Twist Bioscience Corporation
TWSTHealthcare|Biotechnology|US
$120.79
+0.18 (+0.15%)
Tangible Book / Share
$5.62
Cash / Share
$2.67
Financials
Financial Snapshot
Market Cap
$7.95B
Enterprise Value
$7.93B
Revenue (TTM)
$431.8M
Net Income (TTM)
-$136.7M
Cash & Investments
$166.8M
Net Cash
$73.2M
Free Cash Flow (TTM)
-$93.1M
Operating CF (TTM)
-$53.1M
Debt/Equity
0.21
Cash Runway & Burn Rate
Cash on Hand
$166.8M
Quarterly Burn
$13.3M
Monthly Burn
$4.4M
Est. Runway
~12.6 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $55.9M | $62.2M | $80.8M | $138.1M | $290.0M | $477.9M | $505.0M | $336.4M | $276.4M | $232.4M | $166.8M | |
| Operating Cash Flow | -$38.6M | -$51.3M | -$66.2M | -$87.9M | -$142.3M | -$112.2M | -$124.4M | -$142.5M | -$64.1M | -$47.6M | -$53.1M | |
| Free Cash Flow | -$44.8M | -$57.9M | -$69.9M | -$102.7M | -$152.1M | -$139.3M | -$226.2M | -$170.3M | -$69.2M | -$75.6M | -$93.1M | |
| Capital Expenditure | -$6.2M | -$6.6M | -$3.7M | -$14.8M | -$9.9M | -$27.1M | -$101.9M | -$27.8M | -$5.1M | -$28.0M | -$40.1M | |
| Financing Cash Flow | $69.6M | $63.8M | $88.8M | $158.6M | $303.7M | $329.2M | $270.5M | $911.0K | $6.9M | $28.5M | $13.8M |
R&D Spending
R&D (TTM)
$71.9M
R&D Intensity
16.6%
R&D Growth vs Prior
-10.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3M | $10.8M | $25.4M | $54.4M | $90.1M | $132.3M | $203.6M | $245.1M | $313.0M | $376.6M | $431.8M | |
| R&D Expense | $18.2M | $19.2M | $20.3M | $35.7M | $43.0M | $69.1M | $120.3M | $106.9M | $90.9M | $80.3M | $71.9M | |
| R&D % of Revenue | 803.4% | 178.0% | 80.0% | 65.6% | 47.7% | 52.2% | 59.1% | 43.6% | 29.0% | 21.3% | 16.6% | |
| SG&A | $18.3M | $26.1M | $43.5M | $80.1M | $103.3M | $135.9M | $212.9M | $189.7M | $218.4M | $247.0M | $290.3M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3M | $10.8M | $25.4M | $54.4M | $90.1M | $132.3M | $203.6M | $245.1M | $313.0M | $376.6M | $431.8M | |
| Cost of Revenue | $9.4M | $24.0M | $32.2M | $47.4M | $61.4M | $80.6M | $119.3M | $155.4M | $179.6M | $185.6M | $207.4M | |
| Gross Profit | -$7.2M | -$13.3M | -$6.8M | $7.0M | $28.7M | $51.7M | $84.2M | $89.7M | $133.3M | $191.0M | $224.4M | |
| R&D | $18.2M | $19.2M | $20.3M | $35.7M | $43.0M | $69.1M | $120.3M | $106.9M | $90.9M | $80.3M | $71.9M | |
| SG&A | $18.3M | $26.1M | $43.5M | $80.1M | $103.3M | $135.9M | $212.9M | $189.7M | $218.4M | $247.0M | $290.3M | |
| Operating Income | -$43.7M | -$58.5M | -$70.6M | -$108.8M | -$140.1M | -$152.7M | -$234.8M | -$217.2M | -$220.8M | -$136.3M | -$137.8M | |
| Interest Expense | $746.0K | $905.0K | $1.3M | $1.3M | $787.0K | $367.0K | $80.0K | $5.0K | $29.0K | $0.00 | $0.00 | |
| Pretax Income | -$44.1M | -$59.0M | -$71.0M | -$107.4M | -$139.5M | -$154.0M | -$228.3M | -$203.5M | -$208.2M | -$77.0M | -$135.9M | |
| Net Income | -$44.1M | -$59.3M | -$71.2M | -$107.7M | -$139.9M | -$152.1M | -$217.9M | -$204.6M | -$208.7M | -$77.7M | -$136.7M | |
| EPS (Diluted) | -2.35 | -3.16 | -2.68 | -3.92 | -3.57 | -3.15 | -4.04 | -3.60 | -3.60 | -1.30 | -2.22 | |
| EBITDA | -$39.1M | -$53.1M | -$64.0M | -$100.0M | -$132.1M | -$143.9M | -$211.7M | -$174.2M | -$176.7M | -$52.1M | -$107.8M | |
| Shares Out. (M) | 18.78 | 18.78 | 26.61 | 27.46 | 39.19 | 48.25 | 53.88 | 56.88 | 58.02 | 59.81 | 62.40 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $28.6M | $31.2M | $80.8M | $46.7M | $93.7M | $465.8M | $378.7M | $286.5M | $226.3M | $183.0M | $117.4M | |
| Short-Term Investments | $27.3M | $31.0M | $0.00 | $91.4M | $196.3M | $12.0M | $126.3M | $49.9M | $50.1M | $49.4M | $49.4M | |
| Total Current Assets | $59.0M | $67.9M | $95.7M | $160.1M | $334.9M | $546.5M | $596.5M | $424.3M | $346.8M | $333.0M | $321.3M | |
| Total Assets | $76.5M | $85.7M | $115.8M | $187.0M | $398.9M | $702.1M | $961.4M | $776.4M | $614.3M | $641.9M | $672.4M | |
| Total Current Liabilities | $8.7M | $9.5M | $18.5M | $30.4M | $36.0M | $63.1M | $90.7M | $73.3M | $71.0M | $91.4M | $120.3M | |
| Long-Term Debt | $9.8M | $9.2M | $7.2M | $4.4M | $1.4M | $0.00 | $0.00 | $0.00 | $0.00 | $61.8M | $0.00 | |
| Total Liabilities | $153.1M | $219.0M | $317.2M | $34.9M | $62.6M | $121.3M | $172.0M | $153.0M | $141.6M | $168.9M | $226.7M | |
| Stockholders' Equity | -$76.6M | -$133.4M | -$201.4M | $152.1M | $336.3M | $580.8M | $789.4M | $623.4M | $472.7M | $473.0M | $445.7M | |
| Retained Earnings | -$80.3M | -$139.6M | -$210.9M | -$318.5M | -$458.5M | -$610.6M | -$828.4M | -$1.03B | -$1.24B | -$1.32B | -$1.43B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$38.6M | -$51.3M | -$66.2M | -$87.9M | -$142.3M | -$112.2M | -$124.4M | -$142.5M | -$64.1M | -$47.6M | -$53.1M | |
| Capital Expenditure | -$6.2M | -$6.6M | -$3.7M | -$14.8M | -$9.9M | -$27.1M | -$101.9M | -$27.8M | -$5.1M | -$28.0M | -$40.1M | |
| Free Cash Flow | -$44.8M | -$57.9M | -$69.9M | -$102.7M | -$152.1M | -$139.3M | -$226.2M | -$170.3M | -$69.2M | -$75.6M | -$93.1M | |
| Investing Cash Flow | -$33.3M | -$9.9M | $26.9M | -$104.8M | -$114.7M | $156.2M | -$232.9M | $50.6M | -$3.1M | -$24.8M | -$45.2M | |
| Financing Cash Flow | $69.6M | $63.8M | $88.8M | $158.6M | $303.7M | $329.2M | $270.5M | $911.0K | $6.9M | $28.5M | $13.8M | |
| Issuance of Stock | $152.0K | $205.0K | $331.0K | $156.2M | $295.6M | $323.9M | $269.8M | $0.00 | $0.00 | $13.6M | $8.2M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | -$2.4M | -$10.8M | -$7.8M | -$4.4M | -$4.0M | -$16.0K | -$18.0K | |
| Net Debt Issuance | $7.2M | -$2.0M | $0.00 | -$2.5M | -$3.3M | -$3.3M | -$1.6M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $857.0K | $1.9M | $3.0M | $11.2M | $17.1M | $37.0M | $79.7M | $30.3M | $50.9M | $64.5M | $66.5M | |
| Net Change in Cash | -$2.3M | $2.6M | $49.5M | -$34.1M | $46.8M | $373.1M | -$87.1M | -$91.0M | -$60.1M | -$43.3M | -$84.3M |
Dilution Tracker
Shares outstanding grew 52.6% over 5 years — significant dilution
Shares Outstanding
66M
5-Year Share Growth
+52.6%
Stock Issuance (TTM)
$8.2M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 18.78 | 18.78 | 26.61 | 27.46 | 39.19 | 48.25 | 53.88 | 56.88 | 58.02 | 59.81 | 62.40 | |
| Change vs Prior % | — | 0.0% | 41.7% | 3.2% | 42.7% | 23.1% | 11.7% | 5.6% | 2.0% | 3.1% | 4.3% | |
| Stock Issuance | $152.0K | $205.0K | $331.0K | $156.2M | $295.6M | $323.9M | $269.8M | $0.00 | $0.00 | $13.6M | $8.2M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | -$2.4M | -$10.8M | -$7.8M | -$4.4M | -$4.0M | -$16.0K | -$18.0K | |
| Stock Based Comp. | $857.0K | $1.9M | $3.0M | $11.2M | $17.1M | $37.0M | $79.7M | $30.3M | $50.9M | $64.5M | $66.5M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -315.2% | -123.1% | -26.6% | 12.8% | 31.8% | 39.1% | 41.4% | 36.6% | 42.6% | 50.7% | 52.0% | |
| Operating Margin % | -1924.0% | -543.2% | -277.5% | -200.1% | -155.5% | -115.4% | -115.3% | -88.6% | -70.6% | -36.2% | -31.9% | |
| Net Margin % | -1943.1% | -550.8% | -280.2% | -198.0% | -155.3% | -114.9% | -107.0% | -83.5% | -66.7% | -20.6% | -31.7% | |
| EBITDA Margin % | -1723.8% | -493.2% | -251.5% | -183.8% | -146.6% | -108.7% | -104.0% | -71.1% | -56.5% | -13.8% | -25.0% | |
| FCF Margin % | -1975.4% | -537.7% | -274.7% | -188.8% | -168.8% | -105.3% | -111.1% | -69.5% | -22.1% | -20.1% | -21.6% | |
| ROE % | 57.5% | 44.5% | 35.4% | -70.8% | -41.6% | -26.2% | -27.6% | -32.8% | -44.2% | -16.4% | -29.9% | |
| ROA % | -57.7% | -69.2% | -61.5% | -57.6% | -35.1% | -21.7% | -22.7% | -26.4% | -34.0% | -12.1% | -20.3% | |
| ROIC % | -63.1% | -76.8% | -70.7% | -68.0% | -37.6% | -23.2% | -25.3% | -30.2% | -39.6% | -24.1% | -24.6% | |
| R&D / Revenue % | 803.4% | 178.0% | 80.0% | 65.6% | 47.7% | 52.2% | 59.1% | 43.6% | 29.0% | 21.3% | 16.6% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 374.5% | 136.2% | 113.9% | 65.7% | 46.9% | 53.8% | 20.4% | 27.7% | 20.3% | |
| Gross Profit | 0.0% | -85.3% | 49.0% | 202.9% | 312.3% | 80.2% | 62.9% | 6.5% | 48.6% | 43.2% | |
| Operating Income | 0.0% | -34.0% | -20.7% | -54.3% | -28.7% | -9.0% | -53.7% | 7.5% | -1.7% | 38.3% | |
| Net Income | 0.0% | -34.5% | -20.1% | -51.1% | -30.0% | -8.7% | -43.2% | 6.1% | -2.0% | 62.8% | |
| EPS (Diluted) | 0.0% | -34.5% | 15.2% | -46.3% | 8.9% | 11.8% | -28.3% | 10.9% | 0.0% | 63.9% | |
| Operating Cash Flow | 0.0% | -32.9% | -29.0% | -32.9% | -61.8% | 21.1% | -10.8% | -14.5% | 55.0% | 25.7% | |
| Free Cash Flow | 0.0% | -29.2% | -20.7% | -47.0% | -48.1% | 8.4% | -62.4% | 24.7% | 59.4% | -9.3% | |
| R&D Expense | 0.0% | 5.2% | 6.1% | 75.4% | 20.5% | 60.6% | 74.2% | -11.1% | -15.0% | -11.6% | |
| SG&A Expense | 0.0% | 42.6% | 66.7% | 84.4% | 28.9% | 31.6% | 56.7% | -10.9% | 15.1% | 13.1% | |
| Total Assets | 0.0% | 12.0% | 35.2% | 61.5% | 113.3% | 76.0% | 36.9% | -19.2% | -20.9% | 4.5% | |
| Book Value / Share | 0.0% | -74.1% | -6.6% | 173.2% | 54.9% | 40.3% | 21.7% | -25.2% | -25.7% | -2.9% | |
| Debt | 0.0% | -18.1% | 6.2% | -20.4% | 365.3% | 74.9% | 50.8% | -0.9% | -9.6% | 61.5% | |
| Diluted Shares | 0.0% | 0.0% | 41.7% | 3.2% | 42.7% | 23.1% | 11.7% | 5.6% | 2.0% | 3.1% |
Valuation
P/E (TTM)At Loss
P/S18.42
10Y Low / Med / High4.47 / 14.65 / 115.88
P/B16.91
10Y Low / Med / High1.85 / 4.31 / 8.89
EV/EBITDAAt Loss
EV/Revenue18.36
10Y Low / Med / High3.92 / 11.86 / 108.20
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$5.62
Net Current Assets / Share
$1.44
Graham Net-Net
$0.11
Cash / Share
$2.67
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -5.96 | -4.43 | -5.22 | -6.09 | -21.28 | -33.96 | -8.72 | -5.63 | -12.55 | -21.65 | -54.41 | |
| P/S Ratio | 115.88 | 24.42 | 14.65 | 12.06 | 33.04 | 39.00 | 9.33 | 4.70 | 8.38 | 4.47 | 18.42 | |
| P/B Ratio | -3.43 | -1.97 | -1.85 | 4.31 | 8.85 | 8.89 | 2.41 | 1.85 | 5.55 | 3.56 | 16.91 | |
| EV/EBITDA | -6.28 | -4.54 | -4.71 | -6.17 | -22.10 | -33.07 | -7.63 | -5.51 | -14.03 | -31.43 | -73.55 | |
| EV/Revenue | 108.20 | 22.37 | 11.86 | 11.34 | 32.40 | 35.96 | 7.93 | 3.92 | 7.92 | 4.35 | 18.36 |
Analyst Estimates & Quality
Altman Z-Score
18.42
Safe
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2027 | FY2028 | FY2029 |
|---|---|---|---|
| Revenue | $548.6M | $645.8M | $773.5M |
| Net Income | -$78.3M | -$53.2M | -$3.6M |
| EPS | $-1.31 | $-0.87 | $-0.06 |
| # Analysts (EPS) | 5 | 8 | 3 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| DNA And Biopharma Libraries | $6.3M | — | — | — | — | — |
| NGS Tools | $44.0M | — | — | — | — | — |
| Oligo Pools | $4.5M | $8.0M | $12.4M | $14.5M | $16.9M | $20.2M |
| Synthetic Genes | $35.2M | $39.0M | $61.5M | $73.5M | $92.7M | $113.6M |
| Dna And Biopharma Libraries | — | $12.7M | $6.1M | $10.2M | $13.9M | $11.2M |
| Ngs Tools | — | $72.7M | $99.3M | $123.7M | $169.1M | $208.1M |
| Antibody Discovery | — | — | $24.2M | $23.2M | $20.3M | $23.5M |
By Geography
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Americas | $1.1M | $77.9M | $122.5M | $151.3M | $193.9M | $225.6M |
| Asia Pacific | $5.1M | $10.3M | $19.0M | $22.5M | $26.5M | $26.8M |
| EMEA | $25.8M | — | $62.1M | $71.4M | $92.6M | $124.2M |
| UNITED STATES | $58.1M | — | — | — | — | — |
| E M E A | — | $44.1M | — | — | — | — |