Twist Bioscience Corp
TWST Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2017–FY2025
Revenue
Total sales reported in the income statement.
$377M
20.3%
vs prior year
Operating margin
Operating income as a share of revenue.
−36.2%
34.4 pts
Net income
Profit after all expenses, interest and tax.
−$77.7M
Free cash flow
Cash from operations minus capital spending.
−$75.6M
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 −$2.21 EPS (TTM)
What Twist Bioscience Corp does
No business description yet.
- Legal name
- Twist Bioscience Corp
- Fiscal year ends
- September 30, 2025
- Latest annual report
- 10-K · Nov 17, 2025
- Accession · CIK
- 0001581280-25-000025
0001581280
Revenue and margins
Twist Bioscience Corp had $377M of revenue in fiscal 2025, up 20.3% on the year before.
FY17
Revenue $10.8M
FY18
Revenue $25.4M
FY19
Revenue $54.4M
FY20
Revenue $90.1M
FY21
Revenue $132M
FY22
Revenue $204M
FY23
Revenue $245M
FY24
Revenue $313M
FY25
Revenue $377M
Q4 '23
Revenue $66.9M
Q1 '24
Revenue $71.5M
Q2 '24
Revenue $75.3M
Q3 '24
Revenue $81.5M
Q4 '24
Revenue $84.7M
Q1 '25
Revenue $88.7M
Q2 '25
Revenue $92.8M
Q3 '25
Revenue $96.1M
Q4 '25
Revenue $99.0M
Q1 '26
Revenue $104M
Q2 '26
Revenue $111M
Q3 '26
Revenue $118M
FY17
Gross −123.1%
Operating −543.2%
Net −550.8%
FCF −537.7%
FY18
Gross −26.6%
Operating −277.5%
Net −280.2%
FCF −274.7%
FY19
Gross 12.8%
Operating −200.1%
Net −198.0%
FCF −188.8%
FY20
Gross 31.8%
Operating −155.5%
Net −155.3%
FCF −168.8%
FY21
Gross 39.1%
Operating −115.4%
Net −114.9%
FCF −105.3%
FY22
Gross 41.4%
Operating −115.3%
Net −107.0%
FCF −111.1%
FY23
Gross 36.6%
Operating −88.6%
Net −83.5%
FCF −69.5%
FY24
Gross 42.6%
Operating −70.6%
Net −66.7%
FCF −22.1%
FY25
Gross 50.7%
Operating −36.2%
Net −20.6%
FCF −20.1%
Gross
Operating
Net
FCF
Q4 '23
Gross 36.6%
Operating −74.9%
Net −69.1%
FCF −34.5%
Q1 '24
Gross 40.5%
Operating −65.7%
Net −60.2%
FCF −34.2%
Q2 '24
Gross 41.0%
Operating −64.9%
Net −60.4%
FCF −26.6%
Q3 '24
Gross 43.3%
Operating −109.2%
Net −105.0%
FCF −9.0%
Q4 '24
Gross 45.1%
Operating −42.5%
Net −40.9%
FCF −20.4%
Q1 '25
Gross 48.3%
Operating −39.1%
Net −35.6%
FCF −26.7%
Q2 '25
Gross 49.6%
Operating −44.8%
Net −42.4%
FCF −18.5%
Q3 '25
Gross 53.4%
Operating −31.4%
Net 21.2%
FCF −11.0%
Q4 '25
Gross 51.3%
Operating −30.2%
Net −27.4%
FCF −24.5%
Q1 '26
Gross 52.0%
Operating −31.7%
Net −29.4%
FCF −33.5%
Q2 '26
Gross 51.6%
Operating −41.4%
Net −39.8%
FCF −23.0%
Q3 '26
Gross 52.8%
Operating −30.6%
Net −29.6%
FCF −7.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY17
Net income −$59.3M
FY18
Net income −$71.2M
FY19
Net income −$108M
FY20
Net income −$140M
FY21
Net income −$152M
FY22
Net income −$218M
FY23
Net income −$205M
FY24
Net income −$209M
FY25
Net income −$77.7M
Q4 '23
Net income −$46.2M
Q1 '24
Net income −$43.0M
Q2 '24
Net income −$45.5M
Q3 '24
Net income −$85.6M
Q4 '24
Net income −$34.7M
Q1 '25
Net income −$31.6M
Q2 '25
Net income −$39.3M
Q3 '25
Net income $20.4M
Q4 '25
Net income −$27.1M
Q1 '26
Net income −$30.5M
Q2 '26
Net income −$44.0M
Q3 '26
Net income −$35.1M
FY17
Diluted EPS −$24.49
FY18
Diluted EPS −$25.51
FY19
Diluted EPS −$3.92
FY20
Diluted EPS −$3.57
FY21
Diluted EPS −$3.15
FY22
Diluted EPS −$4.04
FY23
Diluted EPS −$3.60
FY24
Diluted EPS −$3.60
FY25
Diluted EPS −$1.30
Q4 '23
Diluted EPS −$0.81
Q1 '24
Diluted EPS −$0.75
Q2 '24
Diluted EPS −$0.79
Q3 '24
Diluted EPS −$1.47
Q4 '24
Diluted EPS −$0.59
Q1 '25
