What is Burning Rock Biotech Ltd's earnings per share (EPS)?

Burning Rock Biotech Ltd (BNR) reported diluted earnings per share of $-0.07 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Burning Rock Biotech Ltd Financials

BNR

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Burning Rock Biotech Ltd (BNR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BNR FY2025 2026-04-28

Burning Rock’s economics improved mainly through a sharp operating-expense reset, letting a still-modest revenue base carry far less loss.

The striking change is that gross profit barely moved from $57.1M in FY2021 to $57.6M in FY2025, yet the operating loss collapsed from -$125.1M to -$7.8M. That says the improvement came less from scale and more from a leaner cost structure, as combined SG&A and R&D fell from $134.7M to $41.8M while gross margin rose from 71.7% to 74.7%.

By FY2025, cash burn and accounting loss were finally close together: operating cash flow was -$4.1M versus net loss of -$7.9M, a much tighter gap than in FY2021. With capex only $751K, capital intensity is low; most of the cash drain came from running the business, not from maintaining a heavy asset base.

The balance sheet now looks equity-funded rather than debt-funded: cash of $68.4M exceeds total liabilities of $40.8M, and long-term debt is only $243K. A current ratio near 3x means liquidity pressure comes more from residual operating burn than from leverage or refinancing needs.

Financial Health Signals

Financial Profile 32/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Burning Rock Biotech Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Burning Rock Biotech Ltd has an operating margin of -10.2%, meaning the company retains $-10 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -69.3% the prior year.

Growth

Burning Rock Biotech Ltd's revenue grew 9.2% year-over-year to $77.2M, a solid pace of expansion. This earns a growth score of 35/100.

Leverage

100

Burning Rock Biotech Ltd carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Burning Rock Biotech Ltd's current ratio of 2.99 indicates adequate short-term liquidity, earning a score of 57/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Burning Rock Biotech Ltd generated -$4.1M in operating cash flow, capex of $751K consumed most of it, leaving -$4.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Burning Rock Biotech Ltd generates a -10.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -59.7% the prior year.

Piotroski F-Score Neutral

5/9

Burning Rock Biotech Ltd passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.51x

For every $1 of reported earnings, Burning Rock Biotech Ltd generates $0.51 in operating cash flow (-$4.1M OCF vs -$7.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-1961.0x

Burning Rock Biotech Ltd earns $-1961.0 in operating income for every $1 of interest expense (-$7.8M vs $4K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$77.2M

YoY+9.2%

5Y CAGR+3.2%

Burning Rock Biotech Ltd generated $77.2M in revenue in fiscal year 2025. This represents an increase of 9.2% from the prior year.

EBITDA

-$4.7M

YoY+88.7%

Burning Rock Biotech Ltd's EBITDA was -$4.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 88.7% from the prior year.

Net Income

-$7.9M

YoY+83.3%

Burning Rock Biotech Ltd reported -$7.9M in net income in fiscal year 2025. This represents an increase of 83.3% from the prior year.

EPS (Diluted)

$-0.07

Burning Rock Biotech Ltd earned $-0.07 per diluted share (EPS) in fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

-$4.8M

YoY+64.0%

Burning Rock Biotech Ltd generated -$4.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 64.0% from the prior year.

Cash & Debt

$68.4M

YoY-3.9%

5Y CAGR-25.1%

Burning Rock Biotech Ltd held $68.4M in cash against $243K in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

88M

Burning Rock Biotech Ltd had 88M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

74.7%

YoY+4.4pp

5Y CAGR+1.7pp

Burning Rock Biotech Ltd's gross margin was 74.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.4 percentage points from the prior year.

Operating Margin

-10.2%

YoY+59.2pp

5Y CAGR+85.8pp

Burning Rock Biotech Ltd's operating margin was -10.2% in fiscal year 2025, reflecting core business profitability. This is up 59.2 percentage points from the prior year.

Net Margin

-10.3%

YoY+56.9pp

5Y CAGR+84.5pp

Burning Rock Biotech Ltd's net profit margin was -10.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 56.9 percentage points from the prior year.

