Company Valuation: Burning Rock Biotech Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 15,655 6,329 1,632 695.3 505.4 1,517
Change - -59.57% -74.21% -57.4% -27.31% 200.22%
Enterprise Value (EV) 1 13,439 4,919 775.6 79.16 31.77 1,080
Change - -63.4% -84.23% -89.79% -59.86% 3,298.37%
P/E -21.9x -7.92x -1.66x -1.03x -1.46x -27.1x
PBR 6.53x 3.45x 1.38x 0.88x 0.91x 2.77x
PEG - -0.7x -0.1x 0x 0x 0.3x
Capitalization / Revenue 36.4x 12.5x 2.9x 1.29x 0.98x 2.81x
EV / Revenue 31.3x 9.69x 1.38x 0.15x 0.06x 2x
EV / EBITDA -35.4x -6.54x -0.9x -0.15x -0.12x -32.5x
EV / EBIT -32.6x -6.17x -0.79x -0.12x -0.1x -19.7x
EV / FCF -621x -16.1x -3.52x -1.38x -4.12x -47.4x
FCF Yield -0.16% -6.21% -28.4% -72.6% -24.3% -2.11%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -68.76 -76.45 -93.47 -63.84 -33.67 -5.206
Distribution rate - - - - - -
Net sales 1 429.9 507.9 563.2 537.4 515.8 539.6
EBITDA 1 -379.9 -752.5 -859.7 -537.9 -271 -33.22
EBIT 1 -412.4 -797.1 -980.4 -669.3 -322.4 -54.84
Net income 1 -407.2 -796.7 -971.2 -653.7 -346.6 -55.35
Net Debt 1 -2,216 -1,410 -856.8 -616.2 -473.7 -437.7
Reference price 2 1,508.11 605.40 155.19 65.95 49.27 140.94
Nbr of stocks (in thousands) 10,380 10,455 10,519 10,544 10,259 10,767
Announcement Date 23/03/21 29/04/22 20/04/23 29/04/24 29/04/25 28/04/26
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 93.65M
22.13x0.93x10.91x-.--% 9.83B
14.03x0.24x5.2x2.65% 1.42B
18.02x1.29x9.87x2.81% 1.08B
-3.19x0.68x5.15x0.09% 224M
Average 12.75x 0.78x 7.78x 1.39% 2.53B
Weighted average by Cap. 20.41x 0.88x 10.07x 0.54%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Burning Rock Biotech Limited