Diluted EPS −$0.53
Q2 '25
Diluted EPS −$0.66
Q3 '25
Diluted EPS $0.33
Q4 '25
Diluted EPS −$0.44
Q1 '26
Diluted EPS −$0.50
Q2 '26
Diluted EPS −$0.71
Q3 '26
Diluted EPS −$0.56
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital —
Return on equity —
Return on assets —
FY18
Return on capital —
Return on equity —
Return on assets −61.5%
FY19
Return on capital −400.4%
Return on equity —
Return on assets −71.1%
FY20
Return on capital −219.5%
Return on equity −57.3%
Return on assets −47.8%
FY21
Return on capital −115.4%
Return on equity −33.2%
Return on assets −27.6%
FY22
Return on capital −65.2%
Return on equity −31.8%
Return on assets −26.2%
FY23
Return on capital —
Return on equity −29.0%
Return on assets −23.5%
FY24
Return on capital —
Return on equity −38.1%
Return on assets −30.0%
FY25
Return on capital —
Return on equity −16.4%
Return on assets −12.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$75.6M in fiscal 2025, −20.1% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow −$57.9M
FY18
Free cash flow −$69.9M
FY19
Free cash flow −$103M
FY20
Free cash flow −$152M
FY21
Free cash flow −$139M
FY22
Free cash flow −$226M
FY23
Free cash flow −$170M
FY24
Free cash flow −$69.2M
FY25
Free cash flow −$75.6M
Q4 '23
Free cash flow −$23.1M
Q1 '24
Free cash flow −$24.5M
Q2 '24
Free cash flow −$20.0M
Q3 '24
Free cash flow −$7.3M
Q4 '24
Free cash flow −$17.3M
Q1 '25
Free cash flow −$23.7M
Q2 '25
Free cash flow −$17.1M
Q3 '25
Free cash flow −$10.6M
Q4 '25
Free cash flow −$24.2M
Q1 '26
Free cash flow −$34.8M
Q2 '26
Free cash flow −$25.4M
Q3 '26
Free cash flow −$8.6M
FY17
Cash from operations −$51.3M
Capital spending $6.6M
FY18
Cash from operations −$66.2M
Capital spending $3.7M
FY19
Cash from operations −$87.9M
Capital spending $14.8M
FY20
Cash from operations −$142M
Capital spending $9.9M
FY21
Cash from operations −$112M
Capital spending $27.1M
FY22
Cash from operations −$124M
Capital spending $102M
FY23
Cash from operations −$142M
Capital spending $27.8M
FY24
Cash from operations −$64.1M
Capital spending $5.1M
FY25
Cash from operations −$47.6M
Capital spending $28.0M
Cash from operations
Capital spending
Q4 '23
Cash from operations −$20.7M
Capital spending $2.4M
Q1 '24
Cash from operations −$23.0M
Capital spending $1.5M
Q2 '24
Cash from operations −$19.4M
Capital spending $0.6M
Q3 '24
Cash from operations −$6.4M
Capital spending $1.0M
Q4 '24
Cash from operations −$15.3M
Capital spending $2.0M
Q1 '25
Cash from operations −$21.4M
Capital spending $2.3M
Q2 '25
Cash from operations −$13.0M
Capital spending $4.1M
Q3 '25
Cash from operations −$1.4M
Capital spending $9.2M
Q4 '25
Cash from operations −$11.8M
Capital spending $12.4M
Q1 '26
Cash from operations −$24.8M
Capital spending $10.0M
Q2 '26
Cash from operations −$17.6M
Capital spending $7.9M
Q3 '26
Cash from operations $1.1M
Capital spending $9.8M
Cash from operations
Capital spending
Dividends, buybacks and share count
Twist Bioscience Corp returned — to shareholders in fiscal 2025. The diluted share count rose 3.1%.
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY17
Diluted shares 2.42B
FY18
Diluted shares 0.00B
FY19
Diluted shares 0.03B
FY20
Diluted shares 0.04B
FY21
Diluted shares 0.05B
FY22
Diluted shares 0.05B
FY23
Diluted shares 0.06B
FY24
Diluted shares 0.06B
FY25
Diluted shares 0.06B
Balance sheet
Cash, debt and the ratios that show how comfortably Twist Bioscience Corp can carry it.
