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Burning Rock Biotech Ltd (BNR) fair value: what the stock is really worth

As of Nov 5, 2026: fair value (intrinsic value) of Burning Rock Biotech Ltd stock $7.73, price $13.25, that is 41.7% below the price, quality 55 out of 100. Rating: strongly overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Healthcare US · Based in China

BR Burning Rock Biotech Ltd logo Thin data Nov 4, 2026

Burning Rock Biotech Ltd

BNR · US
Solid, but very expensive

Our calculation puts a fair price 42% below what the stock costs today.

Low debt
Quality 55/100
Expensive Growth (revenue 5y +4.6 %/yr in CNY)
Insiders bought $6.2M (6M)
Revenue last quarter 9% below a year ago.
Fair value $7.73 · Strongly overvalued (−41.7%)
Loss-making · -13.6% net margin (TTM)
Negative free cash flow
Trails peers (2/8)
Narrow moat 16/100 · thin data
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$238.80 $2.32 Fair Value $7.73 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range $2.32 – $238.80 · fair‑value band $5.10 – $9.66 · the $13.25 price screens above the $7.73 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.

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Company profile

Burning Rock Biotech Limited develops and sells cancer therapy selection tests in the People's Republic of China and the United States. It operates in three segments: Central Laboratory Business, In-Hospital Business, and Pharma Research and Development Services.

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The company offers next-generation sequencing (NGS)-based tissue, liquid biopsy cancer therapy selection, and prognosis prediction tests for various cancer types, including lung cancer, gastrointestinal cancer, prostate cancer, breast cancer, lymphomas, thyroid cancer, colorectal cancer, ovarian cancer, pancreatic cancer, and bladder cancer using tissue and liquid biopsy samples.

Its key products include OncoScreen Focus, a multi-gene tumor mutation co-detection test kit for non-small cell lung cancer (NSCLC) patients; OncoScreen Plus, a pan-cancer test for tissue samples; OncoCompass Plus, a corresponding test for liquid biopsy samples; OncoCompass Target, a ctDNA liquid biopsy-based test for NSCLC; and ColonCore for assessing microsatellite loci related to MSI status and detecting mutations in genes associated with gastrointestinal and related cancers.

The company also provides CanCatch, a pre-operative ctDNA detection and post-operative minimal residual disease calling for relapsed patients; OncoMaster, an automatic NGS data analysis and report interpretation machine; as well as Magnis BR-customized version of its key products.

In addition, it engages in the facilitation of laboratory equipment sales and sales of reagent kits.

The company has a development and commercialization agreement with Myriad Genetics, Inc. to in-license Myriad myChoice tumor testing in China; and collaborations on clinical trials and research studies with AstraZeneca, Bayer, Johnson & Johnson, CStone, BeiGene, Abbisko Therapeutics, IMPACT Therapeutics, Boehringer Ingelheim, and Merck KGaA. Burning Rock Biotech Limited was founded in 2014 and is headquartered in Guangzhou, the People's Republic of China.

Stock analysis

Burning Rock Biotech Ltd (BNR) currently trades at $13.25, while our model-based Fair Value estimate is $7.73, 42% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: $5.10 (bear) to $9.66 (bull), the price of $13.25 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 55/100 (solid quality), in the Healthcare sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Burning Rock Biotech Ltd reported revenue of 540M CNY in FY2025 versus 508M CNY in FY2021, a compound +1.5%/yr. Reported net income was −55.3M CNY in FY2025.

Key figures

Market cap $129M · P/S ratio 0.26 · EPS (TTM) $−0.7800 · Net margin −10.3% · Return on equity −12.8% · Return on assets (EBIT) −41.6% · Operating margin −13.4% · Revenue (TTM) 501M CNY.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 16 out of 100 (low confidence).

What moves the price

The share trades about 68% below its 52-week high and 88% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −8% fair-value upside, at −42%, BNR screens richer than that median.

Fair Value models

Bear $5.10 Fair Value $7.73 Bull $9.66
Price $13.25 · Downside -41.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) $5.10 $7.73 $9.66 54
All 1 models by family
Asset-Based
NCAV (Graham) $5.10 $7.73 $9.66 54

Open the full fair value analysis →

Quality Score breakdown

Overall quality 55/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 27
How much profit the company makes from its sales and capital
Quality Growth 83
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 75
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 20
How calm the share price moves, does not count
Price momentum 60
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 35
Distance to the 52-week high, does not count
New shares 87
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, one officer or director bought shares worth $6.2M, on Jun 26, 2026.

  • BuyYusheng HanDirector2× since Mar 31, 2026: 1,046,280 shares, avg. $11.13$11.6MJun 26, 2026

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 5, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 22/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+4.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.6%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.8%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−95.9% (2020) → −10.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

BNR screens overvalued: fair value 42% below the price. Compare with Thermo Fisher Scientific Inc →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Diagnostics & Research · 126 stocks

Beats the industry median on 2/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 55 · Above median
Fair Value upside −41.7% · Below median
Profitability
Return on assets −6.7% · Bottom 25%
Net margin (12 months) −13.6% · Bottom 25%
Operating margin (12 months) −13.4% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −9.3% · Bottom 25%
Balance sheet
Debt / equity 0.00× · Below median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 38
PAST (return on equity)0 · sector 15
HEALTH (low debt)100 · sector 95
DIVIDEND (yield)0 · sector 32

