Keros Therapeutics, Inc.
KROS Nasdaq Pharmaceutical Preparations Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$244M
vs prior year
Operating margin
Operating income as a share of revenue.
27.7%
Net income
Profit after all expenses, interest and tax.
$87.0M
Free cash flow
Cash from operations minus capital spending.
$106M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$3.22 EPS (TTM)
What Keros Therapeutics, Inc. does
No business description yet.
- Legal name
- Keros Therapeutics, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 4, 2026
- Accession · CIK
- 0001664710-26-000018
0001664710
Revenue and margins
Keros Therapeutics, Inc. had $244M of revenue in fiscal 2025.
FY19
Revenue $10.0M
FY20
Revenue $0.0M
FY21
Revenue $20.1M
FY22
Revenue $0.0M
FY23
Revenue $0.2M
FY24
Revenue $0.0M
FY25
Revenue $244M
Q3 '23
Revenue $0.0M
Q4 '23
Revenue $0.1M
Q1 '24
Revenue $0.0M
Q2 '24
Revenue $0.0M
Q3 '24
Revenue $0.0M
Q4 '24
Revenue $0.0M
Q1 '25
Revenue $211M
Q2 '25
Revenue $18.2M
Q3 '25
Revenue $14.1M
Q4 '25
Revenue $0.4M
Q1 '26
Revenue $0.0M
Q2 '26
Revenue $0.0M
FY19
Gross —
Operating −105.6%
Net −123.4%
FCF −162.7%
FY20
Gross —
Operating —
Net —
FCF —
FY21
Gross —
Operating −280.5%
Net −292.3%
FCF −314.3%
FY22
Gross —
Operating —
Net —
FCF —
FY23
Gross —
Operating −112,543.7%
Net −101,319.2%
FCF −84,087.4%
FY24
Gross —
Operating —
Net —
FCF —
FY25
Gross —
Operating 27.7%
Net 35.7%
FCF 43.4%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating −541,000.0%
Net −493,000.0%
FCF −431,650.0%
Q4 '23
Gross —
Operating −32,486.0%
Net −28,142.0%
FCF −18,181.8%
Q1 '24
Gross —
Operating —
Net —
FCF —
Q2 '24
Gross —
Operating —
Net —
FCF —
Q3 '24
Gross —
Operating —
Net —
FCF —
Q4 '24
Gross —
Operating —
Net —
FCF —
Q1 '25
Gross —
Operating 72.0%
Net 70.3%
FCF 76.0%
Q2 '25
Gross —
Operating −219.2%
Net −169.0%
FCF −167.0%
Q3 '25
Gross —
Operating −108.9%
Net −51.5%
FCF 22.1%
Q4 '25
Gross —
Operating −7,702.6%
Net −6,173.9%
FCF −7,217.4%
Q1 '26
Gross —
Operating −80,865.6%
Net −74,087.5%
FCF −11,256.3%
Q2 '26
Gross —
Operating —
Net —
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$12.3M
FY20
Net income −$45.4M
FY21
Net income −$58.7M
FY22
Net income −$105M
FY23
Net income −$153M
FY24
Net income −$187M
FY25
Net income $87.0M
Q3 '23
Net income −$39.4M
Q4 '23
Net income −$40.2M
Q1 '24
Net income −$43.1M
Q2 '24
Net income −$45.3M
Q3 '24
Net income −$53.0M
Q4 '24
Net income −$46.0M
Q1 '25
Net income $148M
Q2 '25
Net income −$30.7M
Q3 '25
Net income −$7.3M
Q4 '25
Net income −$23.5M
Q1 '26
Net income −$23.7M
Q2 '26
Net income −$28.7M
FY19
Diluted EPS −$6.08
FY20
Diluted EPS −$2.93
FY21
Diluted EPS −$2.52
FY22
Diluted EPS −$4.15
FY23
Diluted EPS −$5.20
FY24
Diluted EPS −$5.00
FY25
Diluted EPS $2.30
Q3 '23
Diluted EPS −$1.33
Q4 '23
Diluted EPS −$1.34
Q1 '24
Diluted EPS −$1.21
Q2 '24
Diluted EPS −$1.25
Q3 '24
Diluted EPS −$1.41
Q4 '24
Diluted EPS −$1.13
Q1 '25
Diluted EPS $3.62
Q2 '25
Diluted EPS −$0.76
Q3 '25
Diluted EPS −$0.18
Q4 '25
Diluted EPS −$0.38
Q1 '26
Diluted EPS −$1.21
Q2 '26
Diluted EPS −$1.45
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity —
Return on assets −112.6%
FY20
Return on capital —
Return on equity −37.4%
Return on assets −32.4%
FY21
Return on capital —
Return on equity −23.3%
Return on assets −22.4%
FY22
Return on capital —
Return on equity −40.2%
Return on assets −37.3%
FY23
Return on capital —
Return on equity −50.2%
Return on assets −45.2%
FY24
Return on capital —
Return on equity −41.5%
Return on assets −38.0%
