Burning Rock Biotech Ltd
BNR Nasdaq Services-Medical Laboratories Financials FY2018โFY2025
Revenue
Total sales reported in the income statement.
$75.1M
4.7%
vs prior year
Operating margin
Operating income as a share of revenue.
โ10.2%
59.2ย pts
Net income
Profit after all expenses, interest and tax.
โ$7.7M
Free cash flow
Cash from operations minus capital spending.
โ$4.7M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ72.1%
397.8ย pts
Market cap
Last close times the latest diluted share count, so it is approximate.
โ
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
What Burning Rock Biotech Ltd does
No business description yet.
- Legal name
- Burning Rock Biotech Ltd
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F ยท Apr 28, 2026
- Accession ยท CIK
- 0001193125-26-183377
0001792267
Revenue and margins
Burning Rock Biotech Ltd had $75.1M of revenue in fiscal 2025, up 4.7% on the year before.
FY18
Revenue $31.6M
FY19
Revenue $55.2M
FY20
Revenue $62.3M
FY21
Revenue $78.7M
FY22
Revenue $83.7M
FY23
Revenue $75.9M
FY24
Revenue $71.7M
FY25
Revenue $75.1M
FY18
Gross 64.7%
Operating โ77.3%
Net โ85.0%
FCF โ82.3%
FY19
Gross 71.6%
Operating โ44.3%
Net โ44.3%
FCF โ71.0%
FY20
Gross 73.0%
Operating โ95.9%
Net โ94.7%
FCF โ31.1%
FY21
Gross 71.7%
Operating โ156.9%
Net โ156.9%
FCF โ134.3%
FY22
Gross 67.5%
Operating โ174.1%
Net โ172.4%
FCF โ92.1%
FY23
Gross 67.6%
Operating โ124.5%
Net โ121.6%
FCF โ49.1%
FY24
Gross 70.3%
Operating โ69.3%
Net โ67.2%
FCF โ18.9%
FY25
Gross 74.7%
Operating โ10.2%
Net โ10.3%
FCF โ6.2%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY18
Net income โ$26.8M
FY19
Net income โ$24.5M
FY20
Net income โ$59.0M
FY21
Net income โ$124M
FY22
Net income โ$144M
FY23
Net income โ$92.3M
FY24
Net income โ$48.2M
FY25
Net income โ$7.7M
FY18
Diluted EPS โ$15.69
FY19
Diluted EPS โ$20.59
FY20
Diluted EPS $0.00
FY21
Diluted EPS $0.00
FY22
Diluted EPS โ
FY23
Diluted EPS โ
FY24
Diluted EPS โ
FY25
Diluted EPS โ
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital โ
Return on equity โ
Return on assets โ
FY19
Return on capital โ
Return on equity โ
Return on assets โ20.1%
FY20
Return on capital โ180.5%
Return on equity โ48.7%
Return on assets โ22.3%
FY21
Return on capital โ175.9%
Return on equity โ37.4%
Return on assets โ32.3%
FY22
Return on capital โ313.8%
Return on equity โ62.9%
Return on assets โ49.0%
FY23
Return on capital โ
Return on equity โ66.9%
Return on assets โ49.0%
FY24
Return on capital โ469.8%
Return on equity โ51.3%
Return on assets โ36.0%
FY25
Return on capital โ72.1%
Return on equity โ9.9%
Return on assets โ6.5%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ$4.7M in fiscal 2025, โ6.2% of revenue. Cash from operations minus capital spending.
FY18
Free cash flow โ$26.0M
FY19
Free cash flow โ$39.2M
FY20
Free cash flow โ$19.4M
FY21
Free cash flow โ$106M
FY22
Free cash flow โ$77.1M
FY23
Free cash flow โ$37.3M
FY24
Free cash flow โ$13.6M
FY25
Free cash flow โ$4.7M
FY18
Cash from operations โ$22.5M
Capital spending $3.5M
FY19
Cash from operations โ$33.0M
Capital spending $6.2M
FY20
Cash from operations โ$10.7M
Capital spending $8.7M
FY21
Cash from operations โ$74.1M
Capital spending $31.7M
FY22
Cash from operations โ$67.8M
Capital spending $9.2M
FY23
Cash from operations โ$36.1M
Capital spending $1.1M
FY24
Cash from operations โ$12.8M
Capital spending $0.8M
FY25
Cash from operations โ$4.0M
Capital spending $0.7M
Cash from operations
Capital spending
Dividends, buybacks and share count
Burning Rock Biotech Ltd returned โ to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY18
Dividends โ
Buybacks $0.0M
FY19
Dividends โ
Buybacks $0.5M
FY20
Dividends โ
Buybacks $0.0M
FY21
Dividends โ
Buybacks $0.0M
FY22
Dividends โ
Buybacks โ
FY23
Dividends โ
Buybacks โ
FY24
Dividends โ
Buybacks โ
FY25
Dividends โ
Buybacks โ
Dividends
Buybacks
FY18
Diluted shares 0.00B
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.00B
FY21
Diluted shares 0.00B
FY22
Diluted shares โ
FY23
Diluted shares โ
FY24
Diluted shares โ
FY25
Diluted shares โ
Balance sheet
Cash, debt and the ratios that show how comfortably Burning Rock Biotech Ltd can carry it.
