Keros Therapeutics, Inc. Financials
This page shows Keros Therapeutics, Inc. (KROS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Keros Therapeutics, Inc. has an operating margin of 27.7%, meaning the company retains $28 of operating profit per $100 of revenue. This strong profitability earns a score of 84/100, reflecting efficient cost management and pricing power. This is up from -5939.0% the prior year.
Keros Therapeutics, Inc.'s revenue surged 6769.4% year-over-year to $243.9M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Keros Therapeutics, Inc. carries a low D/E ratio of 0.12, meaning only $0.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 15.45, Keros Therapeutics, Inc. holds $15.45 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Keros Therapeutics, Inc. converts 43.5% of revenue into free cash flow ($106.0M). This strong cash generation earns a score of 100/100.
Keros Therapeutics, Inc. earns a strong 28.7% return on equity (ROE), meaning it generates $29 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 75/100. This is up from -32.8% the prior year.
Keros Therapeutics, Inc. scores 4.50, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($236.6M) relative to total liabilities ($34.9M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Keros Therapeutics, Inc. passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Keros Therapeutics, Inc. generates $1.24 in operating cash flow ($107.5M OCF vs $87.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Keros Therapeutics, Inc. generated $243.9M in revenue in fiscal year 2025. This represents an increase of 6769.4% from the prior year.
Keros Therapeutics, Inc.'s EBITDA was $69.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 133.0% from the prior year.
Keros Therapeutics, Inc. reported $87.0M in net income in fiscal year 2025. This represents an increase of 146.4% from the prior year.
Keros Therapeutics, Inc. earned $2.30 per diluted share (EPS) in fiscal year 2025. This represents an increase of 146.0% from the prior year.
Cash & Balance Sheet
Keros Therapeutics, Inc. generated $106.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 165.1% from the prior year.
Keros Therapeutics, Inc. held $287.4M in cash against $0 in long-term debt as of fiscal year 2025.
Keros Therapeutics, Inc. had 20M shares outstanding in fiscal year 2025. This represents a decrease of 51.8% from the prior year.
Margins & Returns
Keros Therapeutics, Inc.'s operating margin was 27.7% in fiscal year 2025, reflecting core business profitability. This is up 5966.7 percentage points from the prior year.
Keros Therapeutics, Inc.'s net profit margin was 35.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 5313.2 percentage points from the prior year.
Keros Therapeutics, Inc.'s ROE was 28.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 61.5 percentage points from the prior year.
Capital Allocation
Keros Therapeutics, Inc. invested $129.6M in research and development in fiscal year 2025. This represents a decrease of 25.3% from the prior year.
Keros Therapeutics, Inc. spent $375.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Keros Therapeutics, Inc. invested $1.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 19.7% from the prior year.
KROS Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $380K-97.3% | $14.1M-22.3% | $18.2M-91.4% | $211.2M+6842.5% | $3.0M+684.0% | $388K+948.6% | $37K-55.4% | $83K |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $17.9M-8.2% | $19.5M-55.1% | $43.5M-10.7% | $48.7M+6.7% | $45.6M-7.3% | $49.2M+21.5% | $40.5M+5.9% | $38.3M |
| SG&A Expenses | $11.7M+16.0% | $10.1M-30.1% | $14.5M+38.0% | $10.5M-1.6% | $10.7M+8.6% | $9.8M-1.4% | $10.0M-3.4% | $10.3M |
