Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Burning Rock Biotech Ltd files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
65.9
79.7
81.7
75.7
70.7
77.2
Cost of revenue
17.8
22.6
26.6
24.5
21
19.5
Gross profit
48.1
57.1
55.1
51.2
49.6
57.6
Research and development
40.5
57.7
61.2
48.9
31.8
23.8
Selling and marketing
25.8
47.6
53.7
34.9
26.2
23.6
General and administrative
45
76.9
82.4
61.7
35.8
18
Operating income
-63.2
-125
-142
-94.3
-49
-7.84
Interest expense
0.1
0.24
Pre-tax income
-62.4
-125
-141
-91.7
-46.7
-7.69
Income tax
0
0.14
0.29
0.34
0.81
0.22
Net income
-62.4
-125
-141
-92.1
-47.5
-7.92
EBITDA
-58.1
-118
-124
-75.5
-41.8
-4.73
EPS, basic
0.00
0.00
EPS, diluted
0.00
0.00
Shares, basic (weighted)
0
0
Shares, diluted (weighted)
0
0
Balance sheet
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
290
225
131
86.6
71.2
68.4
Short-term investments
55.5
10
0
Receivables
13.5
14.5
15.9
17.9
20.8
24.3
Inventory
10.4
19.3
18.9
9.72
8.58
6.95
Other current assets
2.27
4.82
2.98
2.23
1.62
0.71
Total current assets
387
286
183
125
106
106
Property, plant and equipment
17.1
51.1
36.5
18.6
6.46
4.45
Lease right-of-use assets
12.7
6.99
1.73
7.29
6.12
Intangible assets
0.53
0.81
0.29
0.14
0.06
0.04
Other non-current assets
3.53
7.08
3.03
0.72
1.09
1.09
Total assets
408
358
230
146
121
117
Accounts payable
5.44
9.9
7.39
2.54
4.62
5.83
Accrued liabilities
6.05
11.8
10.3
7.16
6.45
6.23
Deferred revenue
11.4
22.4
21.4
18.4
16.2
15.4
Short-term debt
1.13
0.37
0
Total current liabilities
37
58.4
59.7
37.1
36.5
35.3
Long-term debt
0
0.24
Lease liabilities
7.74
1.97
0.52
3.8
3.5
Other non-current liabilities
0.04
1.85
0.6
0.64
1.43
1.71
Total liabilities
37.1
68
62.2
38.3
41.7
40.8
Total debt
0
0.24
Paid-in capital
614
672
664
683
685
716
Retained earnings
-217
-350
-464
-543
-575
-609
Treasury stock
-8.54
-9.28
-8.67
-8.18
Other comprehensive income
-25.7
-32.5
-24
-22.8
-21.7
-23.2
Shareholders' equity
371
290
168
108
79.6
76.5
Total equity
371
290
168
108
79.6
76.5
Total liabilities and equity
408
358
230
146
121
117
Shares outstanding
0
Cash flow statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-62.4
-125
-141
-92.1
-47.5
-7.92
Depreciation and amortization
5.11
7.5
18
18.8
7.15
3.11
Stock-based compensation
26.5
44.3
47.4
36.7
21.3
1.98
Deferred income tax
0
0
0
Change in receivables
-2
-2.97
-3.12
-1.75
-4.47
-4.43
Change in inventory
-1.45
-10.5
-3.14
8.07
0.34
0.36
Cash from operations
-11.3
-75
-66.2
-36
-12.6
-4.07
Capital expenditures
-9.24
-32.1
-8.99
-1.14
-0.74
-0.75
Purchases of investments
-53.4
-10
0
0
Cash from investing
-16.8
12.8
-1.08
-1.31
-0.6
-0.63
Debt issued
2.79
0
0
0.29
Debt repaid
-5.44
0
0
-0.01
Share buybacks
0
0
Cash from financing
332
-8.3
-12.5
-6.88
-0.01
0.27
Net change in cash
280
-76.3
-74.5
-43.7
-12.7
-5.87
Free cash flow
-20.5
-107
-75.2
-37.2
-13.4
-4.82
Interest paid
0.54
0.24
0.13
0
0
0
Income taxes paid
0.17
0.01
0
0
0
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $18.60 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
74.7%
Gross profit / revenue.
Operating margin
-10.2%
Operating income / revenue.
EBITDA margin
-6.1%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-10.0%
Pre-tax income / revenue.
Net margin
-10.3%
Net income / revenue.
FCF margin
-6.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-5.3%
Cash from operations / revenue.
Return on equity (ROE)
-10.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-6.6%
Net income / average total assets.
Return on invested capital (ROIC)
-74.1%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
30.9%
Research and development expense / revenue.
Stock-based pay / revenue
2.6%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.0%
Capital expenditures / revenue.
D&A / revenue
4.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
9.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-1.9%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
3.2%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
16.0%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
1.5%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
3.7%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-3.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-23.0%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-27.1%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-3.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-20.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-22.1%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.99x
Current assets / current liabilities.
Quick ratio
2.62x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.94x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.00x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
0.2%
Total debt / total assets.
Liabilities / assets
34.8%
Total liabilities / total assets.
Net debt
-$68.2M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Valuation
Metric
Value
How it is calculated
Market cap
$196.2M
Share price x shares outstanding.
Enterprise value
$128.0M
Market cap + total debt - cash - short-term investments.
P/S
2.54x
Market cap / revenue.
P/B
2.56x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.56x
Market cap / tangible book value, when positive.
EV/Sales
1.66x
Enterprise value / revenue.
FCF yield
-2.5%
Free cash flow / market cap.
Earnings yield
-4.0%
Net income / market cap (the inverse of P/E).
What was Burning Rock Biotech Ltd's revenue in fiscal 2025?
Burning Rock Biotech Ltd reported revenue of $77.2M for fiscal 2025, 9.2% higher than the year before.
Was Burning Rock Biotech Ltd profitable in fiscal 2025?
No. It reported a net loss of $7.9M.
How much free cash flow did Burning Rock Biotech Ltd generate in fiscal 2025?
Cash from operations of $4.1M minus capital expenditures of $751.0K left free cash flow of -$4.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.