FY25
Return on capital —
Return on equity 19.9%
Return on assets 18.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $106M in fiscal 2025, 43.4% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow −$16.3M
FY20
Free cash flow −$37.2M
FY21
Free cash flow −$63.2M
FY22
Free cash flow −$71.3M
FY23
Free cash flow −$127M
FY24
Free cash flow −$163M
FY25
Free cash flow $106M
Q3 '23
Free cash flow −$34.5M
Q4 '23
Free cash flow −$26.0M
Q1 '24
Free cash flow −$45.5M
Q2 '24
Free cash flow −$40.1M
Q3 '24
Free cash flow −$30.9M
Q4 '24
Free cash flow −$46.3M
Q1 '25
Free cash flow $161M
Q2 '25
Free cash flow −$30.3M
Q3 '25
Free cash flow $3.1M
Q4 '25
Free cash flow −$27.4M
Q1 '26
Free cash flow −$3.6M
Q2 '26
Free cash flow −$20.6M
FY19
Cash from operations −$16.0M
Capital spending $0.3M
FY20
Cash from operations −$36.9M
Capital spending $0.3M
FY21
Cash from operations −$62.1M
Capital spending $1.0M
FY22
Cash from operations −$70.1M
Capital spending $1.2M
FY23
Cash from operations −$125M
Capital spending $2.5M
FY24
Cash from operations −$161M
Capital spending $1.9M
FY25
Cash from operations $108M
Capital spending $1.6M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$34.0M
Capital spending $0.6M
Q4 '23
Cash from operations −$25.5M
Capital spending $0.5M
Q1 '24
Cash from operations −$44.6M
Capital spending $0.9M
Q2 '24
Cash from operations −$39.8M
Capital spending $0.3M
Q3 '24
Cash from operations −$30.5M
Capital spending $0.4M
Q4 '24
Cash from operations −$46.0M
Capital spending $0.3M
Q1 '25
Cash from operations $161M
Capital spending $0.6M
Q2 '25
Cash from operations −$29.6M
Capital spending $0.7M
Q3 '25
Cash from operations $3.2M
Capital spending $0.1M
Q4 '25
Cash from operations −$27.3M
Capital spending $0.1M
Q1 '26
Cash from operations −$3.5M
Capital spending $0.1M
Q2 '26
Cash from operations −$20.4M
Capital spending $0.2M
Cash from operations
Capital spending
Dividends, buybacks and share count
Keros Therapeutics, Inc. returned $375M to shareholders in fiscal 2025, 354% of free cash flow. The diluted share count rose 1.1%.
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks $375M
Dividends
Buybacks
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.04B
FY25
Diluted shares 0.04B
Balance sheet
Cash, debt and the ratios that show how comfortably Keros Therapeutics, Inc. can carry it.
FY19
Cash $7.0M
Debt —
FY20
Cash $266M
Debt —
FY21
Cash $230M
Debt —
FY22
Cash $279M
Debt —
FY23
Cash $331M
Debt —
FY24
Cash $560M
Debt —
FY25
Cash $287M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $230M | $279M | $331M | $560M | $287M |
| Interest coverage | −14,093.3x | −114,790.0x | — | — | — |
| Current ratio | 21.2x | 17.3x | 14.2x | 21.5x | 15.5x |
| Quick ratio | 21.2x | 17.3x | 14.2x | 21.5x | 15.5x |
| Total assets | $255M | $307M | $370M | $616M | $338M |
| Total liabilities | $12.1M | $29.4M | $37.8M | $44.3M | $34.9M |
| Shareholders' equity | $243M | $277M | $332M | $572M | $303M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — | — |
| Current ratio rose | — | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ |
| F-score | — / 3 | 3 / 7 | 1 / 7 | 1 / 7 | 2 / 7 | 3 / 7 | 5 / 7 |
| Accruals ratio | 33.4% | −6.0% | 1.3% | −12.3% | −8.4% | −5.4% | −4.3% |
| Altman Z'' | −11.62 | 39.98 | 24.24 | 10.74 | 8.50 | 14.21 | 11.55 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $10.0M | $0.0M | $20.1M | $0.0M | $0.2M | $0.0M | $244M |
| Research and development | $17.4M | $33.9M | $55.1M | $87.3M | $135M | $174M | $130M |
