Krystal Biotech Financials
This page shows Krystal Biotech (KRYS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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).
Krystal Biotech’s commercial scale-up is now producing real cash earnings faster than operating costs are rising.
By FY2025, revenue scale reached$389.1M and operating cash flow reached$200.9M after FY2023 was still both loss-making and cash-burning, which points to a genuine commercial inflection rather than accounting-only profit. Because free cash flow was$188.9M against just$12.0M of capex, the business currently converts growth into cash without needing a large fixed-asset build.
The balance sheet looks self-funded: cash of
The cost structure shows fixed-cost absorption: SG&A reached
Financial Health Signals
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 Krystal Biotech'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.
Krystal Biotech has an operating margin of 41.4%, meaning the company retains $41 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 22.6% the prior year.
Krystal Biotech's revenue surged 33.9% year-over-year to $389.1M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Krystal Biotech carries a low D/E ratio of 0.09, meaning only $0.09 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 9.95, Krystal Biotech holds $9.95 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Krystal Biotech's free cash flow margin of 48.5% results in a low score of 17/100. Capital expenditures of $12.0M absorb a large share of operating cash flow.
Krystal Biotech's ROE of 16.8% shows moderate profitability relative to equity, earning a score of 37/100. This is up from 9.4% the prior year.
Krystal Biotech scores 47.91, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($8.8B) relative to total liabilities ($114.2M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Krystal Biotech passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Krystal Biotech generates $0.98 in operating cash flow ($200.9M OCF vs $204.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Krystal Biotech generated $389.1M in revenue in fiscal year 2025. This represents an increase of 33.9% from the prior year.
Krystal Biotech's EBITDA was $167.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 132.9% from the prior year.
Krystal Biotech reported $204.8M in net income in fiscal year 2025. This represents an increase of 129.7% from the prior year.
Krystal Biotech earned $6.84 per diluted share (EPS) in fiscal year 2025. This represents an increase of 128.0% from the prior year.
Cash & Balance Sheet
Krystal Biotech generated $188.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 58.5% from the prior year.
Krystal Biotech held $496.3M in cash against $0 in long-term debt as of fiscal year 2025.
Krystal Biotech had 29M shares outstanding in fiscal year 2025. This represents an increase of 1.5% from the prior year.
Margins & Returns
Krystal Biotech's operating margin was 41.4% in fiscal year 2025, reflecting core business profitability. This is up 18.8 percentage points from the prior year.
Krystal Biotech's net profit margin was 52.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 21.9 percentage points from the prior year.
Krystal Biotech's ROE was 16.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 7.4 percentage points from the prior year.
Capital Allocation
Krystal Biotech invested $58.0M in research and development in fiscal year 2025. This represents an increase of 8.3% from the prior year.
Krystal Biotech invested $12.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 182.0% from the prior year.
