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HUTCHMED (China) Limited (0013) fair value: what the stock is really worth

We calculate from audited financials what HUTCHMED (China) Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Healthcare · HK · ISIN KYG4672N1198

HC Some data Sep 13, 2026

HUTCHMED (China) Limited

0013 · HK

Weakest SetupStrongly overvalued and low quality.

!Fair value HK$8.49 · Strongly overvalued (−59%)
!Quality 45/100
!Expensive Growth (revenue 5y +19.2 %/yr)
✓Highly profitable · 83.3% net margin (TTM)
!Low debt · negative free cash flow
!Moderate moat 49/100
!Evidence only medium, so the estimate is less certain
!The models disagree: range HK$4.96 to HK$17.24
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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

HK$77.60 HK$11.76 Fair Value HK$8.49 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.

How to read this chart

60‑month range HK$11.76 – HK$77.60 · fair‑value band HK$4.96 – HK$17.24 · the HK$20.46 price screens above the HK$8.49 fair value. Dashed = 300-day average. As of Sep 13, 2026.

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Company profile

HUTCHMED (China) Limited, together with its subsidiaries, discovers, develops, and commercializes targeted therapeutics and immunotherapies to treat cancer and immunological diseases in Hong Kong, the United States, and internationally.

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HUTCHMED (China) Limited, together with its subsidiaries, discovers, develops, and commercializes targeted therapeutics and immunotherapies to treat cancer and immunological diseases in Hong Kong, the United States, and internationally. It provides Fruquintinib, a selective and potent oral inhibitor of vascular endothelial growth factor receptors for treatment of colorectal cancer (CRC), breast cancer, gastric cancer (GC), microsatellite stable-CRC endometrial cancer (EMC), non-small cell lung cancer (NSCLC), renal cell carcinoma (RCC), endometrial cancer (EMC); and Savolitinib, a potent and selective inhibitor of mesenchymal-epithelial transition receptor to treat NSCLC, papillary RCC, and GC. It also develops Surufatinib to treat pancreatic neuroendocrine tumor (NET), non pancreatic NET, and pancreatic ductal adenocarcinoma; Sovleplenib, to treat immune thrombocytopenic purpura and warm autoimmune hemolytic anemia; and Tazemetostat, a treatment for epithelioid sarcoma and follicular lymphoma; Fanregratinib that treats intrahepatic cholangiocarcinoma; and Ranosidenib, a novel dual-inhibitor of dehydrogenase-1 and isocitrate dehydrogenase-2 enzymes to treat acute myeloid leukemia (AML). In addition, the company is developing HMPL-760, which is in phase I and II clinical trial to treat relapsed and/or refractory diffuse large B cell lymphoma, chronic lymphocytic leukemia, small lymphocytic lymphoma, and other B-NHL; HMPL-506 to treat Mixed-lineage leukemia-rearrange/rearrangement and nucleophosmin 1-mutantAML. It has collaboration agreements with AstraZeneca AB (publ), Lilly (Shanghai) Management Company Limited, Takeda, Inmagene Biopharmaceuticals Co. Ltd., Innovent Biologics Co., Inc., and Epizyme, Inc., and Epizyme, Inc. The company was formerly known as Hutchison China MediTech Limited and changed its name to HUTCHMED (China) Limited in May 2021. HUTCHMED (China) Limited was incorporated in 2000 and is headquartered in Hong Kong, Hong Kong.

Stock analysis

HUTCHMED (China) Limited (0013) currently trades at HK$20.46, while our model-based Fair Value estimate is HK$8.49, implying the stock looks roughly 141.0% overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of HK$16.11 per share, and 1 of the 12 models we run sit above the HK$20.46 price.

Bear case: the Asset-Based group reads lowest at HK$0.9600, and 11 of the 12 models stay below the price. Evidence for this calculation is medium.

Scenario range: HK$4.96 (bear) to HK$17.24 (bull), the price of HK$20.46 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 45/100 (below-average quality), in the Healthcare sector.

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

HUTCHMED (China) Limited reported revenue of $549M in FY2025 versus $356M in FY2021, a compound +11.4%/yr. Reported net income was $457M in FY2025.

Key figures

Market cap HK$17.9B (≈ $2.3B) · P/E ratio 4.0 · P/S ratio 3.36 · EPS (TTM) HK$0.5200 · Dividend yield 0.1% · Net margin 83.3% · Return on equity 45.3% · Return on assets (EBIT) −13.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 33% below its 52-week high and 31% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −17% fair-value upside, at −59%, 0013 screens richer than that median.

