China A-share · SSE · 603259
WuXi AppTec (603259) stock analysis: valuation and financials
研究和试验发展
¥147.35 -0.2% Price as of Oct 21, 2026
Platform CRDMO leader: FY2025 revenue RMB45.46 billion, up 15.8%, ROIC 41.4%, net cash RMB38.5 billion, PE 20.6x; however, the 52.6% operating margin and 83.5% overseas concentration remain to be verified, and the base-case valuation is slightly overstretched; rated Neutral.
- Market cap
- ¥447.2B
- P/E
- 20.6x
- EV/Sales
- 7.6x
- FCF yield
- 2.9%
- 52-week range
- ¥85.97 – ¥167.96
Research as of Oct 21, 2026 · Translated from the Chinese report
Business quality scorecard
- Growth60
- Profitability86
- Cash flow93
- Balance sheet100
- Capital allocation100
- Innovation6
- Valuation53
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Global pharmaceutical and biotech companies pay for integrated, end-to-end contract research, development and manufacturing (CRDMO) services for new drugs; the chemistry business contributes 80.2% of revenue and, with an overall operating margin of 51.4%, is the profit engine.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥22.9B | ¥39.4B | ¥40.3B | ¥39.2B | ¥45.5B |
| Revenue growth | +38.5% | +71.8% | +2.5% | -2.7% | +15.8% |
| Gross margin | 36.3% | 37.3% | 41.2% | 41.5% | 47.6% |
| Operating margin | 26.4% | 27.1% | 29.4% | 29.5% | 52.6% |
| Net income | ¥5.1B | ¥8.8B | ¥9.6B | ¥9.5B | ¥19.2B |
| Free cash flow | -¥2.3B | ¥650.3M | ¥7.9B | ¥8.4B | ¥11.7B |
| FCF margin | -10.2% | 1.7% | 19.5% | 21.4% | 25.7% |
Amounts in CNY · What is free cash flow?
Margins Gross margin 41.5%→47.6%, operating margin 29.5%→52.6% (FY2025), as operating costs rose only 3.7% while revenue rose 15.8% and expenses declined in absolute terms; TTM gross margin 52.3%, reaching 56.6% in Q2 FY2026.
- Cash flow WatchTTM operating cash flow RMB19.47 billion versus net profit RMB21.67 billion, cash conversion of only 0.90x; FY2025 was RMB17.20 billion versus RMB19.15 billion, the first time in nearly five years that operating cash flow was below net profit.
- Debt LowNet cash RMB38.5 billion, net debt/EBITDA -1.40x; total interest-bearing debt RMB8.14 billion, cash RMB35.73 billion, short-term investments RMB10.91 billion.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- ¥46.6B
- Total debt
- ¥8.1B
- Net cash
- ¥38.5B
- Interest coverage
- 130.0x
- Current ratio
- 2.5x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management StrongROIC rose from 14.4% to 41.4% over 2020–2025, FY2025 operating margin 52.6%, 5-year revenue CAGR 22.4%, strong execution.
Valuation range
Implied value per share · Price when researched: ¥147.35
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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