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) Beneish M-score
Burning Rock Biotech Limited Sponsored ADR's Beneish M-score for fiscal 2025 is −2.47; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.47 | 0.40 |
| FY2024 | −2.87 | 1.46 |
| FY2023 | −4.34 | (0.17) |
| FY2022 | −4.17 | (2.63) |
| FY2021 | −1.54 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.07 | — | 0.98 | |
| Gross margin index | 0.94 | — | 0.50 | |
| Asset quality index | 0.89 | — | 0.36 | |
| Sales growth index | 1.09 | — | 0.97 | |
| Depreciation index | 1.28 | — | 0.15 | |
| SG&A index | 0.62 | — | −0.11 | |
| Total accruals to total assets | (0.03) | — | −0.15 | |
| Leverage index | 1.01 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.47 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| IMDX Insight Molecular Diagnostics Inc. compare | −7.7× |
| QUCY Quantum Cyber N.V compare | −6.1× |
| MYGN Myriad Genetics, Inc. compare | −5.4× |
| MDXH MDxHealth SA compare | −3.5× |
| BDSX Biodesix, Inc. compare | −3.1× |
| XGN Exagen Inc. compare | −2.8× |
| BNR Burning Rock Biotech Limited Sponsored ADR | −2.5× |
| MDXHF MedX Health Corp. compare | — |
| MBAI MBody AI Ltd. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI