MeritValue

BeOne Medicines Ltd.

ONCdata completeness 100%12 fiscal years on file
The thesis, from the filings

BeOne Medicines Ltd. earns about -49% on invested capital, but has diluted owners by 22% over 5 years — worth asking whether the growth reaches owners. 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$1.18B1$1.42B2$2.46B3$3.81B3$5.34B3
Net income−$1.46B4−$2B5−$881.7M6−$644.8M6$286.9M6
Operating cash flow−$1.3B7−$1.5B8−$1.16B9−$140.6M9$1.13B9
Capital expenditure$262.9M10$325.4M11$561.9M12$492.7M12$185.8M12
Free cash flow (derived)−$1.56B7−$1.82B8−$1.72B9−$633.3M9$941.7M9
Total debt$629.7M13$538.1M14$886M15$1.02B16$1.86B16
Cash & equivalents$4.38B17$3.87B18$3.17B19$2.63B19$4.55B19
Diluted shares1.21B1.34B1.36B1.37B1.47B

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

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$29.57
your share of equity
Profit it earned you last year
$1.95
Free cash flow it threw off
$6.39
Debt you’d be carrying
$12.64

10 shares is a claim on $29.57 of net worth that earned you $1.95 and generated $6.39 of cash last year, against $12.64 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-49% avg · 5y
FY21 -47%FY22 -146%FY23 -51%FY24 -22%FY25 19%

It earned an average -49% 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
+22% shares · 5y

Share count is up 22% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 196% over the same window.

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
$3.56
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001651308-24-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001651308-25-000031 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-011946 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001651308-24-000014 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001651308-25-000031 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-011946 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001651308-24-000014 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001651308-25-000031 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-011946 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001651308-24-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001651308-25-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-011946 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001651308-23-000036 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001651308-24-000014 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001651308-25-000031 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-011946 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001651308-24-000014 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001651308-25-000031 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001628280-26-011946 (CashAndCashEquivalentsAtCarryingValue)