KRYS Krystal Biotech, Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 3, 2026
$322.28
· of 52w range
· above low
· to high
$179.1952w low
$382.5452w high
Market Cap (MRQ)
$9.54B
P/E (TTM)
40.4
EPS (TTM)
$7.97
Revenue (TTM)
$440M
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52W Range
$179–$383
Analyst Rating
BUY
Price Target
$392
P/E
40.4
ROE
20.1%
Net Profit Margin
54.8%
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KRYS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$322.28
Market Cap (MRQ)
$9.54B
P/E (TTM)
40.4
EPS (TTM)
$7.97
Revenue (TTM)
$440M
ROE (TTM)
20.1%
52W Range
$179–$383
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$389M2021-12-31 → 2025-12-31
EPS$6.842020-12-31 → 2025-12-31
Free Cash Flow$189M2017-12-31 → 2025-12-31
Net margin54.8%2023-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | KRYS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 40.45Y avg ≈73.9 | ≈73.9 | 82.8 | Undervalued | |
| P/S (TTM) | 21.75Y avg ≈34.4 | ≈34.4 | 25.0 | Fair value | |
| P/B (MRQ) | 7.05Y avg ≈4.4 | ≈4.4 | 8.5 | Fair value | |
| Price / FCF (TTM) | 37.05Y avg ≈2.5 | ≈2.5 | · | · | |
| Price / Cash Flow (TTM) | 35.05Y avg ≈-4.8 | ≈-4.8 | 35.8 | Fair value | |
| Price / Tangible Book | 7.75Y avg ≈4.4 | ≈4.4 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | KRYS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 44.9%5Y avg ≈-50.8% | ≈-50.8% | -15.5% | Top tier | |
| EBITDA Margin | 41.4%5Y avg ≈-50.8% | ≈-50.8% | -15.5% | Top tier | |
| Pretax Margin (TTM) | 51.4%5Y avg ≈35.7% | ≈35.7% | -0.23% | Top tier | |
| Net Profit Margin (TTM) | 54.8%5Y avg ≈35.0% | ≈35.0% | -15.9% | Top tier | |
| ROA (TTM) | 18.3%5Y avg ≈-2.0% | ≈-2.0% | -18.4% | Top tier | |
| ROE (TTM) | 20.1%5Y avg ≈-2.2% | ≈-2.2% | -0.50% | Top tier | |
| ROIC | 14.3%5Y avg ≈2.9% | ≈2.9% | 4.9% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | KRYS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 8.35Y avg ≈13.1 | ≈13.1 | 5.9 | Strong liquidity | |
| Quick Ratio | 6.15Y avg ≈8.3 | ≈8.3 | 1.5 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | KRYS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 33.9% | · | · | · | |
| EPS YoY | 128.0% | · | · | · | |
| Net Income YoY | 129.7% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | KRYS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.35Y avg ≈0.2 | ≈0.2 | 0.3 | In line | |
| Receivables Turnover | 3.45Y avg ≈2.8 | ≈2.8 | 5.7 | Weak | |
| Revenue / Employee | ≈$1.3M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
31.5%
Next Report
Nov 02, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 3, 2026 | $1.79 | $1.69 | 6.0% |
| March 31, 2026 | $1.83 | $1.45 | 26.3% | |
| Dec. 31, 2025 | $1.70 | $1.44 | 18.3% | |
| Sept. 30, 2025 | $2.66 | $1.11 | 140.2% | |
| June 30, 2025 | $1.29 | $1.15 | 12.1% | |
| March 31, 2025 | $1.20 | $1.39 | -13.9% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue | $389M | $291M | $51M | $0 | $0 | |
| R&D Expense | $58M | $54M | $46M | $42M | $28M | |
| SG&A Expense | $147M | $114M | $98M | $78M | $40M | |
| Operating Expenses | $228M | $225M | $160M | $145M | $68M | |
| Operating Income | $161M | $66M | $-110M | $-145M | $-68M | |
| Interest Expense | · | · | $0 | $0 | $1M | |
| Pretax Income | $189M | $95M | $13M | $-140M | $-70M | |
| Income Tax | $-15M | $6M | $2M | $0 | $0 | |
| Net Income | $205M | $89M | $11M | $-140M | $-70M | |
| EPS (Basic) | $7.08 | $3.12 | $0.40 | $-5.49 | $-3.13 | |
