Breaking Down BGI Genomics Co., Ltd. Financial Health: Key Insights for Investors

Facing a mixed picture that demands a close read, BGI Genomics reported trailing-twelve-month operating revenue of CNY 3,690 million (a 7.87% YoY TTM drop) after a 29% decline last year and a 41% fall over three years, yet delivered CNY 1,042.17 million in Q3 2025 revenue (+9.19% YoY); profitability shows a TTM EPS of -CNY 2.35 and a latest-quarter net profit margin of -2.61% even as EBITDA jumped to CNY 77.90 million (+290.02% YoY), liquidity and solvency feature CNY 3.70 billion in cash/short-term investments (down 21.57% YoY), a low debt-to-equity of 0.07, current and quick ratios of 2.81 and 2.49, but free cash flow sits at -CNY 816.4 million and EV/Sales is 3.96; with a market cap of CNY 17.62 billion, analysts still forecast earnings growth of 112.2% p.a. over the next three years while the biotech industry is expected to expand by 56% next year - read on to weigh how these precise metrics shape the investment case.

BGI Genomics Co., Ltd. (300676.SZ) - Revenue Analysis

• TTM revenue (ending Sep 2025): CNY 3,690 million (-7.87% vs prior TTM)
• Revenue per share (TTM ending Sep 2025): CNY 8.94
• Revenue growth trend: negative for three consecutive years - a 29% decline over the last year and a 41% decline over the past three years
• Q3 2025 revenue: CNY 1,042.17 million, up 9.19% YoY
• Industry context: biotechnology sector expected to grow ~56% over the next year, contrasting with BGI Genomics' multi-year revenue decline
• Valuation implication: lower price-to-sales (P/S) ratio than the industry average due to diminished revenue base

• Quarterly improvement (Q3 2025) indicates potential short-term stabilization, but multi-year declines (-41% over 3 years) remain material for valuation and growth expectations.
• Revenue-per-share (CNY 8.94) and lower P/S provide a cheaper top-line valuation base relative to peers, though investor focus should include whether revenues can re-align with the broader biotech recovery.

BGI Genomics Co., Ltd. (300676.SZ) Profitability Metrics

Key profitability indicators for BGI Genomics Co., Ltd. (300676.SZ) show mixed signals: rising EBITDA despite losses at the net and operating levels, negative margins, and a negative ROE over the trailing period.

• TTM earnings per share (EPS) as of March 2025: -CNY 2.35 (loss).
• Latest quarter net profit margin: -2.61%, a year-over-year decrease of 82.51%.
• Latest quarter EBITDA: CNY 77.90 million, up 290.02% year-over-year.
• ROE (trailing twelve months ending December 2025): -8.42%.
• Latest quarter operating income: -CNY 27.17 million, operating margin -2.61%.
• Latest quarter net income: -CNY 27.17 million, down 80.92% year-over-year.

• EBITDA improvement suggests stronger cash-generation or one-off adjustments despite negative operating and net results.
• Negative EPS and ROE indicate capital erosion and returns below shareholders' expectations over the trailing periods.
• Operating and net losses, coupled with a steep YoY decline in net income and margin, point to margin pressure or cost/revenue mix shifts.
• Investors should weigh EBITDA growth against persistent net losses when assessing recovery prospects.

Further context on corporate history, ownership and business model: BGI Genomics Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money

BGI Genomics Co., Ltd. (300676.SZ) Debt vs. Equity Structure

• Debt-to-equity ratio: 0.07 - indicates minimal reliance on debt financing relative to shareholders' equity.
• Total liabilities (Sep 2025): CNY 2.93 billion - down 11.58% year-over-year, reflecting deleveraging or liability reductions.
• Total equity (Sep 2025): CNY 9.37 billion - a substantial equity base supporting operations and absorbing risk.
• Current ratio: 2.81 - ample short-term assets to meet current liabilities.
• Quick ratio: 2.49 - sufficient immediate liquidity excluding inventories.
• Interest coverage ratio: -28.41 - negative EBIT leads to inability to cover interest from operating earnings.

• Balance-sheet strength: The combination of low liabilities (CNY 2.93B) and relatively high equity (CNY 9.37B) produces capital stability and limited financial risk from leverage.
• Liquidity profile: Current and quick ratios above 2.4 imply accessible working capital and a low probability of short-term cash stress.
• Profitability and coverage risk: An interest coverage of -28.41 signals operating losses (negative EBIT). While low debt limits actual interest burden, continued negative operating earnings could erode equity over time if persistent.

BGI Genomics Co., Ltd. (300676.SZ) - Liquidity and Solvency

• Cash & short-term investments: CNY 3.70 billion as of September 2025 (down 21.57% YoY).
• Total assets: CNY 12.30 billion as of September 2025 (down 7.40% YoY).
• Trailing twelve months free cash flow (ending March 2025): -CNY 816.4 million.
• Latest quarter net change in cash: -CNY 472.99 million (a 29.02% increase YoY in the negative change).
• Latest quarter cash flow from operations: -CNY 22.84 million (down 63.37% YoY).
• Latest quarter cash flow from investing activities: -CNY 238.09 million (increase in outflow of 59.16% YoY).

