QualityDipStocks / Health Care · Pharmaceuticals
BeOne Medicines ONC
Not in a dip by our rules: 4% below its 52-week high.
A quality company trading near our fair value estimate.
- Fair value est.
- $354.40−4%
- Market Value
- $361.93price +2%
- Off 52-wk high
- −4%
- Risk vs market
- Below marketbeta 0.80
5 bullish · 5 bearish See why
Key levels
Every level vs today’s $370.33
- 52-wk lowlowest close, 1 year$260.27−29.7%
- Fair value est.base case$354.40−4.3%
- Market Valueavg paid since Aug 26$361.93−2.3%
- PriceFri Oct 30 close$370.33you are here
- 52-wk highhighest close, 1 year$386.46+4.4%
Fair value estimate
How the range is computed
Ten-year free-cash-flow DCF. Same 10-year free-cash-flow model as the base: discount rate 9.5% ±1 point and growth 15.0% ±2 points. Bear = 10.5% and 13.0%; bull = 8.5% and 17.0% (both fade to 3%). A model estimate from public filings, not a forecast of where the price will go.
Price sits inside the range.
What the price implies To be worth today’s price, ONC’s free cash flow would need to grow about 16% a year for five years; our estimate uses 15%.
Risk vs market
How risk vs market is measured
One year of daily returns (Oct 30 to Oct 30, 252 sessions). Beta = how much ONC moved for each 1% move in the S&P 500 (SPY); 1.0 moves with the market. Volatility is the yearly standard deviation of daily returns. Past behavior, not a forecast.
Moves a bit less than the market, and its own price swings are 2.8× the S&P 500’s.
- Beta vs S&P 500
- 0.80
- Volatility
- 35% vs 13% SPY
- Correlation SPY
- 0.29
- Correlation QQQ
- 0.23
Bull vs bear
Rule-based from the data on this page, strongest first. Not advice.
Top bullish points 5 of 5
ProfitabilityOperating margin widened to 8.4% in FY2025 from −49.1% in FY2023 (SEC filings).
ProfitabilityReturn on invested capital of 75%, above the 9.5% discount rate our DCF uses.
GrowthSales compounded 56% a year from FY2022 to FY2025.
Cash returnsFree cash flow grew 443% over the last 12 months vs the 12 months before.
GrowthSales grew 34% to $6.1B over the last 12 months vs the 12 months before (SEC filings).
Top bearish points 5 of 5
ValuationP/E of 65.4× vs a 29.2× median for the 86 Health Care companies we cover.
ValuationEV/EBITDA of 35.8×, above the 17.0× median for the 55 Health Care companies we cover.
Cash returnsShare count up 2.9% over 12 months, above the −1.0% median for the 93 Health Care companies we cover.
ValuationPrice / book of 8.3×, above the 5.2× median for the 93 Health Care companies we cover.
RiskReports earnings Nov 5 (consensus EPS $2.34): results can move the price sharply and reset Market Value.
Who’s talking about it
Notable investors, executives, analysts and public figures on BeOne Medicines in the last 48 hours. Headlines as published, each linked. Their words, not ours.
No notable mentions in the last 48 hours. Checked Nov 1, 9:09 PM ET.
Compare with peers
Closest in size in Pharmaceuticals
All fundamentals
P/E 65.4 · FCF yield 3.1% · ROE 15%
Valuation
- P/E
- 65.4×Health Care median 29.2×
- Price / FCF
- 32.2×
- FCF yield
- 3.1%
- EV / EBITDA
- 35.8×
- Price / sales
- 7.00×
- Price / book
- 8.29×
- Market cap
- $42.9Bprice × diluted shares
- Enterprise value
- $38.6B
Growth
- Revenue, 12 months
- $6.1B
- Sales growth, 12 months
- +34.3%vs the 12 months before
- Sales growth, 3 yrs
- +55.7%/yrfrom FY2022
- Diluted EPS, 12 months
- $0.43
- EPS growth, last FY
- n/afewer than two years of diluted EPS
- Net income, 12 months
- $656M
- Net income growth
- n/anot reported in its SEC filings
Profitability
- Gross margin
- 88.9%
- Operating margin
- 15.1%
- Net margin
- 10.7%
- FCF margin
- 21.7%
- Return on equity
- 15%
- Return on invested capital
- 75%
Balance sheet
- Cash & short-term inv.
- $5.1B
- Total debt
- $860M
- Net cash
- $4.2B
- Debt / equity
- 0.17×
- Interest coverage
- 8.0×operating income / interest
Cash flow & returns
- Free cash flow, 12 months
- $1.3B
- FCF growth, 12 months
- +443%
- Dividend yield
- 0%
- Payout ratio
- n/anot reported in its SEC filings
- Buybacks, 12 months
- n/anot reported in its SEC filings
- Share count, 1 year
- +2.9%diluted shares vs a year ago
- Stock-based comp
- $525M
Trailing 12 months to Jun 30, 2026; balance sheet at Jun 30, 2026. From BeOne Medicines’s SEC filings. Sparklines show up to six fiscal years. n/a means we don’t hold that number, with the reason. How each is computed.
Valuation details
DCF $354.40 · MV $361.93 · FCF value $287.40
Assumes 15.0% growth for 5 years (revenue grew 55.7% a year FY22–FY25; capped at 15%), fading to 3%; 9.5% discount rate, 3% terminal growth. FCF base $11.49 a share (trailing 12 months to Jun 30, 2026, 13 shares per ADR), from the 10-Q filed Aug 5, 2026. Net cash $4.2B, not added.
Setup & signals
No setup armed
No setup armed, so there’s no trigger or stop to track yet. Reversal signal rules only arm once a company is in a dip.
Momentum & 52-week range
RSI 53 · 5 days −1.9%
The business
FCF $1.3B · Sales +30%
- Free cash flow, 12 months$1.3B
- Free-cash-flow yield3.1%
- Free-cash-flow margin21%
- Gross margin89%
- Operating margin15%
- Return on invested capital12%
- Return on equity15%
- Sales growth (latest quarter vs year-ago quarter)+30%
- Net debt / EBITDA−3.5×
Next report
Nov 5
- DateThu Nov 5, before the open
- Consensus EPS$2.34
- Year-ago EPS$1.09
- QuarterSep/2026
From Nasdaq’s earnings calendar. A report resets Market Value.
Information only, not investment advice. Fair value estimates and talking points are rule-based model output from public data and can be wrong; stop levels are reference points, not orders. How every number is computed.
Get a text when ONC fires a reversal signal
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