Keros Therapeutics, Inc. Financials
Keros Therapeutics, Inc. (KROS) reported $243.9M in revenue for fiscal year 2025, up 6769.4% from the prior fiscal year. This page shows its 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).
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
Even after the buybacks, cash still exceeds total liabilities by a wide margin at
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. 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.
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 10/100, suggesting thin profitability after operating expenses. 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 99/100.
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 79/100, 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 99/100.
Keros Therapeutics, Inc.'s free cash flow margin of 43.5% results in a low score of 2/100. Capital expenditures of $1.6M absorb a large share of operating cash flow.
Keros Therapeutics, Inc. generates a 28.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 24/100. This is up from -32.8% the prior year.
Keros Therapeutics, Inc. scores 4.42, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($231.6M) relative to total liabilities ($34.9M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Keros Therapeutics, Inc. passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 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 as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Keros Therapeutics, Inc.'s operating margin was 27.7% in fiscal year 2025, reflecting core business profitability. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Keros Therapeutics, Inc.'s net profit margin was 35.7% in fiscal year 2025, showing the share of revenue converted to profit. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
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.
Not reported for fiscal year 2025.
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
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $14.9M | $243.9M+6769.4% | $3.5M+2251.0% | $151K | $0-100.0% | $20.1M | $0-100.0% | $10.0M |
| R&D Expenses | $75.9M | $129.6M-25.3% | $173.6M+28.4% | $135.3M+55.0% | $87.3M+58.3% | $55.1M+62.9% | $33.9M+94.8% | $17.4M |
| SG&A Expenses | $40.6M | $46.8M+15.0% | $40.8M+17.0% | $34.8M+26.6% | $27.5M+29.0% | $21.3M+66.7% | $12.8M+301.9% | $3.2M |
| Operating Income | -$101.5M | $67.6M+132.0% | -$210.8M-24.1% | -$169.9M-48.0% | -$114.8M-103.6% | -$56.4M-20.8% | -$46.7M-341.7% | -$10.6M |
| Interest Expense | N/A | N/A | $0 | $0-100.0% | $1K-75.0% | $4K-33.3% | $6K | N/A |
| Income Tax | -$2.9M | $4.9M+1527.7% | $300K | $0 | $0-100.0% | $2.0M+1269.2% | -$172K | $0 |
| Net Income | -$83.2M | $87.0M+146.4% | -$187.4M-22.5% | -$153.0M-46.2% | -$104.7M-78.2% | -$58.7M-29.5% | -$45.4M-267.7% | -$12.3M |
| EPS (Diluted) | — | $2.30+146.0% | -$5.00+3.8% | -$5.20-25.3% | -$4.15-64.7% | -$2.52 | -$2.93 | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
KROS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $338.0M-45.1% | $615.9M+66.4% | $370.0M+20.6% | $306.8M+20.2% | $255.3M-5.3% | $269.4M+2359.5% | $11.0M |
| Current Assets | $315.4M-46.4% | $588.9M+69.6% | $347.3M+21.5% | $285.8M+13.7% | $251.4M-6.1% | $267.7M+2899.1% | $8.9M |
| Cash & Equivalents | $287.4M-48.7% | $559.9M+69.1% | $331.1M+18.7% | $279.0M+21.3% | $230.0M-13.5% | $265.9M+3687.4% | $7.0M |
| Accounts Receivable | $3.6M+30.1% | $2.7M+1817.5% | $143K | $0-100.0% | $18.0M | $0 | N/A |
| Total Liabilities | $34.9M-21.3% | $44.3M+17.2% | $37.8M+28.8% | $29.4M+143.1% | $12.1M+56.4% | $7.7M-74.6% | $30.4M |
| Current Liabilities | $20.4M-25.6% | $27.4M+12.6% | $24.4M+47.3% | $16.5M+39.7% | $11.8M+64.9% | $7.2M+60.1% | $4.5M |
| Total Equity | $303.1M-47.0% | $571.6M+72.0% | $332.2M+19.7% | $277.4M+14.1% | $243.2M-7.1% | $261.7M+1445.9% | -$19.4M |
| Retained Earnings | -$481.8M+15.3% | -$568.8M-49.1% | -$381.4M-67.0% | -$228.4M-84.6% | -$123.8M-90.4% | -$65.0M-230.8% | -$19.6M |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
KROS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$48.0M | $107.5M+166.8% | -$160.9M-29.2% | -$124.5M-77.7% | -$70.1M-12.7% | -$62.1M-68.5% | -$36.9M-130.6% | -$16.0M |
| Capital Expenditures | $494K | $1.6M-19.7% | $1.9M-21.6% | $2.5M+98.5% | $1.2M+21.2% | $1.0M+248.3% | $294K+8.5% | $271K |
| Free Cash Flow | -$48.5M | $106.0M+165.1% | -$162.8M-28.2% | -$127.0M-78.1% | -$71.3M-12.9% | -$63.2M-69.9% | -$37.2M-128.6% | -$16.3M |
| Investing Cash Flow | -$494K | -$1.6M+19.7% | -$1.9M+21.6% | -$2.5M-98.5% | -$1.2M-21.2% | -$1.0M-248.3% | -$294K-8.5% | -$271K |
| Financing Cash Flow | -$384.1M | -$378.5M-196.6% | $391.8M+118.9% | $179.0M+48.7% | $120.3M+321.4% | $28.6M-90.4% | $296.0M+2114500.0% | $14K |
| Share Buybacks | N/A | $375.0M | $0 | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
KROS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Operating Margin | 27.7% | -5939.0% | -112543.7% | N/A | -280.5% | N/A | -105.6% |
| Net Margin | 35.7% | -5277.6% | -101319.2% | N/A | -292.3% | N/A | -123.4% |
| Return on Equity | 28.7%+61.5pp | -32.8%+13.3pp | -46.1%-8.3pp | -37.7%-13.6pp | -24.2%-6.8pp | -17.3% | N/A |
| Return on Assets | 25.7%+56.2pp | -30.4%+10.9pp | -41.3%-7.2pp | -34.1%-11.1pp | -23.0%-6.2pp | -16.8%+95.8pp | -112.6% |
| Current Ratio | 15.45-6.0x | 21.45+7.2x | 14.25-3.0x | 17.27-4.0x | 21.23-16.0x | 37.27+35.3x | 1.99 |
| Debt-to-Equity | 0.120.0x | 0.080.0x | 0.110.0x | 0.11+0.1x | 0.050.0x | 0.03 | N/A |
| FCF Margin | 43.5% | -4585.9% | -84087.4% | N/A | -314.3% | N/A | -162.7% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Keros Therapeutics, Inc. Ranks
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 4.42, 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 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.
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 52 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.