FY18
Cash $13.6M
Debt โ
FY19
Cash $58.6M
Debt $3.0M
FY20
Cash $345M
Debt $1.1M
FY21
Cash $235M
Debt $0.4M
FY22
Cash $131M
Debt $0.0M
FY23
Cash $86.6M
Debt โ
FY24
Cash $71.2M
Debt $0.0M
FY25
Cash $68.3M
Debt $0.2M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $235M | $131M | $86.6M | $71.2M | $68.3M |
| Debt incl. finance leases | $0.4M | $0.0M | โ | $0.0M | $0.2M |
| Debt / equity | 0.0x | 0.0x | โ | 0.0x | 0.0x |
| Interest coverage | โ518.8x | โ | โ | โ | โ |
| Current ratio | 4.9x | 3.1x | 3.4x | 2.9x | 3.0x |
| Quick ratio | 4.6x | 2.7x | 3.1x | 2.7x | 2.8x |
| Total assets | $359M | $230M | $146M | $121M | $117M |
| Total liabilities | $68.2M | $62.2M | $38.2M | $41.7M | $40.7M |
| Shareholders' equity | $290M | $168M | $108M | $79.6M | $76.5M |
| Net debt (โ = net cash) | โ$235M | โ$131M | โ | โ$71.2M | โ$68.1M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ | โ | โ | โ |
| F-score | โ / 3 | โ / 5 | 6 / 9 | 4 / 9 | 3 / 8 | 4 / 7 | 4 / 7 | 5 / 8 |
| Accruals ratio | โ | 7.0% | โ18.3% | โ12.9% | โ26.0% | โ29.8% | โ26.4% | โ3.1% |
| Altman Z'' | โ | โ5.21 | 13.40 | 3.14 | โ4.49 | โ9.53 | โ12.44 | โ11.45 |
8 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $31.6M | $55.2M | $62.3M | $78.7M | $83.7M | $75.9M | $71.7M | $75.1M |
| Net interest income | โ | โ | โ$0.1M | โ$0.2M | $0.0M | $0.0M | $0.0M | โ$0.0M |
| Gross profit | $20.4M | $39.6M | $45.5M | $56.5M | $56.4M | $51.3M | $50.4M | $56.1M |
| Research and development | $15.9M | $22.7M | $38.2M | $57.0M | $62.7M | $49.0M | $32.3M | $23.2M |
| Operating income | โ$24.4M | โ$24.5M | โ$59.8M | โ$124M | โ$146M | โ$94.5M | โ$49.7M | โ$7.6M |
| Interest expense | $2.7M | $1.3M | $0.1M | $0.2M | โ | โ | โ | โ |
| Pretax income | โ$26.8M | โ$24.5M | โ$59.0M | โ$123M | โ$144M | โ$92.0M | โ$47.3M | โ$7.5M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.1M | $0.3M | $0.3M | $0.8M | $0.2M |
| Net income | โ$26.8M | โ$24.5M | โ$59.0M | โ$124M | โ$144M | โ$92.3M | โ$48.2M | โ$7.7M |
| Net income to common | โ$35.1M | โ$48.4M | โ$68.4M | โ$124M | โ$144M | โ | โ | โ |
| Diluted EPS | โ$15.69 | โ$20.59 | $0.00 | $0.00 | โ | โ | โ | โ |
| Diluted shares | 0.00B | 0.00B | 0.00B | 0.00B | โ | โ | โ | โ |
| Cash flow | ||||||||
| Cash from operations | โ$22.5M | โ$33.0M | โ$10.7M | โ$74.1M | โ$67.8M | โ$36.1M | โ$12.8M | โ$4.0M |
| Capital expenditure | $3.5M | $6.2M | $8.7M | $31.7M | $9.2M | $1.1M | $0.8M | $0.7M |
| Free cash flow | โ$26.0M | โ$39.2M | โ$19.4M | โ$106M | โ$77.1M | โ$37.3M | โ$13.6M | โ$4.7M |
| Depreciation and amortization | $3.7M | $4.5M | $4.8M | $7.4M | $18.4M | $18.8M | $7.3M | $3.0M |
| Stock-based compensation | $0.8M | $3.3M | $25.1M | $43.8M | $48.5M | $36.8M | $21.6M | $1.9M |
| Share buybacks | $0.0M | $0.5M | $0.0M | $0.0M | โ | โ | โ | โ |
| Dividends and buybacks | $0.0M | $0.5M | $0.0M | $0.0M | โ | โ | โ | โ |
| Balance sheet | ||||||||
| Cash and short-term investments | $13.6M | $58.6M | $345M | $235M | $131M | $86.6M | $71.2M | $68.3M |
