Twist Bioscience
TWST · NasdaqBiological Products, (No Diagnostic Substances) · Fiscal year ends Sep 30
Twist Bioscience reported revenue of $377M in the fiscal year ended Sep 2025, up 20.3% from the year before. Operating income was −$136M, an operating margin of −36.2%, and net income was −$78M. Operating cash flow of −$48M less capital expenditure of $28M left free cash flow of −$76M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | $132M | $204M | $245M | $313M | $377M |
| Cost of revenue | $81M | $119M | $155M | $180M | $186M |
| Gross profit | $52M | $84M | $90M | $133M | $191M |
| Research & development | $69M | $120M | $107M | $91M | $80M |
| Selling, general & admin | $136M | $213M | $190M | $218M | $247M |
| Operating income | −$153M | −$235M | −$217M | −$221M | −$136M |
| Interest expense | $367,000 | $80,000 | $5,000 | $29,000 | – |
| Pre-tax income | −$154M | −$228M | −$203M | −$208M | −$77M |
| Income tax | −$2M | −$10M | $1M | $560,000 | $719,000 |
| Net income | −$152M | −$218M | −$205M | −$209M | −$78M |
| Diluted EPS | −3.15 | −4.04 | −3.60 | −3.60 | −1.30 |
| Diluted shares | 48M | 54M | 57M | 58M | 60M |
Balance sheet
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $466M | $379M | $286M | $226M | $183M |
| Receivables | $29M | $40M | $44M | $35M | $57M |
| Inventory | $32M | $39M | $32M | $24M | $28M |
| Current assets | $546M | $596M | $424M | $347M | $333M |
| Net PP&E | $44M | $139M | $132M | $103M | $102M |
| Goodwill | $22M | $86M | $86M | $86M | $82M |
| Total assets | $702M | $961M | $776M | $614M | $642M |
| Payables | $15M | $20M | $14M | $2M | $11M |
| Deferred revenue | $1M | $4M | $3M | $2M | $7M |
| Current liabilities | $63M | $91M | $73M | $71M | $91M |
| Short-term debt | $2M | $0 | – | – | – |
| Total liabilities | $121M | $172M | $153M | $142M | $169M |
| Shareholders' equity | $581M | $789M | $623M | $473M | $473M |
| Backlog (remaining obligations) | – | $5M | $5M | $9M | $15M |
Cash flow
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$112M | −$124M | −$142M | −$64M | −$48M |
| Capital expenditure | $27M | $102M | $28M | $5M | $28M |
| Free cash flow | −$139M | −$226M | −$170M | −$69M | −$76M |
| Depreciation & amortisation | $10M | $17M | $29M | $31M | $25M |
| Stock-based compensation | $37M | $80M | $30M | $51M | $64M |
| Acquisitions | $483,000 | $8M | $0 | $0 | – |
Key ratios
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 53.8% | 20.4% | 27.7% | 20.3% |
| Gross margin | 39.1% | 41.4% | 36.6% | 42.6% | 50.7% |
| Operating margin | −115.4% | −115.3% | −88.6% | −70.6% | −36.2% |
| Net margin | −114.9% | −107.0% | −83.5% | −66.7% | −20.6% |
| Return on equityBlank when equity is negative | −26.2% | −27.6% | −32.8% | −44.2% | −16.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −23.9% | −27.0% | −30.9% | −40.6% | −24.8% |
| Free cash flow margin | −105.3% | −111.1% | −69.5% | −22.1% | −20.1% |
| Cash conversion (CFO ÷ net income) | 0.74x | 0.57x | 0.70x | 0.31x | 0.61x |
| Receivable days | 79 | 72 | 66 | 41 | 55 |
| Inventory days | 144 | 120 | 75 | 49 | 56 |
| Payable days | 67 | 61 | 33 | 3 | 22 |
| Interest cover | −416x | −2935x | −43432x | −7615x | – |
| Current ratio | 8.67x | 6.58x | 5.79x | 4.88x | 3.64x |
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.