| EPS (Diluted) | $6.84 | $3.00 | $0.39 | $-5.49 | $-3.13 | |
| Shares (Basic) | 28,944,000 | 28,592,000 | 27,154,000 | 25,492,000 | 22,196,846 | |
| Shares (Diluted) | 29,951,000 | 29,740,000 | 27,752,000 | 25,492,000 | 22,196,846 | |
| EBITDA | $161M | $66M | $-110M | $-141M | $-66M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $496M | $345M | $358M | $162M | $341M | |
| Receivables | $127M | $105M | $42M | $0 | · | |
| Inventory | $40M | $27M | $7M | $0 | · | |
| Prepaid Expense | $15M | $12M | $7M | $5M | $4M | |
| Current Assets | $1.02B | $742M | $588M | $384M | $442M | |
| PP&E (Net) | $151M | $155M | $161M | $162M | $112M | |
| PP&E (Gross) | $182M | $177M | $174M | $168M | $117M | |
| Accum. Depreciation | $31M | $22M | $13M | $7M | $4M | |
| Other Non-current Assets | $287.0K | $231.0K | $263.0K | $324.0K | $74.0K | |
| Total Assets | $1.33B | $1.06B | $818M | $558M | $626M | |
| Accounts Payable | $3M | $5M | $4M | $4M | $8M | |
| Current Liabilities | $103M | $102M | $33M | $29M | $26M | |
| Capital Leases | $8M | $6M | $7M | $7M | $7M | |
| Other Non-current Liabilities | $4M | $1M | $0 | · | · | |
| Total Liabilities | $114M | $109M | $40M | $36M | $33M | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | |
| Paid-in Capital | $1.19B | $1.13B | $1.05B | $804M | $735M | |
| Retained Earnings | $24M | $-181M | $-270M | $-281M | $-141M | |
| AOCI | $1M | $-190.0K | $638.0K | $-728.0K | $-163.0K | |
| Stockholders' Equity | $1.22B | $946M | $779M | $522M | $594M | |
| Liabilities + Equity | $1.33B | $1.06B | $818M | $558M | $626M | |
| Shares Outstanding | 29,192,000 | 28,794,000 | 28,237,000 | 25,763,743 | 25,207,985 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| D&A | · | · | · | $4M | $3M | |
| Stock-based Comp | $55M | $49M | $40M | $33M | $15M | |
| Deferred Tax | $-27M | $0 | $0 | $0 | $0 | |
| Other Non-cash | · | · | · | $2M | $4M | |
| Operating Cash Flow | $201M | $123M | $-89M | $-101M | $-48M | |
| CapEx | $12M | $4M | $12M | $53M | $68M | |
| Investing Cash Flow | $-58M | $-163M | $83M | $-114M | $-227M | |
| Stock Issued | $0 | $0 | $160M | $29M | $356M | |
| Net Stock Activity | $0 | $0 | $203M | $36M | $356M | |
| Financing Cash Flow | $9M | $27M | $203M | $35M | $348M | |
| Net Change in Cash | $151M | $-13M | $196M | $-179M | $73M | |
| Taxes Paid | $15M | $6M | $0 | $0 | · | |
| Free Cash Flow | $189M | $119M | $-101M | $-154M | $-116M | |
| Levered FCF | · | · | $-101M | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Operating Margin | 41.4% | 22.6% | -216.4% | · | · | |
| Net Margin | 52.6% | 30.7% | 21.6% | · | · | |
| Pretax Margin | 48.7% | 32.8% | 25.4% | · | · | |
| EBITDA Margin | 41.4% | 22.6% | -216.4% | · | · | |
| ROA | 17.1% | 9.5% | 1.6% | -23.6% | -14.8% | |
| ROE | 18.1% | 9.7% | 1.4% | -26.3% | -13.9% | |
| ROIC | 14.3% | 6.5% | -11.9% | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 10.0 | 7.3 | 17.8 | 13.3 | 17.2 | |
| Quick Ratio | 6.1 | 4.4 | 12.1 | 5.6 | 13.3 | |
| Interest Coverage | · | · | · | · | -45.8 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | 0.1 | · | · | |
| Receivables Turnover | 3.4 | 2.8 | 2.4 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Book Value / Share | $41.78 | $32.87 | $27.58 | $20.27 | $23.55 | |
| Revenue / Share | $12.99 | $9.77 | $1.83 | · | · | |
| Cash Flow / Share | $6.71 | $4.15 | $-3.20 | $-3.95 | $-2.16 | |
| Cash / Share | $17.00 | $11.98 | $12.69 | $6.28 | $13.54 | |