| Operating Income | -$29.3M-90.3% | -$15.4M+61.4% | -$39.8M-126.2% | $152.0M+385.5% | -$53.3M+9.2% | -$58.7M-16.3% | -$50.4M-4.0% | -$48.5M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$1.5M-6.3% | -$1.4M+35.9% | -$2.2M-122.1% | $10.0M+3247.7% | $300K | $0 | $0 | $0 |
| Net Income | -$23.5M-222.3% | -$7.3M+76.3% | -$30.7M-120.7% | $148.5M+422.5% | -$46.0M+13.1% | -$53.0M-17.0% | -$45.3M-5.0% | -$43.1M |
| EPS (Diluted) | N/A | $-0.18+76.3% | $-0.76-121.0% | $3.62 | N/A | $-1.41-12.8% | $-1.25-3.3% | $-1.21 |
KROS Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $338.0M-54.5% | $742.8M-1.9% | $757.2M-3.5% | $784.6M+27.4% | $615.9M+6.3% | $579.3M+27.3% | $455.0M-6.3% | $485.8M |
| Current Assets | $315.4M-56.1% | $719.3M-1.8% | $732.8M-3.5% | $759.5M+29.0% | $588.9M+6.7% | $552.0M+27.6% | $432.7M-6.6% | $463.1M |
| Cash & Equivalents | $287.4M-58.6% | $693.5M+0.5% | $690.2M-4.2% | $720.5M+28.7% | $559.9M+5.5% | $530.7M+30.8% | $405.9M-8.3% | $442.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $3.6M+2.1% | $3.5M-77.9% | $15.8M-8.5% | $17.3M+530.6% | $2.7M+606.7% | $388K+9600.0% | $4K-98.2% | $226K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $34.9M-11.0% | $39.2M-22.3% | $50.4M-9.4% | $55.7M+25.6% | $44.3M-4.5% | $46.4M+36.2% | $34.1M+7.0% | $31.9M |
| Current Liabilities | $20.4M-15.3% | $24.1M-30.6% | $34.7M-11.9% | $39.4M+43.5% | $27.4M-5.4% | $29.0M+36.5% | $21.2M+13.5% | $18.7M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $303.1M-56.9% | $703.6M-0.4% | $706.7M-3.0% | $728.9M+27.5% | $571.6M+7.3% | $532.8M+26.6% | $420.9M-7.3% | $453.9M |
| Retained Earnings | -$481.8M-5.1% | -$458.3M-1.6% | -$451.0M-7.3% | -$420.3M+26.1% | -$568.8M-8.8% | -$522.8M-11.3% | -$469.8M-10.7% | -$424.5M |
KROS Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$27.3M-940.0% | $3.2M+111.0% | -$29.6M-118.4% | $161.2M+450.3% | -$46.0M-50.8% | -$30.5M+23.4% | -$39.8M+10.7% | -$44.6M |
| Capital Expenditures | $134K+1.5% | $132K-81.7% | $720K+27.4% | $565K+95.5% | $289K-25.1% | $386K+24.5% | $310K-67.2% | $946K |
| Free Cash Flow | -$27.4M-979.9% | $3.1M+110.3% | -$30.3M-118.9% | $160.6M+446.9% | -$46.3M-49.9% | -$30.9M+23.0% | -$40.1M+11.9% | -$45.5M |
| Investing Cash Flow | -$134K-1.5% | -$132K+81.7% | -$720K-27.4% | -$565K-95.5% | -$289K+25.1% | -$386K-24.5% | -$310K+67.2% | -$946K |
| Financing Cash Flow | -$378.6M-270550.7% | $140K+723.5% | $17K+325.0% | $4K-100.0% | $75.5M-51.6% | $155.9M+4316.4% | $3.5M-97.7% | $156.8M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
KROS Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -7702.6%-7593.7pp | -108.9%+110.2pp | -219.2%-291.2pp | 72.0%+1822.6pp | -1750.6%+13367.2pp | -15117.8%+121203.8pp | -136321.6%-77908.4pp | -58413.3% |
| Net Margin | -6173.9%-6122.4pp | -51.5%+117.4pp | -169.0%-239.3pp | 70.3%+1583.3pp | -1513.0%+12135.4pp | -13648.4%+108667.8pp | -122316.2%-70371.6pp | -51944.6% |
| Return on Equity | -7.7%-6.7pp | -1.0%+3.3pp | -4.3%-24.7pp | 20.4%+28.4pp | -8.1%+1.9pp | -9.9%+0.8pp | -10.8%-1.2pp | -9.5% |
| Return on Assets | -6.9%-6.0pp | -1.0%+3.1pp | -4.0%-23.0pp | 18.9%+26.4pp | -7.5%+1.7pp | -9.1%+0.8pp | -10.0%-1.1pp | -8.9% |
| Current Ratio | 15.45-14.4 | 29.86+8.7 | 21.11+1.8 | 19.29-2.2 | 21.45+2.4 | 19.03-1.3 | 20.37-4.4 | 24.74 |
| Debt-to-Equity | 0.12+0.1 | 0.06-0.0 | 0.070.0 | 0.080.0 | 0.080.0 | 0.090.0 | 0.08+0.0 | 0.07 |
| FCF Margin | -7217.4%-7239.4pp | 22.1%+189.1pp | -167.0%-243.1pp | 76.0%+1598.0pp | -1521.9%+6438.4pp | -7960.3%+100447.8pp | -108408.1%-53581.6pp | -54826.5% |
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Frequently Asked Questions
What is Keros Therapeutics, Inc.'s annual revenue?
