HUTCHMED (China) Limited (HCM) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 16, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-K for FY2025, filed Mar 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HCM SEC filings page.
HUTCHMED (China) Limited (HCM) reported $548.5M in revenue for fiscal year 2025, down 13.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 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).
Reported 2025 profit disconnected from core operations and cash generation, while the balance sheet remained conservatively financed.
The unusual combination of$456.9M net income, a-$39.2M operating loss, and-$64.7M operating cash flow means the headline profit was not produced by the operating engine. That gap is materially different from FY2023, when$100.8M of net income accompanied$219.3M of operating cash flow, making FY2025 earnings quality difficult to read from net income alone.
The operating business weakened across FY2024-FY2025: revenue fell from
The funding structure is less debt-dependent than the income statement might suggest: FY2025 debt-to-equity was 0.1x and the current ratio was 5.0x. However, free cash flow remained negative at
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of HUTCHMED (China) Limited'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.
HUTCHMED (China) Limited has an operating margin of -7.1%, meaning the company loses $7 on every $100 of revenue. This results in a profitability score of 26/100. This is down from -6.9% the prior year.
HUTCHMED (China) Limited's revenue declined 13.0% year-over-year, from $630.2M to $548.5M. This contraction results in a growth score of 4/100.
HUTCHMED (China) Limited carries a low D/E ratio of 0.06, meaning only $0.06 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 84/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.96, HUTCHMED (China) Limited holds $4.96 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 92/100.
HUTCHMED (China) Limited's operations used $64.7M of cash, and capex of $14.1M added to the outflow, for a free cash flow shortfall of $78.8M. This results in a cash flow score of 18/100.
HUTCHMED (China) Limited generates a 36.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 28/100. This is up from 5.0% the prior year.
HUTCHMED (China) Limited scores 3.59, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.3B) relative to total liabilities ($501.8M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
HUTCHMED (China) Limited passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, HUTCHMED (China) Limited used $0.14 of operating cash (-$64.7M OCF vs $456.9M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
HUTCHMED (China) Limited reported an operating loss of $39.2M against $2.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
HUTCHMED (China) Limited held $71.3M in cash against $68.2M in long-term debt as of Q4 2025.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
HCM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
HCM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2510-K | Q2'256-K | Q4'2410-K | Q2'2410-Q | Q4'2310-K | Q2'2310-Q | Q4'2210-K | Q2'2210-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.8B+37.6% | $1.8B+40.9% | $1.3B-0.4% | $1.3B-2.8% | $1.3B+24.3% | $1.3B+8.6% | $1.0B-25.0% | $1.2B-6.2% |
| Current Assets | $1.6B+47.0% | $1.6B+51.9% | $1.1B-2.8% | $1.0B-3.9% | $1.1B+30.6% | $1.1B+6.7% | $839.9M-30.7% | $1.0B-6.3% |
| Cash & Equivalents | $71.3M-53.7% | $110.7M-45.7% | $154.0M-45.7% | $204.0M-8.5% | $283.6M-9.5% | $223.0M-52.3% | $313.3M-17.0% | $467.5M-20.4% |
| Short-Term Investments | $1.3B+90.0% | $1.3B+109.5% | $682.2M+13.2% | $598.5M-5.5% | $602.7M+89.7% | $633.2M+76.5% | $317.7M-49.9% | $358.7M-1.2% |
| Inventory | $41.1M-18.4% | $48.5M+4.3% | $50.4M+0.3% | $46.4M-13.8% | $50.3M-11.3% | $53.9M+17.3% | $56.7M+58.6% | $45.9M+80.1% |
| Accounts Receivable | $126.8M-18.5% | $147.0M-6.3% | $155.5M+33.1% | $156.9M+21.4% | $116.9M+19.3% | $129.2M+67.6% | $98.0M+17.2% | $77.1M+33.0% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $3.1M+4.1% | $3.1M+1.6% | $3.0M-2.4% | $3.0M-1.6% | $3.1M-2.3% | $3.1M-6.0% | $3.1M-7.2% | $3.3M-2.2% |
| Total Liabilities | $501.8M-0.1% | $534.0M+4.9% | $502.3M-6.3% | $508.9M+2.3% | $536.4M+36.6% | $497.5M+45.3% | $392.6M+17.8% | $342.5M+32.1% |
| Current Liabilities | $315.8M-16.1% | $342.3M-8.3% | $376.6M-6.6% | $373.3M+9.5% | $403.0M+13.9% | $340.9M+5.9% | $353.9M+13.6% | $321.9M+29.9% |
| Non-Current Liabilities | $186.1M+47.9% | $191.7M+41.4% | $125.8M-5.7% | $135.6M-13.4% | $133.4M+244.8% | $156.6M+659.2% | $38.7M+80.0% | $20.6M+79.7% |
| Long-Term Debt | $68.2M+14.7% | $67.8M+21.9% | $59.4M+23.3% | $55.6M+38.6% | $48.2M+166.2% | $40.1M+9504.5% | $18.1M-32.7% | $418K-98.4% |
| Total Equity | $1.2B+62.9% | $1.2B+66.1% | $759.9M+4.0% | $740.1M-5.4% | $730.5M+19.7% | $782.0M-2.2% | $610.4M-38.2% | $799.7M-18.8% |
| Retained Earnings | -$378.6M+54.6% | -$380.3M+55.0% | -$833.2M+4.3% | -$845.1M-5.2% | -$870.9M+10.4% | -$803.1M-3.9% | -$971.5M-59.2% | -$773.2M-49.3% |
HCM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
HCM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| HUTCHMED (China) Limited HCM | FY2025 | $548.5M | $456.9M | 83.3% | $2.3B | 42/100 |
| Indivior Pharmaceuticals, Inc. INDV | FY2025 | $1.2B | $210.0M | 17.0% | $4.0B | 44/100 |
| Kiniksa Pharmaceuticals International, plc KNSA | FY2025 | $677.6M | $59.0M | 8.7% | $5.9B | 64/100 |
| Bausch Health Companies Inc BHC | FY2025 | $10.3B | $157.0M | 1.5% | $2.1B | 51/100 |
| Supernus Pharmaceuticals, Inc. SUPN | FY2025 | $719.0M | -$38.6M | -5.4% | $2.4B | 53/100 |
| Prestige Consumer Healthcare Inc. PBH | FY2026 | $1.1B | $190.3M | 17.5% | $2.2B | 61/100 |
Where HUTCHMED (China) Limited Ranks
Frequently Asked Questions
What is HUTCHMED (China) Limited's annual revenue?
