HUTCHMED (China) Ltd
HCMHealthcare|Drug Manufacturers - Specialty & Generic|Hong Kong
$11.07
+0.09 (+0.82%)
Tangible Book
$7.18
Financials
Financial Snapshot
Market Cap
$1.87B
Enterprise Value
$1.26B
Revenue (TTM)
$548.5M
Net Income (TTM)
$456.9M
Cash & Equivalents
—
Net Cash/Share
$4.96
Free Cash Flow (TTM)
$-88.8M
Operating CF (TTM)
$-64.7M
Debt/Equity
0.08
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$16.2M
Monthly Burn
$5.4M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $103.7M | $358.3M | $301.0M | $217.2M | $435.2M | $1.01B | $631.0M | $886.3M | $836.1M | $1.37B | $1.37B | |
| Operating Cash Flow | $-9.6M | $-8.9M | $-32.8M | $-80.9M | $-62.1M | $-204.2M | $-268.6M | $219.3M | $497.0K | $-64.7M | $-64.7M | |
| Free Cash Flow | $-13.9M | $-14.0M | $-39.2M | $-89.5M | $-84.0M | $-221.0M | $-305.3M | $186.6M | $-17.4M | $-88.8M | $-88.8M | |
| Capital Expenditure | $-4.3M | $-5.0M | $-6.4M | $-8.6M | $-21.9M | $-16.8M | $-36.7M | $-32.6M | $-17.9M | $-24.1M | $-24.1M | |
| Financing Cash Flow | $92.4M | $273.2M | $-8.2M | $-1.5M | $296.4M | $650.0M | $-82.8M | $48.7M | $-30.7M | $7.8M | $7.8M |
R&D Spending
R&D (TTM)
$148.3M
R&D Intensity
27.0%
R&D Growth YoY
+0.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $216.1M | $241.2M | $214.1M | $204.9M | $228.0M | $356.1M | $426.4M | $838.0M | $630.2M | $548.5M | $548.5M | |
| R&D Expense | $45.2M | $50.7M | $78.8M | $91.9M | $174.8M | $299.1M | $386.9M | $302.0M | $212.1M | $148.3M | $148.3M | |
| R&D % of Revenue | 20.9% | 21.0% | 36.8% | 44.9% | 76.7% | 84.0% | 90.7% | 36.0% | 33.7% | 27.0% | 27.0% | |
| SG&A | $39.6M | $43.3M | $48.6M | $52.9M | $61.3M | $127.1M | $136.1M | $133.2M | $112.9M | $103.0M | $103.0M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $216.1M | $241.2M | $214.1M | $204.9M | $228.0M | $356.1M | $426.4M | $838.0M | $630.2M | $548.5M | $548.5M | |
| Cost of Goods Sold | $156.3M | $175.8M | $143.9M | $160.2M | $188.5M | $258.2M | $311.1M | $384.4M | $348.9M | $336.3M | $336.3M | |
| Gross Profit | $59.8M | $65.4M | $70.2M | $44.7M | $39.5M | $97.9M | $115.3M | $453.6M | $281.3M | $212.2M | $212.2M | |
| R&D | $45.2M | $50.7M | $78.8M | $91.9M | $174.8M | $299.1M | $386.9M | $302.0M | $212.1M | $148.3M | $148.3M | |
| SG&A | $39.6M | $43.3M | $48.6M | $52.9M | $61.3M | $127.1M | $136.1M | $133.2M | $112.9M | $103.0M | $103.0M | |
| Operating Income | $-46.7M | $-53.3M | $-92.6M | $-146.4M | $-196.7M | $-328.0M | $-406.3M | $21.5M | $-40.6M | $-35.7M | $-35.7M | |
| Interest Expense | $-1.6M | $-1.5M | $-1.0M | $-1.0M | $-787.0K | $-592.0K | $-652.0K | $-759.0K | $-2.9M | $-2.9M | $0.00 | |
| Pretax Income | $-47.4M | $-53.5M | $-86.7M | $-141.1M | $-189.7M | $-215.7M | $-410.4M | $58.3M | $-1.1M | $498.7M | $498.7M | |
| Net Income | $11.7M | $-26.7M | $-74.8M | $-106.0M | $-125.7M | $-194.6M | $-360.8M | $100.8M | $37.7M | $456.9M | $456.9M | |
| EPS (Diluted) | 0.10 | -0.20 | -0.55 | -0.80 | -0.90 | -1.25 | -2.15 | 0.60 | 0.20 | 2.65 | 2.60 | |