KRYS Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $116.4M+8.6% | $107.1M+9.5% | $97.8M+1.8% | $96.0M+8.9% | $88.2M-3.2% | $91.1M+8.7% | $83.8M+19.3% | $70.3M |
| 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 | $15.3M+3.6% | $14.8M+1.4% | $14.6M+1.2% | $14.4M+1.1% | $14.3M+5.4% | $13.5M+0.1% | $13.5M-13.3% | $15.6M |
| SG&A Expenses | $41.0M-0.8% | $41.4M+10.1% | $37.6M+6.9% | $35.2M+7.7% | $32.6M+4.4% | $31.3M+9.1% | $28.7M+3.8% | $27.6M |
| Operating Income | $53.7M+21.0% | $44.4M+7.2% | $41.4M+5.3% | $39.3M+8.4% | $36.3M-12.4% | $41.4M+84.2% | $22.5M+162.3% | $8.6M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $5.5M+2156.0% | -$268K+99.1% | -$31.4M-471.9% | $8.4M+7.3% | $7.9M+151.2% | $3.1M+20.9% | $2.6M+442.8% | $477K |
| Net Income | $55.9M+8.8% | $51.4M-35.2% | $79.4M+107.0% | $38.3M+7.3% | $35.7M-21.4% | $45.5M+67.3% | $27.2M+74.6% | $15.6M |
| EPS (Diluted) | $1.83 | N/A | $2.66+106.2% | $1.29+7.5% | $1.20 | N/A | $0.91+71.7% | $0.53 |
KRYS Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.4B+4.7% | $1.3B+7.6% | $1.2B+8.9% | $1.1B+6.0% | $1.1B+1.8% | $1.1B+7.5% | $982.3M+7.0% | $917.7M |
| Current Assets | $1.0B-0.5% | $1.0B+10.7% | $925.6M+10.0% | $841.3M+9.7% | $766.8M+3.3% | $742.0M+4.0% | $713.2M+4.5% | $682.8M |
| Cash & Equivalents | $501.3M+1.0% | $496.3M+26.4% | $392.6M+11.0% | $353.8M+14.6% | $308.8M-10.5% | $344.9M-7.8% | $374.0M+8.1% | $345.8M |
| Inventory | $42.6M+5.4% | $40.5M+7.6% | $37.6M+21.2% | $31.0M+3.7% | $29.9M+13.0% | $26.5M+42.7% | $18.6M+52.6% | $12.2M |
| Accounts Receivable | $127.0M-0.3% | $127.4M-1.7% | $129.6M+16.3% | $111.4M+7.9% | $103.3M-1.4% | $104.7M+7.7% | $97.3M-5.8% | $103.2M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $120.2M+5.3% | $114.2M+11.8% | $102.2M+4.6% | $97.7M+8.9% | $89.7M-18.0% | $109.5M+13.5% | $96.5M+22.5% | $78.8M |
| Current Liabilities | $107.8M+4.7% | $102.9M+12.8% | $91.3M+5.0% | $86.9M+9.3% | $79.5M-22.1% | $102.0M+13.9% | $89.5M+24.6% | $71.9M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.3B+4.7% | $1.2B+7.2% | $1.1B+9.3% | $1.0B+5.7% | $984.7M+4.0% | $946.4M+6.8% | $885.8M+5.6% | $838.9M |
| Retained Earnings | $80.1M+231.5% | $24.2M+188.7% | -$27.2M+74.4% | -$106.6M+26.4% | -$144.9M+19.8% | -$180.7M+20.1% | -$226.1M+10.7% | -$253.3M |
KRYS Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $80.4M+3.7% | $77.5M+95.4% | $39.7M-24.8% | $52.7M+70.3% | $31.0M-41.4% | $52.8M-10.2% | $58.9M+1512.1% | -$4.2M |
| Capital Expenditures | $7.1M+234.2% | $2.1M+25.5% | $1.7M-10.5% | $1.9M-69.3% | $6.2M+674.5% | $801K-23.4% | $1.0M-7.5% | $1.1M |
| Free Cash Flow | $73.2M-2.8% | $75.4M+98.6% | $38.0M-25.3% | $50.8M+105.2% | $24.8M-52.4% | $52.0M-10.0% | $57.8M+1191.0% | -$5.3M |
| Investing Cash Flow | -$63.6M-669.6% | $11.2M+360.5% | -$4.3M+59.3% | -$10.5M+80.8% | -$54.8M+34.6% | -$83.8M-144.1% | -$34.3M-77.4% | -$19.4M |
| Financing Cash Flow | -$10.5M-166.8% | $15.7M+322.4% | $3.7M+106.5% | $1.8M+114.4% | -$12.5M-613.4% | $2.4M-27.8% | $3.4M-68.4% | $10.6M |
| 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 |
KRYS 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 | 46.1%+4.7pp | 41.4%-0.9pp | 42.3%+1.4pp | 40.9%-0.2pp | 41.1%-4.3pp | 45.4%+18.6pp | 26.8%+14.6pp | 12.2% |
| Net Margin | 48.1%+0.1pp | 48.0%-33.2pp | 81.2%+41.2pp | 39.9%-0.6pp | 40.5%-9.4pp | 49.9%+17.5pp | 32.4%+10.3pp | 22.1% |
