Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NEKTAR THERAPEUTICS 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
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
165
308
1,193
115
153
102
92.1
90.1
98.4
55.2
Cost of revenue
30.2
30.5
24.4
21.4
19.5
24.9
21.6
33.8
30.7
0
Gross profit
135
277
1,169
93.2
133
77
70.4
56.4
67.7
55.2
Research and development
204
268
400
435
409
400
218
114
121
117
General and administrative
44.3
52.4
81.4
98.7
105
123
92.3
77.4
76.8
68.7
Operating income
-113
-59.6
688
-440
-425
-446
-376
-264
-105
-140
Interest expense
22.5
22.1
21.6
21.3
6.85
0
0
Interest income
2.73
6.78
19
14.5
10.4
Other non-operating income
-39.8
-36.4
-5.21
-0.02
-18.8
-77.2
11.2
-12.6
-14
-15.4
Pre-tax income
-153
-96.1
683
-440
-444
-523
-365
-276
-119
-164
Income tax
0.88
0.62
1.41
0.61
0.49
0.56
3.22
-0.2
-0.24
-0.14
Net income
-154
-96.7
681
-441
-444
-524
-368
-276
-119
-164
EBITDA
-99.7
-47
697
-429
-413
-433
-364
-257
-101
-139
EPS, basic
-16.46
-9.28
60.16
-37.71
-37.26
-42.80
-29.48
-21.70
-8.68
-9.73
EPS, diluted
-16.46
-9.28
56.57
-37.71
-37.26
-42.80
-29.48
-21.70
-8.68
-9.73
Shares, basic (weighted)
9.33
10.4
11.3
11.7
11.9
12.2
12.5
12.7
13.7
16.9
Shares, diluted (weighted)
9.33
10.4
12
11.7
11.9
12.2
12.5
12.7
13.7
16.9
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
59.6
4.76
195
96.4
199
25.2
88.2
35.3
44.3
15.1
Short-term investments
291
1,140
1,228
863
709
417
268
211
231
Receivables
15.7
5.01
43.2
36.8
38.9
22.5
5.98
1.21
0
Inventory
11.1
10.7
11.4
12.7
15.3
15.8
19.2
16.1
0
0
Other current assets
10.1
7.79
21.3
15.4
21.9
23.3
15.8
9.78
6.07
20.5
Total current assets
426
327
1,438
1,422
1,138
796
546
331
261
266
Property, plant and equipment
65.6
47.5
48.9
65.7
59.7
60.5
32.5
18.9
3.41
2.06
Lease right-of-use assets
0
134
126
117
53.4
18
8.41
2.94
Goodwill
76.5
76.5
76.5
76.5
76.5
76.5
76.5
0
Long-term investments
57.1
583
279
137
64.8
0
25.8
13.9
0
Other non-current assets
0.82
0.99
4.24
0.34
1.46
2.74
2.25
4.64
4.65
14.1
Total assets
569
509
2,150
1,977
1,539
1,117
711
398
304
280
Accounts payable
2.82
4.78
5.85
19.2
22.1
9.75
13
9.85
11.6
10.8
Accrued liabilities
18.3
8.26
9.94
11.5
14.5
15.7
36.6
22.2
30
22.3
Deferred revenue
14.4
18.9
13.9
5.52
0.09
Total current liabilities
72.2
56.2
82
354
116
85.2
68.2
51.3
61.4
53.5
Long-term debt
243
245
247
0
Lease liabilities
0
143
136
126
113
98.5
82.7
65.3
Other non-current liabilities
7.22
5.99
9.99
0.77
8.98
3.59
7.55
4.64
7.24
8.63
Total liabilities
481
421
433
572
461
438
344
267
243
191
Total debt
255
Paid-in capital
2,111
2,208
3,148
3,271
3,389
3,517
3,575
3,608
3,660
3,850
Retained earnings
-2,021
-2,118
-1,424
-1,865
-2,309
-2,833
-3,201
-3,477
-3,596
-3,760
Treasury stock
0
-3
Other comprehensive income
-2.36
-2.11
-6.32
-1.01
-2.3
-4.16
-6.91
0.08
0.06
0.02
Shareholders' equity
88.1
87.8
1,718
1,405
1,077
680
367
131
60.7
89.8
Total equity
88.1
87.8
1,718
1,405
1,077
680
367
131
60.7
89.8
Total liabilities and equity
569
509
2,150
1,977
1,539
1,117
711
398
304
280
Shares outstanding
10.2
10.7
11.6
11.8
12
12.4
12.6
12.8
12.4
20.4
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-154
-96.7
681
-441
-444
-524
-368
-276
-119
-164
Depreciation and amortization
13.2
12.6
8.8
11
12.5
13
12.2
7
4.1
1.03
Stock-based compensation
25.9
36.6
88.1
99.8
94.3
94.7
57.3
33.4
21.6
12.6
Deferred income tax
-0.12
0.04
0.09
-0.02
-0.04
-0.1
2.71
-0.14
-0.01
0.06
Change in receivables
4.27
10.7
-25.5
6.41
1.91
12.4
16.5
4.78
-3.05
0
Change in inventory
0.24
0.38
-0.66
-1.28
-2.63
-0.51
-3.4
0.7
0.5
0
Change in payables
0.52
2.07
0.97
13
2.38
-11.7
3.1
-2.88
2.67
-0.63
Cash from operations
-117
-80.4
718
-329
-313
-413
-304
-193
-176
-209
