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Krystal Biotech

KRYS Nasdaq Biotechnology Financials FY2016–FY2025

Krystal Biotech's revenue rose 33.9% to $389 million in fiscal 2025. Its operating margin was 41.5%, up from 22.6% a year earlier. Free cash flow was $189 million, up 58.5%. The diluted share count rose 0.7%.

Last close · Oct 23, 2026

$311.50

2.7%
Value it Compare
Revenue Total sales reported in the income statement.
$389M
33.9% vs prior year
Operating margin Operating income as a share of revenue.
41.5%
18.8 pts
Net income Profit after all expenses, interest and tax.
$205M
129.6%
Free cash flow Cash from operations minus capital spending.
$189M
58.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
43.6%
22.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$9.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
39.0x
On $7.98 EPS (TTM)

About these figures. Krystal Biotech has had no borrowings since its 2017 listing (its balance sheets have no debt line), so debt is zero from 2017.

What Krystal Biotech does

No business description yet.

Legal name
Krystal Biotech, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001711279-26-000016
0001711279

Revenue and margins

Krystal Biotech had $389M of revenue in fiscal 2025, up 33.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $189M in fiscal 2025, 48.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Krystal Biotech returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 0.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Krystal Biotech yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $828M and divides by 30.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 39.0x · peers 23.8x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Krystal Biotech can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $438M$379M$532M$598M$828M
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA ———−8.3x−5.0x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Interest coverage −45.8x————
Current ratio 17.2x13.3x17.8x7.3x10.0x
Quick ratio 17.2x13.3x17.6x7.0x9.6x
Total assets $626M$558M$818M$1.1B$1.3B
Total liabilities $32.7M$36.2M$39.7M$110M$114M
Shareholders' equity $594M$522M$779M$946M$1.2B
Net debt (− = net cash) −$438M−$379M−$532M−$598M−$828M

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

$60.9M

6 insiders

Of sales under plans

86%

$52.7M

DateInsiderTradeSharesPriceValueFiling
Sep 4, 2026 Krish S KrishnanPresident and CEO, Director, 10% owner Sold plan 25,000 $359.32 $9.0M Form 4
Sep 4, 2026 Suma KrishnanPresident, R&D, Director, 10% owner Sold plan 25,000 $359.32 $9.0M Form 4
Aug 14, 2026 Dino A RossiDirector Sold 25,000 $329.12 $8.2M Form 4
Jun 25, 2026 John Charles ThomasEVP, General Counsel Sold plan 1,000 $347.27 $0.3M Form 4
Jun 4, 2026 Krish S KrishnanPresident and CEO, Director, 10% owner Sold plan 25,000 $308.12 $7.7M Form 4
Jun 4, 2026 Suma KrishnanPresident, R&D, Director, 10% owner Sold plan 25,000 $308.12 $7.7M Form 4
May 26, 2026 John Charles ThomasEVP, General Counsel Sold plan 642 $302.03 $0.2M Form 4
Mar 4, 2026 Krish S KrishnanPresident and CEO, Director, 10% owner Sold plan 25,000 $263.17 $6.6M Form 4
Mar 4, 2026 Suma KrishnanPresident, R&D, Director, 10% owner Sold plan 25,000 $263.21 $6.6M Form 4
Mar 2, 2026 Kathryn RomanoChief Accounting Officer Sold plan 750 $267.60 $0.2M Form 4
Feb 27, 2026 Daniel JanneyDirector Sold plan 11,803 $275.59 $3.3M Form 4
Feb 26, 2026 Daniel JanneyDirector Sold plan 7,741 $275.63 $2.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
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 4 / 85 / 85 / 8
Accruals ratio 14.5%−3.7%0.3%
Altman Z'' 23.0612.9216.61

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Krystal Biotech KRYS $9.6B 33.9% 41.5% 48.6% 43.6% 39.0x 5
ADMA Biologics ADMA $2.5B 19.6% 37.5% 5.5% 39.5% 15.3x 5 Compare →
Ligand Pharmaceuticals LGND $6.6B 60.4% 15.3% 18.2% 4.9% 32.3x 5 Compare →
Repligen RGEN — 16.4% 7.5% 12.7% 2.4% — — Compare →
Arrowhead Pharmaceuticals ARWR $8.3B 23,258.2% 11.9% 18.9% — — 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue — — — — — $0.0M $0.0M $50.7M $291M $389M
Research and development $0.7M $3.2M $7.8M $15.6M $17.9M $27.9M $42.5M $46.4M $53.6M $58.0M
Operating income −$1.1M −$4.8M −$11.9M −$22.1M −$33.0M −$68.3M −$145M −$110M $65.7M $161M
Interest expense — — — — $0.0M $1.5M $0.0M $0.0M — —
Pretax income — −$7.9M −$10.9M −$19.1M −$32.2M −$69.6M −$140M $12.9M $95.4M $190M
Income tax — $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $2.0M $6.2M −$15.4M
Net income −$1.1M −$7.9M −$10.9M −$19.1M −$32.2M −$69.6M −$140M $10.9M $89.2M $205M
Diluted EPS −$1.31 −$1.48 −$0.97 −$1.20 −$1.71 −$3.13 −$5.49 $0.39 $3.00 $6.84
Diluted shares 0.00B 0.01B 0.01B 0.02B 0.02B 0.02B 0.03B 0.03B 0.03B 0.03B
Cash flow
Cash from operations −$1.3M −$3.9M −$9.4M −$18.7M −$26.1M −$47.9M −$101M −$88.8M $123M $201M
Capital expenditure $0.0M $0.2M $2.2M $6.4M $14.8M $68.3M $53.0M $11.8M $4.2M $12.0M
Free cash flow −$1.3M −$4.1M −$11.7M −$25.1M −$40.9M −$116M −$154M −$101M $119M $189M
Depreciation and amortization $0.0M $0.0M $0.1M $1.1M $1.9M $2.8M $4.1M $5.0M $6.0M $5.7M
Stock-based compensation $0.0M $0.2M $0.8M $1.2M $3.3M $15.3M $33.2M $39.9M $49.1M $54.5M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $1.9M $49.6M $112M $194M $271M $438M $379M $532M $598M $828M
Total debt $1.1M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $2.2M $49.9M $113M $196M $275M $442M $384M $588M $742M $1.0B
Current liabilities $0.0M $0.6M $2.6M $3.3M $15.5M $25.7M $28.8M $33.1M $102M $103M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $7.0M $26.5M $40.5M
Property and equipment, net $0.0M $0.2M $3.0M $8.5M $30.9M $112M $162M $161M $155M $151M
Total assets $2.2M $50.1M $116M $209M $311M $626M $558M $818M $1.1B $1.3B
Total liabilities $1.9M $0.6M $2.9M $6.1M $18.8M $32.7M $36.2M $39.7M $110M $114M
Shareholders' equity $0.3M $49.5M $113M $203M $292M $594M $522M $779M $946M $1.2B
Margins
Operating margin — — — — — — — −216.2% 22.6% 41.5%
EBITDA margin — — — — — — — −206.3% 24.7% 42.9%
Net margin — — — — — — — 21.6% 30.7% 52.6%
FCF margin — — — — — — — −198.4% 41.0% 48.6%
Returns
Return on capital — — — — — −61.2% −76.9% −47.7% 20.7% 43.6%
Return on capital employed — −18.5% −14.6% −13.8% −13.2% −15.2% −25.7% −16.7% 7.6% 14.8%
Return on equity — −31.8% −13.4% −12.1% −13.0% −15.7% −25.1% 1.7% 10.3% 18.9%
Return on assets — −30.3% −13.1% −11.7% −12.4% −14.9% −23.6% 1.6% 9.5% 17.1%
Growth
Revenue growth — — — — — — — — 473.0% 33.9%
Net income growth — — — — — — — — 715.6% 129.7%
EPS growth — — — — — — — — 669.2% 128.0%
FCF growth — — — — — — — — — 58.5%
Share count change — 510.9% 109.0% 41.9% 18.2% 18.2% 14.9% 8.9% 7.2% 0.7%
Financial health
Net debt / EBITDA — — — — — — — — −8.3x −5.0x
Debt / equity 4.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage — — — — — −45.8x — — — —
Current ratio 50.4x 78.0x 43.4x 58.9x 17.8x 17.2x 13.3x 17.8x 7.3x 10.0x
Quick ratio 50.4x 78.0x 43.4x 58.9x 17.8x 17.2x 13.3x 17.6x 7.0x 9.6x
Capital allocation
Capex / revenue — — — — — — — 23.3% 1.5% 3.1%
Stock comp / revenue — — — — — — — 78.8% 16.9% 14.0%
Payouts / FCF — — — — — — — — 0.0% 0.0%
Quality scores
Piotroski F-score — — — — — — 2.0 4.0 5.0 5.0
Altman Z'' 1.3 86.4 46.1 39.6 20.4 22.0 15.9 23.1 12.9 16.6
Accruals ratio — −15.4% −1.7% −0.2% −2.3% −4.6% −6.7% 14.5% −3.7% 0.3%

Source: SEC EDGAR XBRL filings (CIK 0001711279). Data updated October 16, 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.

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