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BeiGene Ltd. (688235) Fair Value & Analysis

Healthcare · CN · Market cap 336B CNY (≈ $50.1B)

What is BeiGene Ltd. really worth?

BL BeiGene Ltd. 688235 · SHG
Price¥271.00
Fair Value¥47.36
Upside−82.5%
Quality66/100

A solid business, but trading 472% above our fair value of ¥47.36.

As of Sep 6, 2026, the fair value of BeiGene Ltd. is ¥47.36 per share against a price of ¥271.00, so the fair value sits 83% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Low debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +77.8 %/yr)
!Thin margins · 8.9% net margin
!Mixed vs. peers (6/13)
!Moderate moat 54/100
Evidence: High Range ¥36.27 – ¥62.94

Fair value as of: Sep 6, 2026

From 24 valuation models · updated today

Fair value updated Sep 6, 2026, revised from ¥9.09 to ¥47.36 (+421.0%) since Aug 13, 2026. Share price −3.4% over the past month.

What runs behind every stock

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

What matters now

  • The price sits above even our optimistic bull case (¥62.94). The favourable scenario is already priced in.
  • Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

¥326.08 ¥83.46 Fair Value ¥47.36 Dec 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 6, 2026.

How to read this chart

57‑month range ¥83.46 – ¥326.08 · fair‑value band ¥36.27 – ¥62.94 · the ¥271.00 price screens above the ¥47.36 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 6, 2026.

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Analysis

BeiGene Ltd. (688235) currently trades at ¥271.00, while our model-based Fair Value estimate is ¥47.36, implying the stock looks roughly 472.1% overvalued today. The Quality Score stands at 66/100 (solid quality), in the Healthcare sector. Bull case: the DCF Models group reads highest at a median of ¥91.26 per share, and 0 of the 24 models we run sit above the ¥271.00 price. Bear case: the Asset-Based group reads lowest at ¥13.69, and 24 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, BeiGene Ltd. generated revenue of 5.7B CNY at a net margin of 8.9%. Revenue grew 35.5% year over year. It earns a return on equity of 12.4%. The balance sheet holds a net cash position of 2.6B CNY. Fundamentals as of Sep 6, 2026

Our scenario range runs from ¥36.27 (bear case) to ¥62.94 (bull case); at ¥271.00, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 22% below its 52-week high and 27% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −56% fair-value upside, at −83%, 688235 screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ¥1.58 per share, which is 2.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (¥13.69 to ¥176.17). Read the values as a conservative anchor, not as a price target.
Model 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
Highest evidence
EPV ¥32.29 ¥34.98 ¥37.33 74
FCF DCF ¥97.97 ¥147.61 ¥309.88 73
Growth DCF ¥93.34 ¥176.17 ¥315.20 73
All 24 models by family
DCF Models
FCF DCF ¥97.97 ¥147.61 ¥309.88 73
Owner Earnings ¥36.44 ¥62.57 ¥119.89 70
5Y Revenue Exit ¥54.41 ¥74.81 ¥116.84 70
5Y EBITDA Exit ¥61.19 ¥88.50 ¥141.87 72
5Y P/E Exit ¥55.79 ¥91.26 ¥137.52 68
10Y Revenue Exit ¥66.37 ¥109.38 ¥131.57 65
10Y EBITDA Exit ¥72.39 ¥124.31 ¥209.70 64
10Y P/E Exit ¥68.31 ¥112.42 ¥179.97 60
Earnings-Based
Graham-Dodd ¥9.40 ¥65.54 ¥92.02 61
Lynch FV ¥33.88 ¥48.40 ¥62.92 59
PEG = 1.0 ¥33.88 ¥48.40 ¥62.92 55
EPV ¥32.29 ¥34.98 ¥37.33 74
Multiples
P/E Multiple ¥22.82 ¥30.42 ¥38.03 63
P/S Multiple ¥17.63 ¥23.51 ¥29.38 58
P/B Multiple ¥17.63 ¥23.51 ¥29.38 55
EV/EBIT ¥44.46 ¥53.58 ¥62.78 66
EV/EBITDA ¥46.74 ¥56.69 ¥66.65 67
EV/Revenue ¥36.57 ¥45.01 ¥53.38 54
Asset-Based
NCAV (Graham) ¥10.23 ¥13.69 ¥20.40 54
Growth DCF
Growth DCF ¥93.34 ¥176.17 ¥315.20 73
Rev-Margin DCF ¥57.87 ¥83.24 ¥136.89 69
Economic Profit
Residual Income ¥16.73 ¥17.63 ¥19.01 68
ROIC Compounder ¥36.71 ¥47.36 ¥61.88 70
Growth Earnings
Growth-Adj P/E ¥44.94 ¥64.23 ¥83.52 65

