Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Keros Therapeutics, 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
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
10
0
20.1
0
0.15
3.55
244
Research and development
17.4
33.9
55.1
87.3
135
174
130
General and administrative
3.18
12.8
21.3
27.5
34.8
40.8
46.8
Operating expenses
20.6
46.7
76.5
115
170
214
176
Operating income
-10.6
-46.7
-56.4
-115
-170
-211
67.6
Interest expense
0.01
0
0
0
0
Other non-operating income
-1.77
1.12
-0.36
10.1
16.9
23.8
24.3
Pre-tax income
-12.3
-45.5
-56.7
-105
-153
-187
91.9
Income tax
0
-0.17
2.01
0
0
0.3
4.88
Net income
-12.3
-45.4
-58.7
-105
-153
-187
87
EBITDA
-10.4
-46.4
-56
-114
-169
-210
69.1
EPS, basic
-6.08
-2.93
-2.52
-4.15
-5.20
-5.00
2.34
EPS, diluted
-6.08
-2.93
-2.52
-4.15
-5.20
-5.00
2.30
Shares, basic (weighted)
2.33
15.5
23.3
25.2
29.4
37.4
37.2
Shares, diluted (weighted)
2.33
15.5
23.3
25.2
29.4
37.4
37.9
Balance sheet
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
7.02
266
230
279
331
560
287
Receivables
0
18
0
0.14
2.74
3.57
Other current assets
0.22
0.16
0.21
0.28
1
1.45
2.4
Total current assets
8.93
268
251
286
347
589
315
Property, plant and equipment
0.71
0.72
1.34
2.02
4.13
4.24
4.3
Lease right-of-use assets
1.21
0.88
1.07
15.5
15.3
19.3
16.8
Other non-current assets
0
0.08
2.12
2.05
2.06
0
Total assets
11
269
255
307
370
616
338
Accounts payable
2.09
2.15
3.65
3.34
5.45
4.6
1.97
Accrued liabilities
2.02
4.61
7.34
12.8
17.9
20.9
16
Deferred revenue
0
Total current liabilities
4.49
7.18
11.8
16.5
24.4
27.5
20.4
Lease liabilities
0.9
0.48
0.23
12.8
13.4
16.9
14.5
Other non-current liabilities
0.12
0.06
0
Total liabilities
10.5
7.72
12.1
29.4
37.8
44.3
34.9
Paid-in capital
0.2
327
367
506
714
1,140
1,169
Retained earnings
-19.7
-65
-124
-228
-381
-569
-482
Treasury stock
0
-385
Shareholders' equity
-19.4
262
243
277
332
572
303
Total equity
-19.4
262
243
277
332
572
303
Total liabilities and equity
11
269
255
307
370
616
338
Shares outstanding
2.43
23.2
24
27.5
31.8
40.6
19.5
Cash flow statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-12.3
-45.4
-58.7
-105
-153
-187
87
Depreciation and amortization
0.21
0.28
0.38
0.67
0.82
1.23
1.51
Stock-based compensation
0.06
4.1
11.7
18.7
28.8
34.9
28.7
Deferred income tax
0
0
0
0
0
0
0
Change in receivables
0
-18
18
-0.14
-2.6
-0.83
Change in payables
1.31
0.06
1.49
-0.41
1.61
-0.25
-3
Cash from operations
-16
-36.9
-62.1
-70.1
-125
-161
108
Capital expenditures
-0.27
-0.29
-1.02
-1.24
-2.46
-1.93
-1.55
Cash from investing
-0.27
-0.29
-1.02
-1.24
-2.46
-1.93
-1.55
Stock issued
0
141
0.38
0.82
3.23
12.1
0.15
Share buybacks
0
-375
Cash from financing
0.01
296
28.6
120
179
392
-378
Net change in cash
-16.3
259
-34.6
49
52
229
-273
Free cash flow
-16.3
-37.2
-63.2
-71.3
-127
-163
106
Income taxes paid
0.26
0
0
7.15
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 $11.62 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-675.8%
Operating income / revenue.
EBITDA margin
-665.2%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-573.4%
Pre-tax income / revenue.
Net margin
-553.9%
Net income / revenue.
FCF margin
-322.9%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-319.7%
Cash from operations / revenue.
Return on equity (ROE)
-31.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-28.9%
Net income / average total assets.
Return on invested capital (ROIC)
-1,700.0%
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
505.3%
Research and development expense / revenue.
Stock-based pay / revenue
152.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
3.3%
Capital expenditures / revenue.
D&A / revenue
10.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
6,775.0%
Revenue vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-47.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
3.0%
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
3.0%
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
-45.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
3.3%
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
4.6%
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
1.1%
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
14.5%
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
19.5%
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
22.0x
Current assets / current liabilities.
Quick ratio
21.2x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
21.2x
(Cash + short-term investments) / current liabilities.
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
$0.76
Revenue / diluted weighted shares.
FCF per share
-$2.45
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$2.42
Cash from operations / diluted weighted shares.
Book value per share
$13.23
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
15.3x
Market cap / revenue.
P/B
0.88x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.88x
Market cap / tangible book value, when positive.
FCF yield
-21.0%
Free cash flow / market cap.
Earnings yield
-36.1%
Net income / market cap (the inverse of P/E).
What was Keros Therapeutics, Inc.'s revenue in fiscal 2025?
Keros Therapeutics, Inc. reported revenue of $244.1M for fiscal 2025, 6,775% higher than the year before.
Was Keros Therapeutics, Inc. profitable in fiscal 2025?
Yes. Net income was $87.0M, a net margin of 35.7%.
How much free cash flow did Keros Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $107.5M minus capital expenditures of $1.6M left free cash flow of $106.0M.
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.