| Return on Equity | 4.4%+0.2pp | 4.2%-2.8pp | 7.0%+3.3pp | 3.7%+0.1pp | 3.6%-1.2pp | 4.8%+1.7pp | 3.1%+1.2pp | 1.9% |
| Return on Assets | 4.0%+0.2pp | 3.9%-2.6pp | 6.4%+3.0pp | 3.4%+0.0pp | 3.3%-1.0pp | 4.3%+1.5pp | 2.8%+1.1pp | 1.7% |
| Current Ratio | 9.46-0.5 | 9.95-0.2 | 10.14+0.5 | 9.68+0.0 | 9.65+2.4 | 7.28-0.7 | 7.97-1.5 | 9.50 |
| Debt-to-Equity | 0.090.0 | 0.090.0 | 0.090.0 | 0.090.0 | 0.09-0.0 | 0.120.0 | 0.11+0.0 | 0.09 |
| FCF Margin | 62.9%-7.4pp | 70.4%+31.6pp | 38.8%-14.1pp | 52.9%+24.8pp | 28.1%-29.0pp | 57.1%-11.9pp | 69.0%+76.5pp | -7.5% |
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Frequently Asked Questions
What is Krystal Biotech's annual revenue?
Krystal Biotech (KRYS) reported $389.1M in total revenue for fiscal year 2025. This represents a 33.9% 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 Krystal Biotech's revenue growing?
Krystal Biotech (KRYS) revenue grew by 33.9% year-over-year, from $290.5M to $389.1M in fiscal year 2025.
Is Krystal Biotech profitable?
Yes, Krystal Biotech (KRYS) reported a net income of $204.8M in fiscal year 2025, with a net profit margin of 52.6%.
What is Krystal Biotech's EBITDA?
Krystal Biotech (KRYS) had EBITDA of $167.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Krystal Biotech's operating margin?
Krystal Biotech (KRYS) had an operating margin of 41.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Krystal Biotech's net profit margin?
Krystal Biotech (KRYS) had a net profit margin of 52.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Krystal Biotech's return on equity (ROE)?
Krystal Biotech (KRYS) has a return on equity of 16.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Krystal Biotech's free cash flow?
Krystal Biotech (KRYS) generated $188.9M in free cash flow during fiscal year 2025. This represents a 58.5% 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 Krystal Biotech's operating cash flow?
Krystal Biotech (KRYS) generated $200.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Krystal Biotech's total assets?
Krystal Biotech (KRYS) had $1.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Krystal Biotech's capital expenditures?
Krystal Biotech (KRYS) invested $12.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Krystal Biotech spend on research and development?
Krystal Biotech (KRYS) invested $58.0M in research and development during fiscal year 2025.
What is Krystal Biotech's current ratio?
Krystal Biotech (KRYS) had a current ratio of 9.95 as of fiscal year 2025, which is generally considered healthy.
What is Krystal Biotech's debt-to-equity ratio?
Krystal Biotech (KRYS) had a debt-to-equity ratio of 0.09 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Krystal Biotech's return on assets (ROA)?
Krystal Biotech (KRYS) had a return on assets of 15.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Krystal Biotech's Altman Z-Score?
Krystal Biotech (KRYS) has an Altman Z-Score of 47.91, 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 Krystal Biotech's Piotroski F-Score?
Krystal Biotech (KRYS) has a Piotroski F-Score of 5 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.
Are Krystal Biotech's earnings high quality?
Krystal Biotech (KRYS) has an earnings quality ratio of 0.98x, considered mixed 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 Krystal Biotech?
Krystal Biotech (KRYS) scores 59 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.