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Burning Rock Biotech Ltd (BNR) stock

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NASDAQ: BNR Nasdaq Life Sciences Tools & Services

C+ Fundamentals grade

Burning Rock Biotech Ltd is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$9.5

Price-to-sales vs peers

Base case. Range ~$9.5–$47. Sales per share times peers' typical price-to-sales; used only when earnings are negative.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Burning Rock Biotech Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 0 selling8 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds10 adding, 5 cuttingOf 3 active managers that changed their stake, 3 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Burning Rock Biotech files

Where Burning Rock Biotech stands after its latest Filing

Revenue for the twelve months was $75m, up 4.7% on a year earlier, against a decline of 5.6% a quarter earlier. Free-cash-flow margin rose to -6.2% from -134.8% a year earlier. Operating margin widened to -10.2% from -156.9%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 6 of our 7 financial-health checks. Our price-to-sales vs peers value is $9.60 a share, against a share price of $10.90.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Burning Rock Biotech Ltd's trailing-twelve-month revenue grew 4.7% year on year, with a free-cash-flow margin of -6.2%. Where it stands out: gross margin of 74.7% ranks 4 of 45 life sciences tools & services companies we cover. Where it lags: days sales outstanding of 118 days ranks 46 of 48 life sciences tools & services companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 65.7% while net income grew 84.0%: a 18pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 10.3 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 59.2 points on a year ago.
  • Shrinking share count. Diluted shares fell 100.0% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Loss-making. Operating margin is -10.2%: costs exceed revenue.
  • Burning cash. Free cash flow was -6.2% of revenue over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 118 days ranks 46 of 48 life sciences tools & services companies we cover (median 62 days).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 4 of the last four quarters.

Latest results

Earnings per share
-$18.10 against an average estimate of -$13.90: missed by 30.2%

Burning Rock Biotech's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-7.9%
  • 1 week-10.0%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$75.1M
Operating margin
-10.2%
Net margin
-10.3%

Growth

Revenue growth
+4.7%
Change in growth rate
+10.3 pts

Cash

Free cash flow (TTM)
-$4.7M
FCF margin
-6.2%
Stock pay % of revenue
2.6%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for BNR from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Burning Rock Biotech Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Burning Rock Biotech Ltd as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.04 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$9.5 ~$13–$47 Included, half weight
Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$9.5 ~$9.5–$47 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Burning Rock Biotech Ltd with Life Sciences Tools & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Burning Rock Biotech Ltd: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Mar 2023 −$13.90 −$18.10 −30.2%
Dec 2022 −$19.00 −$21.10 −11.1%
Sept 2022 −$18.80 −$23.30 −23.9%
Jun 2022 −$18.50 −$25.00 −35.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Positioning

Short interest
0.5%
of tradable shares
Days to cover
1.13
at average volume
Short interest, 1 month
−6%
to October 15, 2026
Held by institutions
47%
of shares
Held by insiders
213.5%
of shares
Employees
667
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Burning Rock Biotech Ltd in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Burning Rock Biotech Ltd
$20M $40M $60M $80M $100M FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Revenue (TTM), FY18 Q4: $31.7M Revenue (TTM), FY19 Q4: $55.3M Revenue (TTM), FY20 Q4: $62.3M Revenue (TTM), FY21 Q4: $78.7M Revenue (TTM), FY22 Q4: $83.9M Revenue (TTM), FY23 Q4: $76M Revenue (TTM), FY24 Q4: $71.7M Revenue (TTM), FY25 Q4: $75.1M $75.1M

