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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
BeOne Medicines's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $18.38.
The industry rank for BeOne Medicines's Net-Net Working Capital or its related term are showing as below:
ONC's Price-to-Net-Net-Working-Capital is ranked worse than 81.93% of 858
companies
in the Biotechnology industry
Industry Median: 5.075
vs ONC: 17.19
BeOne Medicines (NAS:ONC) Net-Net Working Capital Explanation
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 Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
BeOne Medicines Net-Net Working Capital Related Terms
BeOne Medicines Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for BeOne Medicines's Net-Net Working Capital 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 ALNY, RVMD, RPRX: Net-Net Working Capital Comparison
For the Biotechnology subindustry, BeOne Medicines's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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-Net-Working-Capital vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, BeOne Medicines's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where BeOne Medicines's Price-to-Net-Net-Working-Capital 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.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
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.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $18.38 mean?
BeOne Medicines (ONC) has a Net-Net Working Capital of $18.38 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on BeOne Medicines According to the industry distribution chart, BeOne Medicines ranks #703 out of 858 companies in the Biotechnology industry, placing it in the top 81.9%.
Is BeOne Medicines' Net-Net Working Capital too high?
BeOne Medicines' current Net-Net Working Capital is $18.38. The Biotechnology industry median Net-Net Working Capital is 5.08. BeOne Medicines' value of $18.38 is 262.2% above this industry median. Based on the distribution chart, BeOne Medicines ranks #703 out of 858 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, BeOne Medicines has a GF Score™ of 77/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does BeOne Medicines' Net-Net Working Capital compare to ALNY and RVMD?
According to the Biotechnology industry distribution chart, BeOne Medicines ranks #703 out of 858 companies for Net-Net Working Capital. This places BeOne Medicines in the lower half of its industry. The industry median Net-Net Working Capital is 5.08. BeOne Medicines' value of $18.38 is 262.2% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Biotechnology company?
The median Net-Net Working Capital among Biotechnology companies is 5.08, based on 858 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. BeOne Medicines's current Net-Net Working Capital of $18.38 is 262.2% 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-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on BeOne Medicines For the Biotechnology industry, the median Net-Net Working Capital is 5.08 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. BeOne Medicines's current Net-Net Working Capital is $18.38. 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 $372.15, compared to a current price of $316.01 — trading 15.1% below its estimated fair value. The current Net-Net Working Capital is $18.38 and 262.2% above the Biotechnology industry median of 5.08. BeOne Medicines' overall GF Score™ is 77/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For BeOne Medicines (ONC), the current Net-Net Working Capital is $18.38 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 $316.01 is trading 15.1% below its estimated GF Value™ of $372.15.
GuruFocus considers BeOne Medicines to be Modestly Undervalued.
Key valuation signals for ONC:
Net-Net Working Capital: $18.38
GF Value™: $372.15 vs. price of $316.01 (15.1% below fair value)
Industry Position: 262.2% above the Biotechnology median (#703 of 858)
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.
77GF Score
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