MeritValue

Burning Rock Biotech Ltd

BNRdata completeness 75%6 fiscal years on file
The thesis, from the filings

Burning Rock Biotech Ltd earns about -261% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$79.7M1$81.7M2$75.7M3$70.7M4$77.2M5
Net income−$125M6−$140.8M7−$92.1M8−$47.5M9−$7.92M10
Operating cash flow−$75M11−$66.2M12−$36M13−$12.6M14−$4.07M15
Capital expenditure$32.1M16$8.99M17$1.14M18$742,00019$751,00020
Free cash flow (derived)−$107.1M11−$75.2M12−$37.2M13−$13.4M14−$4.82M15
Total debt$372,00021$022———
Cash & equivalents$224.6M23$131.3M24$86.6M25$71.2M26$68.4M27
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
-261% avg · 5y
FY21 -151%FY22 -303%FY23 -336%FY24 -441%FY25 -75%

It earned an average -261% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has fallen 100% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001193125-22-133522 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001193125-23-108289 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001193125-24-119655 (Revenues)
  4. 20-F · period ending 2024-12-31 · accession 0001193125-25-101753 (Revenues)
  5. 20-F · period ending 2025-12-31 · accession 0001193125-26-183377 (Revenues)
  6. 20-F · period ending 2021-12-31 · accession 0001193125-22-133522 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001193125-23-108289 (NetIncomeLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001193125-24-119655 (NetIncomeLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001193125-25-101753 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001193125-26-183377 (NetIncomeLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001193125-22-133522 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001193125-23-108289 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001193125-24-119655 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001193125-25-101753 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001193125-26-183377 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001193125-22-133522 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001193125-23-108289 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-12-31 · accession 0001193125-24-119655 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2024-12-31 · accession 0001193125-25-101753 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001193125-26-183377 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2021-12-31 · accession 0001193125-22-133522 (ShortTermBorrowings)
  22. 20-F · period ending 2022-12-31 · accession 0001193125-23-108289 (ShortTermBorrowings)
  23. 20-F · period ending 2021-12-31 · accession 0001193125-22-133522 (CashAndCashEquivalentsAtCarryingValue)
  24. 20-F · period ending 2022-12-31 · accession 0001193125-23-108289 (CashAndCashEquivalentsAtCarryingValue)
  25. 20-F · period ending 2023-12-31 · accession 0001193125-24-119655 (CashAndCashEquivalentsAtCarryingValue)
  26. 20-F · period ending 2024-12-31 · accession 0001193125-25-101753 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2025-12-31 · accession 0001193125-26-183377 (CashAndCashEquivalentsAtCarryingValue)