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Krystal Biotech, Inc. (KRYS) stock

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NASDAQ: KRYS Nasdaq Biotechnology Next results ~January 11, 2027

B+ Fundamentals grade

Krystal Biotech, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$240

Cash-flow model

Base case. Range ~$190–$300 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 23% above our base value.

Price used: $295.90, November 2, 2026

Krystal Biotech, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 142 sales by directors and officers, last 12 monthsInsider trades
  • Funds260 adding, 143 cuttingOf 47 active managers that changed their stake, 26 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Krystal Biotech files

10-Q filed November 2: Krystal Biotech

Model value +8.1%

Krystal Biotech's revenue reached $470m in the twelve months to September 2026, a 26.0% rise on the prior year and an acceleration from the 22.6% growth seen a quarter earlier. Profitability also improved: the free-cash-flow margin climbed to 66.0% from 44.4%, while the operating margin widened to 48.4% from 42.4%. Shareholders, however, face some dilution, as the diluted share count grew 2.3% over the year. These gains lift the fundamentals grade from B to B+, and our model value edges up from $223 to $241 a share. Against a current share price of $285, the rating stays Sell.

Source: 10-Q filed November 2, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Krystal Biotech stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $440m, up 22.6% on a year earlier, slower than the 25.1% growth a quarter earlier. Free-cash-flow margin rose to 58.5% from 51.6% a year earlier. Operating margin widened to 44.9% from 38.8%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $223 a share, against a share price of $322.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 11, 2027 (estimated)

Krystal Biotech, Inc.'s trailing-twelve-month revenue grew 26.0% year on year, with a free-cash-flow margin of 66.0%. Where it stands out: free-cash-flow margin of 66.0% ranks 2 of 176 biotechnology companies we cover.

Our discounted-cash-flow model values the business at ~$240 per share in the base case (~$190–$300 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 87.3% while net income grew 13.2%: a 74pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 26.0% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Growth speeding up. The growth rate is 3.3 points higher than a quarter earlier.
  • High operating margin. 48.4% of revenue is left as operating profit, against a median of -189.4% for biotechnology companies we cover.
  • Margins widening. Operating margin is up 6.0 points on a year ago.
  • Strong cash generation. 66.0% of revenue turned into free cash flow, against a median of -145.4% for biotechnology companies we cover.

Things to watch

  • Share dilution. Diluted shares rose 2.3% in a year.
  • High earnings multiple. The shares trade at 40 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 6 insiders sold $105M of stock over the past 365 days and none bought (88% under pre-set trading plans).
  • Heavily shorted. 16.2% of the shares available to trade are sold short (9.8 days of average volume to cover).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 6.4% over 90 days.

Latest results: FY2026 Q3

Filed November 2, 2026
Earnings per share
$2.05 against an average estimate of $1.92: beat by 6.9%
Revenue
$127m, up 30.2% on a year earlier
Guidance given
non-GAAP Research and Development ("R&D") and Selling, General and Administrative ("SG&A") expense $175m to $195m (FY 2026 Guidance)
Next report
November 2, 2026; average EPS estimate $2.19

Krystal Biotech's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-11.0%
  • 1 week-5.7%
  • 1 month-8.2%
  • This year+20.0%
  • 1 year+49.8%
  • 5 years+460.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$470M
Operating margin
48.4%
Net margin
47.9%
EPS (TTM, diluted)
$7.36