Keros Therapeutics, Inc. (KROS) reported $243.9M in total revenue for fiscal year 2025. This represents a 6769.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Keros Therapeutics, Inc.'s revenue growing?
Keros Therapeutics, Inc. (KROS) revenue grew by 6769.4% year-over-year, from $3.5M to $243.9M in fiscal year 2025.
Is Keros Therapeutics, Inc. profitable?
Yes, Keros Therapeutics, Inc. (KROS) reported a net income of $87.0M in fiscal year 2025, with a net profit margin of 35.7%.
What is Keros Therapeutics, Inc.'s EBITDA?
Keros Therapeutics, Inc. (KROS) had EBITDA of $69.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Keros Therapeutics, Inc.'s operating margin?
Keros Therapeutics, Inc. (KROS) had an operating margin of 27.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Keros Therapeutics, Inc.'s net profit margin?
Keros Therapeutics, Inc. (KROS) had a net profit margin of 35.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Keros Therapeutics, Inc.'s return on equity (ROE)?
Keros Therapeutics, Inc. (KROS) has a return on equity of 28.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Keros Therapeutics, Inc.'s free cash flow?
Keros Therapeutics, Inc. (KROS) generated $106.0M in free cash flow during fiscal year 2025. This represents a 165.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Keros Therapeutics, Inc.'s operating cash flow?
Keros Therapeutics, Inc. (KROS) generated $107.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Keros Therapeutics, Inc.'s total assets?
Keros Therapeutics, Inc. (KROS) had $338.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Keros Therapeutics, Inc.'s capital expenditures?
Keros Therapeutics, Inc. (KROS) invested $1.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Keros Therapeutics, Inc. spend on research and development?
Keros Therapeutics, Inc. (KROS) invested $129.6M in research and development during fiscal year 2025.
What is Keros Therapeutics, Inc.'s current ratio?
Keros Therapeutics, Inc. (KROS) had a current ratio of 15.45 as of fiscal year 2025, which is generally considered healthy.
What is Keros Therapeutics, Inc.'s debt-to-equity ratio?
Keros Therapeutics, Inc. (KROS) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Keros Therapeutics, Inc.'s return on assets (ROA)?
Keros Therapeutics, Inc. (KROS) had a return on assets of 25.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Keros Therapeutics, Inc.'s Altman Z-Score?
Keros Therapeutics, Inc. (KROS) has an Altman Z-Score of 4.50, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Keros Therapeutics, Inc.'s Piotroski F-Score?
Keros Therapeutics, Inc. (KROS) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Keros Therapeutics, Inc.'s earnings high quality?
Keros Therapeutics, Inc. (KROS) has an earnings quality ratio of 1.24x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Keros Therapeutics, Inc.?
Keros Therapeutics, Inc. (KROS) scores 93 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.