HUTCHMED (China) Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HUTCHMED (China) 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	216	241	214	205	228	356	426	838	630	549
Cost of revenue	149	170					311	384	349	336
Gross profit	66.9	71.4					115	454	281	212
Research and development	66.9	75.5	114	138	175	299	387	302	212	148
General and administrative	21.6	24	30.9	39.2	50	89.3	92.2	79.8	64.3	66.7
Operating expenses	263
Operating income	-46.7	-53.4	-92.6	-146	-197	-328	-408	18.4	-43.7	-39.2
Interest expense	1.63	1.46	1.01	1.03	0.79	0.59	0.65	0.76	2.87	2.87
Interest income	0.5	1.22	5.98	4.94	3.24	2.08	9.6	36.1	40.1	49.9
Other non-operating income	-0.66	-0.12	5.99	5.28	6.93	-8.73	-2.73	39.9	42.6	61
Pre-tax income	20.5	-53.5	-86.7	-141	-190	-216	-410	58.3	-1.11	499
Income tax	4.33	3.08	3.96	3.27	4.83	11.9	-0.28	4.51	7.19	63.6
Income from continuing operations	11.7
Net income to minority interests	2.86	3.77	3.52	2.35	10.2	27.6	0.45	0.31	0.44	0.82
Net income	11.7	-26.7	-74.8	-106	-126	-195	-361	101	37.7	457
EBITDA	-44.4	-50.8	-89.1	-141	-191	-321	-399	26.6	-31.4	-25.9
EPS, basic	0.20	-0.04	-0.11	-0.16	-0.18	-0.25	-0.43	0.12	0.04	0.53
EPS, diluted	0.20	-0.43	-1.13	-0.16	-0.18	-0.25	-0.43	0.12	0.04	0.52
Shares, basic (weighted)	59.7	617	664	666	698	793	847	850	855	858
Shares, diluted (weighted)	60	61.7	66.4	666	698	793	847	869	873	873

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	79.4	85.3	86	121	236	378	313	284	154	71.3
Short-term investments	24.3	273	215	96	200	634	318	603	682	1,296
Receivables	40.8	38.4	40.2	41.4	47.9	83.6	98	117	156	127
Inventory	12.8	11.8	12.3	16.2	19.8	35.8	56.7	50.3	50.4	41.1
Other current assets	0.7	2.57	4.25	3.77	7.04	14.1	22.3	7.11	7.92	8.34
Total current assets	167	432	371	317	531	1,212	840	1,097	1,067	1,567
Property, plant and equipment	9.95	14.2	16.6	20.9	24.2	41.3	75.9	99.7	92.5	94.6
Lease right-of-use assets				5.52	8.02	11.9	8.72	4.67	4.5	3.03
Goodwill	3.14	3.31	3.19	3.11	3.31	3.38	3.14	3.06	2.99	3.11
Intangible assets	0.47	0.43	0.35	0.28	0.23	0.16	0.09	0.02		8.94
Other non-current assets				5.78	20.2	21.6	15.7	14.7	12.4	20.1
Total assets	342	598	532	465	724	1,373	1,029	1,280	1,274	1,753
Accounts payable	35.5	24.4	25.6	24	31.6	41.2	71.1	36.3	42.5	45.5
Accrued liabilities	7.06	9.3	8.72	13.3	22	41.8	42.4	45	29.8	29.1
Deferred revenue	0.96	1.3	2.54	2.11	1.6	12.3	13.3	57.6	50.1	31.4
Short-term debt	20	30				26.9		31.2	23.4	25
Total current liabilities	95.1	105	85.5	113	158	312	354	403	377	316
Long-term debt	26.8		26.7	26.8	26.9		18.1	48.2	59.4	68.2
Lease liabilities				3.05	6.06	7.16	5.2	2.86	4.09	1.85
Other non-current liabilities	8.13	1.12	2.4	5.96	8.78	11.6	12.5	11.3	10.8
Total liabilities	138	113	120	152	205	333	393	536	502	502
Total debt	46.8	30	26.7	26.8	26.9	26.9	18.1	79.3	82.8	93.2
Paid-in capital	208	497	506	515	822	1,505	1,497	1,522	1,518	1,534
Retained earnings	-80.4	-107	-183	-290	-416	-610	-971	-871	-833	-379
Treasury stock	-2.39
Other comprehensive income	-4.28	5.43	-0.24	-3.85	4.48	5.57	-1.9	-8.16	-11.6	-4.53
Shareholders' equity	184	462	389	288	484	987	610	731	760	1,238
Minority interests	19.8	23.2	23.3	24.9	34.8	52.6	26.5	12.8	11.9	13.3
Total equity	204	484	412	313	519	1,040	637	743	772	1,251
Total liabilities and equity	342	598	532	465	724	1,373	1,029	1,280	1,274	1,753

