Krystal Biotech Inc
KRYSHealthcare|Biotechnology|USA
$365.80
-5.27 (-1.42%)
DCF (FCF)
$31.98
Tangible Book
$43.37
Graham Number
$85.44
Earnings Power
$26.08
Financials
Financial Snapshot
Market Cap
$10.78B
Enterprise Value
$814.3M
Revenue (TTM)
$417.3M
Net Income (TTM)
$225.0M
Cash & Equivalents
—
Net Cash/Share
$23.89
Free Cash Flow (TTM)
$237.4M
Operating CF (TTM)
$250.3M
Debt/Equity
0.01
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $1.9M | $49.6M | $111.8M | $193.7M | $271.3M | $438.1M | $379.2M | $532.2M | $597.5M | $827.8M | $823.4M | |
| Operating Cash Flow | $-1.3M | $-3.9M | $-9.4M | $-18.7M | $-26.1M | $-47.9M | $-100.6M | $-88.8M | $123.4M | $200.9M | $250.3M | |
| Free Cash Flow | $-1.3M | $-4.1M | $-11.7M | $-25.1M | $-40.9M | $-116.3M | $-153.5M | $-100.6M | $119.2M | $188.9M | $237.4M | |
| Capital Expenditure | $-15.0K | $-210.0K | $-2.2M | $-6.4M | $-14.8M | $-68.3M | $-53.0M | $-11.8M | $-4.2M | $-12.0M | $-12.9M | |
| Financing Cash Flow | $3.2M | $51.8M | $73.8M | $107.5M | $118.0M | $347.7M | $35.3M | $202.8M | $27.0M | $8.7M | $10.7M |
R&D Spending
R&D (TTM)
$59.1M
R&D Intensity
14.2%
R&D Growth YoY
+1.9%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $50.7M | $290.5M | $389.1M | $417.3M | |
| R&D Expense | $741.0K | $3.2M | $7.8M | $15.6M | $17.9M | $27.9M | $42.5M | $46.4M | $53.6M | $58.0M | $59.1M | |
| R&D % of Revenue | — | — | — | — | — | — | — | 91.6% | 18.4% | 14.9% | 14.2% | |
| SG&A | $402.0K | $1.6M | $4.2M | $6.5M | $15.1M | $40.4M | $77.7M | $98.3M | $113.6M | $146.7M | $155.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $50.7M | $290.5M | $389.1M | $417.3M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.1M | $20.1M | $23.0M | $24.3M | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $47.6M | $270.5M | $366.1M | $393.0M | |
| R&D | $741.0K | $3.2M | $7.8M | $15.6M | $17.9M | $27.9M | $42.5M | $46.4M | $53.6M | $58.0M | $59.1M | |
| SG&A | $402.0K | $1.6M | $4.2M | $6.5M | $15.1M | $40.4M | $77.7M | $98.3M | $113.6M | $146.7M | $155.2M | |
| Operating Income | $-1.1M | $-4.8M | $-11.9M | $-22.1M | $-33.0M | $-68.3M | $-120.2M | $-97.1M | $103.2M | $161.3M | $178.6M | |
| Interest Expense | $-7.0K | $-3.1M | $0.00 | $0.00 | $0.00 | $-1.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-1.1M | $-7.9M | $-10.9M | $-19.1M | $-32.2M | $-69.6M | $-140.0M | $12.9M | $95.4M | $189.5M | $207.3M | |
| Net Income | $-1.1M | $-7.9M | $-10.9M | $-19.1M | $-32.2M | $-69.6M | $-140.0M | $10.9M | $89.2M | $204.8M | $225.0M | |
| EPS (Diluted) | -0.27 | -1.48 | -0.97 | -1.20 | -1.71 | -3.13 | -5.49 | 0.39 | 3.00 | 6.84 | 7.48 | |
| EBITDA | $-1.1M | $-4.7M | $-11.8M | $-21.0M | $-30.3M | $-66.2M | $-116.8M | $-91.2M | $110.0M | $167.8M | $185.3M | |
| Shares Out. (M) | 4.28 | 5.36 | 11.20 | 15.90 | 18.79 | 22.20 | 25.49 | 27.75 | 29.74 | 29.95 | 30.51 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.9M | $49.6M | $103.7M | $187.5M | $268.3M | $341.2M | $161.9M | $358.3M | $344.9M | $496.3M | $501.3M | |
| Marketable Securities | $0.00 | $0.00 | $8.1M | $6.2M | $3.0M | $96.8M | $217.3M | $173.8M | $252.7M | $331.5M | $322.1M | |
| Total Current Assets | $2.2M | $49.9M | $112.7M | $195.9M | $275.1M | $442.3M | $383.8M | $587.9M | $742.0M | $1.02B | $1.02B | |
| Total Assets | $2.2M | $50.1M | $116.1M | $209.0M | $310.8M | $626.3M | $558.5M | $818.4M | $1.06B | $1.33B | $1.40B | |
| Total Current Liabilities | $43.0K | $640.0K | $2.6M | $3.3M | $15.5M | $25.7M | $28.8M | $33.1M | $102.0M | $102.9M | $107.8M | |
| Long-Term Debt | $1.8M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $1.9M | $640.0K | $2.9M | $6.1M | $18.8M | $32.7M | $36.2M | $39.7M | $109.5M | $114.2M | $120.2M | |
| Stockholders' Equity | $289.0K | $49.5M | $113.2M | $202.9M | $292.1M | $593.6M | $522.2M | $778.6M | $946.4M | $1.22B | $1.28B | |
| Retained Earnings | $-1.1M | $-9.1M | $-20.0M | $-39.0M | $-71.2M | $-140.8M | $-280.8M | $-269.8M | $-180.7M | $24.2M | $80.1M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-1.3M | $-3.9M | $-9.4M | $-18.7M | $-26.1M | $-47.9M | $-100.6M | $-88.8M | $123.4M | $200.9M | $250.3M | |
| Capital Expenditure | $-15.0K | $-210.0K | $-2.2M | $-6.4M | $-14.8M | $-68.3M | $-53.0M | $-11.8M | $-4.2M | $-12.0M | $-12.9M | |
| Free Cash Flow | $-1.3M | $-4.1M | $-11.7M | $-25.1M | $-40.9M | $-116.3M | $-153.5M | $-100.6M | $119.2M | $188.9M | $237.4M | |
| Investing Cash Flow | $-15.0K | $-210.0K | $-10.3M | $-5.0M | $-11.2M | $-226.8M | $-114.1M | $82.6M | $-163.4M | $-58.4M | $-67.2M | |
| Financing Cash Flow | $3.2M | $51.8M | $73.8M | $107.5M | $118.0M | $347.7M | $35.3M | $202.8M | $27.0M | $8.7M | $10.7M | |
| Issuance of Stock | $100.0K | $42.5M | $73.8M | $107.5M | $118.0M | $355.6M | $29.0M | $159.7M | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $1.8M | $2.3M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $33.0K | $246.0K | $792.0K | $1.2M | $3.3M | $15.3M | $33.2M | $39.9M | $49.1M | $54.5M | $54.6M | |
| Net Change in Cash | $1.9M | $47.7M | $54.1M | $83.8M | $80.8M | $73.0M | $-179.3M | $196.4M | $-13.5M | $151.4M | $192.5M |
Dilution Tracker
Shares outstanding grew 37.4% over 5 years — significant dilution
Shares Outstanding
31M
5-Year Share Growth
+37.4%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 4.28 | 5.36 | 11.20 | 15.90 | 18.79 | 22.20 | 25.49 | 27.75 | 29.74 | 29.95 | 30.51 | |
| YoY Change % | — | 25.4% | 109.0% | 41.9% | 18.1% | 18.2% | 14.8% | 8.9% | 7.2% | 0.7% | 1.9% | |
| Stock Issuance | $100.0K | $42.5M | $73.8M | $107.5M | $118.0M | $355.6M | $29.0M | $159.7M | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $33.0K | $246.0K | $792.0K | $1.2M | $3.3M | $15.3M | $33.2M | $39.9M | $49.1M | $54.5M | $54.6M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 93.9% | 93.1% | 94.1% | 94.2% | |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -191.6% | 35.5% | 41.5% | 42.8% | |
| Net Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 21.6% | 30.7% | 52.6% | 53.9% | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -179.9% | 37.9% | 43.1% | 44.4% | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -198.4% | 41.0% | 48.5% | 56.9% | |
| ROE % | -397.9% | -31.8% | -13.4% | -12.1% | -13.0% | -15.7% | -25.1% | 1.7% | 10.3% | 18.9% | 19.9% | |
| ROA % | -52.7% | -30.3% | -13.1% | -11.7% | -12.4% | -14.8% | -23.6% | 1.6% | 9.5% | 17.1% | 18.2% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)48.90
Historical27.21 / 49.27 / 1977.00
Industry Med.27.41
P/S26.41
Historical11.20 / 21.49 / 419.12
Industry Med.9.51
P/B8.43
Historical3.67 / 5.60 / 8.65
Industry Med.2.93
EV/EBITDA53.81
Historical-99.42 / 34.03 / 530.84
Industry Med.13.14
EV/Revenue23.89
Historical9.38 / 19.43 / 354.21
Industry Med.8.71
P/FCF46.50
Historical22.34 / 38.98 / 103.00
Industry Med.27.54
Intrinsic Value Models
DCF (FCF Based)
$31.98
Tangible Book
$43.37
Net Current Assets
$30.560
Graham Number
$85.44
Net-Net Working Capital
$27.85
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | 318.10 | 52.22 | 36.04 | 48.90 | |
| PS Ratio | - | - | - | - | - | - | - | 67.90 | 16.04 | 18.98 | 26.41 | |
| PB Ratio | 0.00 | 2.19 | 2.65 | 4.74 | 4.05 | 2.97 | 3.91 | 4.50 | 4.77 | 5.90 | 8.43 | |
| EV/EBITDA | 0.00 | -12.39 | -15.97 | -36.71 | -30.45 | -20.13 | -14.30 | -32.66 | 35.65 | 38.00 | 53.81 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 58.76 | 13.50 | 16.39 | 23.89 |
Analyst Estimates & Quality
Altman Z-Score
55.46
Safe
Piotroski F-Score
6
Moderate
Beneish M-Score
-2.32
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $521.1M | $662.6M | $847.9M |
| Net Income | $231.1M | $308.6M | $462.3M |
| EPS | 7.63 | 9.95 | 13.89 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | 10.22 | 11.77 | 0.00 |
| Operating CF | $311.78M | $359.07M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Product revenue, net | $389.1M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $389.1M |