Growth

Revenue growth
+26.0%
Change in growth rate
+3.3 pts
Share count change
+2.3%

Cash

Free cash flow (TTM)
$310M
FCF margin
66.0%
Stock pay % of revenue
11.8%

Earnings

Last results
November 2, 2026
Next results (est.)
January 11, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Insider trade
  4. Insider trade
  5. Results
  6. Guidance
  7. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Krystal Biotech, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 21.6% a year of cash-flow growth for five years.That is slower than the 280.1% a year revenue growth Krystal Biotech has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in21.6%
  • Last 12 months26.0%
  • 3 years a year280.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($303.10, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$240
Price used
$303.10close November 3, 2026
Implied change
▼ 21%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Krystal Biotech, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($163M, FY2026 Q3 TTM), growing 22.6% and 18% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$190–~$300 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Krystal Biotech, Inc.'s free cash flow after stock-based pay ( $163M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Krystal Biotech, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.97 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$240 ~$190–$300 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$150 ~$110–$180 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$110 ~$100–$210 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$15 ~$8.8–$24 Left out: out of range vs price (0.05x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity below long-run growth
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$180 ~$110–$240 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Krystal Biotech, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −22%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −1%
  • Last year's free-cash-flow margin change, if it persists ▲ +44%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $110$139$177$226$291$375
8.5% $92$112$139$175$221$281
10% $80$96$117$144$180$225

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$69.95$79.22$124.06$156.66$246.54$295.90
Market value$1.6bn$2.0bn$3.4bn$4.7bn$7.4bn$9.1bn
+ Net debt (− = net cash)−$341m−$162m−$358m−$345m−$496m−$463m
Enterprise value$1.2bn$1.9bn$3.1bn$4.3bn$6.9bn$8.6bn
Multiples
Price / sales ——67.9x16.0x19.0x19.3x
Price / earnings ——n/m52.3x36.0x40.2x
Price / free cash flow ———39.1x39.1x29.2x
EV / EBITDA ———60.2x41.2x36.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $7.65 +12% $496m +28%
Next $8.92 +17% $634m +28%

Next year's EPS estimate has moved −6.4% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −2.1% on 90 days ago. In the last 30 days, 0 analysts raised Krystal Biotech, Inc.'s forecast and 2 cut it.

Consensus EPS forecast Krystal Biotech, Inc., last 90 days
$7.50 $8.00 $8.50 $9.00 $9.50 $10.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.81 Current fiscal year, 60 days ago: $7.87 Current fiscal year, 30 days ago: $7.87 Current fiscal year, 7 days ago: $7.59 Current fiscal year, Now: $7.65 $7.65 Next fiscal year, 90 days ago: $9.53 Next fiscal year, 60 days ago: $9.40 Next fiscal year, 30 days ago: $9.32 Next fiscal year, 7 days ago: $8.95 Next fiscal year, Now: $8.92 $8.92

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.81$9.53
60 days ago $7.87$9.40
30 days ago $7.87$9.32
7 days ago $7.59$8.95
Now $7.65$8.92

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.92 $2.05 +6.9%
Jun 2026 $1.91 $1.79 −6.5%
Mar 2026 $1.42 $1.83 +29.0%
Dec 2025 $1.61 $1.70 +5.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 3, 2026
  • Non-GAAP Research and Development ("R&D") and Selling, General and Administrative ("SG&A") expense FY 2026 Guidance $175m to $195m Non-GAAP
    “Non-GAAP Research and Development ("R&D") and Selling, General and Administrative ("SG&A") expense (1) $175.0 - $195.0” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Krystal Biotech, Inc.'s revenue by +22.6% next year and +18.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+27.7%, weight 65%) and the company's own record (+13.0%, weight 35%) . How the weights are set.

Analyst recommendations

12 analysts, Nov 2026
Buy1192%
Hold18%
Sell00%

Monthly trend

  1. Nov 2026110112
  2. Oct 2026110112
  3. Sep 2026110112
  4. Aug 202619111

Counts of recommendations published by analysts covering Krystal Biotech, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
16.2%
of tradable shares
Days to cover
9.85
at average volume
Short interest, 1 month
−7%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
10.7%
of shares
Employees
295
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +49.8%

$197.51 on October 31, 2025 to $295.90

ThenNowEffect
Revenue (last 12 months) $359m $440m +22.6%
Net margin 40.8% 54.8% +34.2%
P/E multiple 40.3x 37.2x −7.7%
Share count 30m 30m −1.4%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
KRYS+17%+13%+57%+26%+57%+20%
Industry peers (median)−36%−57%−18%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
KRYS42%58%50%50%75%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
KRYS−53%−33%−26%−27%−37%−22%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since September 20, 2017: 53% from March 1, 2021 to November 26, 2021. Getting back needed a 115% gain, reached on November 29, 2021, 3 days after the low.

