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Side-by-side financial comparison of F&G Annuities & Life, Inc. (FG) and BeOne Medicines Ltd. (ONC). Click either name above to swap in a different company.

F&G Annuities & Life, Inc. is the larger business by last-quarter revenue ($1.8B vs $1.5B, roughly 1.2× BeOne Medicines Ltd.). F&G Annuities & Life, Inc. runs the higher net margin — 7.3% vs 4.4%, a 2.8% gap on every dollar of revenue. On growth, BeOne Medicines Ltd. posted the faster year-over-year revenue change (32.8% vs 13.2%). Over the past eight quarters, BeOne Medicines Ltd.'s revenue compounded faster (41.2% CAGR vs 6.1%).

F&G Annuities & Life, Inc. is a public company headquartered in Des Moines, Iowa. It primarily provides annuities, life insurance, and pension buyout services. The company was founded in 1959.

BeOne Medicines, formerly known as BeiGene, Ltd. is a multinational oncology company. It specializes in the development of drugs for cancer treatment.

FG vs ONC — Head-to-Head

Bigger by revenue
FG
FG
1.2× larger
FG
$1.8B
$1.5B
ONC
Growing faster (revenue YoY)
ONC
ONC
+19.6% gap
ONC
32.8%
13.2%
FG
Higher net margin
FG
FG
2.8% more per $
FG
7.3%
4.4%
ONC
Faster 2-yr revenue CAGR
ONC
ONC
Annualised
ONC
41.2%
6.1%
FG

Income Statement — Q4 FY2025 vs Q4 FY2025

Metric
FG
FG
ONC
ONC
Revenue
$1.8B
$1.5B
Net Profit
$128.0M
$66.5M
Gross Margin
90.5%
Operating Margin
12.4%
Net Margin
7.3%
4.4%
Revenue YoY
13.2%
32.8%
Net Profit YoY
-60.9%
143.8%
EPS (diluted)
$0.97
$0.05

Green = leading value per metric. Periods may differ when fiscal calendars don't align.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.

Revenue
FG
FG
ONC
ONC
Q4 25
$1.8B
$1.5B
Q3 25
$1.7B
$1.4B
Q2 25
$1.4B
$1.3B
Q1 25
$908.0M
$1.1B
Q4 24
$1.6B
$1.1B
Q3 24
$1.4B
$1.0B
Q2 24
$1.2B
$929.2M
Q1 24
$1.6B
$751.7M
Net Profit
FG
FG
ONC
ONC
Q4 25
$128.0M
$66.5M
Q3 25
$118.0M
$124.8M
Q2 25
$40.0M
$94.3M
Q1 25
$-21.0M
$1.3M
Q4 24
$327.0M
$-151.9M
Q3 24
$-6.0M
$-121.3M
Q2 24
$203.0M
$-120.4M
Q1 24
$115.0M
$-251.2M
Gross Margin
FG
FG
ONC
ONC
Q4 25
90.5%
Q3 25
86.1%
Q2 25
87.5%
Q1 25
85.2%
Q4 24
85.8%
Q3 24
83.0%
Q2 24
85.1%
Q1 24
83.4%
Operating Margin
FG
FG
ONC
ONC
Q4 25
12.4%
Q3 25
11.5%
Q2 25
6.7%
Q1 25
1.0%
Q4 24
-7.0%
Q3 24
-12.0%
Q2 24
-11.5%
Q1 24
-34.8%
Net Margin
FG
FG
ONC
ONC
Q4 25
7.3%
4.4%
Q3 25
7.0%
8.8%
Q2 25
2.9%
7.2%
Q1 25
-2.3%
0.1%
Q4 24
21.0%
-13.5%
Q3 24
-0.4%
-12.1%
Q2 24
17.3%
-13.0%
Q1 24
7.3%
-33.4%
EPS (diluted)
FG
FG
ONC
ONC
Q4 25
$0.97
$0.05
Q3 25
$0.85
$0.08
Q2 25
$0.26
$0.06
Q1 25
$-0.20
$0.00
Q4 24
$2.53
$-0.10
Q3 24
$-0.08
$-0.09
Q2 24
$1.55
$-0.09
Q1 24
$0.88
$-0.19

