BLTE Healthcare

Belite Bio, Inc

$152.17-0.98%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 6.1B USD
Enterprise value: 5.8B USD
Full-time employees: 41

Overall health

Not enough data: too little is reported yet for an overall view

Only 2 of 4 categories have enough reported data; an overall score needs at least 3.

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 58% from December 2022 to December 2025.
Belite Bio had 58% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Belite Bio had 58% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Belite Bio looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to December 2025.
Belite Bio reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

StockQuotient Score

—

Valuation

Is the price right?

33/100

Weak

2/3 inputs reported · Partial data

Since last year: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-1.3%

SEC filings · 12 months to Dec 2025Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yieldUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0401 · MAD: 0.0401

Free cash flow yield-0.6%

SEC filings · 12 months to Dec 2025 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield12.9%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

Insufficient data

Insufficient data: 1 of 3 inputs reported (at least 2 needed). We leave it blank rather than fill the gap with a made-up middle value.

Profitability

Does it earn well?

26/100

Weak

2/3 inputs reported · Partial data

Since last year: No major change

Why

Weaker than most peers on:

▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating marginUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0706 · MAD: 0.1217

Return on assets-9.9%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -2.16Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-15.9%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -2.06Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin0.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-10.1%

SEC filings · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Insufficient data

Insufficient data: 1 of 3 inputs reported (at least 2 needed). We leave it blank rather than fill the gap with a made-up middle value.

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Belite Bio

Is Belite Bio getting weaker?: Its latest SEC filing (Mar 31, 2026) showed no major changes.
How is Belite Bio valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 33/100 against 1,393 healthcare peers. Earnings yield -1.3% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -1.3% vs peers 1.5% (weaker than 100% of peers).
Is Belite Bio growing?: Insufficient data: 1 of 3 inputs reported (at least 2 needed).
How profitable is Belite Bio?: Less profitable than most of its peers. Profitability scores 26/100 against 1,393 healthcare peers. Return on invested capital -15.9% vs a peer median of 4.7% (weaker than 77% of peers).Return on invested capital -15.9% vs peers 4.7% (weaker than 77% of peers).
How risky is Belite Bio?: Insufficient data: 1 of 3 inputs reported (at least 2 needed).

Latest filing: what changed

Year ended Dec 31, 2025 · filed Mar 31, 2026 · compared with the year ended Dec 31, 2024

No major changes

	Previous year	Latest year	Change
Net income (12 months)	−36.1M USD	−77.6M USD	+114.7%
Free cash flow (12 months)	−29.4M USD	−37.1M USD	+26.3%
Cash	31.7M USD	352.9M USD	+1014.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Return on assets (ROA)	-52.7%	-28.6%	-33.4%	-23.8%	-9.9%	▲ 14 pts
Return on equity (ROE)	—	-30.5%	-35.0%	-24.8%	-10.1%	▲ 15 pts
Current ratio	10.66×	20.35×	24.76×	24.31×	50.02×	▲ 106%
Interest coverage	—	-801.31×	-1266.72×	-1999.80×	-42104.00×	▼ >999%

BLTE price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

BB Biotech AGBBZA.DE100/ 100

Arbutus Biopharma CorporationABUS97/ 100

Q32 Bio Inc.QTTB97/ 100

Bringing the fundamentals into focus…

Worth knowing

Shareholders being diluted. Shares outstanding up 58% from December 2022 to December 2025.

Belite Bio had 58% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Belite Bio had 58% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Belite Bio looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to December 2025.

Belite Bio reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Questions investors ask about Belite Bio

Is Belite Bio getting weaker?

Its latest SEC filing (Mar 31, 2026) showed no major changes.

How is Belite Bio valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 33/100 against 1,393 healthcare peers. Earnings yield -1.3% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -1.3% vs peers 1.5% (weaker than 100% of peers).

Is Belite Bio growing?

Insufficient data: 1 of 3 inputs reported (at least 2 needed).

How profitable is Belite Bio?

Less profitable than most of its peers. Profitability scores 26/100 against 1,393 healthcare peers. Return on invested capital -15.9% vs a peer median of 4.7% (weaker than 77% of peers).Return on invested capital -15.9% vs peers 4.7% (weaker than 77% of peers).

How risky is Belite Bio?

Insufficient data: 1 of 3 inputs reported (at least 2 needed).

Previous year

Latest year

Change

Net income (12 months)

−36.1M USD

−77.6M USD

+114.7%

Free cash flow (12 months)

−29.4M USD

−37.1M USD

+26.3%

Cash

31.7M USD

352.9M USD

+1014.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Return on assets (ROA)

-52.7%

-28.6%

-33.4%

-23.8%

-9.9%

▲ 14 pts

Return on equity (ROE)

—

-30.5%

-35.0%

-24.8%

-10.1%

▲ 15 pts

Current ratio

10.66×

20.35×

24.76×

24.31×

50.02×

▲ 106%

Interest coverage

—

-801.31×

-1266.72×

-1999.80×

-42104.00×

▼ >999%