| Total debt | โ | $3.0M | $1.1M | $0.4M | $0.0M | โ | $0.0M | $0.2M |
| Current assets | โ | $102M | $386M | $287M | $182M | $124M | $106M | $105M |
| Current liabilities | โ | $23.6M | $36.9M | $58.6M | $59.6M | $37.1M | $36.5M | $35.3M |
| Inventory | โ | $8.3M | $10.4M | $19.4M | $18.9M | $9.7M | $7.4M | $6.9M |
| Property and equipment, net | โ | $12.8M | $17.1M | $51.2M | $36.5M | $18.6M | $6.5M | $4.4M |
| Intangible assets | โ | $0.0M | $0.5M | $0.8M | $0.3M | $0.1M | $0.1M | $0.0M |
| Total assets | โ | $122M | $407M | $359M | $230M | $146M | $121M | $117M |
| Total liabilities | โ | $30.5M | $37.0M | $68.2M | $62.2M | $38.2M | $41.7M | $40.7M |
| Shareholders' equity | โ$87.7M | โ$128M | $370M | $290M | $168M | $108M | $79.6M | $76.5M |
| Margins | ||||||||
| Gross margin | 64.7% | 71.6% | 73.0% | 71.7% | 67.5% | 67.6% | 70.3% | 74.7% |
| Operating margin | โ77.3% | โ44.3% | โ95.9% | โ156.9% | โ174.1% | โ124.5% | โ69.3% | โ10.2% |
| EBITDA margin | โ65.5% | โ36.1% | โ88.2% | โ147.5% | โ152.0% | โ99.7% | โ59.2% | โ6.1% |
| Net margin | โ85.0% | โ44.3% | โ94.7% | โ156.9% | โ172.4% | โ121.6% | โ67.2% | โ10.3% |
| FCF margin | โ82.3% | โ71.0% | โ31.1% | โ134.3% | โ92.1% | โ49.1% | โ18.9% | โ6.2% |
| Net interest share of revenue | โ | โ | โ0.2% | โ0.3% | 0.0% | 0.0% | 0.0% | โ0.0% |
| Returns | ||||||||
| Return on capital | โ | โ | โ180.5% | โ175.9% | โ313.8% | โ | โ469.8% | โ72.1% |
| Return on capital employed | โ | โ24.9% | โ16.1% | โ41.2% | โ85.4% | โ86.4% | โ58.6% | โ9.3% |
| Return on equity | โ | โ | โ48.7% | โ37.4% | โ62.9% | โ66.9% | โ51.3% | โ9.9% |
| Return on assets | โ | โ20.1% | โ22.3% | โ32.3% | โ49.0% | โ49.0% | โ36.0% | โ6.5% |
| Return on tangible equity | โ | โ | โ18.5% | โ42.6% | โ86.1% | โ85.4% | โ60.6% | โ10.1% |
| Growth | ||||||||
| Revenue growth | โ | 75.0% | 12.8% | 26.4% | 6.2% | โ9.3% | โ5.5% | 4.7% |
| Share count change | โ | 4.9% | โ100.0% | โ | โ | โ | โ | โ |
| Financial health | ||||||||
| Debt / equity | โ | โ | 0.0x | 0.0x | 0.0x | โ | 0.0x | 0.0x |
| Interest coverage | โ9.0x | โ18.8x | โ618.5x | โ518.8x | โ | โ | โ | โ |
| Current ratio | โ | 4.3x | 10.4x | 4.9x | 3.1x | 3.4x | 2.9x | 3.0x |
| Quick ratio | โ | 3.9x | 10.2x | 4.6x | 2.7x | 3.1x | 2.7x | 2.8x |
| Capital allocation | ||||||||
| Capex / revenue | 11.1% | 11.3% | 14.0% | 40.2% | 11.0% | 1.5% | 1.1% | 1.0% |
| Stock comp / revenue | 2.4% | 6.0% | 40.3% | 55.6% | 58.0% | 48.5% | 30.2% | 2.6% |
| Quality scores | ||||||||
| Piotroski F-score | โ | โ | 6.0 | 4.0 | 3.0 | 4.0 | 4.0 | 5.0 |
| Altman Z'' | โ | โ5.2 | 13.4 | 3.1 | โ4.5 | โ9.5 | โ12.4 | โ11.4 |
| Accruals ratio | โ | 7.0% | โ18.3% | โ12.9% | โ26.0% | โ29.8% | โ26.4% | โ3.1% |
Source: SEC EDGAR XBRL filings (CIK 0001792267). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. Per-share figures are per US-listed share (1 ADS = 10 ordinary shares). For information only โ not investment advice. Check the original filings before relying on any figure.