| EPS (TTM) | $6.84 | $3.00 | $0.39 | $-5.49 | $-3.13 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue YoY | 33.9% | 473.0% | · | · | · | |
| EPS YoY | 128.0% | 669.2% | · | · | · | |
| Net Income YoY | 129.7% | 715.6% | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue TTM | $389M | $291M | $51M | $0 | $0 | |
| Net Income TTM | $205M | $89M | $11M | $-140M | $-70M | |
| Market Cap | $7.20B | $4.51B | $3.50B | $2.04B | $1.76B | |
| P/E | 36.0 | 52.2 | 318.1 | -14.4 | -22.3 | |
| P/S | 18.5 | 15.5 | 69.1 | · | · | |
| P/B | 5.9 | 4.8 | 4.5 | 3.9 | 3.0 | |
| P / Tangible Book | 5.9 | 4.8 | 4.5 | 3.9 | 3.0 | |
| P / Cash Flow | 35.8 | 36.5 | -39.4 | -20.3 | -36.8 | |
| P / FCF | 38.1 | 37.8 | -34.8 | -13.3 | -15.2 | |
| Earnings Yield | 2.8% | 1.9% | 0.31% | -6.9% | -4.5% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $119M | $116M | $107M | $98M | $96M | $88M | $91M | $84M | $70M | $45M | $9M | $0 | $0 | $0 | |
| R&D Expense | $15M | $15M | $15M | $15M | $14M | $14M | $14M | $14M | $16M | $11M | $11M | $12M | $12M | $12M | |
| SG&A Expense | $40M | $41M | $41M | $38M | $35M | $33M | $31M | $29M | $28M | $26M | $24M | $26M | $24M | $20M | |
| Operating Expenses | $61M | $63M | $63M | $56M | $57M | $52M | $50M | $61M | $62M | $52M | $35M | $38M | $49M | $31M | |
| Operating Income | $58M | $54M | $44M | $41M | $39M | $36M | $41M | $22M | $9M | $-7M | $-26M | $-38M | $-49M | $-31M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Pretax Income | $66M | $61M | $51M | $48M | $47M | $44M | $49M | $30M | $16M | $932.0K | $81M | $-33M | · | · | |
| Income Tax | $11M | $6M | $-268.0K | $-31M | $8M | $8M | $3M | $3M | $477.0K | $0 | $0 | $0 | · | · | |
| Net Income | $55M | $56M | $51M | $79M | $38M | $36M | $45M | $27M | $16M | $932.0K | $81M | $-33M | $-45M | $-30M | |
| EPS (Basic) | $1.85 | $1.91 | $1.77 | $2.74 | $1.33 | $1.24 | $1.60 | $0.95 | $0.54 | $0.03 | $2.88 | $-1.25 | $-1.76 | $-1.17 | |
| EPS (Diluted) | $1.79 | $1.83 | $1.69 | $2.66 | $1.29 | $1.20 | $1.53 | $0.91 | $0.53 | $0.03 | $2.79 | $-1.25 | $-1.76 | $-1.17 | |
| Shares (Basic) | 29,529,000 | 29,288,000 | · | 28,953,000 | 28,910,000 | 28,815,000 | · | 28,716,000 | 28,598,000 | 28,295,000 | 28,042,000 | 26,657,000 | 25,712,000 | 25,619,125 | |
| Shares (Diluted) | 30,657,000 | 30,507,000 | · | 29,833,000 | 29,749,000 | 29,871,000 | · | 29,902,000 | 29,637,000 | 29,291,000 | 28,892,000 | 26,657,000 | 25,712,000 | 25,619,125 | |
| EBITDA | $58M | $54M | · | $41M | $39M | $36M | · | $22M | $9M | $-7M | $-26M | $-38M | $-49M | $-31M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $428M | $501M | $496M | $393M | $354M | $309M | $345M | $374M | $346M | $359M | $373M | $276M | $141M | $186M | |
| Receivables | $139M | $127M | $127M | $130M | $111M | $103M | $105M | $97M | $103M | $46M | $9M | · | · | · | |
| Inventory | $46M | $43M | $40M | $38M | $31M | $30M | $27M | $19M | $12M | $11M | $5M | · | · | · | |
| Prepaid Expense | $14M | $16M | $15M | $17M | $17M | $17M | $12M | $9M | $8M | $6M | $5M | $6M | $5M | $3M | |
| Current Assets | $1.06B | $1.02B | $1.02B | $926M | $841M | $767M | $742M | $713M | $683M | $602M | $582M | $484M | $355M | $398M | |
| PP&E (Net) | $154M | $154M | $151M | $149M | $150M | $151M | $155M | $157M | $159M | $160M | $164M | $164M | $163M | $158M | |
| PP&E (Gross) | $190M | $187M | $182M | $178M | $177M | $175M | $177M | $176M | $176M | $175M | $175M | $173M | $171M | $164M | |
| Accum. Depreciation | $36M | $34M | $31M | $29M | $27M | $24M | $22M | $20M | $17M | $15M | $11M | $9M | $8M | $6M | |
