BeOne Medicines Ltd ADR (ONC) is overvalued and Royalty Pharma plc (RPRX) is overvalued.
Both trade above our estimate of their intrinsic value. RPRX is the closer of the two: -49%, against -65% for ONC.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.5% (average of 3 methods) values the shares at $223.46; the price of $368.08 is 65% above that value, and 79% of that value comes from beyond year five.
Leak Score 43/100 on 3 of 12 signals
Discounting its cash flows at 7.7% (average of 3 methods) values the shares at $39.27; the price of $58.52 is 49% above that value, and 80% of that value comes from beyond year five.
Leak Score 34/100 on 7 of 12 signals
| Metric | ONC | RPRX |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $368.08 | $58.52 |
| Intrinsic value | $223.46 | $39.27 |
| Margin of safety | -65% | -49% |
| Leak Score | 43/100 (3/12) | 34/100 (7/12) |
| Market cap | $38.4B | $33.7B |
| Revenue growth, 5 years | 76.9% | 2.3% |
| Operating margin | 15.1% | 62.3% |
| Net margin | 10.7% | 32.1% |
| Return on equity | 14.7% | 12.4% |
| Debt to equity | 0.40 | 1.31 |
| P/E | 64.7x | 31.1x |
| Forward P/E | 36.7x | 10.2x |
| P/B | 8.0x | 3.8x |
| Dividend yield | — | 1.8% |