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Diagnostics & Research stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Illumina, Inc ILMN $208.00 $262.03 +26% vs BNR
IQVIA Holdings IQV $264.88 $288.85 +9% vs BNR
WuXi AppTec Co 603259 ¥154.46 ¥164.66 +7% vs BNR
Thermo Fisher Scientific Inc TMO $676.94 $686.04 +1% vs BNR
Danaher Corporation DHR $226.34 $209.18 −8% vs BNR
IDEXX Laboratories, Inc IDXX $670.71 $496.48 −26% vs BNR
Mettler-Toledo International Inc MTD $1,679 $648.30 −61% vs BNR
Agilent Technologies, Inc A $171.78 $64.53 −62% vs BNR
Lonza Group LONN CHF 672.40 CHF 153.50 −77% vs BNR
Waters Corporation WAT $453.08 $91.26 −80% vs BNR

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Burning Rock Biotech Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Burning Rock Biotech Ltd Fair Value". https://www.fairvalue-calculator.com/stock/BNR

Frequently asked questions

Is Burning Rock Biotech Ltd (BNR) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of $7.73 versus a price of $13.25, about 42% lower (overvalued).
What is the fair value of BNR?
Our model-based fair value for Burning Rock Biotech Ltd is $7.73 (as of Nov 4, 2026), built from audited fundamentals. The current price: $13.25.
What is the quality score of BNR?
Burning Rock Biotech Ltd has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Burning Rock Biotech Ltd (BNR)?
Our model-based price target is the fair value of $7.73 (as of Nov 4, 2026) from 1 valuation models. Cautious scenario $5.10, optimistic scenario $9.66. It is a calculation from audited fundamentals, not an analyst target.
What is the Burning Rock Biotech Ltd stock forecast for 2026?
Our models put fair value at $7.73, about 42% lower versus a price of $13.25 (overvalued). Cautious scenario $5.10, optimistic scenario $9.66. The calculation is refreshed regularly with new filings.
What is the revenue of Burning Rock Biotech Ltd (BNR)?
Burning Rock Biotech Ltd reported trailing-twelve-month revenue of about 501M CNY (latest available figure, as of Nov 4, 2026).
What is the intrinsic value of Burning Rock Biotech Ltd (BNR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Burning Rock Biotech Ltd it is $7.73 per share (as of Nov 4, 2026), against a price of $13.25. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Burning Rock Biotech Ltd stock overvalued or undervalued in 2026?
As of Nov 4, 2026, BNR trades above its calculated fair value: price $13.25, fair value $7.73, a gap of about −42% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BNR?
No. The price is what the market pays today ($13.25); the fair value is what the company's own numbers justify ($7.73). For Burning Rock Biotech Ltd the two are $5.52 per share apart. That gap is exactly why we show both numbers side by side.
How much is Burning Rock Biotech Ltd worth?
The market values Burning Rock Biotech Ltd at about $129M (market capitalisation, as of Nov 4, 2026). Per share that is $13.25; our models calculate a fair value of $7.73 per share.
What do the bullish and bearish scenarios say about BNR?
Our models span a range for Burning Rock Biotech Ltd: cautious scenario $5.10, base $7.73, optimistic $9.66 per share (as of Nov 4, 2026, price $13.25). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Burning Rock Biotech Ltd (BNR)?
Balance-sheet figures for Burning Rock Biotech Ltd (as of Nov 4, 2026): return on equity −12.8%, debt of 0.00 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is BNR from its 52-week high?
Burning Rock Biotech Ltd trades at $13.25, about 68% below its 52-week high of $41.06 and 88% above the low of $7.04 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $7.73 is for.
Which stocks are comparable to Burning Rock Biotech Ltd?
From the same area (Healthcare) we also value Thermo Fisher Scientific Inc, Danaher Corporation, WuXi AppTec Co, Lonza Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Burning Rock Biotech Ltd stock attractive at the current price?
The data as of Nov 4, 2026: price $13.25, calculated fair value $7.73 (−42%), Quality Score 55/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BNR calculated?
We run Burning Rock Biotech Ltd through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $7.73, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Burning Rock Biotech Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Burning Rock Biotech Ltd (BNR)?
The closing price on Nov 5, 2026 was $13.25. Our model-based fair value is $7.73, about 42% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Burning Rock Biotech Ltd right now?
The price sits above even our optimistic bull case ($9.66). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($5.10 to $9.66) leaves room in how you read the outcome.

Key figures of Burning Rock Biotech Ltd

How large is the market capitalisation of Burning Rock Biotech Ltd (BNR)?
The market capitalisation of Burning Rock Biotech Ltd is $129M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Burning Rock Biotech Ltd (BNR)?
The price-to-sales ratio of Burning Rock Biotech Ltd is 0.26 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Burning Rock Biotech Ltd (BNR)?
Earnings per share at Burning Rock Biotech Ltd are $−0.7800. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Burning Rock Biotech Ltd (BNR)?
The net margin of Burning Rock Biotech Ltd is −10.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Burning Rock Biotech Ltd (BNR)?
The return on equity (ROE) of Burning Rock Biotech Ltd is −12.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Burning Rock Biotech Ltd (BNR)?
On an EBIT basis the return on assets of Burning Rock Biotech Ltd is −41.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Burning Rock Biotech Ltd (BNR)?
The operating margin of Burning Rock Biotech Ltd is −13.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Burning Rock Biotech Ltd (BNR)?
Revenue at Burning Rock Biotech Ltd is growing −9.3% versus a year earlier (3y avg −1.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Burning Rock Biotech Ltd (BNR) generate?
The free cash flow of Burning Rock Biotech Ltd is −33.7M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Burning Rock Biotech Ltd (BNR) hold?
Burning Rock Biotech Ltd holds more cash than debt, 438M CNY net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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