| Other Non-current Assets | $284.0K | $300.0K | $287.0K | $333.0K | $197.0K | $218.0K | $231.0K | $203.0K | $126.0K | $196.0K | $285.0K | $285.0K | $402.0K | $205.0K | |
| Total Assets | $1.50B | $1.40B | $1.33B | $1.24B | $1.14B | $1.07B | $1.06B | $982M | $918M | $853M | $790M | $684M | $532M | $576M | |
| Accounts Payable | $7M | $4M | $3M | $2M | $7M | $3M | $5M | $6M | $5M | $5M | $4M | $4M | $4M | $6M | |
| Current Liabilities | $127M | $108M | $103M | $91M | $87M | $79M | $102M | $90M | $72M | $48M | $28M | $24M | $35M | $28M | |
| Capital Leases | $7M | $7M | $8M | $8M | $8M | $8M | $6M | $6M | $6M | $6M | $7M | $7M | $7M | $8M | |
| Other Non-current Liabilities | $7M | $5M | $4M | $3M | $3M | $2M | $1M | $761.0K | $588.0K | · | · | · | · | · | |
| Total Liabilities | $142M | $120M | $114M | $102M | $98M | $90M | $109M | $96M | $79M | $54M | $34M | $31M | $42M | $36M | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Paid-in Capital | $1.23B | $1.20B | $1.19B | $1.16B | $1.15B | $1.13B | $1.13B | $1.11B | $1.09B | $1.07B | $1.03B | $1.01B | $816M | $791M | |
| Retained Earnings | $135M | $80M | $24M | $-27M | $-107M | $-145M | $-181M | $-226M | $-253M | $-269M | $-279M | $-359M | $-326M | $-249M | |
| AOCI | $-4M | $-2M | $1M | $1M | $1M | $390.0K | $-190.0K | $2M | $-634.0K | $-299.0K | $-382.0K | $-236.0K | $-154.0K | $-1M | |
| Stockholders' Equity | $1.36B | $1.28B | $1.22B | $1.14B | $1.04B | $985M | $946M | $886M | $839M | $799M | $756M | $653M | $490M | $541M | |
| Liabilities + Equity | $1.50B | $1.40B | $1.33B | $1.24B | $1.14B | $1.07B | $1.06B | $982M | $918M | $853M | $790M | $684M | $532M | $576M | |
| Shares Outstanding | 29,596,000 | 29,437,000 | 29,192,000 | 28,984,000 | 28,927,000 | 28,899,000 | 28,794,000 | 28,757,000 | 28,709,000 | 28,528,000 | 28,194,655 | 27,974,916 | 25,796,213 | 25,709,664 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | · | · | · | · | · | $826.0K | $1M | $705.0K | $975.0K | |
| Stock-based Comp | $14M | $14M | $14M | $13M | $14M | $13M | $13M | $13M | $13M | $9M | $8M | $11M | $10M | $9M | |
| Operating Cash Flow | $75M | $80M | $78M | $40M | $53M | $31M | $53M | $59M | $-4M | $16M | $-21M | $-34M | $-26M | $-20M | |
| CapEx | $4M | $7M | $2M | $2M | $2M | $6M | $801.0K | $1M | $1M | $1M | $2M | $3M | $5M | $14M | |
| Investing Cash Flow | $-162M | $-64M | $11M | $-4M | $-11M | $-55M | $-84M | $-34M | $-19M | $-26M | $105M | $-16M | $4M | $-15M | |
| Stock Issued | · | · | · | · | · | · | $0 | $0 | · | · | $-28M | $158M | $2M | $2M | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | $2M | · | |
| Financing Cash Flow | $15M | $-10M | $16M | $4M | $2M | $-12M | $2M | $3M | $11M | $11M | $13M | $185M | $1M | $2M | |
| Net Change in Cash | $-74M | $5M | $104M | $39M | $45M | $-36M | $-29M | $28M | $-13M | $678.0K | $97M | $135M | $-21M | $-32M | |
| Taxes Paid | · | · | $917.0K | $18.0K | $13M | $400.0K | $515.0K | $3M | $2M | $0 | · | · | · | · | |
| Free Cash Flow | · | $73M | · | · | · | $25M | · | · | · | $15M | · | · | $-32M | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 49.0% | 46.1% | · | 42.3% | 40.9% | 41.0% | · | 26.8% | 12.2% | -14.8% | -303.8% | · | · | · | |
| Net Margin | 45.9% | 48.1% | · | 81.2% | 39.9% | 40.5% | · | 32.4% | 22.1% | 2.1% | 943.8% | · | · | · | |
| Pretax Margin | 55.4% | 52.8% | · | 49.0% | 48.7% | 49.4% | · | 35.5% | 22.8% | · | · | · | · | · | |
| EBITDA Margin | 49.0% | 46.1% | · | 42.3% | 40.9% | 41.0% | · | 26.8% | 12.2% | -14.8% | -303.8% | · | · | · | |
