BeOne MedicinesONC +2.38%80 Net Current Asset Value is $25.26 as of Mar. 2026, which is 230% above its 10-year median of 7.66. GuruFocus rates ONC with a GF Score™ of 80/100 and a GF Value™ of $367.20 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 943 Biotechnology companies, BeOne Medicines ranks worse than 76.99% on this metric.
In calculating the Net Current Asset Value (NCAV), Benjamin Graham means a company's current assets (such as cash, marketable securities, and inventories) minus its total liabilities (including preferred stock, minority interest, and long-term debt).
BeOne Medicines's net current asset value per share for the quarter that ended in Mar. 2026 was $25.26.
The historical rank and industry rank for BeOne Medicines's Net Current Asset Value or its related term are showing as below:
ONC'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 3.75 Med: 7.66 Max: 19.55
Current: 11.78
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of BeOne Medicines was 19.55. The lowest was 3.75. And the median was 7.66.
ONC's Price-to-Net-Current-Asset-Value is ranked worse than 76.99% of 943
companies
in the Biotechnology industry
Industry Median: 4.96
vs ONC: 11.78
BeOne Medicines (NAS:ONC) Net Current Asset Value Explanation
Benjamin Graham first discussed net current asset value (NCAV) in the 1934 edition of "Security Analysis", which he coauthored with David Dodd. In the book, (net) current asset value is defined as:" current assets alone, minus all liabilities and claims ahead of the issue."
The common definition of NCAV is: NCAV = current assets – [total liabilities + minority interest + preferred stock]
Net current assets exclude not only the intangible assets but also the fixed and miscellaneous assets. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Grahams strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their Net-Net Working Capital. They are collected under our Net-Net screener.
BeOne Medicines Net Current Asset Value Related Terms
BeOne Medicines Net Current Asset Value Historical Data
* Premium members only.
The historical data trend for BeOne Medicines's Net Current Asset Value can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
ONC vs MRNA, RPRX, ROIV: Net Current Asset Value Comparison
For the Biotechnology subindustry, BeOne Medicines's Price-to-Net-Current-Asset-Value, along with its competitors' market caps and Price-to-Net-Current-Asset-Value data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
BeOne Medicines Price-to-Net-Current-Asset-Value vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, BeOne Medicines's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where BeOne Medicines's Price-to-Net-Current-Asset-Value falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Net Current Asset Value of $25.26 mean?
BeOne Medicines (ONC) has a Net Current Asset Value of $25.26 as of Mar. 2026. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on BeOne Medicines and its competitors. This is 230% above median its historical median of 7.66. Over the past decade, BeOne Medicines' Net Current Asset Value has ranged from 3.75 to 19.55. According to the industry distribution chart, BeOne Medicines ranks #726 out of 943 companies in the Biotechnology industry, placing it in the top 77%.
Is BeOne Medicines' Net Current Asset Value too high?
BeOne Medicines' current Net Current Asset Value of $25.26 is 230% above median its 10-year median of 7.66. Over the past 10 years, this metric has ranged from a low of 3.75 to a high of 19.55. The Biotechnology industry median Net Current Asset Value is 4.96. BeOne Medicines' value of $25.26 is 409.3% above this industry median. Based on the distribution chart, BeOne Medicines ranks #726 out of 943 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, BeOne Medicines has a GF Score™ of 80/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does BeOne Medicines' Net Current Asset Value compare to MRNA and RPRX?
According to the Biotechnology industry distribution chart, BeOne Medicines ranks #726 out of 943 companies for Net Current Asset Value. This places BeOne Medicines in the lower half of its industry. The industry median Net Current Asset Value is 4.96. BeOne Medicines' value of $25.26 is 409.3% above this benchmark. Historically, BeOne Medicines' own Net Current Asset Value has ranged from 3.75 to 19.55 over the past decade. While the company's 10-year median is 7.66 vs. the industry median of 4.96, BeOne Medicines has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Current Asset Value for a Biotechnology company?
The median Net Current Asset Value among Biotechnology companies is 4.96, based on 943 companies in the industry. Companies in the top quartile (top 25%) have a Net Current Asset Value significantly above this median, while those in the bottom quartile fall well below. However, Net Current Asset Value should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. BeOne Medicines's current Net Current Asset Value of $25.26 is 409.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net Current Asset Value mean?
A high Net Current Asset Value can signal that a stock is expensive relative to its fundamentals. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on BeOne Medicines and its competitors. For the Biotechnology industry, the median Net Current Asset Value is 4.96 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. BeOne Medicines's current Net Current Asset Value is $25.26, which is 230% above median its own 10-year median of 7.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BeOne Medicines stock overvalued right now?
Based on GuruFocus' analysis, BeOne Medicines (ONC) is currently considered Modestly Undervalued. The stock's GF Value™ is $367.20, compared to a current price of $297.65 — trading 18.9% below its estimated fair value. The current Net Current Asset Value is $25.26, which is 230% above median its 10-year median of 7.66 and 409.3% above the Biotechnology industry median of 4.96. BeOne Medicines' overall GF Score™ is 80/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Current Asset Value calculated?
Net Current Asset Value is calculated from a company's financial statements. For BeOne Medicines (ONC), the current Net Current Asset Value is $25.26 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is BeOne Medicines (ONC) Overvalued in 2026?
Based on GuruFocus' analysis, BeOne Medicines stock appears to be undervalued.
The current stock price of $297.65 is trading 18.9% below its estimated GF Value™ of $367.20.
GuruFocus considers BeOne Medicines to be Modestly Undervalued.
Key valuation signals for ONC:
Net Current Asset Value: $25.26 (230% above median its 10-year median of 7.66)
GF Value™: $367.20 vs. price of $297.65 (18.9% below fair value)
Industry Position: 409.3% above the Biotechnology median (#726 of 943)
No single metric tells the full story. See the ONC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Formerly known as BeiGene and founded in 2010 in Beijing, BeOne is a commercial-stage biotech firm that produces oncology therapeutics. The company's main product is Brukinsa, which is a small-molecule drug that treats multiple forms of Non-Hodgkin lymphoma and leukemia. The company conducts drug discovery, runs global clinical trials, and manufactures drugs independently. As of 2025, Brukinsa made up for 74% of total revenue, while it has two other approved commercialized drugs in its portfolio, Beqalzi and Tevimbra. While Brukinsa has a global leadership, the other two drugs generate revenue mostly from China. Based on Brukinsa, BeOne competes with AbbVie and AstraZeneca mainly. The company also has more than 50 drugs in clinical trials in its active pipeline, focused on other cancers.
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