Krystal Biotech, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Krystal Biotech, 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	FY2017	FY2019	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Revenue						0	0	50.7	291	389
Research and development	0.74	3.21	7.76	15.6	17.9	27.9	42.5	46.4	53.6	58
Selling, general and administrative							77.7	98.3	114	147
General and administrative	0.4	1.56	4.16	6.47	15.1	40.4	77.7	98.4
Operating expenses	1.14	4.77	11.9	22.1	33	68.3	145	160	225	228
Operating income	-1.14	-4.77	-11.9	-22.1	-33	-68.3	-145	-110	65.7	161
Interest expense					0	1.49	0	0
Other non-operating income	-0.01	-3.15
Pre-tax income						-69.6	-140	12.9	95.4	189
Income tax		0	0	0	0	0	0	1.97	6.2	-15.4
Net income	-1.15	-7.92	-10.9	-19.1	-32.2	-69.6	-140	10.9	89.2	205
EBITDA	-1.14	-4.75	-11.8	-21	-31.1	-65.5	-141	-105	71.7	167
EPS, basic	-1.31	-1.48	-0.97	-1.20	-1.71	-3.13	-5.49	0.40	3.12	7.08
EPS, diluted	-1.31	-1.48	-0.97	-1.20	-1.71	-3.13	-5.49	0.39	3.00	6.84
Shares, basic (weighted)	0.88	5.36	11.2	15.9	18.8	22.2	25.5	27.2	28.6	28.9
Shares, diluted (weighted)	0.88	5.36	11.2	15.9	18.8	22.2	25.5	27.8	29.7	30

Balance sheet

	FY2017	FY2017	FY2019	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Cash and equivalents	1.92	49.6	104	188	268	341	162	358	345	496
Short-term investments			8.09	6.17	2.99	96.9	217	174	253	331
Receivables							0	42	105	127
Inventory							0	6.99	26.5	40.5
Other current assets	0.25	0.02	0.89	2.2	3.8	4.17	4.61	6.71	11.7	14.9
Total current assets	2.17	49.9	113	196	275	442	384	588	742	1,025
Property, plant and equipment	0.01	0.2	3.01	8.48	30.9	112	162	161	155	151
Lease right-of-use assets				2.71	3.3	7.23	8.04	7.03	6.28	7.24
Long-term investments				0.5	0	64.4	4.62	62	152	128
Other non-current assets			0.45	1.46	1.61	0.07	0.32	0.26	0.23	0.29
Total assets	2.18	50.1	116	209	311	626	558	818	1,056	1,334
Accounts payable	0.04	0.19	0.89	1.02	2.11	8.4	3.98	4.13	4.99	3.24
Total current liabilities	0.04	0.64	2.6	3.33	15.5	25.7	28.8	33.1	102	103
Lease liabilities				2.78	3.31	6.98	7.37	6.62	6.04	7.57
Other non-current liabilities			0.29					0	1.42	3.72
Total liabilities	1.89	0.64	2.89	6.11	18.8	32.7	36.2	39.7	109	114
Paid-in capital	0.03	58.5	133	242	363	735	804	1,048	1,127	1,194
Retained earnings	-1.15	-9.07	-20	-39	-71.2	-141	-281	-270	-181	24.2
Other comprehensive income			0	0.01	0.01	-0.16	-0.73	0.64	-0.19	1.14
Shareholders' equity	0.29	49.5	113	203	292	594	522	779	946	1,220
Total equity	0.29	49.5	113	203	292	594	522	779	946	1,220
Total liabilities and equity	2.18	50.1	116	209	311	626	558	818	1,056	1,334
Shares outstanding	0	10.3	14.4	17.4	19.7	25.2	25.8	28.2	28.8	29.2

