BeOne Medicines Ltd. - Sponsored ADR
BeOne Medicines Ltd. - Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $5.3 billion, up 40.2% from fiscal 2024. In the quarter to June 2026, revenue grew 29.6%, EPS grew 143.7%, free cash flow grew 117.9% and total debt rose 503.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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BeOne Medicines Ltd. - Sponsored ADR (ONC) Altman Z-score
BeOne Medicines Ltd. - Sponsored ADR's Altman Z-score for fiscal 2025 is 5.25, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 5.25 | 2.09 |
| FY2024 | 3.16 | (0.13) |
| FY2023 | 3.29 | (1.97) |
| FY2022 | 5.26 | (0.61) |
| FY2021 | 5.87 | (0.63) |
| FY2020 | 6.50 | (0.17) |
| FY2019 | 6.67 | (2.07) |
| FY2018 | 8.74 | 1.62 |
| FY2017 | 7.11 | (2.81) |
| FY2016 | 9.93 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.54 | — | 0.65 | |
| Retained earnings / total assets | (1.02) | — | −1.42 | |
| EBIT / total assets | 0.05 | — | 0.18 | |
| Market value of equity / total liabilities | 8.66 | — | 5.19 | |
| Sales / total assets | 0.65 | — | 0.65 | |
| Altman Z-score | Safe zone | 5.25 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.78 | ||
Z and Z″ put BeOne Medicines Ltd. - Sponsored ADR in different zones: safe zone by Z, grey zone by Z″.
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 |
|---|---|
| ROIV Roivant Sciences Ltd. compare | 28.3× |
| ARGX argenex SE compare | 24.4× |
| INCY Incyte Corporation compare | 8.6× |
| RVMD Revolution Medicines, Inc. compare | 7.7× |
| ALNY Alnylam Pharmaceuticals, Inc. compare | 7.3× |
| ONC BeOne Medicines Ltd. - Sponsored ADR | 5.3× |
| GMAB Genmab A/S Sponsored ADR compare | 2.8× |
| RPRX Royalty Pharma PLC compare | 1.6× |
| BNTX BioNTech SE Sponsored ADR 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