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY18 Q4 $31.7M
FY19 Q4 $55.3M
FY20 Q4 $62.3M
FY21 Q4 $78.7M
FY22 Q4 $83.9M
FY23 Q4 $76M
FY24 Q4 $71.7M
FY25 Q4 $75.1M
Revenue growth, TTM YoY Burning Rock Biotech Ltd
-50% 0% 50% 100% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue growth, TTM YoY, FY19 Q4: 74.6% Revenue growth, TTM YoY, FY20 Q4: 12.7% Revenue growth, TTM YoY, FY21 Q4: 26.4% Revenue growth, TTM YoY, FY22 Q4: 6.5% Revenue growth, TTM YoY, FY23 Q4: -9.4% Revenue growth, TTM YoY, FY24 Q4: -5.6% Revenue growth, TTM YoY, FY25 Q4: 4.7% 4.7%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY19 Q4 74.6%
FY20 Q4 12.7%
FY21 Q4 26.4%
FY22 Q4 6.5%
FY23 Q4 -9.4%
FY24 Q4 -5.6%
FY25 Q4 4.7%
Operating margin (TTM) Burning Rock Biotech Ltd
-200% -150% -100% -50% 0% FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Operating margin (TTM), FY18 Q4: -77.3% Operating margin (TTM), FY19 Q4: -44.3% Operating margin (TTM), FY20 Q4: -95.9% Operating margin (TTM), FY21 Q4: -156.9% Operating margin (TTM), FY22 Q4: -174.1% Operating margin (TTM), FY23 Q4: -124.5% Operating margin (TTM), FY24 Q4: -69.3% Operating margin (TTM), FY25 Q4: -10.2% -10.2%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY18 Q4 -77.3%
FY19 Q4 -44.3%
FY20 Q4 -95.9%
FY21 Q4 -156.9%
FY22 Q4 -174.1%
FY23 Q4 -124.5%
FY24 Q4 -69.3%
FY25 Q4 -10.2%
FCF margin (TTM) Burning Rock Biotech Ltd
-150% -100% -50% 0% FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 FCF margin (TTM), FY18 Q4: -82.4% FCF margin (TTM), FY19 Q4: -71.1% FCF margin (TTM), FY20 Q4: -32.1% FCF margin (TTM), FY21 Q4: -134.8% FCF margin (TTM), FY22 Q4: -92.2% FCF margin (TTM), FY23 Q4: -49.3% FCF margin (TTM), FY24 Q4: -19.0% FCF margin (TTM), FY25 Q4: -6.2% -6.2%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY18 Q4 -82.4%
FY19 Q4 -71.1%
FY20 Q4 -32.1%
FY21 Q4 -134.8%
FY22 Q4 -92.2%
FY23 Q4 -49.3%
FY24 Q4 -19.0%
FY25 Q4 -6.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 32 55 62 79 84 76 72 75
Gross profit 20 40 46 56 57 51 50 56
EBITDA −21 −20 −55 −116 −128 −76 −42 −5
Operating income −24 −24 −60 −124 −146 −95 −50 −8
Net income −27 −24 −59 −124 −145 −92 −48 −8
Growth (year on year)
Revenue — +74.6% +12.7% +26.4% +6.5% −9.4% −5.6% +4.7%
Margins
Gross margin 64.7% 71.6% 73.0% 71.7% 67.5% 67.6% 70.3% 74.7%
EBITDA margin −65.5% −36.1% −88.2% −147.5% −152.0% −99.7% −59.2% −6.1%
Operating margin −77.3% −44.3% −95.9% −156.9% −174.1% −124.5% −69.3% −10.2%
Net margin −85.0% −44.3% −94.7% −156.9% −172.4% −121.6% −67.2% −10.3%
Free-cash-flow margin −82.3% −71.0% −31.1% −134.3% −92.1% −49.1% −18.9% −6.2%
Cash flow
Cash from operations −23 −33 −11 −74 −68 −36 −13 −4
Capital spending 4 6 9 32 9 1 1 1
Free cash flow −26 −39 −19 −106 −77 −37 −14 −5
Stock-based pay 1 3 25 44 49 37 22 2
Free cash flow after stock pay −27 −43 −45 −150 −126 −74 −35 −7
Balance sheet
Cash 14 14 290 225 131 87 71 68
Total debt 0 3 1 — 0 0 0 0
Net debt (negative = net cash) −14 −11 −289 −225 −131 −87 −71 −68
Diluted shares 2m 2m — — — — — —
Returned to shareholders
Buybacks 0 1 0 0 — — — —
Total returned 0 1 0 0 — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · December 31, 2025
What it owns · $117m
Short-term assets $106mLonger-term assets $12m
What it owes, and who funded it · $117m
Short-term liabilities $35mLonger-term liabilities $5mShareholders' equity $77m
  • Short-term assets cover short-term liabilities $106m of assets due within a year against $35m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $106m short-term assets against $5m of longer-dated liabilities.
  • More cash than debt $68m of cash against $243,097 of debt.
  • Debt below 40% of shareholders' equity Debt is 0% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 0% to 0% over five years.
  • A year's operating cash flow covers at least 20% of debt −$4m of operating cash flow against $243,097 of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Burning Rock Biotech Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

R&D spending
30.9%
of revenue
Days sales outstanding
118 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in life sciences tools & services
Last 12 months unless stated BNR CDXS XGN PSNL HBIO MASS Median
Revenue, last 12 months $75m $78m $71m $70m $88m $61m $229m
Revenue growth, last 12 months 4.7% 35.9% 20.8% −13.3% −1.1% 13.4% 6.9%
Revenue growth, 3-year average — −7.8% 10.3% 1.2% −8.4% 7.5% 2.9%
Revenue growth, latest quarter — −2.7% 15.9% 30.0% 11.1% 23.3% 8.5%
Gross margin 74.7% 87.0% 58.6% 12.7% 58.2% 52.2% 51.9%
Operating margin −10.2% −35.6% −18.6% −164.1% −0.3% −64.0% −14.3%
Operating margin, 3-year average — −81.6% −23.4% −122.3% −21.4% −87.7% −22.4%
Net margin −10.3% −39.6% −26.6% −153.8% −11.9% −57.0% −16.1%
Cash from operations / revenue −5.3% −13.4% −9.1% −132.5% 0.7% 2.5% 1.3%
Free-cash-flow margin −6.2% −15.7% −10.7% −144.9% −1.3% 1.0% −2.2%
Free-cash-flow margin, 3-year average — −71.6% −16.3% −96.1% 3.6% −38.7% 0.6%
Stock pay / revenue 2.6% 9.9% 4.1% 15.7% 1.6% 16.2% 4.4%
Change in share count −100.0% 12.9% 23.9% 26.0% 2.5% 4.3% 1.0%