Fair Value models

Bear HK$4.96 Fair Value HK$8.49 Bull HK$17.24
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (HK$0.3661 per share) are deliberately not added. 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. Evidence ⓘEvidence = 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.
Highest evidence
Owner Earnings HK$7.72 HK$16.11 HK$32.52 71
Growth-Adj P/E HK$9.28 HK$13.26 HK$17.24 67
Gordon GGM HK$0.1200 HK$0.2600 HK$0.4100 66
All 12 models by family
DCF Models
Owner Earnings HK$7.72 HK$16.11 HK$32.52 71
Earnings-Based
Graham-Dodd HK$3.61 HK$21.97 HK$30.64 63
Lynch FV HK$6.28 HK$8.98 HK$11.67 61
PEG = 1.0 HK$6.28 HK$8.98 HK$11.67 57
Dividend Discount
Gordon GGM HK$0.1200 HK$0.2600 HK$0.4100 66
DDM Multi-Stage HK$0.1200 HK$0.2200 HK$0.2700 66
Multiples
P/E Multiple HK$8.77 HK$11.69 HK$14.61 63
P/S Multiple HK$1.67 HK$2.23 HK$2.79 58
P/B Multiple HK$4.86 HK$6.48 HK$8.10 55
Asset-Based
NCAV (Graham) HK$0.7200 HK$0.9600 HK$1.44 54
Economic Profit
Residual Income HK$4.70 HK$8.01 HK$143.55 64
Growth Earnings
Growth-Adj P/E HK$9.28 HK$13.26 HK$17.24 67

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Quality Score breakdown

Overall quality 45/100

Of which business quality 46 · Market factors (momentum, volatility) 45

Profitability 64
Margins and returns on capital today
Quality Growth 20
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 78
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 24
Distance to the 52-week high (market factor)
Net Issuance 76
Share count: buybacks or dilution?

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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. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−13.0%
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.
+8.8%
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.
+19.2%
Revenue growth 20 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.
+14.3%
What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
≈ +65.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+65.3%
Dividend (yield on the price)0.1%
Profit margin 2020 to 2025 ⓘ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.−86% → −7%
⚠ Approximate: the rate leans on 2025, which sits 558% above its own trend.

0013 screens 141% overvalued. Compare with Merck KGaA →

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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.Drug Manufacturers - Specialty & Generic · 612 stocks

Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 45 · Below median
Fair Value upside −62% · Bottom 25%
Profitability
Return on equity (TTM) 45% · Top 25%
Return on assets −2% · Bottom 25%
Net margin (TTM) 83% · Top 25%
Operating margin (TTM) −13% · Bottom 25%
Growth and dividend
Revenue growth −17% · Bottom 25%
Dividend yield (TTM) 0.1% · Bottom 25%
Balance sheet
Debt / equity 0.06× · Below median

Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper

P/E (TTM) 4.0× · Cheapest 25%
P/B 1.49× · Cheaper than median
P/S (TTM) 3.35× · Pricier than median

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 Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Merck KGaA MRK €131.45 €106.48 −19%
Takeda Pharmaceutical Company TAK $18.26 $11.64 −36%
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥42.67 ¥46.94 +10%
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,840 ₹1,979 +8%
Galderma Group GALD CHF 154.95 CHF 108.70 −30%
Haleon plc HLN $9.19 $7.64 −17%
Teva Pharmaceutical Industries Limited TEVA $37.09 $15.33 −59%
Sandoz Group SDZ CHF 66.74 CHF 34.01 −49%
Zoetis Inc ZTS $72.97 $104.88 +44%
Hansoh Pharmaceutical Group 3692 HK$32.72 HK$35.99 +10%

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HUTCHMED (China) Limited · Fair Value
HK$8.49 −141%Fair Value
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Cite: Fair Value Calculator (2026). "HUTCHMED (China) Limited Fair Value". https://www.fairvalue-calculator.com/stock/0013