| Operating income | −$10.6M | −$46.7M | −$56.4M | −$115M | −$170M | −$211M | $67.6M |
| Interest expense | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | — |
| Pretax income | −$12.3M | −$45.5M | −$56.7M | −$105M | −$153M | −$187M | $91.9M |
| Income tax | $0.0M | −$0.2M | $2.0M | $0.0M | $0.0M | $0.3M | $4.9M |
| Net income | −$12.3M | −$45.4M | −$58.7M | −$105M | −$153M | −$187M | $87.0M |
| Net income to common | −$14.1M | −$45.4M | −$58.7M | −$105M | −$153M | −$187M | $87.0M |
| Diluted EPS | −$6.08 | −$2.93 | −$2.52 | −$4.15 | −$5.20 | −$5.00 | $2.30 |
| Diluted shares | 0.00B | 0.02B | 0.02B | 0.03B | 0.03B | 0.04B | 0.04B |
| Cash flow | |||||||
| Cash from operations | −$16.0M | −$36.9M | −$62.1M | −$70.1M | −$125M | −$161M | $108M |
| Capital expenditure | $0.3M | $0.3M | $1.0M | $1.2M | $2.5M | $1.9M | $1.6M |
| Free cash flow | −$16.3M | −$37.2M | −$63.2M | −$71.3M | −$127M | −$163M | $106M |
| Depreciation and amortization | $0.2M | $0.3M | $0.4M | $0.7M | $0.8M | $1.2M | $1.5M |
| Stock-based compensation | $0.1M | $4.1M | $11.7M | $18.7M | $28.8M | $34.9M | $28.7M |
| Share buybacks | — | — | — | — | — | $0.0M | $375M |
| Dividends and buybacks | — | — | — | — | — | $0.0M | $375M |
| Balance sheet | |||||||
| Cash and short-term investments | $7.0M | $266M | $230M | $279M | $331M | $560M | $287M |
| Current assets | $8.9M | $268M | $251M | $286M | $347M | $589M | $315M |
| Current liabilities | $4.5M | $7.2M | $11.8M | $16.5M | $24.4M | $27.5M | $20.4M |
| Property and equipment, net | $0.7M | $0.7M | $1.3M | $2.0M | $4.1M | $4.2M | $4.3M |
| Total assets | $11.0M | $269M | $255M | $307M | $370M | $616M | $338M |
| Total liabilities | $10.5M | $7.7M | $12.1M | $29.4M | $37.8M | $44.3M | $34.9M |
| Preferred stock | — | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | −$19.4M | $262M | $243M | $277M | $332M | $572M | $303M |
| Margins | |||||||
| Operating margin | −105.6% | — | −280.5% | — | −112,543.7% | — | 27.7% |
| EBITDA margin | −103.6% | — | −278.6% | — | −112,004.0% | — | 28.3% |
| Net margin | −123.4% | — | −292.3% | — | −101,319.2% | — | 35.7% |
| FCF margin | −162.7% | — | −314.3% | — | −84,087.4% | — | 43.4% |
| Returns | |||||||
| Return on capital employed | −163.3% | −17.8% | −23.2% | −39.6% | −49.2% | −35.8% | 21.3% |
| Return on equity | — | −37.4% | −23.3% | −40.2% | −50.2% | −41.5% | 19.9% |
| Return on assets | −112.6% | −32.4% | −22.4% | −37.3% | −45.2% | −38.0% | 18.2% |
| Return on tangible equity | — | −17.3% | −24.2% | −37.7% | −46.1% | −32.8% | 28.7% |
| Growth | |||||||
| Revenue growth | — | −100.0% | — | −100.0% | — | −100.0% | — |
| Share count change | — | 566.4% | 50.5% | 8.2% | 16.7% | 27.1% | 1.1% |
| Financial health | |||||||
| Interest coverage | — | −7,776.2x | −14,093.3x | −114,790.0x | — | — | — |
| Current ratio | 2.0x | 37.3x | 21.2x | 17.3x | 14.2x | 21.5x | 15.5x |
| Quick ratio | 2.0x | 37.3x | 21.2x | 17.3x | 14.2x | 21.5x | 15.5x |
| Capital allocation | |||||||
| Capex / revenue | 2.7% | — | 5.1% | — | 1,631.8% | — | 0.6% |
| Stock comp / revenue | 0.6% | — | 58.3% | — | 19,048.3% | — | 11.8% |
| Payouts / FCF | — | — | — | — | — | — | 353.9% |
| Quality scores | |||||||
| Piotroski F-score | — | 3.0 | 1.0 | 1.0 | 2.0 | 3.0 | 5.0 |
| Altman Z'' | −11.6 | 40.0 | 24.2 | 10.7 | 8.5 | 14.2 | 11.5 |
| Accruals ratio | 33.4% | −6.0% | 1.3% | −12.3% | −8.4% | −5.4% | −4.3% |
Source: SEC EDGAR XBRL filings (CIK 0001664710). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.