Return on Equity

-10.3%

YoY+49.3pp

5Y CAGR+6.5pp

Burning Rock Biotech Ltd's ROE was -10.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 49.3 percentage points from the prior year.

Capital Allocation

R&D Spending

$23.8M

YoY-25.2%

5Y CAGR-10.1%

Burning Rock Biotech Ltd invested $23.8M in research and development in fiscal year 2025. This represents a decrease of 25.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$751K

YoY+1.2%

5Y CAGR-39.5%

Burning Rock Biotech Ltd invested $751K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1.2% from the prior year.

BNR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$77.2M+9.2%	$70.7M-6.6%	$75.7M-7.3%	$81.7M+2.5%	$79.7M+21.0%	$65.9M
Cost of Revenue	$19.5M-7.0%	$21.0M-14.3%	$24.5M-7.6%	$26.6M+17.8%	$22.6M+26.9%	$17.8M
Gross Profit	$57.6M+16.0%	$49.6M-3.0%	$51.2M-7.2%	$55.1M-3.6%	$57.1M+18.8%	$48.1M
R&D Expenses	$23.8M-25.2%	$31.8M-34.9%	$48.9M-20.1%	$61.2M+6.0%	$57.7M+42.7%	$40.5M
SG&A Expenses	$18.0M-49.7%	$35.8M-41.9%	$61.7M-25.2%	$82.4M+7.1%	$76.9M+70.9%	$45.0M
Operating Income	-$7.8M+84.0%	-$49.0M+48.0%	-$94.3M+33.7%	-$142.1M-13.6%	-$125.1M-97.9%	-$63.2M
Interest Expense	-$4K	$0	$0-100.0%	$15K-93.8%	$241K+136.3%	$102K
Income Tax	$223K-72.3%	$806K+139.9%	$336K+16.7%	$288K+104.3%	$141K	$0
Net Income	-$7.9M+83.3%	-$47.5M+48.4%	-$92.1M+34.6%	-$140.8M-12.6%	-$125.0M-100.3%	-$62.4M
EPS (Diluted)	$-0.07	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q2'22	Q4'21	Q4'20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BNR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$117.3M-3.3%	$121.3M-17.2%	$146.5M-36.4%	$230.2M-35.6%	$357.6M-12.4%	$408.1M
Current Assets	$105.6M-0.7%	$106.4M-14.6%	$124.5M-31.8%	$182.5M-36.1%	$285.7M-26.1%	$386.8M
Cash & Equivalents	$68.4M-3.9%	$71.2M-17.8%	$86.6M-34.0%	$131.3M-41.6%	$224.6M-22.7%	$290.5M
Inventory	$6.9M-19.0%	$8.6M-11.7%	$9.7M-48.6%	$18.9M-2.3%	$19.3M+85.5%	$10.4M
Accounts Receivable	$24.3M+16.5%	$20.8M+16.6%	$17.9M+12.1%	$15.9M+10.2%	$14.5M+7.0%	$13.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$40.8M-2.3%	$41.7M+9.0%	$38.3M-38.5%	$62.2M-8.5%	$68.0M+83.3%	$37.1M
Current Liabilities	$35.3M-3.2%	$36.5M-1.6%	$37.1M-37.8%	$59.7M+2.1%	$58.4M+57.8%	$37.0M
Long-Term Debt	$243K	N/A	N/A	N/A	N/A	$0
Total Equity	$76.5M-3.8%	$79.6M-26.5%	$108.2M-35.6%	$167.9M-42.0%	$289.6M-22.0%	$371.0M
Retained Earnings	-$608.5M-5.8%	-$575.4M-6.0%	-$542.8M-17.0%	-$463.9M-32.7%	-$349.7M-60.9%	-$217.3M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q2'22	Q4'21	Q4'20
Total Assets	$117.3M-3.3%	$121.3M-17.2%	$146.5M-36.4%	$230.2M-17.2%	$277.9M-22.3%	$357.6M-12.4%	$408.1M
Current Assets	$105.6M-0.7%	$106.4M-14.6%	$124.5M-31.8%	$182.5M-16.4%	$218.4M-23.6%	$285.7M-26.1%	$386.8M
Cash & Equivalents	$68.4M-3.9%	$71.2M-17.8%	$86.6M-34.0%	$131.3M-23.4%	$171.5M-23.7%	$224.6M-22.7%	$290.5M
Inventory	$6.9M-19.0%	$8.6M-11.7%	$9.7M-48.6%	$18.9M-2.4%	$19.4M+0.1%	$19.3M+85.5%	$10.4M
Accounts Receivable	$24.3M+16.5%	$20.8M+16.6%	$17.9M+12.1%	$15.9M+5.8%	$15.1M+4.2%	$14.5M+7.0%	$13.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$40.8M-2.3%	$41.7M+9.0%	$38.3M-38.5%	$62.2M-2.9%	$64.1M-5.8%	$68.0M+83.3%	$37.1M
Current Liabilities	$35.3M-3.2%	$36.5M-1.6%	$37.1M-37.8%	$59.7M+11.2%	$53.7M-8.1%	$58.4M+57.8%	$37.0M
Long-Term Debt	$243K	N/A	N/A	N/A	N/A	N/A	$0
Total Equity	$76.5M-3.8%	$79.6M-26.5%	$108.2M-35.6%	$167.9M-21.5%	$213.8M-26.2%	$289.6M-22.0%	$371.0M
Retained Earnings	-$608.5M-5.8%	-$575.4M-6.0%	-$542.8M-17.0%	-$463.9M-12.9%	-$410.9M-17.5%	-$349.7M-60.9%	-$217.3M

