BNR Nasdaq Services-Medical Laboratories Financials FY2018βFY2025
Burning Rock Biotech Ltd had $75.1M of revenue in fiscal 2025, up 4.7% on the year before. Over five years, revenue changed +3.8% a year on average.
Hi! I read Burning Rock Biotech Ltdβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+4.7%
Only a little. Sales grew 4.7% last year.
Does it make a profit?
β10.3%
No. It lost money last year.
Does profit turn into cash?
β6.2%
No. It spent more cash than it brought in.
How healthy are the accounts?
5 / 8
Mixed. It passes 5 of 8 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Burning Rock Biotech Ltd had $75.1M of revenue in fiscal 2025, up 4.7% on the year before. Over five years, revenue changed +3.8% a year on average. Its operating margin was β10.2%, up 59.2Β pts: of every 100 in sales, about β10 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Margins, % of revenue
KIRA Β· Burning Rock Biotech Ltd lost $7.7M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$4.7M in fiscal 2025, β6.2% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $11.6M of shares on the open market and sold none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$11.6M
1 insider
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 26, 2026 | Yusheng HanDirector | Bought | 24,900 | $8.00 | $0.2M | Form 4 |
| Jun 24, 2026 | Yusheng HanDirector | Bought | 250,000 | $8.00 | $2.0M | Form 4 |
| Jun 23, 2026 | Yusheng HanDirector | Bought | 5,990 | $7.50 | $0.0M | Form 4 |
| Jun 22, 2026 | Yusheng HanDirector | Bought | 104,650 | $7.45 | $0.8M | Form 4 |
| Jun 16, 2026 | Yusheng HanDirector | Bought | 111,110 | $9.00 | $1.0M | Form 4 |
| Jun 12, 2026 | Yusheng HanDirector | Bought | 210,000 | $9.25 | $1.9M | Form 4 |
| Jun 11, 2026 | Yusheng HanDirector | Bought | 24,760 | $8.74 | $0.2M | Form 4 |
| Mar 31, 2026 | Yusheng HanDirector | Bought | 314,870 | $17.36 | $5.5M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Burning Rock Biotech Ltd has $68.1M more cash than debt.
Cash, debt and the ratios that show how comfortably Burning Rock Biotech Ltd can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| 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 | β | $0.0M | $0.2M |
| Debt / equity | 0.0x | 0.0x | β | 0.0x | 0.0x |
| Interest coverage | β518.8x | β | β | β | β |
| 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 (β = net cash) | β$235M | β$131M | β | β$71.2M | β$68.1M |
KIRA Β· Its return on capital was β72.1%: every 100 invested in the business earned about β72 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Burning Rock Biotech Ltd passes 5 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 6 / 9 | 4 / 9 | 3 / 8 | 4 / 7 | 4 / 7 | 5 / 8 |
| Accruals ratio | β | 7.0% | β18.3% | β12.9% | β26.0% | β29.8% | β26.4% | β3.1% |
| Altman Z'' | β | β5.21 | 13.40 | 3.14 | β4.49 | β9.53 | β12.44 | β11.45 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β | β | β$0.1M | β$0.2M | $0.0M | $0.0M | $0.0M | β$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 | β$24.4M | β$24.5M | β$59.8M | β$124M | β$146M | β$94.5M | β$49.7M | β$7.6M |
| Interest expense | $2.7M | $1.3M | $0.1M | $0.2M | β | β | β | β |
| Pretax income | β$26.8M | β$24.5M | β$59.0M | β$123M | β$144M | β$92.0M | β$47.3M | β$7.5M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.1M | $0.3M | $0.3M | $0.8M | $0.2M |