Median of all 54 companies we cover in life sciences tools & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

54 life sciences tools & services companies
Measure Company Peer median Rank
Revenue growth Growth 4.7% 6.9% 35 of 54
Change in growth rate Growth +10.3pp +0.4pp 5 of 54
Gross margin Profitability 74.7% 52.0% 4 of 45
Operating margin Profitability -10.2% -14.3% 24 of 52
Net margin Profitability -10.3% -12.2% 25 of 54
Free-cash-flow margin Cash generation -6.2% -1.3% 31 of 54
Stock pay as % of revenue Cash generation 2.6% 4.4% 18 of 53
Long-term debt as % of assets Balance sheet 0.2% 26.3% 5 of 35
Days sales outstanding Balance sheet 118 days 62 days 46 of 48

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$16.5M
Institutions reporting
17
Shares held vs prior quarter
▲ 15.3%
Positions opened / closed
3 / 2

Top buyers and sellers, Q2 2026: 10 institutions bought and 5 sold ; the biggest buyer was Crcm LP (+142K shares) and the biggest seller Redwood Wealth Management Group, LLC (−18K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Kynam Capital Management, LP $10.5M 1.2M 63.8% ▲ 0.9%
Crcm LP $3.5M 424K 21.5% ▲ 50.3%
Renaissance Technologies LLC $442,254 53K 2.7% ▲ 49.2%
Morgan Stanley $364,882 44K 2.2% ▲ 185.5%
Amova Asset Management Americas, Inc. $257,707 30K 1.6% ▼ 1.4%
Sumitomo Mitsui Trust Group, Inc. $248,790 30K 1.5% ▼ 1.4%
Bank Of America Corp $244,103 29K 1.5% 0.0%
Citadel Advisors LLC $236,587 27K 1.4% ▲ 54.4%
Hsg Holding Ltd $177,544 21K 1.1% —
UBS Group AG $149,957 18K 0.9% ▲ 4291.2%
Almanack Investment Partners, Llc. $135,577 16K 0.8% New
Xtx Topco Ltd $118,094 14K 0.7% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Burning Rock Biotech Ltd's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $11.6M 8 trades by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $11.6M net buying
Insider Date Trade Shares Price Value
Han Yusheng Director June 26, 2026 Buy 24,900 $8.00 $199,200
Han Yusheng Director June 24, 2026 Buy 250,000 $8.00 $2M
Han Yusheng Director June 23, 2026 Buy 5,990 $7.50 $44,925
Han Yusheng Director June 22, 2026 Buy 104,650 $7.45 $779,642
Han Yusheng Director June 16, 2026 Buy 111,110 $9.00 $999,990
Han Yusheng Director June 12, 2026 Buy 210,000 $9.25 $1.9M
Han Yusheng Director June 11, 2026 Buy 24,760 $8.74 $216,402
Han Yusheng Director March 31, 2026 Buy 314,870 $17.36 $5.5M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Burning Rock Biotech Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Burning Rock Biotech Ltd in brief

What does Burning Rock Biotech Ltd do?
Burning Rock Biotech Ltd is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.
What is Burning Rock Biotech Ltd's stock ticker?
Burning Rock Biotech Ltd trades under the ticker BNR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Burning Rock Biotech Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Burning Rock Biotech Ltd reported revenue of $75.1M, 4.7% higher than a year earlier, according to its SEC filings.
What is Burning Rock Biotech Ltd's free cash flow?
Burning Rock Biotech Ltd's free-cash-flow margin is -6.2% of revenue over the trailing twelve months, ranking 31 of the 54 life sciences tools & services companies we cover.
Who are Burning Rock Biotech Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Kynam Capital Management, LP, Crcm LP and Renaissance Technologies LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
How much debt does Burning Rock Biotech Ltd have?
Burning Rock Biotech Ltd's debt-to-equity ratio is 0.3%, from its latest balance sheet (0.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Burning Rock Biotech Ltd's competitors?
In our Life Sciences Tools & Services peer group, the companies closest to Burning Rock Biotech Ltd are Codexis, Inc., Exagen Inc., Personalis, Inc., Harvard Bioscience Inc and 908 Devices Inc. The side-by-side comparison below sets their revenue, margins and growth against Burning Rock Biotech Ltd's.
Are insiders buying or selling Burning Rock Biotech Ltd stock?
Over the last 12 months, Burning Rock Biotech Ltd's directors and officers reported 8 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.