ONC vs. WAT: BeOne Medicines vs. Waters Stock Comparison
How do BeOne Medicines (ONC) and Waters (WAT) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.
Company Profile
BeOne Medicines (ONC) and Waters (WAT) both fall under the Pharmaceuticals, Biotechnology & Life Sciences industry group, but ONC is classified in Biotechnology while WAT is classified in Life Sciences Tools & Services.
Waters (WAT) trades as ordinary local shares, while BeOne Medicines (ONC) trades as an ADR — compare with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.
| Profile Item | ONC | WAT |
|---|---|---|
| Name | BeOne Medicines Ltd. American Depositary Shares | Waters Corporation |
| Country/Region | Switzerland | United States |
| GICS Sector | Health Care | Health Care |
| GICS Industry Group | Pharmaceuticals, Biotechnology & Life Sciences | Pharmaceuticals, Biotechnology & Life Sciences |
| GICS Industry | Biotechnology | Life Sciences Tools & Services |
| GICS Sub-Industry | Biotechnology | Life Sciences Tools & Services |
| Market Capitalization | 46.49 billion USD | 44.93 billion USD |
| Currency | USD | USD |
| Exchange | Nasdaq | NYSE |
| Listing Date | February 3, 2016 | November 17, 1995 |
| Security Type | ADR | Common Stock |
Price Performance
Cumulative Growth
Trailing Returns
Calendar-Year Returns
Performance Metrics
| Metric | ONC | WAT |
|---|---|---|
| Total Return (1Y) | 30.59% | 27.70% |
| Total Return (3Y, Annualized) | 30.15% | 23.32% |
| Total Return (5Y, Annualized) | 2.48% | 6.27% |
Risk Profile
Drawdown History
Return Distribution
Risk Metrics
| Metric | ONC | WAT |
|---|---|---|
| Volatility (1Y, Annualized) | 35.90% | 35.45% |
| Beta (5Y) | 0.59 | 1.13 |
| Max Drawdown (5Y) | -68.89% | -36.47% |
| Avg. Volume (3M) | 405.29K | 816.72K |
Risk-Adjusted Performance
Risk-Return Positioning
Risk-Adjusted Metrics
| Metric | ONC | WAT |
|---|---|---|
| Sharpe Ratio (1Y) | 0.73 | 0.66 |
| Sortino Ratio (1Y) | 1.15 | 0.98 |
Profitability
ROE (TTM)
BeOne Medicines (ONC) at 18.40% sits in the top ROE quartile, while Waters (WAT) at 1.12% is closer to the peer norm — stronger capital efficiency for ONC.
ONC
Pharmaceuticals, Biotechnology & Life Sciences industry group
18.40%
- Max
- 109.18%
- ONC
- 18.40%
- Q3
- 6.23%
- Median
- -26.66%
- Q1
- -64.05%
- Min
- -167.77%
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
1.12%
- Max
- 109.18%
- Q3
- 6.23%
- WAT
- 1.12%
- Median
- -26.66%
- Q1
- -64.05%
- Min
- -167.77%
Net Margin (TTM)
BeOne Medicines (ONC) at 13.86% retains a top-quartile share of revenue as profit, ahead of Waters (WAT) at 1.76%, which keeps about the industry-typical share.
ONC
Pharmaceuticals, Biotechnology & Life Sciences industry group
13.86%
- Max
- 18.05%
- ONC
- 13.86%
- Q3
- 4.78%
- Median
- 0.00%
- Q1
- -4.14%
- Min
- -17.05%
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
1.76%
- Max
- 18.05%
- Q3
- 4.78%
- WAT
- 1.76%
- Median
- 0.00%
- Q1
- -4.14%
- Min
- -17.05%
Operating Margin (TTM)
BeOne Medicines (ONC) at 22.15% operates in the top operating margin quartile, ahead of Waters (WAT) at 11.38%, which runs around its industry’s norm.
ONC
Pharmaceuticals, Biotechnology & Life Sciences industry group
22.15%
- Max
- 83.12%
- ONC
- 22.15%
- Q3
- 14.77%
- Median
- 0.00%
- Q1
- -78.82%
- Min
- -207.40%
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
11.38%
- Max
- 83.12%
- Q3
- 14.77%
- WAT
- 11.38%
- Median
- 0.00%
- Q1
- -78.82%
- Min
- -207.40%
Profitability Metrics
| Metric | ONC | WAT |
|---|---|---|
| ROE (TTM) | 18.40% | 1.12% |
| ROA (TTM) | 8.42% | 2.36% |
| Net Margin (TTM) | 13.86% | 1.76% |
| Operating Margin (TTM) | 22.15% | 11.38% |
| Gross Margin (TTM) | 89.39% | 49.83% |
Growth
Revenue Growth
Both BeOne Medicines (ONC) at 40.23% and Waters (WAT) at 6.99% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.
EPS Growth
Only one side can be read here: Waters (WAT) reports EPS growth of 0.47%, ranked against its industry; BeOne Medicines (ONC) has no EPS growth figure this period.
Growth Metrics
| Metric | ONC | WAT |
|---|---|---|
| Revenue Growth (YoY) | 40.23% | 6.99% |
| Revenue Growth (3Y CAGR) | 55.69% | 2.12% |
| EPS Growth (YoY) | -- | 0.47% |
| EPS Growth (3Y CAGR) | -- | -2.84% |
Financial Strength
Current Ratio (MRQ)
Short-term liquidity can only be read on one side of this pairing: BeOne Medicines (ONC) shows current ratio of 3.55 against its industry benchmark, while Waters (WAT) has no reading this period.
ONC
Pharmaceuticals, Biotechnology & Life Sciences industry group
3.55
- Max
- 25.13
- Q3
- 12.13
- Median
- 5.52
- ONC
- 3.55
- Q1
- 2.47
- Min
- 0.10
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
--
- Max
- 25.13
- Q3
- 12.13
- Median
- 5.52
- Q1
- 2.47
- Min
- 0.10
- WAT
- --
Debt / Equity (MRQ)
Both BeOne Medicines (ONC) at 0.35 and Waters (WAT) at 0.34 fund their balance sheets with roughly industry-typical debt-to-equity mixes.
ONC
Pharmaceuticals, Biotechnology & Life Sciences industry group
0.35
- Max
- 1.42
- Q3
- 0.65
- ONC
- 0.35
- Median
- 0.15
- Q1
- 0.02
- Min
- 0.00
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
0.34
- Max
- 1.42
- Q3
- 0.65
- WAT
- 0.34
- Median
- 0.15
- Q1
- 0.02
- Min
- 0.00
Financial Strength Metrics
| Metric | ONC | WAT |
|---|---|---|
| Current Ratio (MRQ) | 3.55 | -- |
| Debt / Equity (MRQ) | 0.35 | 0.34 |
| Net Debt / EBITDA | -2.80 | 3.23 |
Dividends
Dividend Yield (TTM)
Neither BeOne Medicines (ONC) nor Waters (WAT) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.
ONC
Pharmaceuticals, Biotechnology & Life Sciences industry group
0.00%
- ONC
- 0.00%
- Max
- 0.00%
- Q3
- 0.00%
- Median
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
0.00%
- WAT
- 0.00%
- Max
- 0.00%
- Q3
- 0.00%
- Median
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
Dividend Payout Ratio (TTM)
Neither BeOne Medicines (ONC) nor Waters (WAT) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.
ONC
Pharmaceuticals, Biotechnology & Life Sciences industry group
0.00%
- ONC
- 0.00%
- Max
- 0.00%
- Q3
- 0.00%
- Median
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
0.00%
- WAT
- 0.00%
- Max
- 0.00%
- Q3
- 0.00%
- Median
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
Dividend Metrics
| Metric | ONC | WAT |
|---|---|---|
| Dividend Yield (TTM) | 0.00% | 0.00% |
| Dividend Payout Ratio (TTM) | 0.00% | 0.00% |
Valuation
P/E Ratio (TTM)
Both look expensive on trailing earnings: BeOne Medicines (ONC) at 52.17 sits in the richer P/E ratio quartile, and Waters (WAT) at 191.46 is richer still, above its industry range.
ONC
Pharmaceuticals, Biotechnology & Life Sciences industry group
52.17
- Max
- 85.34
- ONC
- 52.17
- Q3
- 43.46
- Median
- 26.69
- Q1
- 13.30
- Min
- 0.07
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
191.46
- WAT
- 191.46
- Max
- 85.34
- Q3
- 43.46
- Median
- 26.69
- Q1
- 13.30
- Min
- 0.07
P/S Ratio (TTM)
On P/S ratio, both BeOne Medicines (ONC) at 7.04 and Waters (WAT) at 8.01 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.
ONC
Pharmaceuticals, Biotechnology & Life Sciences industry group
7.04
- Max
- 58.18
- Q3
- 25.77
- Median
- 7.30
- ONC
- 7.04
- Q1
- 3.01
- Min
- 0.01
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
8.01
- Max
- 58.18
- Q3
- 25.77
- WAT
- 8.01
- Median
- 7.30
- Q1
- 3.01
- Min
- 0.01
P/B Ratio (MRQ)
Waters (WAT) at 2.94 is valued about in line with its industry on P/B ratio, while BeOne Medicines (ONC) at 7.98 carries an above-peer premium to book — ONC is pricier on assets.
ONC
Pharmaceuticals, Biotechnology & Life Sciences industry group
7.98
- Max
- 13.53
- ONC
- 7.98
- Q3
- 6.54
- Median
- 3.25
- Q1
- 1.69
- Min
- -5.59
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
2.94
- Max
- 13.53
- Q3
- 6.54
- Median
- 3.25
- WAT
- 2.94
- Q1
- 1.69
- Min
- -5.59
Valuation Metrics
| Metric | ONC | WAT |
|---|---|---|
| P/E Ratio (TTM) | 52.17 | 191.46 |
| P/S Ratio (TTM) | 7.04 | 8.01 |
| P/B Ratio (MRQ) | 7.98 | 2.94 |
| Free Cash Flow Yield (TTM) | 2.21% | -- |