| Net income | β$26.8M | β$24.5M | β$59.0M | β$124M | β$144M | β$92.3M | β$48.2M | β$7.7M |
| Net income to common | β$35.1M | β$48.4M | β$68.4M | β$124M | β$144M | β | β | β |
| Diluted EPS | β$15.69 | β$20.59 | $0.00 | $0.00 | β | β | β | β |
| Diluted shares | 0.00B | 0.00B | 0.00B | 0.00B | β | β | β | β |
| Cash flow | ||||||||
| Cash from operations | β$22.5M | β$33.0M | β$10.7M | β$74.1M | β$67.8M | β$36.1M | β$12.8M | β$4.0M |
| Capital expenditure | $3.5M | $6.2M | $8.7M | $31.7M | $9.2M | $1.1M | $0.8M | $0.7M |
| Free cash flow | β$26.0M | β$39.2M | β$19.4M | β$106M | β$77.1M | β$37.3M | β$13.6M | β$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 | β | β | β | β |
| Dividends and buybacks | $0.0M | $0.5M | $0.0M | $0.0M | β | β | β | β |
| Balance sheet | ||||||||
| Cash and short-term investments | $13.6M | $58.6M | $345M | $235M | $131M | $86.6M | $71.2M | $68.3M |
| Total debt | β | $3.0M | $1.1M | $0.4M | $0.0M | β | $0.0M | $0.2M |
| Current assets | β | $102M | $386M | $287M | $182M | $124M | $106M | $105M |
| Current liabilities | β | $23.6M | $36.9M | $58.6M | $59.6M | $37.1M | $36.5M | $35.3M |
| Inventory | β | $8.3M | $10.4M | $19.4M | $18.9M | $9.7M | $7.4M | $6.9M |
| Property and equipment, net | β | $12.8M | $17.1M | $51.2M | $36.5M | $18.6M | $6.5M | $4.4M |
| Intangible assets | β | $0.0M | $0.5M | $0.8M | $0.3M | $0.1M | $0.1M | $0.0M |
| Total assets | β | $122M | $407M | $359M | $230M | $146M | $121M | $117M |
| Total liabilities | β | $30.5M | $37.0M | $68.2M | $62.2M | $38.2M | $41.7M | $40.7M |
| Shareholders' equity | β$87.7M | β$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 | β77.3% | β44.3% | β95.9% | β156.9% | β174.1% | β124.5% | β69.3% | β10.2% |
| EBITDA margin | β65.5% | β36.1% | β88.2% | β147.5% | β152.0% | β99.7% | β59.2% | β6.1% |
| Net margin | β85.0% | β44.3% | β94.7% | β156.9% | β172.4% | β121.6% | β67.2% | β10.3% |
| FCF margin | β82.3% | β71.0% | β31.1% | β134.3% | β92.1% | β49.1% | β18.9% | β6.2% |
| Net interest share of revenue | β | β | β0.2% | β0.3% | 0.0% | 0.0% | 0.0% | β0.0% |
| Returns | ||||||||
| Return on capital | β | β | β180.5% | β175.9% | β313.8% | β | β469.8% | β72.1% |
| Return on capital employed | β | β24.9% | β16.1% | β41.2% | β85.4% | β86.4% | β58.6% | β9.3% |
| Return on equity | β | β | β48.7% | β37.4% | β62.9% | β66.9% | β51.3% | β9.9% |
| Return on assets | β | β20.1% | β22.3% | β32.3% | β49.0% | β49.0% | β36.0% | β6.5% |
| Return on tangible equity | β | β | β18.5% | β42.6% | β86.1% | β85.4% | β60.6% | β10.1% |
| Growth | ||||||||
| Revenue growth | β | 75.0% | 12.8% | 26.4% | 6.2% | β9.3% | β5.5% | 4.7% |
| Share count change | β | 4.9% | β100.0% | β | β | β | β | β |
| Financial health | ||||||||
| Debt / equity | β | β | 0.0x | 0.0x | 0.0x | β | 0.0x | 0.0x |
| Interest coverage | β9.0x | β18.8x | β618.5x | β518.8x | β | β | β | β |
| Current ratio | β | 4.3x | 10.4x | 4.9x | 3.1x | 3.4x | 2.9x | 3.0x |
| Quick ratio | β | 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 | β | β | 6.0 | 4.0 | 3.0 | 4.0 | 4.0 | 5.0 |
| Altman Z'' | β | β5.2 | 13.4 | 3.1 | β4.5 | β9.5 | β12.4 | β11.4 |
| Accruals ratio | β | 7.0% | β18.3% | β12.9% | β26.0% | β29.8% | β26.4% | β3.1% |
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 β not investment advice. Check the original filings before relying on any figure.
