Latest Ratios: P/E Ratio -1.4x · EV/EBITDA N/A · ROE -9.9%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11M | $22M | $69M | $95M | $234M | $993M | $1.6B | — | — | — |
| Enterprise Value | $-53613098 | $-416514929 | $-398046841 | $-507543218 | $-620868863 | $-351531094 | $-262970512 | — | — | — |
| P/E Ratio → | -1.41 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.14 | 0.04 | 0.13 | 0.18 | 0.42 | 1.96 | 3.69 | — | — | — |
| P/B Ratio | 0.14 | 0.04 | 0.12 | 0.12 | 0.20 | 0.54 | 0.65 | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.77 | -0.77 | -0.94 | -1.10 | -0.69 | -0.61 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.7% | 74.7% | 70.3% | 67.6% | 67.5% | 71.7% | 73.0% | 71.6% | 64.7% | 64.5% |
| Operating Margin | -10.2% | -10.2% | -69.3% | -124.5% | -174.1% | -156.9% | -95.9% | -44.3% | -77.3% | -108.7% |
| Net Profit Margin | -10.3% | -10.3% | -67.2% | -121.6% | -172.4% | -156.9% | -94.7% | -44.1% | -85.0% | -118.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -9.9% | -9.9% | -51.4% | -67.9% | -64.7% | -37.3% | -53.3% | — | — | -77.9% |
| ROA | -6.5% | -6.5% | -36.0% | -49.8% | -50.2% | -32.2% | -23.2% | -27.6% | -45.9% | -32.8% |
| ROIC | -39.1% | -39.1% | -192.3% | -213.9% | -182.8% | -111.4% | — | — | — | — |
| ROCE | -9.2% | -9.2% | -51.2% | -68.6% | -63.6% | -36.8% | -26.6% | -43.9% | -78.7% | -37.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.08 | 0.08 | 0.09 | 0.02 | 0.04 | 0.05 | 0.02 | — | — | 1.00 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.82 | -0.80 | -0.78 | -0.74 | -0.73 | -0.76 | — | — | 0.68 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1792.00 | -1792.00 | — | — | — | -517.10 | -609.55 | -17.82 | -8.89 | -12.26 |
Net cash position: cash ($481M) exceeds total debt ($43M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.99 | 2.99 | 2.92 | 3.36 | 3.06 | 4.89 | 10.45 | 4.30 | 1.03 | 3.83 |
| Quick Ratio | 2.76 | 2.76 | 2.71 | 3.09 | 2.74 | 4.56 | 10.17 | 3.94 | 0.86 | 3.61 |
| Cash Ratio | 1.95 | 1.95 | 1.95 | 2.34 | 2.20 | 4.02 | 9.35 | 2.48 | 0.46 | 2.43 |
| Asset Turnover | — | 0.66 | 0.58 | 0.52 | 0.35 | 0.22 | 0.16 | 0.45 | 0.56 | 0.28 |
| Inventory Turnover | 2.40 | 2.40 | 2.85 | 2.52 | 1.41 | 1.17 | 1.71 | 1.86 | 1.50 | 2.35 |
| Days Sales Outstanding | — | 123.14 | 122.73 | 101.61 | 110.32 | 116.02 | 94.03 | 85.81 | 62.07 | 135.38 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 7.3% | 30.7% | 0.4% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.1% | 7.3% | 30.7% | 0.4% | 0.0% | — | — | — |
| Shares Outstanding | — | $1M | $10M | $10M | $10M | $10M | $7M | $2M | $2M | $2M |
Regulatory pricing and VBP
Based on reported figures, Burning Rock's P/S ratio of 0.11 suggests the market assigns a significant discount compared to US-based peers like Exact Sciences, likely reflecting geopolitical risk and the potential for margin compression within the Chinese healthcare system's evolving regulatory and reimbursement landscape.
The current valuation appears to price in a permanent impairment of growth prospects, ignoring the potential long-term value of the company's installed base in Tier 3A hospitals. Investors should monitor whether this low multiple represents a value opportunity or a rational response to the high probability of future price-taking behavior under government-led procurement.
According to recent financial statements, Burning Rock's ROIC has remained persistently negative, hovering at -8.4% in 2025Q4, which indicates that the company has yet to achieve the scale necessary to generate returns that exceed its cost of capital despite significant historical R&D investment.
The trend of negative returns on invested capital suggests that the company's aggressive expansion into the in-hospital model has not yet translated into a self-sustaining economic moat. This warrants further investigation into whether the current asset base can eventually drive positive returns or if the business model is structurally limited by high maintenance capital requirements.
As reported in financial filings, the company's cash conversion cycle remains elevated at 198 days in 2025Q4, driven by high days sales outstanding and inventory levels that reflect the inherent friction of operating within the Chinese public hospital procurement and payment system.
The persistent length of the cash conversion cycle suggests that Burning Rock faces significant structural challenges in converting its diagnostic services into cash. This inefficiency appears to be a primary driver of the disconnect between reported revenue and actual cash flow, necessitating close monitoring of accounts receivable aging.
Based on an analysis of the business model, the P/E ratio is a fundamentally misapplied metric for Burning Rock, as it obscures the company's transition from a high-burn R&D phase to a potential cash-flow-positive stage where non-cash expenses like stock-based compensation distort earnings.
Investors should instead focus on the evolution of the company's free cash flow and the growth of its installed hospital base, which provide a more accurate picture of operational health. Relying on P/E multiples in this context may lead to erroneous conclusions regarding the company's true earning power and long-term viability.
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying BNR stock.
Burning Rock Biotech Limited's current P/E ratio is -1.4x. This places it at the 50th percentile of its historical range.
Burning Rock Biotech Limited's return on equity (ROE) is -9.9%. The historical average is -51.8%.
Based on historical data, Burning Rock Biotech Limited is trading at a P/E of -1.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Burning Rock Biotech Limited has 74.7% gross margin and -10.2% operating margin.