Frequently asked questions

Is HUTCHMED (China) Limited (0013) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of HK$8.49 versus a price of HK$20.46, about −59% upside (overvalued).
What is the fair value of 0013?
Our model-based fair value for HUTCHMED (China) Limited is HK$8.49 (as of Sep 13, 2026), built from audited fundamentals. The current price: HK$20.46.
What is the quality score of 0013?
HUTCHMED (China) Limited has a Quality Score of 45/100. 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 HUTCHMED (China) Limited (0013)?
Our model-based price target is the fair value of HK$8.49 (as of Sep 13, 2026) from 12 valuation models. Cautious scenario HK$4.96, optimistic scenario HK$17.24. It is a calculation from audited fundamentals, not an analyst target.
What is the HUTCHMED (China) Limited stock forecast for 2026?
Our models put fair value at HK$8.49, about −59% upside versus a price of HK$20.46 (overvalued). Cautious scenario HK$4.96, optimistic scenario HK$17.24. The calculation is refreshed regularly with new filings.
What is the revenue of HUTCHMED (China) Limited (0013)?
HUTCHMED (China) Limited reported trailing-twelve-month revenue of about HK$549M (latest available figure, as of Sep 13, 2026).
Does HUTCHMED (China) Limited pay a dividend?
HUTCHMED (China) Limited currently shows a dividend yield of about 0.08% relative to its recent price (as of Sep 13, 2026).
What is the intrinsic value of HUTCHMED (China) Limited (0013)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HUTCHMED (China) Limited it is HK$8.49 per share (as of Sep 13, 2026), against a price of HK$20.46. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is HUTCHMED (China) Limited stock overvalued or undervalued in 2026?
As of Sep 13, 2026, 0013 trades above its calculated fair value: price HK$20.46, fair value HK$8.49, a gap of about −59% (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 0013?
No. The price is what the market pays today (HK$20.46); the fair value is what the company's own numbers justify (HK$8.49). For HUTCHMED (China) Limited the two are HK$11.97 per share apart. That gap is exactly why we show both numbers side by side.
How much is HUTCHMED (China) Limited worth?
The market values HUTCHMED (China) Limited at about HK$17.9B (market capitalisation, as of Sep 13, 2026). Per share that is HK$20.46; our models calculate a fair value of HK$8.49 per share.
What do the bullish and bearish scenarios say about 0013?
Our models span a range for HUTCHMED (China) Limited: cautious scenario HK$4.96, base HK$8.49, optimistic HK$17.24 per share (as of Sep 13, 2026, price HK$20.46). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0013?
HUTCHMED (China) Limited trades at a price-to-earnings ratio of 4.0 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$8.49 is built from several models across several years. Other multiples: P/B 1.5, P/S 3.4.
How solid is the balance sheet of HUTCHMED (China) Limited (0013)?
Balance-sheet figures for HUTCHMED (China) Limited (as of Sep 13, 2026): return on equity 45.3%, debt of 0.06 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is 0013 from its 52-week high?
HUTCHMED (China) Limited trades at HK$20.46, about 33% below its 52-week high of HK$30.75 and 31% above the low of HK$15.57 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of HK$8.49 is for.
Which stocks are comparable to HUTCHMED (China) Limited?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Jiangsu Hengrui Pharmaceuticals Co, Sun Pharmaceutical Industries Limited, 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 HUTCHMED (China) Limited stock attractive at the current price?
The data as of Sep 13, 2026: price HK$20.46, calculated fair value HK$8.49 (−59%), Quality Score 45/100, from 12 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 0013 calculated?
We run HUTCHMED (China) Limited through 12 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 HK$8.49, 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 15.8 % above its aggregate fair value. HUTCHMED (China) Limited 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 should I pay attention to with HUTCHMED (China) Limited right now?
The price sits above even our optimistic bull case (HK$17.24). The favourable scenario is already priced in. The model range is unusually wide (HK$4.96 to HK$17.24). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of HUTCHMED (China) Limited

How large is the market capitalisation of HUTCHMED (China) Limited (0013)?
The market capitalisation of HUTCHMED (China) Limited is HK$17.9B (≈ $2.3B). 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 HUTCHMED (China) Limited (0013)?
The price-to-sales ratio of HUTCHMED (China) Limited is 3.36 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of HUTCHMED (China) Limited (0013)?
Earnings per share at HUTCHMED (China) Limited are HK$0.5200 (price ÷ EPS = P/E 4.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of HUTCHMED (China) Limited (0013)?
The dividend yield of HUTCHMED (China) Limited is 0.1% (payout 3.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of HUTCHMED (China) Limited (0013)?
The net margin of HUTCHMED (China) Limited is 83.3% (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 HUTCHMED (China) Limited (0013)?
The return on equity (ROE) of HUTCHMED (China) Limited is 45.3% (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 HUTCHMED (China) Limited (0013)?
On an EBIT basis the return on assets of HUTCHMED (China) Limited is −13.5% (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 HUTCHMED (China) Limited (0013)?
The operating margin of HUTCHMED (China) Limited is −13.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HUTCHMED (China) Limited (0013)?
Revenue at HUTCHMED (China) Limited is growing −16.5% versus a year earlier (3y avg +8.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at HUTCHMED (China) Limited (0013)?
Earnings per share at HUTCHMED (China) Limited are growing −98.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does HUTCHMED (China) Limited (0013) generate?
The free cash flow of HUTCHMED (China) Limited is −HK$78.9M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does HUTCHMED (China) Limited (0013) carry?
The net debt of HUTCHMED (China) Limited is HK$26.6M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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