Price behaviour

52-week range
$197.85 – $378.15
From 52-week high
−21.8%
vs 50-day average
−12.1%
vs 200-day average
−4.1%
Volatility (1 year)
39%
Beta vs S&P 500
0.71

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 6 down
typical move ±11.1%
After a week
4 up, 7 down
typical move ±11.2%
After a month
6 up, 5 down
typical move ±12.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 −4.8% +3.3% −2.8% +6.7%
February 17, 2026 +2.5% +0.7% −3.5% −9.3%
January 12, 2026 +11.7% 0.0% +5.1% +4.3%
November 3, 2025 +2.9% −1.0% +1.0% +10.1%
August 4, 2025 −12.5% +1.0% −12.4% −4.3%
May 6, 2025 −15.7% −0.4% −17.1% −18.3%
November 4, 2024 −1.1% +1.0% +11.0% +6.4%
August 5, 2024 −6.9% −2.0% −3.9% −3.1%
May 6, 2024 +0.4% +1.1% −3.9% +4.1%
February 26, 2024 +52.8% −0.2% +43.7% +56.4%
November 6, 2023 −10.7% +0.5% −18.4% −16.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Krystal Biotech, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Krystal Biotech, Inc. in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Krystal Biotech, Inc.
$0 $200M $400M $600M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $50.7M Revenue (TTM), FY24 Q1: $95.9M Revenue (TTM), FY24 Q2: $166.2M Revenue (TTM), FY24 Q3: $241.5M Revenue (TTM), FY24 Q4: $290.5M Revenue (TTM), FY25 Q1: $333.4M Revenue (TTM), FY25 Q2: $359.2M Revenue (TTM), FY25 Q3: $373.2M Revenue (TTM), FY25 Q4: $389.1M Revenue (TTM), FY26 Q1: $417.3M Revenue (TTM), FY26 Q2: $440.5M Revenue (TTM), FY26 Q3: $470M $470M