| EBITDA | $-43.4M | $-49.5M | $-82.1M | $-135.1M | $-182.9M | $-208.0M | $-401.1M | $67.3M | $14.1M | $514.9M | $514.9M | |
| Shares Out. (M) | 119.94 | 123.43 | 132.85 | 133.14 | 139.59 | 158.54 | 169.43 | 173.84 | 174.57 | 174.58 | 174.64 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $79.4M | $85.3M | $86.0M | $121.2M | $235.6M | $377.5M | $313.3M | $283.6M | $154.0M | $71.3M | $71.3M | |
| Marketable Securities | $24.3M | $273.0M | $214.9M | $96.0M | $199.5M | $634.2M | $317.7M | $602.7M | $682.2M | $1.30B | $1.30B | |
| Total Current Assets | $167.4M | $432.2M | $370.5M | $317.0M | $530.7M | $1.21B | $839.9M | $1.10B | $1.07B | $1.57B | $1.57B | |
| Total Assets | $342.4M | $597.9M | $532.1M | $465.1M | $724.1M | $1.37B | $1.03B | $1.28B | $1.27B | $1.75B | $1.75B | |
| Total Current Liabilities | $95.1M | $104.6M | $85.5M | $113.1M | $158.4M | $311.7M | $353.9M | $403.0M | $376.6M | $315.8M | $315.8M | |
| Long-Term Debt | $26.8M | $0.00 | $26.7M | $26.8M | $26.9M | $0.00 | $18.1M | $48.2M | $59.4M | $68.2M | $68.2M | |
| Total Liabilities | $138.4M | $113.0M | $119.9M | $152.2M | $205.2M | $333.1M | $392.6M | $536.4M | $502.3M | $501.8M | $501.8M | |
| Stockholders' Equity | $184.3M | $461.7M | $389.0M | $288.0M | $484.1M | $986.9M | $610.4M | $730.5M | $759.9M | $1.24B | $1.24B | |
| Retained Earnings | $-80.4M | $-107.1M | $-183.0M | $-289.7M | $-415.6M | $-610.3M | $-971.5M | $-870.9M | $-833.2M | $-378.6M | $-378.6M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-9.6M | $-8.9M | $-32.8M | $-80.9M | $-62.1M | $-204.2M | $-268.6M | $219.3M | $497.0K | $-64.7M | $-64.7M | |
| Capital Expenditure | $-4.3M | $-5.0M | $-6.4M | $-8.6M | $-21.9M | $-16.8M | $-36.7M | $-32.6M | $-17.9M | $-24.1M | $-24.1M | |
| Free Cash Flow | $-13.9M | $-14.0M | $-39.2M | $-89.5M | $-84.0M | $-221.0M | $-305.3M | $186.6M | $-17.4M | $-88.8M | $-88.8M | |
| Investing Cash Flow | $-33.6M | $-260.8M | $43.8M | $119.0M | $-125.4M | $-306.3M | $296.6M | $-291.1M | $-96.1M | $-29.4M | $-29.4M | |
| Financing Cash Flow | $92.4M | $273.2M | $-8.2M | $-1.5M | $296.4M | $650.0M | $-82.8M | $48.7M | $-30.7M | $7.8M | $7.8M | |
| Issuance of Stock | $110.6M | $301.7M | $3.9M | $251.0K | $318.9M | $717.3M | $174.0K | $5.1M | $790.0K | $1.6M | $1.6M | |
| Repurchase of Stock | $-604.0K | $-1.4M | $-5.5M | $-346.0K | $-12.9M | $-27.3M | $-48.1M | $-9.1M | $-36.1M | $0.00 | $0.00 | |
| Issuance of Debt | $25.1M | $32.5M | $26.9M | $26.8M | $0.00 | $0.00 | $17.8M | $61.7M | $36.2M | $30.9M | $30.9M | |
| Payments of Debt | $-28.2M | $-49.5M | $-30.0M | $-26.9M | $0.00 | $-579.0K | $-26.9M | $0.00 | $-30.6M | $-24.6M | $-24.6M | |
| Stock Based Comp. | $3.4M | $4.7M | $10.1M | $11.6M | $19.6M | $42.0M | $30.6M | $36.6M | $21.6M | $15.3M | $15.3M | |
| Net Change in Cash | $47.5M | $5.8M | $771.0K | $35.1M | $114.5M | $141.9M | $-64.3M | $-29.7M | $-129.6M | $-82.6M | $-82.6M |
Dilution Tracker
Shares Outstanding
175M
5-Year Share Growth
+10.2%
Stock Issuance (TTM)
$1.6M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 119.94 | 123.43 | 132.85 | 133.14 | 139.59 | 158.54 | 169.43 | 173.84 | 174.57 | 174.58 | 174.64 | |
