Ginkgo Bioworks Holdings, Inc.
DNAHealthcare|Biotechnology|US
$11.29
+1.33 (+13.35%)
Tangible Book / Share
$5.52
Cash / Share
$4.46
Financials
Financial Snapshot
Market Cap
$760.3M
Enterprise Value
$1.07B
Revenue (TTM)
$73.0M
Net Income (TTM)
-$251.0M
Cash & Investments
$285.4M
Net Cash
-$111.8M
Free Cash Flow (TTM)
-$186.5M
Operating CF (TTM)
-$164.6M
Debt/Equity
1.01
Cash Runway & Burn Rate
Cash on Hand
$285.4M
Quarterly Burn
$41.2M
Monthly Burn
$13.7M
Est. Runway
~6.9 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $495.3M | $380.8M | $1.55B | $1.32B | $944.1M | $561.6M | $422.6M | $285.4M | |
| Operating Cash Flow | -$44.7M | -$135.8M | -$253.8M | -$252.2M | -$295.5M | -$319.6M | -$171.1M | -$164.6M | |
| Free Cash Flow | -$66.9M | -$193.7M | -$310.3M | -$304.5M | -$336.3M | -$382.1M | -$178.7M | -$186.5M | |
| Capital Expenditure | -$22.2M | -$57.8M | -$56.5M | -$52.3M | -$40.8M | -$62.5M | -$7.7M | -$21.9M | |
| Financing Cash Flow | $410.4M | $90.3M | $1.53B | $95.3M | -$3.2M | -$1.7M | $17.8M | $8.1M |
R&D Spending
R&D (TTM)
$187.2M
R&D Intensity
256.3%
R&D Growth vs Prior
-23.2%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $54.2M | $76.7M | $313.8M | $477.7M | $251.5M | $227.0M | $170.2M | $73.0M | |
| R&D Expense | $96.3M | $159.8M | $1.15B | $1.05B | $580.6M | $424.1M | $243.8M | $187.2M | |
| R&D % of Revenue | 177.7% | 208.4% | 366.3% | 220.4% | 230.9% | 186.8% | 143.3% | 256.3% | |
| SG&A | $29.5M | $38.3M | $863.0M | $1.43B | $385.0M | $246.2M | $183.3M | $143.2M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $54.2M | $76.7M | $313.8M | $477.7M | $251.5M | $227.0M | $170.2M | $73.0M | |
| Cost of Revenue | $0.00 | $15.6M | $129.7M | $204.2M | $54.0M | $38.5M | $31.5M | $11.3M | |
| Gross Profit | $54.2M | $61.0M | $184.1M | $273.5M | $197.4M | $188.5M | $138.6M | $61.8M | |
| R&D | $96.3M | $159.8M | $1.15B | $1.05B | $580.6M | $424.1M | $243.8M | $187.2M | |
| SG&A | $29.5M | $38.3M | $863.0M | $1.43B | $385.0M | $246.2M | $183.3M | $143.2M | |
| Operating Income | -$71.6M | -$137.0M | -$1.83B | -$2.21B | -$864.4M | -$559.8M | -$315.3M | -$244.3M | |
| Interest Expense | $2.4M | $2.4M | $2.4M | $106.0K | $93.0K | $94.0K | $0.00 | $0.00 | |
| Pretax Income | -$119.8M | -$124.8M | -$1.84B | -$2.12B | -$892.9M | -$547.5M | -$313.6M | -$256.0M | |
| Net Income | -$119.3M | -$126.6M | -$1.83B | -$2.10B | -$892.9M | -$547.0M | -$312.8M | -$251.0M | |
| EPS (Diluted) | -4.15 | -4.00 | -55.53 | -50.20 | -18.40 | -10.54 | -5.64 | -4.21 | |
| EBITDA | -$106.7M | -$108.6M | -$1.81B | -$2.08B | -$821.3M | -$484.4M | -$254.6M | -$219.1M | |
| Shares Out. (M) | 28.73 | 31.87 | 34.01 | 42.00 | 48.61 | 51.89 | 55.46 | 63.97 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $495.3M | $380.8M | $1.55B | $1.32B | $944.1M | $561.6M | $167.2M | $84.5M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $255.4M | $200.9M | |
| Total Current Assets | $511.9M | $426.5M | $1.72B | $1.45B | $1.00B | $602.7M | $471.8M | $310.8M | |
| Total Assets | $697.3M | $675.2M | $2.07B | $2.54B | $1.67B | $1.38B | $1.12B | $944.5M | |
| Total Current Liabilities | $40.1M | $73.2M | $134.8M | $173.0M | $163.9M | $107.3M | $96.0M | $65.8M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $397.2M | |
| Total Liabilities | $195.5M | $205.1M | $503.6M | $803.0M | $568.2M | $661.4M | $611.1M | $551.8M | |
| Stockholders' Equity | $493.1M | $461.4M | $1.51B | $1.74B | $1.10B | $716.1M | $508.6M | $392.6M | |
| Retained Earnings | -$341.3M | -$467.9M | -$2.30B | -$4.40B | -$5.29B | -$5.84B | -$6.15B | -$6.32B |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$44.7M | -$135.8M | -$253.8M | -$252.2M | -$295.5M | -$319.6M | -$171.1M | -$164.6M | |
| Capital Expenditure | -$22.2M | -$57.8M | -$56.5M | -$52.3M | -$40.8M | -$62.5M | -$7.7M | -$21.9M | |
| Free Cash Flow | -$66.9M | -$193.7M | -$310.3M | -$304.5M | -$336.3M | -$382.1M | -$178.7M | -$186.5M | |
| Investing Cash Flow | -$74.6M | -$67.1M | -$73.3M | -$67.4M | -$80.7M | -$62.2M | -$240.3M | $102.9M | |
| Financing Cash Flow | $410.4M | $90.3M | $1.53B | $95.3M | -$3.2M | -$1.7M | $17.8M | $8.1M | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $99.3M | $0.00 | $80.0K | $19.5M | $8.2M | |
| Repurchase of Stock | -$408.0K | $0.00 | -$25.0M | $0.00 | -$23.0K | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $198.6M | -$748.0K | -$1.1M | -$1.2M | -$1.3M | -$897.0K | -$354.0K | -$44.0K | |
| Stock Based Comp. | $771.0K | $476.0K | $1.61B | $1.93B | $229.9M | $112.3M | $81.5M | $52.1M | |
| Net Change in Cash | $291.1M | -$112.6M | $1.21B | -$223.3M | -$380.0M | -$383.8M | -$393.2M | $14.0M |
Dilution Tracker
Shares outstanding grew 74.0% over 5 years — significant dilution
Shares Outstanding
67M
5-Year Share Growth
+74.0%
Stock Issuance (TTM)
$8.2M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 28.73 | 31.87 | 34.01 | 42.00 | 48.61 | 51.89 | 55.46 | 63.97 | |
| Change vs Prior % | — | 10.9% | 6.7% | 23.5% | 15.8% | 6.8% | 6.9% | 15.3% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $99.3M | $0.00 | $80.0K | $19.5M | $8.2M | |
| Stock Repurchase | -$408.0K | $0.00 | -$25.0M | $0.00 | -$23.0K | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $771.0K | $476.0K | $1.61B | $1.93B | $229.9M | $112.3M | $81.5M | $52.1M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 79.6% | 58.7% | 57.3% | 78.5% | 83.0% | 81.5% | 84.6% | |
| Operating Margin % | -132.1% | -178.8% | -582.6% | -462.4% | -343.8% | -246.5% | -185.3% | -334.5% | |
| Net Margin % | -220.2% | -165.2% | -583.1% | -440.6% | -355.1% | -240.9% | -183.8% | -343.8% | |
| EBITDA Margin % | -196.8% | -141.7% | -575.7% | -435.2% | -326.6% | -213.3% | -149.6% | -300.0% | |
| FCF Margin % | -123.4% | -252.6% | -98.9% | -63.7% | -133.7% | -168.3% | -105.0% | -255.4% | |
| ROE % | -24.2% | -27.4% | -121.6% | -121.2% | -81.4% | -76.4% | -61.5% | -56.9% | |
| ROA % | -17.1% | -18.8% | -88.4% | -82.9% | -53.6% | -39.7% | -27.9% | -26.6% | |
| ROIC % | -10.9% | -22.7% | -94.3% | -91.6% | -56.9% | -43.0% | -30.0% | -27.7% | |
| R&D / Revenue % | 177.7% | 208.4% | 366.3% | 220.4% | 230.9% | 186.8% | 143.3% | 256.3% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 41.5% | 309.4% | 52.2% | -47.4% | -9.7% | -25.1% | |
| Gross Profit | 0.0% | 12.7% | 201.7% | 48.5% | -27.8% | -4.5% | -26.5% | |
| Operating Income | 0.0% | -91.4% | -1234.4% | -20.8% | 60.9% | 35.2% | 43.7% | |
| Net Income | 0.0% | -6.1% | -1345.4% | -15.0% | 57.6% | 38.7% | 42.8% | |
| EPS (Diluted) | 0.0% | 3.6% | -1288.3% | 9.6% | 63.3% | 42.7% | 46.5% | |
| Operating Cash Flow | 0.0% | -204.1% | -86.9% | 0.6% | -17.2% | -8.2% | 46.5% | |
| Free Cash Flow | 0.0% | -189.5% | -60.3% | 1.9% | -10.5% | -13.6% | 53.2% | |
| R&D Expense | 0.0% | 65.9% | 619.6% | -8.4% | -44.8% | -27.0% | -42.5% | |
| SG&A Expense | 0.0% | 29.9% | 2152.8% | 65.7% | -73.1% | -36.1% | -25.5% | |
| Total Assets | 0.0% | -3.2% | 206.7% | 22.6% | -34.4% | -17.3% | -18.7% | |
| Book Value / Share | 0.0% | -15.0% | 220.3% | -12.9% | -45.4% | -39.0% | -33.5% | |
| Debt | 0.0% | -2.1% | 35.4% | 1821.8% | -45.9% | 95.5% | -6.0% | |
| Diluted Shares | 0.0% | 10.9% | 6.7% | 23.5% | 15.8% | 6.8% | 6.9% |
Valuation
P/E (TTM)At Loss
P/S10.41
10Y Low / Med / High2.24 / 13.05 / 214.60
P/B1.84
10Y Low / Med / High0.71 / 2.99 / 27.77
EV/EBITDAAt Loss
EV/Revenue14.69
10Y Low / Med / High1.83 / 10.24 / 205.78
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$5.52
Cash / Share
$4.46
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -97.54 | -101.96 | -6.17 | -1.35 | -3.68 | -0.93 | -1.47 | -2.68 | |
| P/S Ratio | 214.60 | 167.14 | 34.90 | 5.93 | 13.05 | 2.24 | 2.71 | 10.41 | |
| P/B Ratio | 23.58 | 27.77 | 7.28 | 1.63 | 2.99 | 0.71 | 0.91 | 1.84 | |
| EV/EBITDA | -104.54 | -114.65 | -5.22 | -0.94 | -3.14 | -0.86 | -2.88 | -4.90 | |
| EV/Revenue | 205.78 | 162.40 | 30.04 | 4.11 | 10.24 | 1.83 | 4.31 | 14.69 |
Analyst Estimates & Quality
Altman Z-Score
-9.05
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $85.1M | $96.0M | $89.1M |
| Net Income | -$221.2M | -$190.3M | -$110.9M |
| EPS | $-3.91 | $-3.37 | $-2.00 |
| # Analysts (EPS) | 1 | 1 | 1 |
Revenue Segments
By Product
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Foundry Revenue | $113.0M | $143.7M | — | — | — |
| Product | $23.0M | $35.5M | $28.9M | — | — |
| Service | $177.8M | $298.6M | $79.0M | $53.1M | $37.4M |