Hutchmed (China) Ltd. (HCM) intrinsic value & 10-year financials
Hutchmed (China) Ltd. (HCM) has a Graham intrinsic value of $17.27 per share. Over the last 10 fiscal years revenue grew 10.9% a year to $548.5M, with an average return on invested capital of -36.4%.
- Graham intrinsic value
- $17.27
- Revenue (FY2025)
- $548.5M
- Revenue growth (10-yr CAGR)
- 10.9%
- ROIC (10-yr avg)
- -36.4%
- Free cash flow (FY2025)
- -$78.8M
HCM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $548.5M | $456.9M | $0.52 | -$78.8M | -7.1% | -3.5% |
| FY2024 | $630.2M | $37.7M | $0.04 | -$17.4M | -6.9% | -6.0% |
| FY2023 | $838.0M | $100.8M | $0.12 | $186.6M | 2.2% | 4.1% |
| FY2022 | $426.4M | -$360.8M | -$0.43 | -$305.3M | -95.6% | -84.5% |
| FY2021 | $356.1M | -$194.6M | -$0.25 | -$220.6M | -92.2% | -71.0% |
| FY2020 | $228.0M | -$125.7M | -$0.18 | -$70.0M | -86.3% | -82.3% |
| FY2019 | $204.9M | -$106.0M | -$0.16 | -$89.5M | -71.4% | -55.6% |
| FY2018 | $214.1M | -$74.8M | -$0.11 | -$39.2M | -43.3% | -24.2% |
| FY2017 | $241.2M | -$26.7M | -$0.04 | -$14.0M | -22.1% | -18.2% |
| FY2016 | $216.1M | $11.7M | $0.02 | -$13.9M | -21.6% | -22.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
HUTCHMED (China) Ltd is a consistent compounder, expanding top-line revenue at 10.9% annually over the past decade.
HUTCHMED (China) Ltd has historically struggled to out-earn its cost of capital, averaging just -36.4% ROIC.
Over the decade, HUTCHMED (China) Ltd shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, HUTCHMED (China) Ltd is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $17.27 per share.