PACIFIC BIOSCIENCES OF CALIFORNIA, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PACIFIC BIOSCIENCES OF CALIFORNIA, 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	90.7	93.5	78.6	90.9	78.9	131	128	201	154	160
Cost of revenue	46.6	58.8	53.5	56.3	46.3	71.7	79.3	148	117	114
Gross profit	44.2	34.7	25.1	34.6	32.6	58.9	49	52.8	37.3	45.8
Research and development	67.6	65.3	62.6	59.6	64.2	113	193	187	135	97.3
Selling, general and administrative	47.8	59.1	63.5	75.5	72.8	124	161	170	175	141
Operating expenses	115	124	126	135	137	269	356	387	512	600
Operating income	-71.2	-89.8	-101	-101	-104	-210	-307	-334	-474	-554
Interest expense	3.23	2.92	2.42	2.61	0.27	12.5	14.7	14.3	13.4	6.95
Other non-operating income	0.1	0.52	0.85	1.02	2.06	0.09	7.64	32.7	23.8	14.8
Pre-tax income	-74	-92.7	-103	-84.1	29.4	-275	-314	-318	-310	-546
Income tax						-93.6	0	-11.4	0.32	0.32
Net income	-74.4	-92.2	-103	-84.1	29.4	-181	-314	-307	-310	-546
EBITDA	-67.4	-81.3	-93.8	-93.3	-98	-203	-298	-323	-461	-541
EPS, basic	-0.83	-0.87	-0.76	-0.55	0.18	-0.89	-1.40	-1.21	-1.13	-1.82
EPS, diluted	-0.83	-0.87	-0.76	-0.55	0.17	-0.89	-1.40	-1.21	-1.59	-1.82
Shares, basic (weighted)	89.1	106	135	153	165	204	225	254	274	300
Shares, diluted (weighted)	89.1	106	135	153	175	204	225	254	288	300
Dividend per share	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	16.8	16.5	18.8	29.6	81.6	461	325	180	55.4	63.7
Short-term investments	55.2	46.4	83.5	19.5	237	584	447	452	335	216
Receivables	11.4	13.4	8.6	15.3	16.8	24.2	18.8	36.6	27.5	35.4
Inventory	15.6	23.1	17.9	13.3	14.2	24.6	50.4	56.7	58.8	49.3
Other current assets	0.48	0.93	2.83	3.07	4.87	7.39	10.3	17	18.8	10.8
Total current assets	109	102	132	81	356	1,101	852	742	496	375
Property, plant and equipment	14.6	37.9	34.1	30.1	24.9	32.5	41.6	36.4	30.5	24.1
Lease right-of-use assets				32.8	30	46.6	39.8	32.6	16.1	41.7
Goodwill						410	410	462	318	318
Intangible assets						411	410	457	390	15.1
Long-term investments			1.49		20.6	122	69.9	96.1
Other non-current assets	9.81	0.05	0.04	0.04	0.04	1.17	10.5	13.3	9.31	8.77
Total assets	138	144	170	148	414	2,007	1,767	1,746	1,260	784
Accounts payable	8.36	9.09	6.74	8.37	3.58	11	12	15.1	16.6	20.8
Accrued liabilities	16.6	12.6	12.8	13.2	17.4	36.3	32.6	45.7	22.6	33.6
Deferred revenue			6.54	7.61	8.72	11	30.5	16.3	13.9	15.9
Short-term debt						1.61	1.84	0.49	0
Total current liabilities	33.8	28.6	26.9	49.2	38.5	71.7	263	95	66.3	72.8
Long-term debt	16.1	13.6	14.7			2.3	0.5
Lease liabilities				42	37.7	50	41.1	31.6	14.9	56.6
Other non-current liabilities	1.66				0.75	3.47	1.3	0.75	0.55	0
Total liabilities	53.2	58	56.2	93.1	78.5	1,216	1,204	1,045	754	779
Total debt	16.1	13.6	14.7	15.9		896	897
Paid-in capital	872	966	1,096	1,121	1,372	2,010	2,100	2,540	2,655	2,700
Retained earnings	-788	-880	-982	-1,066	-1,037	-1,218	-1,532	-1,839	-2,149	-2,695
Other comprehensive income	0.01	-0.03	-0.04	0.01	0.09	-1.09	-4.77	0.22	0.42	0.46
Shareholders' equity	84.7	86.1	114	54.9	335	791	563	701	507	5.35
Total equity	84.7	86.1	114	54.9	335	791	563	701	507	5.35
Total liabilities and equity	138	144	170	148	414	2,007	1,767	1,746	1,260	784
Shares outstanding	92.7	116	150	153	192	221	227	268	294	302