Widest divergence: DCF Models (¥91.26) versus Asset-Based (¥13.69). Highest evidence: EPV (74).

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Key figures & financial health

P/E ratio 108.0 as of Jul 18, 2026
P/S ratio 5.80 P/E × margin
EPS (TTM) ¥2.31 price ÷ EPS = P/E 108.0
Net margin 5.4% FY2025
Return on equity 12.4% TTM
Return on assets (EBIT) −13.9% avg 5y
More key figures
Profitability
Operating margin 16.5% TTM
Growth
Revenue (TTM) 5.7B CNY TTM
Revenue growth (YoY) +35.5% 3y avg +57.1%
EPS growth (YoY) +170%
Balance sheet & cash flow
Free cash flow 968M CNY FY2025
Net cash 2.6B CNY FY2025

Figures from reported company fundamentals · as of Sep 6, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 66/100

Of which business quality 67 · Market factors (momentum, volatility) 58

Profitability 49
Margins and returns on capital today
Quality Growth 84
Are margins and returns improving?
Cashflow 83
Earnings quality: real cash, not paper profit
Fin. Strength 93
Balance sheet, leverage, solvency risk
Investment 83
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 61
Price trend over the last 3–12 months (market factor)
52W Momentum 46
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

BeOne Medicines AG, an oncology company, engages in discovering and developing various treatments for cancer patients in the United States, China, Europe, and internationally.

Full company description

BeOne Medicines AG, an oncology company, engages in discovering and developing various treatments for cancer patients in the United States, China, Europe, and internationally. The company's commercial stage products include BRUKINSA, a small molecule inhibitor of Bruton's Tyrosine Kinase (BTK) for the treatment of various blood cancers; TEVIMBRA, an anti-PD-1 antibody immunotherapy for the treatment of various solid tumor and blood cancers; SYLVANT for the treatment of adult patients with multicentric castleman disease; BAITUOWEI for patients with BC in premenopausal and perimenopausal women, and cancer; and PARTRUVIX for the treatment of various solid tumors. Its clinical stage products comprise Sonrotoclax BGB-11417, a small molecule Bcl-2 inhibitor; BGB-16673, a BTK targeting chimeric degradation activation compound active against wild type and mutant BTK; BG-60366, an EGFR-targeted CDAC; BG-89894 (SYH2039), a MAT2A Inhibitor; BGB-58067, an MTA-Cooperative PRMT5 Inhibitor; BG-T187 and BG-C0902, an anti-EGFRxMET trispecific antibody; BGB-26808, a HPK-1 Inhibitor; BGB-C354, an anti-B7H3 ADC; Zanidatamab, a bispecific HER2-targeted antibody; BG-C137, an anti-FGFR2b ADC; BGB-53038, a Pan-KRAS Inhibitor; BGB-B2033, an anti-GPC3x4-1BB bispecific antibody; BGB-B3227, an anti-MUC1xCD16A bispecific antibody; BG-C477, an anti-CEAADC; BGB-43395, a CDK4 Inhibitor; BG-68501, a CDK2 Inhibitor; BG-C9074, an anti-B7H4 ADC; BGB-21447, a Bcl-2 Inhibitor; and BGB-45035, an IRAK4-targeted CDAC. It also has various preclinical programs. The company has agreements Amgen, BMS, Bio-Thera, EUSA Pharma, Luye Pharmaceutical, and Novartis. The company was formerly known as BeiGene, Ltd. and changed its name to BeOne Medicines AG in May 2025. BeOne Medicines AG was founded in 2010 and is based in Basel, Switzerland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

BeiGene Ltd. reported revenue of $5.5B in FY2025 versus $1.2B in FY2021, a compound +47.0%/yr. Reported net income was $295M in FY2025.