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	14.6	-23	-71.3	-104	-116	-167	-360	101	38.2	458
Depreciation and amortization	2.34	2.58	3.59	4.94	6.06	7.19	8.66	8.21	12.3	13.3
Deferred income tax	3.35	1.73	2	1.61	3.28	-4.72	-3.56	2.23	5.31	-0.12
Change in receivables	-7.26	2.16	-1.56	-0.27	-4.69	-35.6	-14.5	-21.3	-38.5	28.9
Change in inventory	-3.43	1.05	-0.56	-4.22	-3.62	-16	-21.2	4.14	-0.77	9.54
Change in payables	11.5	-11.2	1.26	-1.66	7.65	9.57	29.9	-32.5	6.19	3.01
Cash from operations	-9.57	-8.94	-32.8	-80.9	-62.1	-204	-269	219	0.5	-64.7
Capital expenditures	-4.33	-5.02	-6.36	-8.57	-7.95	-16.4	-36.7	-32.6	-17.9	-14.1
Acquisitions				-8.08
Purchases of investments	-80.9	-325	-904	-478	-733	-1,356	-1,202	-1,628	-1,849	-2,742
Cash from investing	-33.6	-261	43.8	119	-125	-306	297	-291	-96.1	-29.4
Stock issued	111	302	3.87	0.25	319	717	0.17	5.09	0.79	1.58
Share buybacks	-0.6	-1.37	-5.45	-0.35	-12.9	-27.3	-48.1	-9.07	-36.1
Cash from financing	92.4	273	-8.23	-1.49	296	650	-82.8	48.7	-30.7	7.84
Exchange rate effect	-1.78	2.36
Net change in cash	47.5	5.83	0.77	35.1	114	142	-64.3	-29.7	-130	-82.6
Free cash flow	-13.9	-14	-39.2	-89.5	-70	-221	-305	187	-17.4	-78.8
Interest paid	1.57	0.76	0.98	0.92	0.82	0.43	0.15	0.42	2.51	2.52
Income taxes paid	2.66	3.84	3.75	3.25	5.94	5.01	18.9	3.73	3.59	62.4

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $14.13 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	38.7%	Gross profit / revenue.
Operating margin	-7.1%	Operating income / revenue.
EBITDA margin	-4.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	90.9%	Pre-tax income / revenue.
Net margin	83.3%	Net income / revenue.
FCF margin	-14.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-11.8%	Cash from operations / revenue.
Effective tax rate	12.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	45.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	30.2%	Net income / average total assets.
Return on invested capital (ROIC)	-3.5%	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	27.0%	Research and development expense / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-13.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-24.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	22.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	1,111.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	1,200.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-13,109.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	62.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	26.6%	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	20.7%	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	37.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	19.4%	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	19.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.96x	Current assets / current liabilities.
Quick ratio	4.73x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	4.33x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.08x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	5.3%	Total debt / total assets.
Liabilities / assets	28.6%	Total liabilities / total assets.
Net debt	-$1.27B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-13.7x	Operating income / interest expense.
Working capital	$1.25B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.23B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.36x	Revenue / average total assets.
Fixed asset turnover	5.86x	Revenue / average property, plant and equipment.
Inventory turnover	7.35x	Cost of revenue / average inventory.
Days inventory	50 days	365 x average inventory / cost of revenue.
Receivables turnover	3.89x	Revenue / average receivables.
Days sales outstanding	94 days	365 x average receivables / revenue.
Days payables	48 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	96 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-17.2%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.52	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.53	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.63	Revenue / diluted weighted shares.
FCF per share	-$0.09	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.07	Cash from operations / diluted weighted shares.
Book value per share	$1.42	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.40	Tangible book value / shares outstanding.
Cash per share	$1.57	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.47B	Share price x shares outstanding.
Enterprise value	$1.19B	Market cap + total debt - cash - short-term investments.
P/E	5.40x	Market cap / net income. Only when net income is positive.
P/S	4.49x	Market cap / revenue.
P/B	1.99x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.01x	Market cap / tangible book value, when positive.
EV/Sales	2.17x	Enterprise value / revenue.
FCF yield	-3.2%	Free cash flow / market cap.
Earnings yield	18.5%	Net income / market cap (the inverse of P/E).

What was HUTCHMED (China) Ltd's revenue in fiscal 2025?

HUTCHMED (China) Ltd reported revenue of $548.5M for fiscal 2025, 13% lower than the year before.

Was HUTCHMED (China) Ltd profitable in fiscal 2025?

Yes. Net income was $456.9M, a net margin of 83.3%.

How much free cash flow did HUTCHMED (China) Ltd generate in fiscal 2025?

Cash from operations of $64.7M minus capital expenditures of $14.1M left free cash flow of -$78.8M.

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.

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