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $50.7M
FY24 Q1 $95.9M
FY24 Q2 $166.2M
FY24 Q3 $241.5M
FY24 Q4 $290.5M
FY25 Q1 $333.4M
FY25 Q2 $359.2M
FY25 Q3 $373.2M
FY25 Q4 $389.1M
FY26 Q1 $417.3M
FY26 Q2 $440.5M
FY26 Q3 $470M
Revenue growth, TTM YoY Krystal Biotech, Inc.
0% 1000% 2000% 3000% FY24 Q3 FY25 Q1 FY25 Q3 FY26 Q1 FY26 Q3 Revenue growth, TTM YoY, FY24 Q3: 2722.8% Revenue growth, TTM YoY, FY24 Q4: 473.0% Revenue growth, TTM YoY, FY25 Q1: 247.5% Revenue growth, TTM YoY, FY25 Q2: 116.1% Revenue growth, TTM YoY, FY25 Q3: 54.5% Revenue growth, TTM YoY, FY25 Q4: 33.9% Revenue growth, TTM YoY, FY26 Q1: 25.1% Revenue growth, TTM YoY, FY26 Q2: 22.6% Revenue growth, TTM YoY, FY26 Q3: 26.0% 26.0%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 2722.8%
FY24 Q4 473.0%
FY25 Q1 247.5%
FY25 Q2 116.1%
FY25 Q3 54.5%
FY25 Q4 33.9%
FY26 Q1 25.1%
FY26 Q2 22.6%
FY26 Q3 26.0%
Operating margin (TTM) Krystal Biotech, Inc.
-300% -200% -100% 0% 100% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -216.2% Operating margin (TTM), FY24 Q1: -70.3% Operating margin (TTM), FY24 Q2: -12.6% Operating margin (TTM), FY24 Q3: 11.4% Operating margin (TTM), FY24 Q4: 22.6% Operating margin (TTM), FY25 Q1: 32.6% Operating margin (TTM), FY25 Q2: 38.8% Operating margin (TTM), FY25 Q3: 42.4% Operating margin (TTM), FY25 Q4: 41.5% Operating margin (TTM), FY26 Q1: 42.8% Operating margin (TTM), FY26 Q2: 44.9% Operating margin (TTM), FY26 Q3: 48.4% 48.4%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -216.2%
FY24 Q1 -70.3%
FY24 Q2 -12.6%
FY24 Q3 11.4%
FY24 Q4 22.6%
FY25 Q1 32.6%
FY25 Q2 38.8%
FY25 Q3 42.4%
FY25 Q4 41.5%
FY26 Q1 42.8%
FY26 Q2 44.9%
FY26 Q3 48.4%
FCF margin (TTM) Krystal Biotech, Inc.
-200% -100% 0% 100% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -198.4% FCF margin (TTM), FY24 Q1: -56.7% FCF margin (TTM), FY24 Q2: -13.7% FCF margin (TTM), FY24 Q3: 24.0% FCF margin (TTM), FY24 Q4: 41.0% FCF margin (TTM), FY25 Q1: 38.8% FCF margin (TTM), FY25 Q2: 51.6% FCF margin (TTM), FY25 Q3: 44.4% FCF margin (TTM), FY25 Q4: 48.5% FCF margin (TTM), FY26 Q1: 56.9% FCF margin (TTM), FY26 Q2: 58.5% FCF margin (TTM), FY26 Q3: 66.0% 66.0%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -198.4%
FY24 Q1 -56.7%
FY24 Q2 -13.7%
FY24 Q3 24.0%
FY24 Q4 41.0%
FY25 Q1 38.8%
FY25 Q2 51.6%
FY25 Q3 44.4%
FY25 Q4 48.5%
FY26 Q1 56.9%
FY26 Q2 58.5%
FY26 Q3 66.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Krystal Biotech took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $389M
  2. Other income $43.5M · 11.2%
  3. Research and development $58M · 14.9%
  4. Selling, general and admin $147M · 37.7%
  5. Other operating costs $23M · 5.9%
  6. Operating income $161M · 41.5%
  7. Net income $205M · 52.6%