Cash flow statement

	FY2017	FY2017	FY2019	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Net income	-1.15	-7.92	-10.9	-19.1	-32.2	-69.6	-140	10.9	89.2	205
Depreciation and amortization	0	0.02	0.14	1.09	1.85	2.77	4.06	5.01	5.97	5.72
Stock-based compensation	0.03	0.25	0.79	1.24	3.27	15.3	33.2	39.9	49.1	54.5
Deferred income tax	0	0	0	0	0	0	0	0	0	-27.3
Change in receivables						0	0	-42	-62.7	-22.1
Change in inventory						0	0	-4.48	-11.9	-6.29
Change in payables	0.04	0.13	0.11	-0.2	0.78	0.71	-1.25	-0.1	1.01	0.83
Cash from operations	-1.31	-3.89	-9.45	-18.7	-26.1	-47.9	-101	-88.8	123	201
Capital expenditures	-0.02	-0.21	-2.23	-6.4	-14.8	-68.3	-53	-11.8	-4.24	-12
Purchases of investments			-8.09	-8.6	-3.21	-190	-319	-509	-458	-423
Cash from investing	-0.02	-0.21	-10.3	-4.99	-11.2	-227	-114	82.6	-163	-58.4
Stock issued	0.1	42.5	73.8	108	118	356	29	160	0	0
Cash from financing	3.25	51.8	73.8	108	118	348	35.3	203	27	8.71
Exchange rate effect					0	0	-0.04	-0.16	-0.46	0.29
Net change in cash	1.92	47.7	54.1	83.8	80.8	73	-179	196	-13.5	151
Free cash flow	-1.33	-4.1	-11.7	-25.1	-40.9	-116	-154	-101	119	189
Income taxes paid							0	0	5.67	14.8

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 $345.82 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	44.9%	Operating income / revenue.
EBITDA margin	46.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	51.4%	Pre-tax income / revenue.
Net margin	54.8%	Net income / revenue.
FCF margin	58.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	61.8%	Cash from operations / revenue.
Effective tax rate	-6.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	16.1%	Net income / average total assets.
Return on invested capital (ROIC)	16.8%	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	13.4%	Research and development expense / revenue.
SG&A / revenue	36.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	12.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.3%	Capital expenditures / revenue.
D&A / revenue	1.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	33.9%	Revenue vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y	145.3%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	132.9%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	129.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	128.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	62.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	58.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	28.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	32.7%	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	33.1%	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	26.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	33.7%	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	33.8%	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	0.7%	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	5.5%	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	9.8%	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	8.32x	Current assets / current liabilities.
Quick ratio	7.73x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	6.64x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	9.4%	Total liabilities / total assets.
Working capital	$932.3M	Current assets - current liabilities.
Tangible book value	$1.36B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.29x	Revenue / average total assets.
Fixed asset turnover	2.86x	Revenue / average property, plant and equipment.
Receivables turnover	3.18x	Revenue / average receivables.
Days sales outstanding	115 days	365 x average receivables / revenue.
FCF conversion	106.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	5.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.88	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	$14.37	Revenue / diluted weighted shares.
FCF per share	$8.41	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.88	Cash from operations / diluted weighted shares.
Book value per share	$45.92	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$45.92	Tangible book value / shares outstanding.
Cash per share	$28.57	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$10.24B	Share price x shares outstanding.
Enterprise value	$9.39B	Market cap + total debt - cash - short-term investments.
P/E	42.4x	Market cap / net income. Only when net income is positive.
P/S	23.2x	Market cap / revenue.
P/B	7.53x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.53x	Market cap / tangible book value, when positive.
P/FCF	39.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	37.6x	Market cap / cash from operations, when positive.
EV/Sales	21.3x	Enterprise value / revenue.
EV/EBIT	47.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	46.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	36.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.5%	Free cash flow / market cap.
Earnings yield	2.4%	Net income / market cap (the inverse of P/E).

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

Krystal Biotech, Inc. reported revenue of $389.1M for fiscal 2025, 33.9% higher than the year before.

Was Krystal Biotech, Inc. profitable in fiscal 2025?

Yes. Net income was $204.8M, a net margin of 52.6%.

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

Cash from operations of $200.9M minus capital expenditures of $12.0M left free cash flow of $188.9M.

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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