Capital expenditures
-6.39
-9.68
-14.2
-26.3
-7.26
-15
-5.68
-0.87
-1.47
-0.17
Purchases of investments
-335
-404
-2,271
-1,381
-988
-961
-468
-512
-262
-285
Sales and maturities of investments
254
348
891
1,614
1,449
1,167
826
651
340
285
Cash from investing
-82.4
-28.8
-1,380
207
496
203
366
140
143
-1.2
Debt repaid
0
0
0
0
-250
0
0
Share buybacks
0
-3
0
Cash from financing
204
54.4
852
23.4
-80.4
36.2
1.51
0.03
42.1
181
Exchange rate effect
-0.12
-0.05
-0.1
-0.1
0.02
-0.09
-0.33
0.06
-0
0.01
Net change in cash
4.07
-54.9
190
-98.5
103
-174
63
-53
8.98
-29.1
Free cash flow
-123
-90.1
704
-355
-321
-428
-310
-193
-177
-209
Interest paid
20.6
20.1
19.5
19.2
9.74
0
0
Income taxes paid
0.76
0.56
0.62
0.56
0.54
0.33
0.27
2.66
0.08
-0.2
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 $57.06 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-257.8%
Operating income / revenue.
EBITDA margin
-256.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-280.5%
Pre-tax income / revenue.
Net margin
-287.8%
Net income / revenue.
FCF margin
-428.7%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-428.3%
Cash from operations / revenue.
Return on equity (ROE)
-17.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-14.3%
Net income / average total assets.
Return on invested capital (ROIC)
-12.9%
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
241.4%
Research and development expense / revenue.
Stock-based pay / revenue
22.0%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.4%
Capital expenditures / revenue.
D&A / revenue
1.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-43.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-15.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-18.4%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-18.5%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-7.8%
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
-16.2%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
47.9%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-37.4%
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
-39.2%
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
-7.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-26.7%
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
-28.9%
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
23.0%
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
10.5%
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
7.2%
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
10.4x
Current assets / current liabilities.
Quick ratio
9.64x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
9.64x
(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
$1.65
Revenue / diluted weighted shares.
FCF per share
-$7.08
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$7.07
Cash from operations / diluted weighted shares.
Book value per share
$44.32
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
35.7x
Market cap / revenue.
P/B
2.16x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.16x
Market cap / tangible book value, when positive.
EV/Sales
23.2x
Enterprise value / revenue.
FCF yield
-12.0%
Free cash flow / market cap.
Earnings yield
-8.1%
Net income / market cap (the inverse of P/E).
What was NEKTAR THERAPEUTICS's revenue in fiscal 2025?
NEKTAR THERAPEUTICS reported revenue of $55.2M for fiscal 2025, 43.9% lower than the year before.
Was NEKTAR THERAPEUTICS profitable in fiscal 2025?
No. It reported a net loss of $164.1M.
How much free cash flow did NEKTAR THERAPEUTICS generate in fiscal 2025?
Cash from operations of $208.5M minus capital expenditures of $171.0K left free cash flow of -$208.7M.
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.