Cytek Biosciences, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Cytek Biosciences, 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

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	92.8	128	164	193	200	201
Cost of revenue	41.1	48.8	63.1	83.6	89.3	97
Gross profit	51.7	79.1	101	109	111	104
Research and development	13.7	24.4	34.9	44.2	39.4	36.5
Selling and marketing	15	24.7	33.2	49.1	49.1	49.4
General and administrative	9.37	20.8	34.7	44	43.1	58.9
Operating expenses	38.1	70	103	137	132	145
Operating income	13.7	9.16	-1.8	-27.8	-20.5	-40.4
Interest expense	0.33	1.74	2.57	2.07	-5.24	0.47
Interest income	0.11	0.05	4.62	6.41	5.12	2.22
Other non-operating income	0.77	-3.22	3.06	12.1	14.8	10.5
Pre-tax income	14.4	5.94	1.26	-15.7	-5.7	-29.8
Income tax	-4.98	2.91	-1.22	-3.56	0.32	36.7
Net income to minority interests	0	0.03	-0.09	0	0	0
Net income	19.4	3.03	2.48	-12.1	-6.02	-66.5
EBITDA	14.3	10.4	0.69	-21.8	-13.3	-32.8
EPS, basic	0.11	0.00	0.02	-0.09
EPS, diluted	0.10	0.00	0.02	-0.09
Shares, basic (weighted)	29.1	76.7	135	135	131	128
Shares, diluted (weighted)	32.6	81.5	139	135	131	128

Balance sheet

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	165	365	297	167	98.7	90.9
Receivables	17	29.8	48.9	55.9	60.6	62.5
Inventory	23	32.2	48.2	60.9	43.9	48.4
Other current assets	0.45	0.71	3.8	2.23	1.94	2.98
Total current assets	209	432	454	392	396	392
Property, plant and equipment	2.14	5.85	13.7	18.4	18	18
Lease right-of-use assets		0	13.9	10.9	10.2	11.3
Goodwill	0.48	10.1	10.1	16.2	16.7	16.7
Intangible assets	0.27	4.74	4.33	23.1	20.1	16.8
Other non-current assets	1.09	1.67	2.96	3.39	4.76	6.7
Total assets	220	463	519	494	500	462
Accounts payable	2.94	3.03	4.81	3.03	5.53	6.41
Accrued liabilities	9.05	15.3	21.1	20	21.4	23.4
Deferred revenue	7.12	16.9	26.1	22.7	25.5	28.5
Total current liabilities	26.5	33.2	49	56.2	67.7	77.8
Lease liabilities		0	12.3	9.48	7.55	14
Other non-current liabilities	0.74	1.2	1.59	2.43	2.36	2.31
Total liabilities	41.7	57.9	93.9	101	104	120
Paid-in capital	6.49	424	443	423	431	441
Retained earnings	-22.6	-19.6	-17	-29.2	-35.2	-102
Other comprehensive income	0.07	0.9	-0.7	-1.28	0.02	2.24
Shareholders' equity	-16	405	426	393	396	342
Total equity	-16	405	426	393	396	342
Total liabilities and equity	220	463	519	494	500	462
Shares outstanding	31.2	134	135	131	129	129

Cash flow statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	19.4	3.03	2.48	-12.1	-6.02	-66.5
Depreciation and amortization	0.6	1.24	2.49	6.05	7.21	7.58
Stock-based compensation	0.61	6.59	16.6	22	26.8	24.6
Deferred income tax	-7.38	-1.8	0	0	-2.89	33.6
Change in receivables	0.33	-12.4	-19.7	-7.33	-5.43	0.37
Change in inventory	-5.7	-7.07	-17.7	4.29	14.8	-5.24
Change in payables	0.06	-0.26	1.86	-1.78	2.58	0.45
Cash from operations	15.2	4.63	-12.2	5.28	25.4	-4.69
Capital expenditures	-1.55	-4.36	-9.75	-4.65	-3.53	-4.08
Acquisitions	0	-17	0	-44.9	-0.47	0
Sales and maturities of investments		0	0	132	195	292
Cash from investing	-1.55	-21	-55.9	-93.9	-83	10.1
Debt issued	0	0	2.98	0	0
Debt repaid		0	-0.05	-0.57	-0.56	-4.75
Stock issued	0.17	0.64	1.2	1.47	1.02	0.33
Share buybacks		0	0	-44.2	-21.6	-15.1
Cash from financing	123	214	5.51	-41.8	-15.8	-13.4
Exchange rate effect	-0.59	1.3	-2.49	-1.45	4.53	0.11
Net change in cash	136	198	-65.1	-132	-68.9	-7.89
Free cash flow	13.6	0.27	-22	0.63	21.9	-8.77
Income taxes paid	2.07	2.86	10.4	5.31	3.83	2.16

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.65 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	53.2%	Gross profit / revenue.
Operating margin	-21.6%	Operating income / revenue.
EBITDA margin	-18.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-39.0%	Net income / revenue.
FCF margin	-5.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-2.9%	Cash from operations / revenue.
Return on equity (ROE)	-25.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-18.0%	Net income / average total assets.
Return on invested capital (ROIC)	-14.2%	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	18.0%	Research and development expense / revenue.
Stock-based pay / revenue	10.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.9%	Capital expenditures / revenue.
D&A / revenue	2.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-6.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	15.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-118.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-140.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-13.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-7.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.9%	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	16.0%	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	-2.2%	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	-2.7%	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	31.4%	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	4.48x	Current assets / current liabilities.
Quick ratio	1.46x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.88x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	28.0%	Total liabilities / total assets.
Interest coverage	-143x	Operating income / interest expense.
Working capital	$293.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	7.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$290.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	9.94x	Revenue / average property, plant and equipment.
Inventory turnover	1.85x	Cost of revenue / average inventory.
Days inventory	197 days	365 x average inventory / cost of revenue.
Receivables turnover	4.16x	Revenue / average receivables.
Days sales outstanding	88 days	365 x average receivables / revenue.
Days payables	32 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	253 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.62	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	$1.60	Revenue / diluted weighted shares.
FCF per share	-$0.09	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.05	Cash from operations / diluted weighted shares.
Book value per share	$2.48	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.23	Tangible book value / shares outstanding.
Cash per share	$0.57	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$734.4M	Share price x shares outstanding.
Enterprise value	$660.6M	Market cap + total debt - cash - short-term investments.
P/S	3.55x	Market cap / revenue.
P/B	2.28x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.53x	Market cap / tangible book value, when positive.
EV/Sales	3.20x	Enterprise value / revenue.
FCF yield	-1.6%	Free cash flow / market cap.
Earnings yield	-11.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

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

Cytek Biosciences, Inc. reported revenue of $201.5M for fiscal 2025, 0.5% higher than the year before.

Was Cytek Biosciences, Inc. profitable in fiscal 2025?

No. It reported a net loss of $66.5M.

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

Cash from operations of $4.7M minus capital expenditures of $4.1M left free cash flow of -$8.8M.

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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