Alector, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Alector, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3.74	27.7	21.2	21.1	207	134	97.1	101	21
Research and development	29.9	73	101	157	189	210	192	186	123
General and administrative	6.5	11.9	35.1	59.4	55	61	56.7	59.6	54
Operating expenses	36.4	85	136	216	244	271	249	246	177
Operating income	-32.7	-57.3	-114	-195	-37.4	-138	-152	-145	-156
Other non-operating income	0.2	5.04	9.02	4.95	1.03	7.78	26.6	26.1	13.2
Pre-tax income				-190	-36.3	-130	-125	-119	-143
Income tax			0	0	0	3.25	5.21	0.13	0.17
Net income	-32.5	-52.2	-105	-190	-36.3	-133	-130	-119	-143
EBITDA	-32	-56.3	-111	-189	-31	-132	-146	-140	-150
EPS, basic	-3.55	-4.62	-1.71	-2.45	-0.45	-1.62	-1.56	-1.23	-1.39
EPS, diluted	-3.55	-4.62	-1.71	-2.45	-0.45	-1.62	-1.56	-1.23	-1.39
Shares, basic (weighted)	9.14	11.3	61.7	77.8	80.4	82.5	83.7	96.6	103
Shares, diluted (weighted)	9.14	11.3	61.7	77.8	80.4	82.5	83.7	96.6	103

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	32.5	65.5	89.6	50	329	154	74.6	33	65.8
Short-term investments		225	263	363	406	559	474	380	190
Other current assets		2.77	4.36	8.2	7.07	11	16.9	11.4	10.4
Total current assets		293	357	422	750	726	566	425	266
Property, plant and equipment		10.9	33.9	30.2	27.3	25.5	21.9	17.1	10.8
Lease right-of-use assets			28.5	32.5	30.6	27.8	25.2	20	13.7
Other non-current assets		2.77	0.68	2.62	5.57	6.41	7.42	4.54	0.39
Total assets		308	422	488	815	788	622	468	293
Accounts payable		0.13	0.28	3	4.75	4.19	3.78	2.22	1.69
Accrued liabilities		8.44	18.3	22.5	27.5	27.8	30.4	28.9	19.3
Deferred revenue		34.9	30.2	23.9	90.8	48.2	83	23.7	6.68
Short-term debt								0	0.37
Total current liabilities		47.9	62	68.1	140	93.8	178	125	69.5
Long-term debt							0	9.39	9.32
Lease liabilities			41.5	43.7	39.8	35.3	30.5	24.4	17.5
Other non-current liabilities		0.1	0.49	0.47	0.16	0.76	1.37	1.23	1.74
Total liabilities		195	227	221	514	573	488	342	263
Total debt							0	10	10
Paid-in capital		17.1	414	677	748	799	844	956	1,003
Retained earnings		-114	-220	-410	-446	-580	-710	-829	-972
Other comprehensive income		-0.04	0.14	0.61	-0.94	-4.58	0.18	0.26	0.17
Shareholders' equity	-52	-97.4	195	268	301	214	134	127	30.6
Total equity	-52	-97.4	195	268	301	214	134	127	30.6
Total liabilities and equity		308	422	488	815	788	622	468	293
Shares outstanding		13.8	69.1	79.3	82	82.9	84.9	99.1	110

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-32.5	-52.2	-105	-190	-36.3	-133	-130	-119	-143
Depreciation and amortization	0.68	1.02	3.78	5.87	6.33	5.71	5.73	5.41	5.72
Stock-based compensation	5.35	6.93	16.3	30.5	40.8	46.1	42.8	39.5	26.7
Change in payables	-0.04	-0.81	0.15	2.41	1.92	-0.57	-0.38	-1.44	-0.52
Cash from operations	-17.8	127	-99.3	-167	299	-20.3	-184	-230	-184
Capital expenditures	-0.8	-1.88	-15.3	-5.03	-3.25	-4.12	-2.38	-1.26	-0.04
Purchases of investments		-472	-530	-507	-343	-557	-552	-468	-272
Sales and maturities of investments		250	0	0	10.7	0	3.51	2.57	2.98
Cash from investing	-0.8	-224	-48.9	-105	-49.7	-159	102	107	197
Stock issued			1.52	6.33	28.5	3.06	1.08	71.1	20
Cash from financing	-0.02	131	172	232	30.3	4.51	2.55	81.5	20.2
Net change in cash	-18.6	34.5	24.2	-39.7	279	-175	-79.7	-41.2	32.8
Free cash flow	-18.6	126	-115	-172	295	-24.4	-187	-231	-184
Interest paid								0	0.86
Income taxes paid								-0.1	-0.88

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.53 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	20.2%	Operating income / revenue.
EBITDA margin	22.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	24.1%	Pre-tax income / revenue.
Net margin	23.9%	Net income / revenue.
FCF margin	-86.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-86.4%	Cash from operations / revenue.
Effective tax rate	0.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	35.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	25.0%	Net income / average total assets.
Return on invested capital (ROIC)	84.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	57.5%	Research and development expense / revenue.
Stock-based pay / revenue	7.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	2.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-79.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-46.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-0.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-75.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-47.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-35.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-37.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-28.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-9.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	6.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	7.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.10x	Current assets / current liabilities.
Quick ratio	3.92x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.92x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.0%	Total debt / total assets.
Liabilities / assets	29.7%	Total liabilities / total assets.
Net debt	-$138.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-3.53x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$109.9M	Current assets - current liabilities.
Tangible book value	$116.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.05x	Revenue / average total assets.
Fixed asset turnover	22.7x	Revenue / average property, plant and equipment.
FCF conversion	-362.3%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.37	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$1.54	Revenue / diluted weighted shares.
FCF per share	-$1.33	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$1.33	Cash from operations / diluted weighted shares.
Book value per share	$1.04	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.04	Tangible book value / shares outstanding.
Cash per share	$1.24	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$282.5M	Share price x shares outstanding.
Enterprise value	$143.8M	Market cap + total debt - cash - short-term investments.
P/E	6.82x	Market cap / net income. Only when net income is positive.
P/S	1.63x	Market cap / revenue.
P/B	2.42x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.42x	Market cap / tangible book value, when positive.
EV/Sales	0.83x	Enterprise value / revenue.
EV/EBIT	4.11x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.66x	Enterprise value / EBITDA, when both are positive.
FCF yield	-53.1%	Free cash flow / market cap.
Earnings yield	14.7%	Net income / market cap (the inverse of P/E).

What was Alector, Inc.'s revenue in fiscal 2025?

Alector, Inc. reported revenue of $21.0M for fiscal 2025, 79.1% lower than the year before.

Was Alector, Inc. profitable in fiscal 2025?

No. It reported a net loss of $142.9M.

How much free cash flow did Alector, Inc. generate in fiscal 2025?

Cash from operations of $184.0M minus capital expenditures of $41.0K left free cash flow of -$184.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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