| ROA | 4.2% | 4.5% | · | 7.1% | 3.7% | 3.7% | · | 3.1% | 2.1% | 0.12% | 11.8% | · | -7.9% | -5.8% | |
| ROE | 4.6% | 5.0% | · | 7.8% | 4.1% | 4.0% | · | 3.3% | 2.2% | 0.13% | 12.4% | · | -8.7% | -6.3% | |
| ROIC | 3.6% | 3.8% | · | 6.0% | 3.1% | 3.0% | · | 2.3% | 0.99% | · | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.3 | 9.5 | · | 10.1 | 9.7 | 9.6 | · | 8.0 | 9.5 | 12.7 | 21.1 | · | 10.1 | 14.2 | |
| Quick Ratio | 4.4 | 5.8 | · | 5.7 | 5.4 | 5.2 | · | 5.3 | 6.2 | 8.5 | 13.9 | · | 4.0 | 6.6 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | 0.0 | · | · | · | |
| Receivables Turnover | 1.0 | 1.0 | · | 0.9 | 0.9 | 1.2 | · | 1.6 | 1.4 | 1.9 | 1.8 | · | · | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $45.92 | $43.37 | · | $39.26 | $35.97 | $34.07 | · | $30.80 | $29.22 | $28.02 | $26.81 | · | $18.98 | $21.03 | |
| Revenue / Share | $3.89 | $3.81 | · | $3.28 | $3.23 | $2.95 | · | $2.80 | $2.37 | $1.54 | $0.30 | · | · | · | |
| Cash Flow / Share | · | $2.63 | · | · | · | $1.04 | · | · | · | $0.54 | · | · | $-1.02 | · | |
| Cash / Share | $14.45 | $17.03 | · | $13.55 | $12.23 | $10.68 | · | $13.00 | $12.04 | $12.58 | $13.24 | · | $5.46 | $7.25 | |
| EPS (TTM) | $7.97 | $7.47 | · | $6.68 | $4.93 | $4.17 | · | $2.08 | $3.96 | $2.18 | $-1.45 | $-5.41 | $-5.26 | $-5.21 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $440M | $417M | · | $373M | $359M | $333M | · | $242M | $166M | $96M | $9M | $0 | · | · | |
| Net Income TTM | $241M | $225M | · | $199M | $147M | $124M | · | $52M | $106M | $57M | $-30M | $-140M | $-135M | $-130M | |
| Market Cap | $11.00B | $7.60B | · | $5.12B | $3.98B | $5.21B | · | $5.23B | $5.27B | $5.08B | $3.27B | · | $2.07B | $1.79B | |
| P/E | 46.6 | 34.6 | · | 26.4 | 27.9 | 43.2 | · | 87.5 | 46.4 | 81.6 | -80.0 | -21.7 | -15.2 | -13.4 | |
| P/S | 25.0 | 18.2 | · | 13.7 | 11.1 | 15.6 | · | 21.7 | 31.7 | 52.9 | 382.3 | · | · | · | |
| P/B | 8.1 | 6.0 | · | 4.5 | 3.8 | 5.3 | · | 5.9 | 6.3 | 6.4 | 4.3 | · | 4.2 | 3.3 | |
| P / Tangible Book | 8.1 | 6.0 | · | 4.5 | 3.8 | 5.3 | · | 5.9 | 6.3 | 6.4 | 4.3 | · | 4.2 | 3.3 | |
| P / Cash Flow | · | 94.6 | · | · | · | 168.2 | · | · | · | 319.5 | · | · | -79.0 | · | |
| Earnings Yield | 2.1% | 2.9% | · | 3.8% | 3.6% | 2.3% | · | 1.1% | 2.2% | 1.2% | -1.2% | -4.6% | -6.6% | -7.5% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $389M | $291M | $51M | $0 | $0 |
| Operating Margin % | 41.4% | 22.6% | -216.4% | · | · |
| Net Income | $205M | $89M | $11M | $-140M | $-70M |
| Diluted EPS | $6.84 | $3.00 | $0.39 | $-5.49 | $-3.13 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 10.0 | 7.3 | 17.8 | 13.3 | 17.2 |
| Quick Ratio | 6.1 | 4.4 | 12.1 | 5.6 | 13.3 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $189M | $119M | $-101M | $-154M | $-116M |
Institutional owners (13F) 451 filers · $11.4B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
451
Value held
$11.4B
New positions
93
Exited positions
31
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 93 (+13 vs prior Q) | 31 (-4 vs prior Q) | 179 (+43 vs prior Q) | 112 (+5 vs prior Q) | +1.8M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| FMR LLC | $1,642,111,282 | 4,418,197 | 14.35% | Shares |
| BlackRock, Inc. | $1,554,113,017 | 4,181,432 | 13.58% | Shares |
| Avoro Capital Advisors LLC | $1,073,713,003 | 2,888,888 | 9.38% | Shares |
| VANGUARD GROUP INC | $685,096,446 | 2,778,845 | 5.99% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $585,344,941 | 1,574,905 | 5.12% | Shares |
| STATE STREET CORP | $502,201,761 | 1,351,158 | 4.39% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $461,081,537 | 1,240,567 | 4.03% | Shares |
| Soleus Capital Management, L.P. | $349,092,534 | 939,254 | 3.05% | Shares |
| Capital World Investors | $289,100,908 | 777,843 | 2.53% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $259,844,104 | 698,993 | 2.27% | Shares |
| Hood River Capital Management LLC | $246,556,586 | 663,375 | 2.15% | Shares |
| Redmile Group, LLC | $234,897,298 | 632,005 | 2.05% | Shares |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $211,908,766 | 570,153 | 1.85% | Shares |
| Frazier Life Sciences Management, L.P. | $178,887,373 | 481,307 | 1.56% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $176,939,884 | 476,038 | 1.55% | Shares |
| FIRST TRUST ADVISORS LP | $120,755,583 | 324,900 | 1.06% | Shares |
| Invesco Ltd. | $120,701,691 | 324,755 | 1.05% | Shares |
| GOLDMAN SACHS GROUP INC | $111,070,234 | 298,841 | 0.97% | Shares |
| NORTHERN TRUST CORP | $105,474,000 | 283,784 | 0.92% | Shares |
| FRANKLIN RESOURCES INC | $97,346,821 | 261,917 | 0.85% | Shares |
| NORGES BANK | $96,273,680 | 259,030 | 0.84% | Shares |
| BANK OF AMERICA CORP /DE/ | $95,307,729 | 256,431 | 0.83% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $94,711,923 | 254,828 | 0.83% | Shares |
| MORGAN STANLEY | $87,525,199 | 235,491 | 0.76% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $70,441,872 | 189,528 | 0.62% | Shares |
| JANUS HENDERSON GROUP PLC | $68,878,997 | 266,659 | 0.60% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $63,016,649 | 169,550 | 0.55% | Shares |
| Bank of New York Mellon Corp | $60,808,865 | 163,610 | 0.53% | Shares |
| RAYMOND JAMES FINANCIAL INC | $58,974,365 | 158,675 | 0.52% | Shares |
| Woodline Partners LP | $55,979,449 | 150,616 | 0.49% | Shares |
| UBS Group AG | $55,124,608 | 148,316 | 0.48% | Shares |
| Nuveen, LLC | $54,457,088 | 146,520 | 0.48% | Shares |
| BRAIDWELL LP | $47,936,138 | 128,975 | 0.42% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $46,251,358 | 124,442 | 0.40% | Shares |
| Pictet Asset Management Holding SA | $40,065,283 | 107,798 | 0.35% | Shares |
| Public Sector Pension Investment Board | $39,216,760 | 105,515 | 0.34% | Shares |
| 1832 Asset Management L.P. | $36,906,831 | 99,300 | 0.32% | Shares |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $36,686,431 | 98,707 | 0.32% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $34,280,611 | 92,234 | 0.30% | Shares |
| JPMORGAN CHASE & CO | $33,480,265 | 87,342 | 0.29% | Shares |
| Nantahala Capital Management, LLC | $31,591,950 | 85,000 | 0.28% | Put option |
| ORBIMED ADVISORS LLC | $30,922,944 | 83,200 | 0.27% | Shares |
| TimesSquare Capital Management, LLC | $29,020,185 | 112,342 | 0.25% | Shares |
| Caption Management, LLC | $28,990,260 | 78,000 | 0.25% | Call option |
| S SQUARED TECHNOLOGY, LLC | $28,821,150 | 77,545 | 0.25% | Shares |
| Bellevue Group AG | $28,815,575 | 77,530 | 0.25% | Shares |
| Biondo Investment Advisors, LLC | $26,368,128 | 70,945 | 0.23% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $24,236,972 | 65,211 | 0.21% | Shares |
| RHUMBLINE ADVISERS | $22,759,554 | 61,236 | 0.20% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $22,181,266 | 59,680 | 0.19% | Shares |
Company insiders 15 insiders · 8 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Krish S Krishnan | President and CEO | Sept. 4, 2026 S | 1,347,543 | 0 | 50 | $-34,272,769 |
| Antony A Riley | Chief Financial Officer | Nov. 19, 2019 M | 9,050 | 0 | 0 | $0 |
| Suma Krishnan | President, R&D | Sept. 4, 2026 S | 1,302,145 | 0 | 50 | $-34,273,502 |
| John Charles Thomas | EVP, General Counsel | June 25, 2026 M | 0 | 0 | 2 | $-541,173 |
| Kathryn Romano | Chief Accounting Officer | Feb. 27, 2026 A | 22,366 | 0 | 8 | $-3,602,402 |
| Andrew C. Orth | Chief Commercial Officer | June 9, 2023 M | 100 | 0 | 0 | $0 |
| Jing L. Marantz | Chief Business Officer | Jan. 31, 2022 A | · | 0 | 0 | $0 |
| Jennifer Chien | Chief Commercial Officer | Jan. 31, 2020 A | · | 0 | 0 | $0 |
| Catherine Mazzacco | Director | Sept. 14, 2026 A | · | 0 | 0 | $0 |
| Everett Rand Sutherland | Director | Sept. 14, 2026 A | · | 0 | 0 | $0 |
| Christopher Mason | Director | Sept. 14, 2026 A | · | 0 | 0 | $0 |
| Julian S Gangolli | Director | Sept. 14, 2026 A | 0 | 0 | 0 | $0 |
| Dino A Rossi | Director | Sept. 14, 2026 A | 50,000 | 0 | 10 | $-13,181,662 |
| Daniel Janney | Director | Sept. 14, 2026 A | 73,293 | 0 | 22 | $-19,402,305 |
| Douglas R Norby | Director | May 31, 2018 A | 9,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 63 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| SAWS · ETF Series Solutions | 1.89% | 434 NS | July 31, 2026 | N-PORT |
| CAFG · Pacer Funds Trust | 1.48% | 1,311 NS | July 31, 2026 | N-PORT |
| BBP · ETFis Series Trust I | 1.48% | 4,269 NS | July 31, 2026 | N-PORT |
| RFG · Invesco Exchange-Traded Fund Trust | 1.30% | 13,402 SH | Oct. 2, 2026 | Daily |
| GURU · Global X Funds | 1.27% | 2,287 NS | July 31, 2026 | N-PORT |
| XMMO · Invesco Exchange-Traded Fund Trust | 1.22% | 268,183 SH | Oct. 2, 2026 | Daily |
| JSML · Janus Detroit Street Trust | 1.20% | 12,739 NS | July 31, 2026 | N-PORT |
| CSMD · Professionally Managed Portfolios | 1.14% | 15,228 NS | July 31, 2026 | N-PORT |
| VIOG · VANGUARD ADMIRAL FUNDS | 1.07% | 31,230 SH | Aug. 19, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.99% | 8,077 SH | Oct. 2, 2026 | Daily |
| JSMD · Janus Detroit Street Trust | 0.93% | 28,740 NS | July 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.75% | 10,801 NS | July 31, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.73% | 12,348 NS | July 31, 2026 | N-PORT |
| IBB · iShares Trust | 0.66% | 196,660 SH | Sept. 11, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.65% | 2,098 SH | Oct. 2, 2026 | Daily |
| IWO · iShares Trust | 0.59% | 245,917 SH | Sept. 11, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.57% | 27,988 SH | Aug. 19, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.53% | 91,720 SH | Aug. 19, 2026 | Daily |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.37% | 4,588 SH | Oct. 2, 2026 | Daily |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.34% | 13,857 NS | July 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.34% | 6,983 NS | July 31, 2026 | N-PORT |
| IQSM · New York Life Investments ETF Trust | 0.33% | 3,172 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.30% | 667,552 SH | Sept. 11, 2026 | Daily |
| ISCG · iShares Trust | 0.29% | 8,149 SH | Sept. 11, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.29% | 371,117 SH | Aug. 19, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.29% | 150,403 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.29% | 12,515 NS | July 31, 2026 | N-PORT |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.28% | 3,607 SH | Oct. 2, 2026 | Daily |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.23% | 3,965 NS | July 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.22% | 3,708 NS | July 31, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.21% | 3,985 NS | July 31, 2026 | N-PORT |