| YoY Change % | — | 2.9% | 7.6% | 0.2% | 4.8% | 13.6% | 6.9% | 2.6% | 0.4% | 0.0% | 0.0% | |
| Stock Issuance | $110.6M | $301.7M | $3.9M | $251.0K | $318.9M | $717.3M | $174.0K | $5.1M | $790.0K | $1.6M | $1.6M | |
| Stock Repurchase | $-604.0K | $-1.4M | $-5.5M | $-346.0K | $-12.9M | $-27.3M | $-48.1M | $-9.1M | $-36.1M | $0.00 | $0.00 | |
| Stock Based Comp. | $3.4M | $4.7M | $10.1M | $11.6M | $19.6M | $42.0M | $30.6M | $36.6M | $21.6M | $15.3M | $15.3M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 27.7% | 27.1% | 32.8% | 21.8% | 17.3% | 27.5% | 27.0% | 54.1% | 44.6% | 38.7% | 38.7% | |
| Operating Margin % | -21.6% | -22.1% | -43.3% | -71.4% | -86.3% | -92.1% | -95.3% | 2.6% | -6.4% | -6.5% | -6.5% | |
| Net Margin % | 5.4% | -11.1% | -34.9% | -51.7% | -55.2% | -54.7% | -84.6% | 12.0% | 6.0% | 83.3% | 83.3% | |
| EBITDA Margin % | -20.1% | -20.5% | -38.3% | -66.0% | -80.2% | -58.4% | -94.1% | 8.0% | 2.2% | 93.9% | 93.9% | |
| FCF Margin % | -6.4% | -5.8% | -18.3% | -43.7% | -36.8% | -62.0% | -71.6% | 22.3% | -2.8% | -16.2% | -16.2% | |
| ROE % | 8.7% | -8.3% | -17.6% | -31.3% | -32.6% | -26.5% | -45.2% | 15.0% | 5.1% | 45.7% | 42.5% | |
| ROA % | 4.1% | -5.7% | -13.2% | -21.3% | -21.1% | -18.6% | -30.0% | 8.7% | 3.0% | 30.2% | 28.5% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)4.31
Historical4.00 / 68.29 / 350.00
Industry Med.20.86
P/S3.53
Historical2.53 / 10.23 / 25.19
Industry Med.2.30
P/B1.53
Historical1.47 / 7.65 / 24.86
Industry Med.1.91
EV/EBITDA1.21
Historical-268.01 / -20.61 / 156.02
Industry Med.12.96
EV/Revenue1.15
Historical1.09 / 9.11 / 23.57
Industry Med.2.46
P/FCF—
Historical11.35 / 16.30 / 20.71
Industry Med.20.93
Intrinsic Value Models
Tangible Book
$7.18
Net Current Assets
$6.110
Median P/S Value
$32.67
Net-Net Working Capital
$5.64
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | 141.88 | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | 29.79 | 73.44 | 5.25 | 4.31 | |
| PS Ratio | 7.85 | 19.18 | 13.73 | 16.17 | 18.93 | 15.68 | 6.39 | 3.71 | 4.12 | 4.43 | 3.53 | |
| PB Ratio | 8.94 | 11.35 | 7.91 | 11.61 | 9.63 | 6.09 | 4.09 | 4.23 | 3.24 | 1.85 | 1.53 | |
| EV/EBITDA | -38.80 | -94.60 | -32.93 | -23.40 | -22.59 | -24.58 | -5.34 | 33.75 | 127.99 | 2.21 | 1.21 | |
| EV/Revenue | 7.79 | 19.41 | 12.62 | 15.43 | 18.12 | 14.35 | 5.02 | 2.71 | 2.86 | 2.07 | 1.15 |
Analyst Estimates & Quality
Altman Z-Score
4.08
Safe
Piotroski F-Score
4
Moderate
Beneish M-Score
-1.24
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $652.6M | $775.5M | $866.8M |
| Net Income | $48.7M | $70.0M | $121.6M |
| EPS | 0.39 | 0.64 | 0.45 |
| Book Value per Share | 7.56 | 8.01 | 8.47 |
| Operating Cash Flow per Share | 1.07 | 1.15 | 0.98 |
| Operating CF | $186.55M | $201.39M | $170.67M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Oncology/Immunology | $285.5M |
| Other Ventures | $263.0M |
By Geography
| Segment | 2025 |
|---|---|
| People's Republic of China (PRC) | $407.5M |
| US and Others | $141.1M |