BEONE MEDICINES LTD.
ONC · Healthcare · $449.6B mkt cap · FY2025 filings · Shallow moat ·
Doesn't clear the bar
The four filters
Median gross margin 85.0% over 10y, stable.
Median ROIC -43.4%, above the 9% hurdle in 10% of years.
Net cash position — no leverage risk.
Owner earnings trend unclear, share count growing (dilution).
Margin of safety
- Owner earnings (normalized)
- —
- Est. intrinsic value / share
- —
- Recent price
- $312.02
- Discount to value
- No price data
Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).
13 years of fundamentals
The business, in plain English
BEONE MEDICINES LTD. booked $5.3B of revenue in FY2025 in the Healthcare sector and kept 87.5% of it as gross profit — a high-margin business by that measure. After every other cost, 5.4% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $13.0M (FY2014) to $5.3B (FY2025) — about 72.8% a year compounded over 11 years.
It earned 36.6% on invested capital in FY2025, with a median of −43.4% across 10 filed years. The Returns on Capital filter above scores it 4/100.
The balance sheet carried $1.0B of total debt in FY2025 against $286.9M of owner earnings — roughly 3.6 years of owner earnings to retire it all. Balance-Sheet Safety scores it 69/100.
The share count rose 1140.4% between FY2015 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.
Put together: Pricing Power is the strongest of the four filters (94/100) and Returns on Capital the weakest (4/100), which is how ONC lands at 48/100 — a Shallow moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in ONC’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
None yet — ONC has read Shallow moat for every logged capture since Jul 17, 2026.
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Healthcare context
#132 of 440 scored Healthcare companies, ranked by Moat Score.
Nearest peers by Moat Score
- #130NEPH NEPHROS, INC.48.0 out of 100, Shallow moatShallow moat
- #131PAHC Phibro Animal Health Corporation47.9 out of 100, Shallow moatShallow moat
- #133TEVA TEVA PHARMACEUTICAL INDUSTRIES LIMITED47.8 out of 100, Shallow moatShallow moat
- #134ROP ROPER TECHNOLOGIES INC47.5 out of 100, Shallow moatShallow moat
Compare ONC with its nearest peers →All Healthcare companies on the Index →
Common questions about ONC
- Does BEONE MEDICINES LTD. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores BEONE MEDICINES LTD. (ONC) 47.9 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 94, returns on capital 4, balance-sheet safety 69, capital discipline 24.
- How has ONC's Moat Score changed over time?
- The record logs 3 readings since Jul 17, 2026; the latest reads 47.9 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.