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-74.4	-92.2	-103	-84.1	29.4	-181	-314	-307	-310	-546
Depreciation and amortization	3.88	8.44	7.22	7.27	6.43	7.2	9.48	11.5	13.8	13
Stock-based compensation	19.6	20.4	23.2	16.4	17.5	73.4	78.6	72.1	71	41.7
Deferred income tax						-93.6	0	-11.4	-0.21	-0.55
Change in receivables	-6.18	-2.01	4.84	-6.67	-1.6	-7.17	5.46	-17.8	9.09	-7.92
Change in inventory	-6.15	-8.44	3.62	3.92	-1.62	-13.1	-33.9	-13.8	-8.32	-1.42
Change in payables	3.4	0.76	-2.24	1.71	-5.07	6.36	1.03	0.21	1.41	2.48
Cash from operations	-67.9	-67.5	-66.4	-78.3	19.5	-111	-263	-259	-206	-111
Capital expenditures	-8.21	-10.4	-1.85	-2.84	-1.04	-5.93	-16.8	-8.84	-6.19	-2.71
Acquisitions							0	-0.1	0	0
Purchases of investments	-95.8	-86.3	-122	-57.7	-373	-988	-443	-757	-499	-217
Sales and maturities of investments	65.9	88.1	83.2	121	154	423	576	770	594	340
Cash from investing	-14.9	-1.55	-38.4	62	-219	-679	116	4.6	124	115
Stock issued	7.73	8.91	9.65	8.55	46.4	31.8	0	189	0	0
Cash from financing	65.9	68.8	107	26.5	252	1,170	9.62	109	-43	3.43
Net change in cash	-16.9	-0.26	2.34	10.3	52	380	-138	-146	-125	7.67
Free cash flow	-76.1	-78	-68.3	-81.1	18.5	-117	-280	-268	-212	-114
Interest paid	1.8	1.69	1.4	1.4	0.49	6.93	14	15.7	14.8	8.26
Income taxes paid								0.14	0.26	0.48

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 $1.62 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	36.4%	Gross profit / revenue.
Operating margin	-83.5%	Operating income / revenue.
EBITDA margin	-77.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-82.0%	Pre-tax income / revenue.
Net margin	-82.5%	Net income / revenue.
FCF margin	-77.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-74.1%	Cash from operations / revenue.
Return on assets (ROA)	-17.5%	Net income / average total assets.
R&D / revenue	55.5%	Research and development expense / revenue.
SG&A / revenue	81.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	21.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.4%	Capital expenditures / revenue.
D&A / revenue	6.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	22.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.3%	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	7.0%	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	-98.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-78.8%	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	-56.3%	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	-37.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-23.7%	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	13.6%	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	4.0%	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	10.1%	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	11.4%	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	4.92x	Current assets / current liabilities.
Quick ratio	3.89x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.44x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	104.4%	Total liabilities / total assets.
Interest coverage	-18.2x	Operating income / interest expense.
Working capital	$269.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	44.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$364.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.21x	Revenue / average total assets.
Fixed asset turnover	5.91x	Revenue / average property, plant and equipment.
Inventory turnover	1.66x	Cost of revenue / average inventory.
Days inventory	220 days	365 x average inventory / cost of revenue.
Receivables turnover	5.12x	Revenue / average receivables.
Days sales outstanding	71 days	365 x average receivables / revenue.
Days payables	69 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	222 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.42	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	$0.51	Revenue / diluted weighted shares.
FCF per share	-$0.40	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.38	Cash from operations / diluted weighted shares.
Book value per share	-$0.11	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.17	Tangible book value / shares outstanding.
Cash per share	$0.76	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$503.5M	Share price x shares outstanding.
Enterprise value	$266.7M	Market cap + total debt - cash - short-term investments.
P/S	3.16x	Market cap / revenue.
EV/Sales	1.67x	Enterprise value / revenue.
FCF yield	-24.5%	Free cash flow / market cap.
Earnings yield	-26.1%	Net income / market cap (the inverse of P/E).

What was PACIFIC BIOSCIENCES OF CALIFORNIA, INC.'s revenue in fiscal 2025?

PACIFIC BIOSCIENCES OF CALIFORNIA, INC. reported revenue of $160.0M for fiscal 2025, 3.9% higher than the year before.

Was PACIFIC BIOSCIENCES OF CALIFORNIA, INC. profitable in fiscal 2025?

No. It reported a net loss of $546.4M.

How much free cash flow did PACIFIC BIOSCIENCES OF CALIFORNIA, INC. generate in fiscal 2025?

Cash from operations of $111.2M minus capital expenditures of $2.7M left free cash flow of -$113.9M.

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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