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Drug manufacturers · Healthcare
HUTCHMED (China) reported revenue of $549M in the fiscal year ended Dec 2025, down 13.0% from the year before. Operating income was −$39M, an operating margin of −7.1%, and net income was $457M. Operating cash flow of −$65M less capital expenditure of $14M left free cash flow of −$79M. Net debt was $22M.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 356 | 426 | 838 | 630 | 549 |
| Cost of revenue | – | 311 | 384 | 349 | 336 |
| Gross profit | – | 115 | 454 | 281 | 212 |
| Research & development | 299 | 387 | 302 | 212 | 148 |
| Selling, general & admin | 127 | 136 | 133 | 113 | 103 |
| Operating income | −328 | −408 | 18.4 | −43.7 | −39.2 |
| Interest expense | 0.6 | 0.7 | 0.8 | 2.9 | 2.9 |
| Pre-tax income | −216 | −410 | 58.3 | −1.1 | 499 |
| Income tax | 11.9 | −0.3 | 4.5 | 7.2 | 63.6 |
| Net income | −195 | −361 | 101 | 37.7 | 457 |
| Diluted EPS | −0.25 | −0.43 | 0.12 | 0.04 | 0.52 |
| Diluted shares | 793 | 847 | 869 | 873 | 873 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 378 | 313 | 284 | 154 | 71.3 |
| Receivables | 83.6 | 98.0 | 117 | 156 | 127 |
| Inventory | 35.8 | 56.7 | 50.3 | 50.4 | 41.1 |
| Current assets | 1,212 | 840 | 1,097 | 1,067 | 1,567 |
| Net PP&E | 41.3 | 75.9 | 99.7 | 92.5 | 94.6 |
| Goodwill | 3.4 | 3.1 | 3.1 | 3.0 | 3.1 |
| Total assets | 1,373 | 1,029 | 1,280 | 1,274 | 1,753 |
| Payables | 41.2 | 71.1 | 36.3 | 42.5 | 45.5 |
| Deferred revenue | 12.3 | 13.3 | 57.6 | 50.1 | 31.4 |
| Current liabilities | 312 | 354 | 403 | 377 | 316 |
| Short-term debt | 26.9 | – | 31.2 | 23.4 | 25.0 |
| Long-term debt | – | 18.1 | 48.2 | 59.4 | 68.2 |
| DepositsBanks | 2.1 | 3.6 | 1.6 | 1.6 | 1.7 |
| Total liabilities | 333 | 393 | 536 | 502 | 502 |
| Shareholders' equity | 987 | 610 | 731 | 760 | 1,238 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −204 | −269 | 219 | 0.5 | −64.7 |
| Capital expenditure | 16.4 | 36.7 | 32.6 | 17.9 | 14.1 |
| Free cash flow | −221 | −305 | 187 | −17.4 | −78.8 |
| Depreciation & amortisation | 7.2 | 8.7 | 8.2 | 12.3 | 13.3 |
| Share buybacks | 27.3 | 48.1 | 9.1 | 36.1 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 19.7% | 96.5% | −24.8% | −13.0% |
| Operating income growth (YoY) | – | – | – | −337.9% | – |
| EPS growth (YoY) | – | – | – | −66.7% | 1200.0% |
| Gross margin | – | 27.0% | 54.1% | 44.6% | 38.7% |
| Operating margin | −92.2% | −95.6% | 2.2% | −6.9% | −7.1% |
| Net margin | −54.7% | −84.6% | 12.0% | 6.0% | 83.3% |
| Return on equityBlank when equity is negative | −19.7% | −59.1% | 13.8% | 5.0% | 36.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −30.9% | −60.4% | 2.1% | −4.9% | −2.7% |
| Free cash flow margin | −62.0% | −71.6% | 22.3% | −2.8% | −14.4% |
| Cash conversion (CFO ÷ net income) | 1.05x | 0.74x | 2.18x | 0.01x | −0.14x |
| Receivable days | 86 | 84 | 51 | 90 | 84 |
| Inventory days | – | 67 | 48 | 53 | 45 |
| Payable days | – | 83 | 34 | 44 | 49 |
| Interest cover | −555x | −625x | 24.2x | −15.2x | −13.7x |
| Debt ÷ equity | – | 0.03x | 0.11x | 0.11x | 0.08x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −295 | −204 | −71.2 | 21.8 |
| Current ratio | 3.89x | 2.37x | 2.72x | 2.83x | 4.96x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.