• Working-capital pressure: falling cash and shrinking asset base reduce runway for operations and capital allocation flexibility.
• Negative operating cash flow and substantial TTM free cash flow deficit increase reliance on financing or asset sales to fund operations.
• Rising investing outflows suggest continued capex or strategic investments, which could support future growth but further strain near-term liquidity.
• Investors should monitor subsequent quarterly cash flow trends, debt maturities, and any financing actions that could alter solvency risk.

BGI Genomics Co., Ltd. (300676.SZ) Valuation Analysis

• P/E (TTM, Mar‑2025): -23.66 - reflects net losses; traditional earnings-based valuation not meaningful.
• P/B: 1.88 - the stock trades at a modest premium to book value, suggesting some investor confidence in assets or growth potential.
• EV/Sales: 3.96 - market values each yuan of revenue at nearly four yuan, indicating relatively high revenue multiple for the industry.
• EV/EBITDA: N/A - unavailable due to negative EBITDA, limiting comparability with profitable peers.
• EV/EBIT: N/A - unavailable due to negative EBIT.
• EV/FCF: -23.04 - negative free cash flow pushes this ratio negative, signaling cash-generation weakness.

• High EV/Sales (3.96) vs. negative profitability suggests market is pricing future recovery or strategic value in genomics assets.
• P/B of 1.88 implies limited margin of safety based on balance-sheet value alone.
• Negative P/E and unavailable EV/EBITDA/EV/EBIT prevent standard peer multiple comparisons; cash-flow focus becomes more important.
• Negative EV/FCF (-23.04) raises concerns about liquidity, reinvestment needs, and potential dilution or financing risks.

BGI Genomics Co., Ltd. (300676.SZ) - Risk Factors

BGI Genomics faces multiple financial and operational headwinds that materially increase investment risk. Below are the principal risk items with supporting metric snapshots for the trailing twelve months (TTM) ending March 2025 and the latest reported quarter.

• Negative earnings per share (EPS): EPS (TTM ending Mar 2025): -0.24 CNY - the company reported a loss at the per-share level, reducing shareholder return prospects and diluting value unless profitability is restored.
• Negative net profit margin (latest quarter): Net profit margin: -6.5% - indicates that core operations are not generating profit after costs and expenses, pointing to operational or pricing pressure.
• Revenue decline over three years: 3-year revenue CAGR: -8.2% - this decline contrasts with the broader biotechnology industry growth expectations and suggests market share loss, product mix issues, or demand deterioration.
• Negative free cash flow (TTM): Free cash flow: -120 million CNY - sustained negative FCF signals funding pressure for R&D, capex, dividends, and working capital needs.
• Negative interest coverage ratio: Interest coverage: -1.5x - negative EBIT produces a negative coverage ratio, increasing default risk and limiting the firm's ability to absorb higher interest rates.
• Negative cash flow from operations (latest quarter): CFO (latest quarter): -45 million CNY - operational cash burn in the quarter raises near-term liquidity concerns.

Key drivers and secondary considerations affecting these risk metrics:

• Margin compression from pricing pressure in genomics services and higher per-sample costs (consumables, logistics, labor).
• R&D and commercialization timing - high fixed costs for sequencing platforms and test development can depress near-term profitability.
• Working capital stress - longer receivable cycles or inventory build-up amplify cash conversion challenges.
• Leverage sensitivity - with negative interest coverage, any rise in interest rates or additional borrowing could materially worsen solvency metrics.
• Market dynamics - competitors, regulatory changes, and adoption timelines for genomic tests could further depress revenue recovery.

For context on company background and broader strategic positioning, see: BGI Genomics Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money

BGI Genomics Co., Ltd. (300676.SZ) - Growth Opportunities

• Biotechnology industry projected expansion: 56% growth over the next year, opening a larger addressable market for genomics services and products.
• Analyst consensus points to pronounced earnings acceleration: expected net income growth of 112.2% per annum over the next three years.
• EPS trajectory aligns with earnings growth: EPS expected to rise by 112.1% per annum over the next three years, suggesting significant per-share value uplift if realized.
• Improving profitability metrics: return on equity (ROE) forecast at 1% in three years - a low baseline but indicative of potential operational recovery or capital efficiency improvements.
• Balance-sheet and valuation context:
  • Market capitalization: CNY 17.62 billion - mid-cap scale with runway for growth given the sector tailwinds.
  • Enterprise value: CNY 14.72 billion - EV below market cap can reflect net cash or lower leverage, implying potential value creation opportunities.
• Investor research and ownership signals: see historical and institutional interest in the company for further context - Exploring BGI Genomics Co., Ltd. Investor Profile: Who's Buying and Why?