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Keros Therapeutics, Inc. Financials

KROS
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

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).

Rhea AI KROS FY2025

FY2025 revealed a lumpy monetization model, where one large revenue event turned an R&D-heavy platform into cash profit.

The non-obvious shift is that operating cash flow and free cash flow reached $107.5M and $106.0M in FY2025, so the new profit was cash-backed rather than merely accounting profit. Because R&D still ran at $129.6M, the swing came from a large revenue step-up rather than austerity, yet $375M of buybacks kept that windfall from expanding the balance sheet.

In the reported years before FY2025 where revenue was present, it never exceeded $20.1M while R&D spending never fell below $55.1M, meaning the company built its cost structure long before revenue arrived. That makes the income statement episodic rather than smoothly scalable; one revenue event can dominate a year.

Even after the buybacks, cash still exceeds total liabilities by a wide margin at $287.4M versus $34.9M, with no long-term debt reported. Those repurchases also cut shares outstanding from 40.6M to 19.5M, so FY2025 changed the capital structure as much as the operating result.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 50 / 100
Financial Profile 50/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Keros Therapeutics, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
0

Keros Therapeutics, Inc. has an operating margin of 27.7%, meaning the company retains $28 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -5939.0% the prior year.

Growth
100

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.

Leverage
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.

Liquidity
100

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.

Cash Flow
0

Keros Therapeutics, Inc.'s free cash flow margin of 43.5% results in a low score of 0/100. Capital expenditures of $1.6M absorb a large share of operating cash flow.

Returns
1

Keros Therapeutics, Inc. generates a 28.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 1/100. This is up from -32.8% the prior year.

Altman Z-Score Safe
4.17

Keros Therapeutics, Inc. scores 4.17, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($217.3M) relative to total liabilities ($34.9M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
6/9

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.

Earnings Quality Cash-Backed
1.24x

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

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Earnings & Revenue

Revenue
$243.9M
YoY+6769.4%

Keros Therapeutics, Inc. generated $243.9M in revenue in fiscal year 2025. This represents an increase of 6769.4% from the prior year.

EBITDA
$69.1M
YoY+133.0%

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.

Net Income
$87.0M
YoY+146.4%

Keros Therapeutics, Inc. reported $87.0M in net income in fiscal year 2025. This represents an increase of 146.4% from the prior year.

EPS (Diluted)
$2.30
YoY+146.0%

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

Free Cash Flow
$106.0M
YoY+165.1%

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.

Cash & Debt
$287.4M
YoY-48.7%
5Y CAGR+1.6%

Keros Therapeutics, Inc. held $287.4M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
20M
YoY-51.8%
5Y CAGR-3.4%

Keros Therapeutics, Inc. had 20M shares outstanding in fiscal year 2025. This represents a decrease of 51.8% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
27.7%
YoY+5966.7pp

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.

Net Margin
35.7%
YoY+5313.2pp

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.

Return on Equity
28.7%
YoY+61.5pp
5Y CAGR+46.0pp

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

R&D Spending
$129.6M
YoY-25.3%
5Y CAGR+30.8%

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.

Share Buybacks
$375.0M

Keros Therapeutics, Inc. spent $375.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$1.6M
YoY-19.7%
5Y CAGR+39.5%

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 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $367K-3.4% $380K-97.3% $14.1M-22.3% $18.2M-91.4% $211.2M+6842.5% $3.0M+684.0% $388K+948.6% $37K
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 $16.1M-10.1% $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
SG&A Expenses $10.1M-13.6% $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
Operating Income -$25.9M+11.6% -$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
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax $0+100.0% -$1.5M-6.3% -$1.4M+35.9% -$2.2M-122.1% $10.0M+3247.7% $300K $0 $0
Net Income -$23.7M-1.1% -$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
EPS (Diluted) $-1.21 N/A $-0.18+76.3% $-0.76-121.0% $3.62 N/A $-1.41-12.8% $-1.25

KROS Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $312.3M-7.6% $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
Current Assets $290.7M-7.8% $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
Cash & Equivalents $281.5M-2.1% $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
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $400K-88.8% $3.6M+2.1% $3.5M-77.9% $15.8M-8.5% $17.3M+530.6% $2.7M+606.7% $388K+9600.0% $4K
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $26.7M-23.6% $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
Current Liabilities $12.9M-37.0% $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
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $285.6M-5.8% $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
Retained Earnings -$505.5M-4.9% -$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

KROS Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$3.5M+87.1% -$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
Capital Expenditures $73K-45.5% $134K+1.5% $132K-81.7% $720K+27.4% $565K+95.5% $289K-25.1% $386K+24.5% $310K
Free Cash Flow -$3.6M+86.9% -$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
Investing Cash Flow -$73K+45.5% -$134K-1.5% -$132K+81.7% -$720K-27.4% -$565K-95.5% -$289K+25.1% -$386K-24.5% -$310K
Financing Cash Flow -$2.3M+99.4% -$378.6M-270550.7% $140K+723.5% $17K+325.0% $4K-100.0% $75.5M-51.6% $155.9M+4316.4% $3.5M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $180.6M N/A N/A N/A N/A N/A N/A N/A

KROS Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin -7051.0%+651.7pp -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%
Net Margin -6460.0%-286.0pp -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%
Return on Equity -8.3%-0.6pp -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%
Return on Assets -7.6%-0.6pp -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%
Current Ratio 22.62+7.2 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
Debt-to-Equity 0.09-0.0 0.12+0.1 0.06-0.0 0.070.0 0.080.0 0.080.0 0.090.0 0.08
FCF Margin -981.5%+6235.9pp -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%

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Frequently Asked Questions

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.

Keros Therapeutics, Inc. (KROS) revenue grew by 6769.4% year-over-year, from $3.5M to $243.9M in fiscal year 2025.

Yes, Keros Therapeutics, Inc. (KROS) reported a net income of $87.0M in fiscal year 2025, with a net profit margin of 35.7%.

Keros Therapeutics, Inc. (KROS) reported diluted earnings per share of $2.30 for fiscal year 2025. This represents a 146.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Keros Therapeutics, Inc. (KROS) had EBITDA of $69.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

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.

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.

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.

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.

Keros Therapeutics, Inc. (KROS) generated $107.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Keros Therapeutics, Inc. (KROS) had $338.0M in total assets as of fiscal year 2025, including both current and long-term assets.

Keros Therapeutics, Inc. (KROS) invested $1.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Keros Therapeutics, Inc. (KROS) invested $129.6M in research and development during fiscal year 2025.

Yes, Keros Therapeutics, Inc. (KROS) spent $375.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Keros Therapeutics, Inc. (KROS) had 20M shares outstanding as of fiscal year 2025.

Keros Therapeutics, Inc. (KROS) had a current ratio of 15.45 as of fiscal year 2025, which is generally considered healthy.

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.

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.

Keros Therapeutics, Inc. (KROS) has an Altman Z-Score of 4.17, 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.

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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

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.

Keros Therapeutics, Inc. (KROS) scores 50 out of 100 on our Financial Profile, indicating moderate 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.

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