demand, but it also ties up capital and warrants monitoring for potential obsolescence.
Deleveraging Accelerates as Cash Piles Up
Debt-to-equity fell from 0.46 in 2025Q4 to 0.22 in 2026Q2, with interest coverage at 8.86, as per the latest balance sheet, indicating a rapidly strengthening balance sheet and reduced refinancing risk.
The halving of D/E within two quarters, alongside a reduction in total debt from $2.0B to $1.1B, reflects a deliberate deleveraging strategy. Interest coverage of 8.86 provides ample cushion, and with cash of $5.1B covering debt 4.6 times, the company appears well-positioned to fund growth without additional leverage. However, the low D/EBITDA of 3.13 is partly due to elevated EBITDA, which may normalize as growth slows.
Liquidity Buffer Strengthens to Fortress Levels
Current ratio improved to 3.40 in 2026Q2 from 1.80 in 2024Q4, with quick ratio at 3.06, as per financial statements, indicating a robust liquidity position that can withstand operational shocks.
The liquidity position is exceptionally strong: cash and equivalents now represent 55% of total assets, and the current ratio of 3.40 suggests the company can cover short-term obligations more than three times over. Even under a severe stress scenario, such as a 50% revenue decline, the cash buffer would likely sustain operations for several quarters. This liquidity provides strategic flexibility for acquisitions or R&D investment, though it also raises questions about capital deployment efficiency.
P/E Misleads in High-Growth Biotech
The trailing P/E of 11.18 is misleading given the recent profitability inflection; forward P/E of 50.08 better reflects growth expectations, as per valuation data, but EV/EBITDA of 60.82 may be more appropriate.
The trailing P/E is distorted by the low earnings base from prior losses, making it appear cheap, while the forward P/E of 50.08 indicates the market is pricing in substantial future growth. EV/EBITDA of 60.82 is more meaningful for a capital-intensive biotech, but it still seems elevated relative to peers like TGTX (62.37). Investors should focus on EV/EBITDA and P/FCF (40.74) rather than P/E, as the latter fails to capture the company's cash generation and growth trajectory.