FY17
Cash $31.2M
Debt —
FY18
Cash $80.8M
Debt $9.7M
FY19
Cash $138M
Debt $7.5M
FY20
Cash $290M
Debt $4.2M
FY21
Cash $478M
Debt $1.6M
FY22
Cash $505M
Debt $0.0M
FY23
Cash $336M
Debt —
FY24
Cash $276M
Debt —
FY25
Cash $232M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $478M | $505M | $336M | $276M | $232M |
| Debt incl. finance leases | $1.6M | $0.0M | — | — | — |
| Debt / equity | 0.0x | 0.0x | — | — | — |
| Interest coverage | −416.1x | −2,934.7x | −43,431.8x | −7,614.9x | — |
| Current ratio | 8.7x | 6.6x | 5.8x | 4.9x | 3.6x |
| Quick ratio | 8.2x | 6.1x | 5.3x | 4.5x | 3.3x |
| Total assets | $702M | $961M | $776M | $614M | $642M |
| Total liabilities | $121M | $172M | $153M | $142M | $169M |
| Shareholders' equity | $581M | $789M | $623M | $473M | $473M |
| Net debt (− = net cash) | −$476M | −$505M | — | — | — |
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
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✓ | ✓ | ✓ | — | — | — |
| Current ratio rose | — | — | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Share count didn't rise | — | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | — | — | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ |
| F-score | — / 3 | — / 5 | 6 / 9 | 4 / 9 | 4 / 9 | 4 / 9 | 2 / 8 | 3 / 8 | 4 / 8 |
| Accruals ratio | — | −4.4% | −13.0% | 0.8% | −7.2% | −11.2% | −7.2% | −20.8% | −4.8% |
| Altman Z'' | — | −13.57 | −0.34 | 4.45 | 5.25 | 3.82 | 1.03 | −2.56 | −2.72 |
9 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $10.8M | $25.4M | $54.4M | $90.1M | $132M | $204M | $245M | $313M | $377M |
| Gross profit | −$13.3M | −$6.8M | $7.0M | $28.7M | $51.7M | $84.2M | $89.7M | $133M | $191M |
| Research and development | $19.2M | $20.3M | $35.7M | $43.0M | $69.1M | $120M | $107M | $90.9M | $80.3M |
| Operating income | −$58.5M | −$70.6M | −$109M | −$140M | −$153M | −$235M | −$217M | −$221M | −$136M |
| Interest expense | $0.9M | $1.3M | $1.3M | $0.8M | $0.4M | $0.1M | $0.0M | $0.0M | — |
| Pretax income | −$59.0M | −$71.0M | −$107M | −$140M | −$154M | −$228M | −$203M | −$208M | −$77.0M |
| Income tax | $0.3M | $0.2M | $0.3M | $0.4M | −$1.9M | −$10.4M | $1.2M | $0.6M | $0.7M |
| Net income | −$59.3M | −$71.2M | −$108M | −$140M | −$152M | −$218M | −$205M | −$209M | −$77.7M |
| Diluted EPS | −$24.49 | −$25.51 | −$3.92 | −$3.57 | −$3.15 | −$4.04 | −$3.60 | −$3.60 | −$1.30 |
| Diluted shares | 2.42B | 0.00B | 0.03B | 0.04B | 0.05B | 0.05B | 0.06B | 0.06B | 0.06B |
| Cash flow | |||||||||
| Cash from operations | −$51.3M | −$66.2M | −$87.9M | −$142M | −$112M | −$124M | −$142M | −$64.1M | −$47.6M |
| Capital expenditure | $6.6M | $3.7M | $14.8M | $9.9M | $27.1M | $102M | $27.8M | $5.1M | $28.0M |
| Free cash flow | −$57.9M | −$69.9M | −$103M | −$152M | −$139M | −$226M | −$170M | −$69.2M | −$75.6M |
| Depreciation and amortization | $5.0M | $5.7M | $6.1M | $6.7M | $9.8M | $16.5M | $29.3M | $31.4M | $24.9M |
| Stock-based compensation | $1.9M | $3.0M | $11.2M | $17.1M | $37.0M | $79.7M | $30.3M | $50.9M | $64.5M |
| Acquisitions | — | — | — | $0.0M | $0.5M | $8.2M | $0.0M | $0.0M | — |
| Balance sheet | |||||||||
| Cash and short-term investments | $31.2M | $80.8M | $138M | $290M | $478M | $505M | $336M | $276M | $232M |
| Total debt | — | $9.7M | $7.5M | $4.2M | $1.6M | $0.0M | — | — | — |
| Current assets | — | $95.7M | $160M | $335M | $546M | $596M | $424M | $347M | $333M |
| Current liabilities | — | $18.5M | $30.4M | $36.0M | $63.1M | $90.7M | $73.3M | $71.0M | $91.4M |
| Inventory | — | $6.0M | $7.3M | $12.3M | $31.8M | $39.3M | $32.1M | $24.1M | $28.3M |
| Property and equipment, net | — | $12.3M | $20.8M | $25.5M | $44.1M | $139M | $132M | $103M | $102M |
| Goodwill | — | $1.1M | $1.1M | $1.1M | $22.4M | $85.8M | $85.8M | $85.8M | $82.2M |
| Intangible assets | — | $0.7M | $0.5M | $0.3M | $18.3M | $59.7M | $54.5M | $14.5M | $13.4M |
| Total assets | — | $116M | $187M | $399M | $702M | $961M | $776M | $614M | $642M |
| Total liabilities | — | $26.7M | $34.9M | $62.6M | $121M | $172M | $153M | $142M | $169M |
| Shareholders' equity | −$133M | −$201M | $152M | $336M | $581M | $789M | $623M | $473M | $473M |
| Margins | |||||||||
| Gross margin | −123.1% | −26.6% | 12.8% | 31.8% | 39.1% | 41.4% | 36.6% | 42.6% | 50.7% |
| Operating margin | −543.2% | −277.5% | −200.1% | −155.5% | −115.4% | −115.3% | −88.6% | −70.6% | −36.2% |
| EBITDA margin | −496.5% | −255.0% | −188.9% | −148.1% | −108.0% | −107.2% | −76.6% | −60.5% | −29.6% |
| Net margin | −550.8% | −280.2% | −198.0% | −155.3% | −114.9% | −107.0% | −83.5% | −66.7% | −20.6% |
| FCF margin | −537.7% | −274.7% | −188.8% | −168.8% | −105.3% | −111.1% | −69.5% | −22.1% | −20.1% |
| Returns | |||||||||
| Return on capital | — | — | −400.4% | −219.5% | −115.4% | −65.2% | — | — | — |
| Return on capital employed | — | −72.6% | −69.5% | −38.6% | −23.9% | −27.0% | −30.9% | −40.6% | −24.8% |
| Return on equity | — | — | — | −57.3% | −33.2% | −31.8% | −29.0% | −38.1% | −16.4% |
| Return on assets | — | −61.5% | −71.1% | −47.8% | −27.6% | −26.2% | −23.5% | −30.0% | −12.4% |
| Return on tangible equity | — | — | −71.6% | −41.8% | −28.2% | −33.8% | −42.4% | −56.0% | −20.6% |
| Growth | |||||||||
| Revenue growth | — | 136.2% | 113.9% | 65.7% | 46.9% | 53.8% | 20.4% | 27.7% | 20.3% |
| Share count change | — | −100.0% | 980,685.7% | 42.7% | 23.1% | 11.7% | 5.6% | 2.0% | 3.1% |
| Financial health | |||||||||
| Debt / equity | — | — | 0.0x | 0.0x | 0.0x | 0.0x | — | — | — |
| Interest coverage | −64.6x | −53.7x | −84.1x | −178.0x | −416.1x | −2,934.7x | −43,431.8x | −7,614.9x | — |
| Current ratio | — | 5.2x | 5.3x | 9.3x | 8.7x | 6.6x | 5.8x | 4.9x | 3.6x |
| Quick ratio | — | 4.8x | 5.0x | 9.0x | 8.2x | 6.1x | 5.3x | 4.5x | 3.3x |
| Capital allocation | |||||||||
| Capex / revenue | 61.2% | 14.5% | 27.1% | 11.0% | 20.4% | 50.0% | 11.3% | 1.6% | 7.4% |
| Stock comp / revenue | 17.6% | 11.6% | 20.5% | 19.0% | 28.0% | 39.1% | 12.4% | 16.3% | 17.1% |
| Quality scores | |||||||||
| Piotroski F-score | — | — | 6.0 | 4.0 | 4.0 | 4.0 | 2.0 | 3.0 | 4.0 |
| Altman Z'' | — | −13.6 | −0.3 | 4.4 | 5.2 | 3.8 | 1.0 | −2.6 | −2.7 |
| Accruals ratio | — | −4.4% | −13.0% | 0.8% | −7.2% | −11.2% | −7.2% | −20.8% | −4.8% |
Source: SEC EDGAR XBRL filings (CIK 0001581280). 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.