Jiangsu Hengrui Pharmaceuticals Co.,Ltd

1276.HK · Healthcare · Drug Manufacturers - Specialty & Generic · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

28.48B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

23.09B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

9.58B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

20.38B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

42.08B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.48×

the ratio the screener ranks by

Margin of Safety

-106.4%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 28.48B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)19.01B USD
+②Net Cash Today5.71B USD
+③Growth Value3.76B USD
=Value28.48B USD

EPV of the Operations (NOPAT over WACC)

19.01B USD

Net cash today

+5.71B USD

Growth Value

+3.76B USD

Value

28.48B USD

①EPV (earnings power value)

19.01B USD

②Net Cash Today

5.71B USD

③Growth Value

3.76B USD

Market value

Market Cap42.08B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-47.7%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 23.09B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE9.11B USD
+②Equity at Year 15, Today13.98B USD
=Value23.09B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

9.11B USD

②Equity at Year 15, Today

13.98B USD

Market value

Market Cap42.08B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-82.2%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 9.58B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 9.58B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Cash Today

Not in the value

Market value

Market Cap42.08B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-339.4%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 4.75%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.04×Market Risk Premium 6.00%= 4.75%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 141.74M USDPretax Income 1.25B USD= 11.38%

The tax the interest saves.

Interest Expense =EBIT 1,247.94M USD−Pretax Income 1,245.88M USD= 2.05M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 2.05M USDTotal Debt 10.02M USD×(1 − Tax Rate for WACC 11.38%)= 18.16%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 10.02M USDMarket Cap + Total Debt 42.08B USD + 10.02M USD= 0.02%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 99.98%×Cost of Equity 4.75%+Debt Weight 0.02%×Cost of Debt 18.16%= 4.75%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 10.43B USD − Total Liabilities 852.15M USD = Book Value Today 9.58B USD

Total Debt 10.02M USD − Cash and Short-Term Investments 5.72B USD = Net Debt Today -5.71B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 14.0%at most 5%passes6,637,199,874 / 6,379,002,274
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets4.8%at least -10.0%passes(1.61B USD − 1.10B USD) ÷ 10.43B USD
Price to bookMarket Cap ÷ Book Value Today4.39×at most 3×does not pass42.08B USD ÷ 9.58B USD
Operating marginOperating Income ÷ Revenue27.2%above 10.0%passes1.23B USD ÷ 4.53B USD
Revenue growthRevenue ÷ Revenue a Year Before − 117.9%above 10.0%passes4.53B USD / 3.84B USD
Net cash(Cash − Total Debt) ÷ Market Cap13.5%above -30%passes(5.71B USD − 10.02M USD) ÷ 42.08B USD
Operating efficiencyOperating Income ÷ Gross Profit31.5%above 25.0%passes1.23B USD ÷ 3.90B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

49.71 HKD

Enterprise value

329.14B HKD

the provider's own figure

EV / EBITDA

34.78×

Price / book

4.53×

the provider's book

Price / earnings

37.06×

Return on equity

14.5%

the provider's figure, not this page's

Profit margin

24.9%

Revenue growth

13.0%

Analyst target, mean

79.00 HKD

Analysts

10

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

3.06B3.21B3.84B4.53B

Gross profit

2.56B2.72B3.31B3.90B

Operating income

480.83M651.52M933.11M1.23B

EBITDA

operating income before depreciation and amortisation

654.51M757.43M1.09B1.37B

Pretax income

570.50M657.35M983.39M1.25B

Net income

561.57M605.99M869.11M1.10B

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

574.15M624.71M855.72M1.09B

R&D

702.48M697.74M902.91M996.00M
Balance sheet, year end

Total assets

6.09B6.17B6.88B10.00B

Total liabilities

568.99M387.53M554.86M1.15B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

5.44B5.70B6.24B8.77B

Total debt

195.48M10.59M15.11M10.62M

Cash and equivalents

2.17B2.92B3.40B5.86B

Net PP&E

fixed assets after depreciation

959.69M933.74M950.26M1.13B

Working capital

current assets less current liabilities

3.92B4.05B4.35B6.46B
Cash flow

Operating cash flow

181.89M1.08B1.02B1.61B

Capital expenditure

paid out, so below zero

-286.39M-208.99M-270.09M-423.79M

Depreciation and amortisation

83.08M99.25M106.44M120.87M

Free cash flow

operating cash flow plus capital expenditure

-104.50M867.60M748.00M1.18B