Krystal Biotech vs Ligand Pharmaceuticals
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KIRA’s take AI analyst
I put Krystal Biotech and Ligand Pharmaceuticals side by side, using each one’s latest annual report. Here is what stands out:
- Krystal Biotech is the larger business, with $389M of revenue in fiscal 2025 against $268M for Ligand Pharmaceuticals.
- Ligand Pharmaceuticals grew revenue faster (60.4%, against 33.9%).
- Krystal Biotech kept more of each dollar of sales as operating profit (41.5% operating margin, against 15.3%).
- Krystal Biotech turned more of its sales into free cash flow (48.6% FCF margin, against 18.2%).
- Krystal Biotech earned a higher return on the capital invested in it (43.6%, against 4.9%).
- Investors pay more for each dollar of Krystal Biotech’s earnings: a P/E of 39.0x against 32.3x for Ligand Pharmaceuticals.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Krystal Biotech
KRYS
7/9
Operating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Ligand Pharmaceuticals
LGND
1/9
Revenue growth
Side by side
Best in the row
| Latest fiscal year | KRYS FY25 | LGND FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.6B | $6.6B |
| Revenue | $389M | $268M |
| Free cash flow | $189M | $48.9M |
| Net income | $205M | $125M |
| Growth | ||
| Revenue growth | 33.9% | 60.4% |
| 5-year growth | — | 10.4% |
| Share count change | 0.7% | 11.0% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 41.5% | 15.3% |
| Net margin | 52.6% | 46.4% |
| FCF margin | 48.6% | 18.2% |
| Return on capital | 43.6% | 4.9% |
| Return on equity | 18.9% | 13.5% |
| Balance sheet | ||
| Net debt | −$828M | −$287M |
| Net debt / EBITDA | −5.0x | −3.8x |
| Dividends and buybacks | $0.0M | $15.0M |
| Valuation & quality | ||
| P/E | 39.0x | 32.3x |
| Piotroski F-score | 5 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.