Shares of revenue. Source: Krystal Biotech's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 0 0 51 291 389 470
EBITDA −66 −141 −105 72 167 234
Operating income −68 −145 −110 66 161 228
Net income −70 −140 11 89 205 225
Diluted EPS −$3.13 −$5.49 $0.39 $3.00 $6.84 $7.36
Growth (year on year)
Revenue — — — +473.0% +33.9% +26.0%
EBITDA — — — — +132.9% +42.5%
Operating income — — — — +145.3% +43.6%
Net income — — — +715.6% +129.7% +13.2%
Diluted EPS — — — +669.2% +128.0% +10.6%
Margins
EBITDA margin — — −206.3% 24.7% 42.9% 49.7%
Operating margin — — −216.2% 22.6% 41.5% 48.4%
Net margin — — 21.6% 30.7% 52.6% 47.9%
Free-cash-flow margin — — −198.4% 41.0% 48.5% 66.0%
Cash flow
Cash from operations −48 −101 −89 123 201 324
Capital spending 68 53 12 4 12 14
Free cash flow −116 −154 −101 119 189 310
Stock-based pay 15 33 40 49 55 55
Free cash flow after stock pay −132 −187 −141 70 134 255
Balance sheet
Cash 341 162 358 345 496 463
Total debt 0 0 0 0 0 0
Net debt (negative = net cash) −341 −162 −358 −345 −496 −463
Diluted shares 22m 25m 28m 30m 30m 31m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · September 30, 2026
What it owns · $1.6bn
Short-term assets $1.1bnLonger-term assets $464m
What it owes, and who funded it · $1.6bn
Short-term liabilities $142mLonger-term liabilities $8mShareholders' equity $1.4bn
  • Short-term assets cover short-term liabilities $1.1bn of assets due within a year against $142m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.1bn short-term assets against $8m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Krystal Biotech, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+2.3%
year over year
R&D spending
12.7%
of revenue
Sales & admin spending
33.2%
of revenue
Days sales outstanding
103 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated KRYS ARQT CRMD ARDX ADMA NVAX Median
Revenue, last 12 months $470m $464m $462m $451m $512m $414m $56m
Revenue growth, last 12 months 26.0% 76.1% 280.5% 16.8% 8.0% −61.6% 12.6%
Revenue growth, 3-year average 280.1% 241.4% >999% 75.9% 35.0% −36.3% 13.7%
Revenue growth, latest quarter 30.2% 59.3% 156.5% 23.8% 2.0% −76.3% 10.2%
Gross margin — 91.1% 82.8% 94.4% 64.7% 78.6% 82.9%
Operating margin 48.4% 7.4% 47.0% −7.9% 43.8% −56.6% −189.4%
Operating margin, 3-year average 34.1% −53.8% <−999% −15.5% 34.0% −17.9% −363.5%
Net margin 47.9% 6.1% 40.5% −12.4% 33.0% −59.9% −169.8%
Cash from operations / revenue 68.9% 8.5% 54.9% −3.8% 26.7% −8.9% −168.0%
Free-cash-flow margin 66.0% 8.4% 54.2% −4.0% 22.7% −10.2% −162.4%
Free-cash-flow margin, 3-year average 44.8% −50.3% <−999% −19.7% 18.9% −23.8% −310.0%
Stock pay / revenue 11.8% 9.4% 3.5% 12.1% 4.5% 7.8% 20.0%
Change in share count 2.3% 17.3% 23.2% 2.9% −3.2% 1.2% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 26.0% 12.6% 73 of 172
Change in growth rate Growth +3.3pp -0.1pp 61 of 172
Operating margin Profitability 48.4% -189.4% 3 of 175
Net margin Profitability 47.9% -157.3% 7 of 180
Free-cash-flow margin Cash generation 66.0% -145.4% 2 of 176
Stock pay as % of revenue Cash generation 11.8% 19.2% 67 of 179
Change in share count Balance sheet 2.3% 7.9% 49 of 156
Days sales outstanding Balance sheet 103 days 75 days 69 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$11B
Institutions reporting
419
Shares held vs prior quarter
▲ 4.3%
Positions opened / closed
85 / 34