BNR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$4.1M+67.8%	-$12.6M+64.9%	-$36.0M+45.6%	-$66.2M+11.7%	-$75.0M-565.4%	-$11.3M
Capital Expenditures	$751K+1.2%	$742K-35.0%	$1.1M-87.3%	$9.0M-71.9%	$32.1M+247.1%	$9.2M
Free Cash Flow	-$4.8M+64.0%	-$13.4M+64.0%	-$37.2M+50.6%	-$75.2M+29.7%	-$107.1M-422.0%	-$20.5M
Investing Cash Flow	-$628K-4.0%	-$604K+53.9%	-$1.3M-21.0%	-$1.1M-108.4%	$12.8M+176.5%	-$16.8M
Financing Cash Flow	$272K+2820.0%	-$10K+99.9%	-$6.9M+45.0%	-$12.5M-50.6%	-$8.3M-102.5%	$331.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	$0	$0

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q2'22	Q4'21	Q4'20
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BNR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	74.7%+4.4pp	70.3%+2.7pp	67.6%+0.1pp	67.5%-4.2pp	71.7%-1.3pp	73.0%
Operating Margin	-10.2%+59.2pp	-69.3%+55.2pp	-124.5%+49.5pp	-174.1%-17.1pp	-156.9%-61.0pp	-95.9%
Net Margin	-10.3%+56.9pp	-67.2%+54.4pp	-121.6%+50.8pp	-172.4%-15.6pp	-156.9%-62.1pp	-94.7%
Return on Equity	-10.3%+49.3pp	-59.7%+25.4pp	-85.1%-1.2pp	-83.9%-40.7pp	-43.2%-26.3pp	-16.8%
Return on Assets	-6.8%+32.4pp	-39.1%+23.7pp	-62.8%-1.7pp	-61.2%-26.2pp	-35.0%-19.7pp	-15.3%
Current Ratio	2.99+0.1	2.92-0.4	3.36+0.3	3.06-1.8	4.89-5.6	10.45
Debt-to-Equity	0.00-0.5	0.52+0.2	0.35-0.0	0.37+0.1	0.23+0.2	0.00
FCF Margin	-6.3%+12.7pp	-18.9%+30.2pp	-49.1%+43.0pp	-92.1%+42.2pp	-134.3%-103.2pp	-31.1%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q2'22	Q4'21	Q4'20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.99+0.1	2.92-0.4	3.36+0.3	3.06-1.0	4.07-0.8	4.89-5.6	10.45
Debt-to-Equity	0.00-0.5	0.52+0.2	0.35-0.0	0.37+0.1	0.30+0.1	0.23+0.2	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Burning Rock Biotech Ltd's annual revenue?

