Burning Rock Biotech Limited Sponsored ADR
BNR Healthcare Diagnostics & Research
Burning Rock Biotech Limited Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $77.2 million, up 9.18% from fiscal 2024. In the quarter to June 2026, revenue fell 4.22%, EPS fell 98.4%, free cash flow grew 46.0% and total debt fell 5.02%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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Burning Rock Biotech Limited Sponsored ADR (BNR) Altman Z-score
Burning Rock Biotech Limited Sponsored ADR's Altman Z-score for fiscal 2025 is −2.95, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −2.95 | 2.75 |
| FY2024 | −5.70 | (1.12) |
| FY2023 | −4.58 | (2.97) |
| FY2022 | −1.61 | (8.84) |
| FY2021 | 7.23 | (18.35) |
| FY2020 | 25.58 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.60 | — | 0.72 | |
| Retained earnings / total assets | (5.19) | — | −7.26 | |
| EBIT / total assets | (0.07) | — | −0.22 | |
| Market value of equity / total liabilities | 5.25 | — | 3.15 | |
| Sales / total assets | 0.66 | — | 0.66 | |
| Altman Z-score | Distress zone | −2.95 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −11.46 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MYGN Myriad Genetics, Inc. compare | −1.5× |
| MDXH MDxHealth SA compare | −2.7× |
| BNR Burning Rock Biotech Limited Sponsored ADR | −3.0× |
| XGN Exagen Inc. compare | −4.6× |
| BDSX Biodesix, Inc. compare | −7.5× |
| IMDX Insight Molecular Diagnostics Inc. compare | −25.6× |
| QUCY Quantum Cyber N.V compare | −37.0× |
| MDXHF MedX Health Corp. compare | −157× |
| MBAI MBody AI Ltd. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets