KRYS Krystal Biotech, Inc. - Common Stock
$337.83
Price · Aug 19, 2026
Fundamentals as of Aug 3, 2026
52W Range
$137–$383
82% of range
Analyst Rating
BUY
18 analysts
Price Target
$383
+13% upside
P/E (TTM)
49.4
ROE
18.1%
Net Profit Margin
52.6%
KRYS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$337.83
Market Cap
$9.86B
P/E (TTM)
49.4
EPS (TTM)
$6.84
Revenue (TTM)
$389M
Div Yield
—
ROE
18.1%
Debt/Equity
—
52W Range
$137 – $383
KRYS Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$389M
2021-12-31
→
2025-12-31
EPS
$6.84
2020-12-31
→
2025-12-31
Free Cash Flow
$189M
2017-12-31
→
2025-12-31
Margins
52.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
KRYS
Peer Median
P/E (TTM)
49.4
43.0
P/S (TTM)
25.3
33.2
P/B
8.1
5.9
Price / FCF
52.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
KRYS
Peer Median
Operating Margin
41.4%
—
Net Profit Margin
52.6%
-62.1%
ROA
17.1%
-20.8%
ROE
18.1%
-30.9%
ROIC
14.3%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
KRYS
Peer Median
Current Ratio
10.0
6.5
Quick Ratio
6.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
KRYS
Peer Median
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
Peer Median
KRYS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
18 analysts
- Strong Buy 7 38.9%
- Buy 9 50.0%
- Hold 2 11.1%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
7 analysts · 2026-08-13
Median
$386.00
Now
$337.83
Low
$284.00
High
$474.00
Median target
$386.00
+14.3%
Mean target
$382.86
+13.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.37%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.79 | $1.69 | 0.10% |
| March 31, 2026 | $1.83 | $1.45 | 0.38% |
| Dec. 31, 2025 | $1.70 | $1.44 | 0.26% |
| Sept. 30, 2025 | $2.66 | $1.11 | 1.6% |
| June 30, 2025 | $1.29 | $1.15 | 0.14% |
| March 31, 2025 | $1.20 | $1.39 | -0.19% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| KRYS | $7.20B | 36.0 | 33.9% | 52.6% | 18.1% | — |
| PRAX | $7.43B | -21.9 | 249.5% | — | -47.3% | — |
| SMMT | $13.56B | -12.1 | — | — | -235.1% | — |
| PTGX | $5.47B | -42.6 | -89.4% | -282.8% | -20.3% | — |
| KYMR | $6.33B | -21.1 | -16.7% | -794.0% | -24.4% | — |
| APGE | $5.16B | -17.9 | — | — | — | — |
| IONS | $12.92B | -33.2 | — | — | -68.1% | — |
| SYRE | $2.56B | 10.1 | -62.0% | — | -26.5% | — |
| IMVT | $5.07B | -9.0 | 229.2% | — | -73.7% | — |
| PCVX | $6.05B | -8.2 | — | — | -26.6% | — |
| TWST | $1.71B | -21.6 | 20.3% | -20.6% | -17.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| 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 22
| 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 14
| 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 7
| 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 3
| 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 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | 0.1 | · | · | |
| Receivables Turnover | 3.4 | 2.8 | 2.4 | · | · |
Growth Rates 3
| 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) 10
| 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 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $119M | $116M | $107M | $98M | $96M | $88M | $91M | $84M | $70M | $45M | $42M | $9M | $0 | $0 | $0 | |
| R&D Expense | $15M | $15M | $15M | $15M | $14M | $14M | $14M | $14M | $16M | $11M | $11M | $11M | $12M | $12M | $12M | |
| SG&A Expense | $40M | $41M | $41M | $38M | $35M | $33M | $31M | $29M | $28M | $26M | $25M | $24M | $26M | $24M | $20M | |
| Operating Expenses | $61M | $63M | $63M | $56M | $57M | $52M | $50M | $61M | $62M | $52M | $39M | $35M | $38M | $49M | $31M | |
| Operating Income | $58M | $54M | $44M | $41M | $39M | $36M | $41M | $22M | $9M | $-7M | $3M | $-26M | $-38M | $-49M | $-31M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Pretax Income | $66M | $61M | $51M | $48M | $47M | $44M | $49M | $30M | $16M | $932.0K | $11M | $81M | $-33M | · | · | |
| Income Tax | $11M | $6M | $-268.0K | $-31M | $8M | $8M | $3M | $3M | $477.0K | $0 | $2M | $0 | $0 | · | · | |
| Net Income | $55M | $56M | $51M | $79M | $38M | $36M | $45M | $27M | $16M | $932.0K | $9M | $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 | $0.53 | $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 | $0.61 | $2.79 | $-1.25 | $-1.76 | $-1.17 | |
| Shares (Basic) | 29,529,000 | 29,288,000 | -57,734,000 | 28,953,000 | 28,910,000 | 28,815,000 | -57,017,000 | 28,716,000 | 28,598,000 | 28,295,000 | -53,257,000 | 28,042,000 | 26,657,000 | 25,712,000 | 25,619,125 | |
| Shares (Diluted) | 30,657,000 | 30,507,000 | -59,502,000 | 29,833,000 | 29,749,000 | 29,871,000 | -59,090,000 | 29,902,000 | 29,637,000 | 29,291,000 | -53,509,000 | 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 22
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | 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 | $779M | $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 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | 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 | $10M | $8M | $11M | $10M | $9M | |
| Operating Cash Flow | $75M | $80M | $78M | $40M | $53M | $31M | $53M | $59M | $-4M | $16M | $-7M | $-21M | $-34M | $-26M | $-20M | |
| CapEx | $4M | $7M | $2M | $2M | $2M | $6M | $801.0K | $1M | $1M | $1M | $2M | $2M | $3M | $5M | $14M | |
| Investing Cash Flow | $-162M | $-64M | $11M | $-4M | $-11M | $-55M | $-84M | $-34M | $-19M | $-26M | $-10M | $105M | $-16M | $4M | $-15M | |
| Stock Issued | · | · | · | · | · | · | $0 | $0 | · | · | $10.0K | $-28M | $158M | $2M | $2M | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | · | $2M | · | |
| Financing Cash Flow | $15M | $-10M | $16M | $4M | $2M | $-12M | $2M | $3M | $11M | $11M | $3M | $13M | $185M | $1M | $2M | |
| Net Change in Cash | $-74M | $5M | $104M | $39M | $45M | $-36M | $-29M | $28M | $-13M | $678.0K | $-15M | $97M | $135M | $-21M | $-32M | |
| Taxes Paid | · | · | $917.0K | $18.0K | $13M | $400.0K | $515.0K | $3M | $2M | $0 | $0 | · | · | · | · | |
| Free Cash Flow | · | $73M | · | · | · | $25M | · | · | · | $15M | · | · | · | $-32M | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | 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 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | 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 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | 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 | · | · | · |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $429M | $398M | · | $366M | $338M | $288M | · | $208M | $124M | $54M | · | $9M | · | · | · | |
| Net Income TTM | $228M | $209M | · | $181M | $117M | $79M | · | $124M | $64M | $3M | · | $-28M | $-136M | $-153M | $-124M | |
| 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 | 49.1 | 37.0 | · | 29.1 | 35.0 | 67.5 | · | 42.7 | 87.4 | -936.5 | · | -83.5 | -22.2 | -13.3 | -14.1 | |
| P/S | 25.6 | 19.1 | · | 14.0 | 11.8 | 18.1 | · | 25.2 | 42.5 | 94.3 | · | 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 | · | |
| P / FCF | · | 103.8 | · | · | · | 210.4 | · | · | · | 347.0 | · | · | · | -65.5 | · | |
| Earnings Yield | 2.0% | 2.7% | · | 3.4% | 2.9% | 1.5% | · | 2.3% | 1.1% | -0.11% | · | -1.2% | -4.5% | -7.5% | -7.1% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 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 |
Balance Sheet
| 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 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $189M | $119M | $-101M | $-154M | $-116M |
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Institutional owners (13F) 451 filers · $8.4B total · As of June 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.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 99 (+26 vs prior Q) | 31 (-4 vs prior Q) | 164 (+33 vs prior Q) | 113 (+6 vs prior Q) | +4.8M |
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 | $1,240,828,843 | 3,338,523 | 14.81% | Shares |
| Avoro Capital Advisors LLC | $1,073,713,003 | 2,888,888 | 12.82% | Shares |
| VANGUARD GROUP INC | $632,926,610 | 2,567,237 | 7.56% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $585,344,941 | 1,574,905 | 6.99% | Shares |
| STATE STREET CORP | $502,201,761 | 1,351,158 | 6.00% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $461,081,537 | 1,240,567 | 5.50% | Shares |
| Soleus Capital Management, L.P. | $349,092,534 | 939,254 | 4.17% | Shares |
| Capital World Investors | $289,100,908 | 777,843 | 3.45% | Shares |
| Hood River Capital Management LLC | $246,556,586 | 663,375 | 2.94% | Shares |
| Redmile Group, LLC | $234,897,298 | 632,005 | 2.80% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $223,916,252 | 602,327 | 2.67% | Shares |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $211,908,766 | 570,153 | 2.53% | Shares |
| Frazier Life Sciences Management, L.P. | $178,887,373 | 481,307 | 2.14% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $165,706,096 | 445,842 | 1.98% | Shares |
| FIRST TRUST ADVISORS LP | $120,755,583 | 324,900 | 1.44% | Shares |
| NORGES BANK | $96,273,680 | 259,030 | 1.15% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $94,711,923 | 254,828 | 1.13% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $70,441,872 | 189,528 | 0.84% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $62,274,052 | 167,552 | 0.74% | Shares |
| GOLDMAN SACHS GROUP INC | $59,439,696 | 159,926 | 0.71% | Shares |
| Woodline Partners LP | $55,979,449 | 150,616 | 0.67% | Shares |
| BRAIDWELL LP | $47,936,138 | 128,975 | 0.57% | Shares |
| BANK OF AMERICA CORP /DE/ | $45,846,610 | 123,353 | 0.55% | Shares |
| Pictet Asset Management Holding SA | $40,065,283 | 107,798 | 0.48% | Shares |
| Public Sector Pension Investment Board | $39,216,760 | 105,515 | 0.47% | Shares |
| 1832 Asset Management L.P. | $36,906,831 | 99,300 | 0.44% | Shares |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $36,686,431 | 98,707 | 0.44% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $34,280,611 | 92,234 | 0.41% | Shares |
| RAYMOND JAMES FINANCIAL INC | $31,994,469 | 86,083 | 0.38% | Shares |
| Nantahala Capital Management, LLC | $31,591,950 | 85,000 | 0.38% | Put option |
| ORBIMED ADVISORS LLC | $30,922,944 | 83,200 | 0.37% | Shares |
| TimesSquare Capital Management, LLC | $29,020,185 | 112,342 | 0.35% | Shares |
| Caption Management, LLC | $28,990,260 | 78,000 | 0.35% | Call option |
| S SQUARED TECHNOLOGY, LLC | $28,821,150 | 77,545 | 0.34% | Shares |
| Biondo Investment Advisors, LLC | $26,368,128 | 70,945 | 0.31% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $24,236,972 | 65,211 | 0.29% | Shares |
| RHUMBLINE ADVISERS | $22,759,554 | 61,236 | 0.27% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $22,181,266 | 59,680 | 0.26% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $21,148,023 | 56,900 | 0.25% | Call option |
| CITIGROUP INC | $20,258,617 | 54,507 | 0.24% | Shares |
| Bridgewater Associates, LP | $20,251,927 | 54,489 | 0.24% | Shares |
| Caption Management, LLC | $19,549,842 | 52,600 | 0.23% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $18,955,170 | 51,000 | 0.23% | Put option |
| Palisades Investment Partners, LLC | $17,766,198 | 47,801 | 0.21% | Shares |
| AMERIPRISE FINANCIAL INC | $17,619,387 | 47,406 | 0.21% | Shares |
| ACT CAPITAL MANAGEMENT, LLC | $16,725,150 | 45,000 | 0.20% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $16,700,992 | 44,935 | 0.20% | Shares |
| Swiss National Bank | $15,372,271 | 41,360 | 0.18% | Shares |
| GILDER GAGNON HOWE & CO LLC | $14,976,814 | 40,296 | 0.18% | Shares |
| Legal & General Group Plc | $14,931,470 | 40,174 | 0.18% | Shares |
| CONGRESS ASSET MANAGEMENT CO | $14,916,604 | 40,134 | 0.18% | Shares |
| SEB Asset Management AB | $14,023,454 | 37,731 | 0.17% | Shares |
| CITADEL ADVISORS LLC | $13,565,955 | 36,500 | 0.16% | Call option |
| Life Cycle Investment Partners Ltd | $13,054,537 | 35,124 | 0.16% | Shares |
| NEUBERGER BERMAN GROUP LLC | $12,892,861 | 34,689 | 0.15% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $12,649,045 | 34,033 | 0.15% | Shares |
| Granite Investment Partners, LLC | $12,204,528 | 32,837 | 0.15% | Shares |
| Corient Private Wealth LP | $12,109,009 | 32,580 | 0.14% | Shares |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC | $11,892,697 | 31,998 | 0.14% | Shares |
| PRUDENTIAL FINANCIAL INC | $11,544,814 | 31,062 | 0.14% | Shares |
| BlackRock, Inc. | $10,851,277 | 29,196 | 0.13% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $10,742,006 | 28,902 | 0.13% | Shares |
| Fisher Asset Management, LLC | $10,286,587 | 27,676 | 0.12% | Shares |
| D. E. Shaw & Co., Inc. | $9,923,589 | 26,700 | 0.12% | Call option |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $9,613,988 | 25,867 | 0.11% | Shares |
| Aberdeen Group plc | $9,344,155 | 25,141 | 0.11% | Shares |
| JANE STREET GROUP, LLC | $9,031,581 | 24,300 | 0.11% | Call option |
| Atle Fund Management AB | $8,927,141 | 24,019 | 0.11% | Shares |
| ALLIANCEBERNSTEIN L.P. | $8,792,954 | 34,039 | 0.10% | Shares |
| TD Asset Management Inc | $8,441,369 | 22,712 | 0.10% | Shares |
| Elmind Capital, LP | $8,176,740 | 22,000 | 0.10% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $8,132,511 | 21,881 | 0.10% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $7,950,021 | 21,390 | 0.09% | Shares |
| Pinnacle Financial Partners, Inc. | $7,523,716 | 20,243 | 0.09% | Shares |
| Nuveen Asset Management, LLC | $7,331,375 | 46,798 | 0.09% | Shares |
| Tetragon Partners GP Ltd | $7,310,006 | 19,668 | 0.09% | Shares |
| Lisanti Capital Growth, LLC | $7,080,314 | 19,050 | 0.08% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $6,764,368 | 26,186 | 0.08% | Shares |
| ADAR1 Capital Management, LLC | $6,102,821 | 16,420 | 0.07% | Shares |
| Cinctive Capital Management LP | $6,083,123 | 16,367 | 0.07% | Shares |
| Rhenman & Partners Asset Management AB | $6,067,513 | 16,325 | 0.07% | Shares |
| Informed Momentum Co LLC | $6,031,089 | 16,227 | 0.07% | Shares |
| Mediolanum International Funds Ltd | $6,027,711 | 15,940 | 0.07% | Shares |
| CASTLEARK MANAGEMENT LLC | $6,002,471 | 16,150 | 0.07% | Shares |
| WCM INVESTMENT MANAGEMENT, LLC | $5,956,997 | 15,753 | 0.07% | Shares |
| CIM, LLC | $5,836,334 | 15,703 | 0.07% | Shares |
| EFG International AG | $5,684,901 | 15,297 | 0.07% | Shares |
| MetLife Investment Management, LLC | $5,647,897 | 15,196 | 0.07% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $5,382,897 | 14,483 | 0.06% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $5,304,103 | 14,271 | 0.06% | Shares |
| Fiera Capital Corp | $5,296,669 | 14,251 | 0.06% | Shares |
| MORGAN STANLEY | $5,130,161 | 13,803 | 0.06% | Shares |
| Illinois Municipal Retirement Fund | $5,000,820 | 13,455 | 0.06% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $4,910,504 | 13,212 | 0.06% | Shares |
| KORNITZER CAPITAL MANAGEMENT INC /KS | $4,878,540 | 13,126 | 0.06% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $4,830,967 | 12,998 | 0.06% | Shares |
| CREDIT AGRICOLE S A | $4,822,790 | 12,976 | 0.06% | Shares |
| EFG Asset Management (North America) Corp. | $4,784,435 | 27,095 | 0.06% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $4,699,000 | 12,642 | 0.06% | Shares |
| Torray Investment Partners LLC | $4,518,021 | 12,156 | 0.05% | Shares |
Company insiders 13 insiders · 6 officers · 6 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Krish S Krishnan | President and CEO | June 4, 2026 S | 1,450,253 | 0 | 37 | $-25,289,683 |
| Antony A Riley | Chief Financial Officer | Nov. 19, 2019 M | 9,050 | 0 | 0 | $0 |
| Suma Krishnan | President, R&D | June 4, 2026 S | 1,378,155 | 0 | 37 | $-25,290,512 |
| John Charles Thomas | EVP, General Counsel | June 25, 2026 M | 0 | 0 | 1 | $-347,270 |
| Andrew C. Orth | Chief Commercial Officer | May 31, 2021 A | — | 0 | 0 | $0 |
| Jennifer Chien | Chief Commercial Officer | Jan. 31, 2020 A | — | 0 | 0 | $0 |
| Daniel Janney | Director | Dec. 10, 2021 S | 266,362 | 0 | 0 | $0 |
| Christopher Mason | Director | Jan. 4, 2021 A | — | 0 | 0 | $0 |
| Julian S Gangolli | Director | June 30, 2020 A | — | 0 | 0 | $0 |
| Douglas R Norby | Director | May 31, 2018 A | 9,000 | 0 | 0 | $0 |
