Twist Bioscience Financials
Twist Bioscience (TWST) reported $376.6M in revenue for fiscal year 2025, up 20.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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).
Scale is finally improving unit economics, with gross margin expansion turning fast revenue growth into a much smaller cash drain.
Between FY2023 and FY2025, operating cash burn shrank from-$142M to-$48M even as revenue kept climbing. Because gross margin also expanded to50.7% , the better loss profile looks like real operating leverage rather than a one-off below-the-line benefit, and cash losses narrowed alongside accounting losses.
The jump in gross margin from
Years of large losses have not translated into a heavily levered balance sheet: total liabilities were only
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 Twist Bioscience'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.
Twist Bioscience has an operating margin of -36.2%, meaning the company loses $36 on every $100 of revenue. This results in a profitability score of 27/100. This is up from -70.6% the prior year.
Twist Bioscience's revenue surged 20.3% year-over-year to $376.6M, reflecting rapid business expansion. This strong growth earns a score of 85/100.
Twist Bioscience carries a low D/E ratio of 0.36, meaning only $0.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 66/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.64, Twist Bioscience holds $3.64 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 83/100.
Twist Bioscience's operations used $47.6M of cash, and capex of $28.0M added to the outflow, for a free cash flow shortfall of $75.6M. This results in a cash flow score of 11/100.
Twist Bioscience posts a -16.4% return on equity (ROE), meaning it loses $16 for every $100 of shareholders' equity. This results in a returns score of 32/100. This is up from -44.2% the prior year.
Twist Bioscience scores 29.89, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($9.1B) relative to total liabilities ($168.9M). 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.
Twist Bioscience passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Twist Bioscience reported a net loss of $77.7M while operations used $47.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Twist Bioscience generated $376.6M in revenue in fiscal year 2025. This represents an increase of 20.3% from the prior year.
Twist Bioscience's EBITDA was -$111.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 41.2% from the prior year.
Twist Bioscience reported -$77.7M in net income in fiscal year 2025. This represents an increase of 62.8% from the prior year.
Twist Bioscience earned -$1.30 per diluted share (EPS) in fiscal year 2025. This represents an increase of 63.9% from the prior year.
Cash & Balance Sheet
Twist Bioscience recorded an outflow of $75.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 9.3% from the prior year.
Twist Bioscience held $183.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Twist Bioscience's gross margin was 50.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 8.1 percentage points from the prior year.
Twist Bioscience's operating margin was -36.2% in fiscal year 2025, reflecting core business profitability. This is up 34.4 percentage points from the prior year.
Twist Bioscience's net profit margin was -20.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 46.1 percentage points from the prior year.
Twist Bioscience's ROE was -16.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 27.7 percentage points from the prior year.
Capital Allocation
Twist Bioscience invested $80.3M in research and development in fiscal year 2025. This represents a decrease of 11.6% from the prior year.
Twist Bioscience invested $28.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 451.7% from the prior year.
Not reported for fiscal year 2025.
TWST 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 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $431.8M | $376.6M+20.3% | $313.0M+27.7% | $245.1M+20.4% | $203.6M+53.8% | $132.3M+46.9% | $90.1M+65.7% | $54.4M+113.9% | $25.4M+136.2% | $10.8M |
| Cost of Revenue | $207.4M | $185.6M+3.3% | $179.6M+15.6% | $155.4M+30.2% | $119.3M+48.0% | $80.6M+31.3% | $61.4M+29.5% | $47.4M+47.3% | $32.2M+34.0% | $24.0M |
| Gross Profit | $224.4M | $191.0M+43.2% | $133.3M+48.6% | $89.7M+6.5% | $84.2M+62.9% | $51.7M+80.2% | $28.7M+312.3% | $7.0M+202.9% | -$6.8M+49.0% | -$13.3M |
| R&D Expenses | $71.9M | $80.3M-11.6% | $90.9M-15.0% | $106.9M-11.1% | $120.3M+74.2% | $69.1M+60.6% | $43.0M+20.5% | $35.7M+75.4% | $20.3M+6.1% | $19.2M |
| SG&A Expenses | $290.3M | $247.0M+13.1% | $218.4M+15.1% | $189.7M-10.9% | $212.9M+56.7% | $135.9M+31.6% | $103.3M+28.9% | $80.1M+84.4% | $43.5M+66.7% | $26.1M |
| Operating Income | -$145.0M | -$136.3M+38.3% | -$220.8M-1.7% | -$217.2M+7.5% | -$234.8M-53.7% | -$152.7M-9.0% | -$140.1M-28.7% | -$108.8M-54.3% | -$70.6M-20.7% | -$58.5M |
| Interest Expense | N/A | N/A | $29K+480.0% | $5K-93.8% | $80K-78.2% | $367K-53.4% | $787K-39.2% | $1.3M-1.4% | $1.3M+45.1% | $905K |
| