Krystal Biotech
KRYS · NasdaqBiological Products, (No Diagnostic Substances) · Fiscal year ends Dec 31
Krystal Biotech reported revenue of $389M in the fiscal year ended Dec 2025, up 33.9% from the year before. Operating income was $161M, an operating margin of 41.5%, and net income was $205M. Operating cash flow of $201M less capital expenditure of $12M left free cash flow of $189M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $0 | $0 | $51M | $291M | $389M |
| Research & development | $28M | $42M | $46M | $54M | $58M |
| Selling, general & admin | – | $78M | $98M | $114M | $147M |
| Operating income | −$68M | −$145M | −$110M | $66M | $161M |
| Interest expense | $1M | $0 | $0 | – | – |
| Pre-tax income | −$70M | −$140M | $13M | $95M | $189M |
| Income tax | $0 | $0 | $2M | $6M | −$15M |
| Net income | −$70M | −$140M | $11M | $89M | $205M |
| Diluted EPS | −3.13 | −5.49 | 0.39 | 3.00 | 6.84 |
| Diluted shares | 22M | 25M | 28M | 30M | 30M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $341M | $162M | $358M | $345M | $496M |
| Receivables | – | $0 | $42M | $105M | $127M |
| Inventory | – | $0 | $7M | $27M | $40M |
| Current assets | $442M | $384M | $588M | $742M | $1B |
| Net PP&E | $112M | $162M | $161M | $155M | $151M |
| Total assets | $626M | $558M | $818M | $1.1B | $1.3B |
| Payables | $8M | $4M | $4M | $5M | $3M |
| Current liabilities | $26M | $29M | $33M | $102M | $103M |
| Total liabilities | $33M | $36M | $40M | $109M | $114M |
| Shareholders' equity | $594M | $522M | $779M | $946M | $1.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$48M | −$101M | −$89M | $123M | $201M |
| Capital expenditure | $68M | $53M | $12M | $4M | $12M |
| Free cash flow | −$116M | −$154M | −$101M | $119M | $189M |
| Depreciation & amortisation | $3M | $4M | $5M | $6M | $6M |
| Stock-based compensation | $15M | $33M | $40M | $49M | $55M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | – | – | 473.0% | 33.9% |
| Operating income growth (YoY) | – | – | – | – | 145.3% |
| EPS growth (YoY) | – | – | – | 669.2% | 128.0% |
| Operating margin | – | – | −216.2% | 22.6% | 41.5% |
| Net margin | – | – | 21.6% | 30.7% | 52.6% |
| Return on equityBlank when equity is negative | −11.7% | −26.8% | 1.4% | 9.4% | 16.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −11.4% | −27.4% | −14.0% | 6.9% | 13.1% |
| Free cash flow margin | – | – | −198.4% | 41.0% | 48.5% |
| Cash conversion (CFO ÷ net income) | 0.69x | 0.72x | −8.12x | 1.38x | 0.98x |
| Receivable days | – | – | 303 | 132 | 120 |
| Interest cover | −45.8x | – | – | – | – |
| Current ratio | 17.2x | 13.3x | 17.8x | 7.28x | 9.95x |
Recent filings
More in Biological Products, (No Diagnostic Substances)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.