Burning Rock Biotech Ltd (BNR) reported $77.2M in total revenue for fiscal year 2025. This represents a 9.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Burning Rock Biotech Ltd's revenue growing?

Burning Rock Biotech Ltd (BNR) revenue grew by 9.2% year-over-year, from $70.7M to $77.2M in fiscal year 2025.

Is Burning Rock Biotech Ltd profitable?

No, Burning Rock Biotech Ltd (BNR) reported a net income of -$7.9M in fiscal year 2025, with a net profit margin of -10.3%.

What is Burning Rock Biotech Ltd's EBITDA?

Burning Rock Biotech Ltd (BNR) had EBITDA of -$4.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Burning Rock Biotech Ltd have?

As of fiscal year 2025, Burning Rock Biotech Ltd (BNR) had $68.4M in cash and equivalents against $243K in long-term debt.

What is Burning Rock Biotech Ltd's gross margin?

Burning Rock Biotech Ltd (BNR) had a gross margin of 74.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Burning Rock Biotech Ltd's operating margin?

Burning Rock Biotech Ltd (BNR) had an operating margin of -10.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Burning Rock Biotech Ltd's net profit margin?

Burning Rock Biotech Ltd (BNR) had a net profit margin of -10.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Burning Rock Biotech Ltd's return on equity (ROE)?

Burning Rock Biotech Ltd (BNR) has a return on equity of -10.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Burning Rock Biotech Ltd's free cash flow?

Burning Rock Biotech Ltd (BNR) generated -$4.8M in free cash flow during fiscal year 2025. This represents a 64.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Burning Rock Biotech Ltd's operating cash flow?

Burning Rock Biotech Ltd (BNR) generated -$4.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Burning Rock Biotech Ltd's total assets?

Burning Rock Biotech Ltd (BNR) had $117.3M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Burning Rock Biotech Ltd's capital expenditures?

Burning Rock Biotech Ltd (BNR) invested $751K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Burning Rock Biotech Ltd spend on research and development?

Burning Rock Biotech Ltd (BNR) invested $23.8M in research and development during fiscal year 2025.

How many shares does Burning Rock Biotech Ltd have outstanding?

Burning Rock Biotech Ltd (BNR) had 88M shares outstanding as of fiscal year 2025.

What is Burning Rock Biotech Ltd's current ratio?

Burning Rock Biotech Ltd (BNR) had a current ratio of 2.99 as of fiscal year 2025, which is generally considered healthy.

What is Burning Rock Biotech Ltd's debt-to-equity ratio?

Burning Rock Biotech Ltd (BNR) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Burning Rock Biotech Ltd's return on assets (ROA)?

Burning Rock Biotech Ltd (BNR) had a return on assets of -6.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Burning Rock Biotech Ltd's cash runway?

Based on fiscal year 2025 data, Burning Rock Biotech Ltd (BNR) had $68.4M in cash against an annual operating cash burn of $4.1M. This gives an estimated cash runway of approximately 202 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Burning Rock Biotech Ltd's Piotroski F-Score?

Burning Rock Biotech Ltd (BNR) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Burning Rock Biotech Ltd's earnings high quality?

Burning Rock Biotech Ltd (BNR) has an earnings quality ratio of 0.51x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Burning Rock Biotech Ltd cover its interest payments?

Burning Rock Biotech Ltd (BNR) has an interest coverage ratio of -1961.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Burning Rock Biotech Ltd?

Burning Rock Biotech Ltd (BNR) scores 32 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.