Top buyers and sellers, Q2 2026: 260 institutions bought and 143 sold ; the biggest buyer was Blackrock, Inc (+241K shares) and the biggest seller Bellevue Group AG (−404K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $1.6B 4.4M 14.9% ▲ 1.0%
Blackrock, Inc. $1.6B 4.2M 14.1% ▲ 6.1%
Avoro Capital Advisors LLC $1.1B 2.9M 9.8% 0.0%
Vanguard Portfolio Management LLC $585M 1.6M 5.3% ▲ 8.1%
State Street Corp $502M 1.4M 4.6% ▲ 2.8%
Vanguard Capital Management LLC $461M 1.2M 4.2% ▲ 6.5%
Soleus Capital Management, L.P. $349M 939K 3.2% ▼ 18.5%
Capital World Investors $289M 778K 2.6% ▼ 5.7%
Geode Capital Management, LLC $260M 699K 2.4% ▲ 8.5%
Price T Rowe Associates Inc $255M 687K 2.3% ▲ 41.7%
Hood River Capital Management LLC $247M 663K 2.2% ▲ 7.1%
Redmile Group, LLC $235M 632K 2.1% ▼ 6.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Krystal Biotech, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $105M 142 trades by 6 insiders · 88% under pre-set plans
Net ▼ $105M net selling
Insider Date Trade Shares Price Value
Krishnan Krish S President and CEO September 4, 2026 Sell pre-set plan 573 $363.34 $208,194
Krishnan Krish S President and CEO September 4, 2026 Sell pre-set plan 2,010 $362.65 $728,926
Krishnan Krish S President and CEO September 4, 2026 Sell pre-set plan 1,214 $361.61 $438,995
Krishnan Krish S President and CEO September 4, 2026 Sell pre-set plan 2,266 $360.46 $816,802
Krishnan Krish S President and CEO September 4, 2026 Sell pre-set plan 3,357 $359.39 $1.2M
Krishnan Krish S President and CEO September 4, 2026 Sell pre-set plan 3,143 $358.42 $1.1M
Krishnan Krish S President and CEO September 4, 2026 Sell pre-set plan 3,981 $357.57 $1.4M
Krishnan Krish S President and CEO September 4, 2026 Sell pre-set plan 3,297 $356.37 $1.2M
Krishnan Krish S President and CEO September 4, 2026 Sell pre-set plan 2,029 $355.57 $721,452
Krishnan Krish S President and CEO September 4, 2026 Sell pre-set plan 520 $354.54 $184,361
Krishnan Krish S President and CEO September 4, 2026 Sell pre-set plan 405 $366.56 $148,457
Krishnan Krish S President and CEO September 4, 2026 Sell pre-set plan 847 $365.42 $309,511

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Krystal Biotech, Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Chris Jacobs(R-NY 27):Purchase, $1,001 - $15,000, traded December 12, 2022, filed January 20, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 11, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 3, 2026
  • February 17, 2026
  • January 12, 2026
  • November 3, 2025
  • August 4, 2025

Recent SEC filings

Data status

When each part of this page on Krystal Biotech, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Krystal Biotech, Inc. in brief

What does Krystal Biotech, Inc. do?
Krystal Biotech, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Krystal Biotech, Inc.'s stock ticker?
Krystal Biotech, Inc. trades under the ticker KRYS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Krystal Biotech, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Krystal Biotech, Inc. reported revenue of $470M, 26.0% higher than a year earlier, according to its SEC filings.
What is Krystal Biotech, Inc.'s free cash flow?
Krystal Biotech, Inc.'s free-cash-flow margin is 66.0% of revenue over the trailing twelve months, ranking 2 of the 176 biotechnology companies we cover.
What is Krystal Biotech, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Krystal Biotech, Inc.'s free cash flow after stock-based pay gives ~$240 per share in the base case, and ~$190–$300 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Krystal Biotech, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Blackrock, Inc. and Avoro Capital Advisors LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Krystal Biotech, Inc.'s market cap?
On November 2, 2026, Krystal Biotech, Inc.'s market capitalisation was about $9.1B, with a price-to-earnings ratio of 40.2 and net debt of -$463M. Market figures come from third-party market data and may be delayed.
Who are Krystal Biotech, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Krystal Biotech, Inc. are Arcutis Biotherapeutics, Inc., Cormedix Inc., Ardelyx, Inc., Adma Biologics, Inc. and Novavax Inc. The side-by-side comparison below sets their revenue, margins and growth against Krystal Biotech, Inc.'s.
Are insiders buying or selling Krystal Biotech, Inc. stock?
Over the last 12 months, Krystal Biotech, Inc.'s directors and officers reported 0 open-market purchases and 142 sales on Form 4. The insider trading page charts every trade.
When is Krystal Biotech, Inc.'s next earnings date?
Around January 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Krystal Biotech, Inc. announces its own schedule.