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric
FG
FG
ONC
ONC
Cash + ST InvestmentsLiquidity on hand
$1.5B
$4.5B
Total DebtLower is stronger
$2.2B
$836.4M
Stockholders' EquityBook value
$4.8B
$4.4B
Total Assets
$98.4B
$8.2B
Debt / EquityLower = less leverage
0.47×
0.19×

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments
FG
FG
ONC
ONC
Q4 25
$1.5B
$4.5B
Q3 25
$2.2B
$4.0B
Q2 25
$1.9B
$2.8B
Q1 25
$3.3B
$2.5B
Q4 24
$2.3B
$2.6B
Q3 24
$3.5B
$2.7B
Q2 24
$3.5B
$2.6B
Q1 24
$2.4B
$2.8B
Total Debt
FG
FG
ONC
ONC
Q4 25
$2.2B
$836.4M
Q3 25
$2.2B
Q2 25
$2.2B
Q1 25
$2.2B
Q4 24
$2.2B
Q3 24
$2.0B
Q2 24
$2.0B
Q1 24
$1.7B
Stockholders' Equity
FG
FG
ONC
ONC
Q4 25
$4.8B
$4.4B
Q3 25
$4.8B
$4.1B
Q2 25
$4.4B
$3.8B
Q1 25
$4.4B
$3.5B
Q4 24
$4.0B
$3.3B
Q3 24
$4.3B
$3.4B
Q2 24
$3.7B
$3.4B
Q1 24
$3.5B
$3.4B
Total Assets
FG
FG
ONC
ONC
Q4 25
$98.4B
$8.2B
Q3 25
$96.1B
$7.6B
Q2 25
$91.8B
$6.3B
Q1 25
$88.0B
$5.8B
Q4 24
$85.0B
$5.9B
Q3 24
$84.1B
$5.8B
Q2 24
$78.5B
$5.7B
Q1 24
$74.4B
$5.7B
Debt / Equity
FG
FG
ONC
ONC
Q4 25
0.47×
0.19×
Q3 25
0.46×
Q2 25
0.50×
Q1 25
0.51×
Q4 24
0.55×
Q3 24
0.47×
Q2 24
0.56×
Q1 24
0.49×

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric
FG
FG
ONC
ONC
Operating Cash FlowLast quarter
$1.2B
$417.3M
Free Cash FlowOCF − Capex
$379.8M
FCF MarginFCF / Revenue
25.4%
Capex IntensityCapex / Revenue
2.5%
Cash ConversionOCF / Net Profit
9.13×
6.28×
TTM Free Cash FlowTrailing 4 quarters
$941.7M

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
FG
FG
ONC
ONC
Q4 25
$1.2B
$417.3M
Q3 25
$937.0M
$402.6M
Q2 25
$1.6B
$263.6M
Q1 25
$956.0M
$44.1M
Q4 24
$1.3B
$75.2M
Q3 24
$2.1B
$188.4M
Q2 24
$1.1B
$-95.6M
Q1 24
$1.5B
$-308.6M
Free Cash Flow
FG
FG
ONC
ONC
Q4 25
$379.8M
Q3 25
$354.5M
Q2 25
$219.8M
Q1 25
$-12.3M
Q4 24
$-17.3M
Q3 24
$54.7M
Q2 24
$-205.5M
Q1 24
$-465.1M
FCF Margin
FG
FG
ONC
ONC
Q4 25
25.4%
Q3 25
25.1%
Q2 25
16.7%
Q1 25
-1.1%
Q4 24
-1.5%
Q3 24
5.5%
Q2 24
-22.1%
Q1 24
-61.9%
Capex Intensity
FG
FG
ONC
ONC
Q4 25
2.5%
Q3 25
3.4%
Q2 25
3.3%
Q1 25
5.0%
Q4 24
8.2%
Q3 24
13.3%
Q2 24
11.8%
Q1 24
20.8%
Cash Conversion
FG
FG
ONC
ONC
Q4 25
9.13×
6.28×
Q3 25
7.94×
3.22×
Q2 25
40.50×
2.79×
Q1 25
34.71×
Q4 24
4.04×
Q3 24
Q2 24
5.20×
Q1 24
13.34×

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

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