Growth Quality 87/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
5.5B CNY
Latest YoY
+44.1%
Avg. revenue growth/yr (3Y) 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.
+57.1%
Avg. revenue growth/yr (5Y) 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.
+77.8%
Avg. revenue growth/yr (12Y) 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.
+67.6%
EBIT 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.
−536.7% (2020) → 8.4% (2025)
Value creation/yr We only publish this rate when it is defensible. Reason: no profitable base year
not computed
Revenue +47.0%/yr
FY21 $1.2B
FY22 $1.4B
FY23 $2.5B
FY24 $3.8B
FY25 $5.5B
Net income
FY21 −$1.5B
FY22 −$2.0B
FY23 −$882M
FY24 −$645M
FY25 $295M

688235 screens 472% overvalued. Compare with Vertex Pharmaceuticals Incorporated →

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Cite: Fair Value Calculator (2026). "BeiGene Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/688235

Peer Group

Biotechnology · 626 stocks

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.

Quality Score 66 · Top 25%
Return on equity (TTM) 12% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 9% · Top 25%
Operating margin (TTM) 17% · Top 25%
Revenue growth 36% · Top 25%
Debt / equity 0.22× · Higher than median

Valuation Multiples vs Biotechnology median · lower = cheaper

P/E (TTM) 108.0× · Pricier than 75% of peers
P/B 11.50× · Pricier than 75% of peers
P/S (TTM) 8.73× · Pricier than median
P/FCF 51.8× · Pricier than 75% of peers
EV/EBITDA 56.3× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE100 · sector 0
PAST50 · sector 0
HEALTH89 · sector 98
DIVIDEND0 · sector 26

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

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 Biotechnology stocks, each showing price versus our Fair Value estimate (as of Sep 6, 2026).

Stock Price Fair Value vs Fair Value
Vertex Pharmaceuticals Incorporated VRTX $547.55 $278.78 −49%
Regeneron Pharmaceuticals, Inc REGN $807.71 $594.40 −26%
argenx SE ARGX €877.60 €292.84 −67%
Samsung Biologics Co 207940 1,518,000 KRW 1,055,793 KRW −30%
Alnylam Pharmaceuticals, Inc ALNY $228.61 $51.70 −77%
Royalty Pharma plc RPRX $60.58 $24.22 −60%
Celltrion, Inc 068270 190,700 KRW 74,519 KRW −61%
BeOne Medicines AG ONC $362.51 $111.35 −69%
BioNTech SE BNTX $103.76 $45.70 −56%
Incyte Corporation INCY $123.22 $115.79 −6%

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Frequently asked questions

Is BeiGene Ltd. (688235) overvalued or undervalued?
As of Sep 6, 2026, our model estimates a fair value of ¥47.36 versus a price of ¥271.00, about −83% upside (overvalued).
What is the fair value of 688235?
Our model-based fair value for BeiGene Ltd. is ¥47.36 (as of Sep 6, 2026), built from audited fundamentals. The current price: ¥271.00.
What is the quality score of 688235?
BeiGene Ltd. has a Quality Score of 66/100. 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 BeiGene Ltd. (688235)?
Our model-based price target is the fair value of ¥47.36 (as of Sep 6, 2026) from 24 valuation models. Cautious scenario ¥36.27, optimistic scenario ¥62.94. It is a calculation from audited fundamentals, not an analyst target.
What is the BeiGene Ltd. stock forecast for 2026?
Our models put fair value at ¥47.36, about −83% upside versus a price of ¥271.00 (overvalued). Cautious scenario ¥36.27, optimistic scenario ¥62.94. The calculation is refreshed regularly with new filings.
What is the revenue of BeiGene Ltd. (688235)?
BeiGene Ltd. reported trailing-twelve-month revenue of about 5.7B CNY (latest available figure, as of Sep 6, 2026).
What is the net profit margin of 688235?
The net profit margin of BeiGene Ltd. is about 8.9%, meaning it keeps roughly 8.9% of revenue as net income. Based on the latest reported figures.
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