China A-share · SZSE · 300760
Mindray (300760) stock analysis: valuation and financials
专用设备制造业
¥170.08 +0.2% Price as of Oct 21, 2026
High-margin device platform, net cash of RMB18.65bn, ROE 22%, but FY2025 revenue -9.4%, gross margin down to 60.3%, PE 26.2x implies only 16.5% upside to our base case; risk-reward is neutral.
- Market cap
- ¥206.1B
- P/E
- 26.2x
- EV/Sales
- 5.5x
- FCF yield
- 4.4%
- 52-week range
- ¥132.93 – ¥219.63
Research as of Oct 21, 2026 · Translated from the Chinese report
Business quality scorecard
- Growth4
- Profitability84
- Cash flow91
- Balance sheet100
- Capital allocation57
- Innovation26
- Valuation60
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Domestic and overseas hospitals and distributors pay for in vitro diagnostic reagents and instruments, life information and support equipment, medical imaging equipment and emerging business products; in vitro diagnostics is the largest revenue source (36.8%), overall gross margin is 60.3%, and profit is highly dependent on recurring reagent and consumable purchases driven by the installed base of equipment.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥25.3B | ¥30.4B | ¥34.9B | ¥36.7B | ¥33.3B |
| Revenue growth | +20.2% | +20.2% | +15.0% | +5.1% | -9.4% |
| Gross margin | 65.0% | 64.2% | 64.2% | 63.1% | 60.3% |
| Operating margin | 35.9% | 36.2% | 37.4% | 35.7% | 29.4% |
| Net income | ¥8.0B | ¥9.6B | ¥11.6B | ¥11.7B | ¥8.1B |
| Free cash flow | ¥7.6B | ¥10.2B | ¥8.4B | ¥10.5B | ¥8.1B |
| FCF margin | 30.1% | 33.7% | 24.0% | 28.5% | 24.4% |
Amounts in CNY · What is free cash flow?
Margins FY2025 gross margin 60.32% (prior year 63.11%), operating margin 29.43% (35.70%); TTM is 59.92% and 27.53%. Revenue -9.4% while cost only -2.5%, negative operating leverage dominates.
- Cash flow HealthyFY2025 operating cash flow RMB10.14bn, above net profit of RMB8.136bn, cash conversion rate 1.25x; TTM operating cash flow RMB11.1bn versus net profit of RMB7.864bn.
- Debt LowNet cash RMB18.65bn, net debt/EBITDA -1.62x; total debt only RMB127mn, debt/equity 0.31%.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- ¥18.8B
- Total debt
- ¥126.7M
- Net cash
- ¥18.6B
- Interest coverage
- 367.0x
- Current ratio
- 2.4x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management Adequate2025 revenue -9.38% YoY, net profit RMB8.136bn, net margin 24.4%; ROIC 42.19% remains high, but is down 66.25 percentage points over three years, with growth and profitability under pressure.
Valuation range
Implied value per share · Price when researched: ¥170.08
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
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