HUTCHMED (China) Limited (HCM) reported $548.5M in total revenue for fiscal year 2025. This represents a -13.0% 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 HUTCHMED (China) Limited's revenue growing?
HUTCHMED (China) Limited (HCM) revenue declined by 13.0% year-over-year, from $630.2M to $548.5M in fiscal year 2025.
Is HUTCHMED (China) Limited profitable?
Yes, HUTCHMED (China) Limited (HCM) reported a net income of $456.9M in fiscal year 2025, with a net profit margin of 83.3%.
What is HUTCHMED (China) Limited's EBITDA?
HUTCHMED (China) Limited (HCM) had EBITDA of -$25.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does HUTCHMED (China) Limited have?
As of fiscal year 2025, HUTCHMED (China) Limited (HCM) had $71.3M in cash and equivalents against $68.2M in long-term debt.
What is HUTCHMED (China) Limited's gross margin?
HUTCHMED (China) Limited (HCM) had a gross margin of 38.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is HUTCHMED (China) Limited's operating margin?
HUTCHMED (China) Limited (HCM) had an operating margin of -7.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is HUTCHMED (China) Limited's net profit margin?
HUTCHMED (China) Limited (HCM) had a net profit margin of 83.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is HUTCHMED (China) Limited's return on equity (ROE)?
HUTCHMED (China) Limited (HCM) has a return on equity of 36.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is HUTCHMED (China) Limited's free cash flow?
HUTCHMED (China) Limited (HCM) recorded an outflow of $78.8M in free cash flow during fiscal year 2025. This represents a -352.0% 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 HUTCHMED (China) Limited's operating cash flow?
HUTCHMED (China) Limited (HCM) recorded an outflow of $64.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are HUTCHMED (China) Limited's total assets?
HUTCHMED (China) Limited (HCM) had $1.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are HUTCHMED (China) Limited's capital expenditures?
HUTCHMED (China) Limited (HCM) invested $14.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does HUTCHMED (China) Limited spend on research and development?
HUTCHMED (China) Limited (HCM) invested $148.3M in research and development during fiscal year 2025.
What is HUTCHMED (China) Limited's current ratio?
HUTCHMED (China) Limited (HCM) had a current ratio of 4.96 as of fiscal year 2025, which is generally considered healthy.
What is HUTCHMED (China) Limited's debt-to-equity ratio?
HUTCHMED (China) Limited (HCM) had a debt-to-equity ratio of 0.06 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is HUTCHMED (China) Limited's return on assets (ROA)?
HUTCHMED (China) Limited (HCM) had a return on assets of 26.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is HUTCHMED (China) Limited's P/E ratio?
HUTCHMED (China) Limited (HCM) trades at 5.1x earnings, its market capitalization divided by net income of $456.9M net income, FY2025. The market capitalization is $2.3B as of Sep 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is HUTCHMED (China) Limited's price-to-sales ratio?
HUTCHMED (China) Limited (HCM) trades at 4.3x sales, its market capitalization divided by revenue of $548.5M revenue, FY2025. The market capitalization is $2.3B as of Sep 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is HUTCHMED (China) Limited's Altman Z-Score?
HUTCHMED (China) Limited (HCM) has an Altman Z-Score of 3.59, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is HUTCHMED (China) Limited's Piotroski F-Score?
HUTCHMED (China) Limited (HCM) has a Piotroski F-Score of 4 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 HUTCHMED (China) Limited's earnings high quality?
For every $1 of reported earnings, HUTCHMED (China) Limited (HCM) used $0.14 of operating cash (-$64.7M OCF vs $456.9M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. 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 HUTCHMED (China) Limited cover its interest payments?
HUTCHMED (China) Limited (HCM) reported an operating loss of $39.2M against $2.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 HUTCHMED (China) Limited?
HUTCHMED (China) Limited (HCM) scores 42 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.