| Dino A Rossi | — | Aug. 14, 2026 S | 50,000 | 0 | 10 | $-13,181,662 |
| Kathryn Romano | — | Feb. 26, 2021 A | 19,600 | 0 | 0 | $0 |
| Jing L. Marantz | — | Jan. 4, 2021 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 82 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 |
|---|---|---|---|---|
| NEWZ · EA Series Trust | 3.27% | 2,361 NS | April 30, 2026 | N-PORT |
| CAFG · Pacer Funds Trust | 2.95% | 2,547 NS | April 30, 2026 | N-PORT |
| CBLS · Elevation Series Trust | 2.44% | 4,936 NS | April 30, 2026 | N-PORT |
| CBSE · Elevation Series Trust | 2.41% | 4,406 NS | April 30, 2026 | N-PORT |
| BBP · ETFis Series Trust I | 1.71% | 3,866 NS | April 30, 2026 | N-PORT |
| RFG · Invesco Exchange-Traded Fund Trust | 1.25% | 13,749 SH | Aug. 8, 2026 | Daily |
| PTH · Invesco Exchange-Traded Fund Trust | 1.08% | 8,135 SH | Aug. 8, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | 1.07% | 31,230 SH | Aug. 8, 2026 | Daily |
| GSC · Goldman Sachs ETF Trust | 1.06% | 8,688 NS | May 31, 2026 | N-PORT |
| JSMD · Janus Detroit Street Trust | 1.04% | 38,719 NS | April 30, 2026 | N-PORT |
| GURU · Global X Funds | 1.01% | 2,247 NS | April 30, 2026 | N-PORT |
| JSML · Janus Detroit Street Trust | 0.99% | 11,911 NS | April 30, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.96% | 19,037 NS | April 30, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.92% | 8,083 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.66% | 1,606 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.64% | 188,898 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.57% | 27,988 SH | Aug. 8, 2026 | Daily |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.56% | 1,772 NS | May 31, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.54% | 10,617 NS | April 30, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.53% | 91,720 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.52% | 237,184 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.45% | 1,080 NS | May 31, 2026 | N-PORT |
| IJK · iShares Trust | 0.45% | 153,667 SH | Aug. 8, 2026 | Daily |
| OASC · Unified Series Trust | 0.39% | 1,054 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.36% | 9,992 NS | April 30, 2026 | N-PORT |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.36% | 4,929 SH | Aug. 8, 2026 | Daily |
| SAA · ProShares Trust | 0.35% | 308 NS | May 31, 2026 | N-PORT |
| SMMV · iShares Trust | 0.35% | 3,165 SH | Aug. 8, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.29% | 371,117 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.29% | 150,403 SH | Aug. 8, 2026 | Daily |
| BFOR · ALPS ETF Trust | 0.29% | 2,014 NS | May 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.28% | 858 NS | April 30, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.28% | 14,087 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.26% | 661,284 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.26% | 8,064 SH | Aug. 8, 2026 | Daily |
| IJH · iShares Trust | 0.23% | 905,363 SH | Aug. 8, 2026 | Daily |
| FSCC · Federated Hermes ETF Trust | 0.20% | 1,827 NS | May 31, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.20% | 10,597 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.20% | 10,757 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.19% | 1,167 NS | May 31, 2026 | N-PORT |
| SXQG · EXCHANGE TRADED CONCEPTS TRUST | 0.18% | 384 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.17% | 123,856 NS | May 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.17% | 14,922 NS | April 30, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.16% | 2,920 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.15% | 78,399 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.14% | 4,624 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.13% | 1,145 SH | Aug. 8, 2026 | Daily |
| SMDX · Tidal Trust III | 0.13% | 605 NS | April 30, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.12% | 642,280 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.11% | 913 NS | May 31, 2026 | N-PORT |