| PWS · Pacer Funds Trust | 0.21% | 148 NS | July 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.21% | 15,387 NS | July 31, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.20% | 10,597 SH | Aug. 19, 2026 | Daily |
| MIDU · Direxion Shares ETF Trust | 0.19% | 385 NS | July 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.18% | 80,863 NS | July 31, 2026 | N-PORT |
| PTMC · Pacer Funds Trust | 0.17% | 1,970 NS | July 31, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.17% | 639 NS | July 31, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.12% | 642,280 SH | Aug. 19, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.11% | 301,103 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.11% | 61,918 SH | Aug. 19, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.10% | 9,793 NS | July 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.08% | 6,166 SH | Sept. 11, 2026 | Daily |
| WSML · iShares Trust | 0.07% | 1,349 SH | Sept. 11, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.05% | 4,411 SH | Oct. 2, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.04% | 55,740 NS | July 31, 2026 | N-PORT |
| IUSG · iShares Trust | 0.02% | 23,086 SH | Sept. 11, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.02% | 2,115 NS | July 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.02% | 1,296 NS | July 31, 2026 | N-PORT |
| ESGV · VANGUARD WORLD FUND | 0.02% | 5,773 SH | Aug. 19, 2026 | Daily |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.02% | 662 SH | Oct. 2, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.01% | 4,944 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.01% | 34,744 SH | Sept. 11, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.01% | 817 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.01% | 6,812 SH | Sept. 10, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.01% | 6,242 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 889,725 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.01% | 20,956 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.01% | 2,150 SH | Aug. 19, 2026 | Daily |
| IJH · iShares Trust | · | 920,903 SH | Sept. 11, 2026 | Daily |
| IJK · iShares Trust | · | 152,162 SH | Sept. 11, 2026 | Daily |
| ISCB · iShares Trust | · | 1,153 SH | Sept. 11, 2026 | Daily |
| SMMV · iShares Trust | · | 3,139 SH | Aug. 19, 2026 | Daily |
KRYS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 19 analysts
BUY
Median target
$400.00
+24.1%
7 36.8%
Strong Buy
10 52.6%
Buy
2 10.5%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
9 analysts · 2026-10-01Mean target $392.11 +21.7%
Now
Current price $322.28
Low$284.00
Mean$392.11
High$474.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| KRYS | $7.20B | 36.0 | 33.9% | 52.6% | 18.1% | · |
| BMRN | $11.43B | 33.0 | 12.9% | 10.8% | 5.8% | · |
| IBRX | $2.00B | -5.2 | 668.3% | -310.2% | 71.0% | · |
| ARWR | $4.68B | -3449.0 | 23258.2% | -0.20% | -0.50% | · |
| PTGX | $5.47B | -42.6 | -89.4% | -282.8% | -20.3% | · |
| CYTK | $7.81B | -9.7 | 376.6% | -891.6% | 152.7% | · |
| KYMR | $6.33B | -21.1 | -16.7% | -794.0% | -24.4% | · |
| PCVX | $6.05B | -8.2 | · | · | -26.6% | · |
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Source: SEC 10-Q filed Aug 3, 2026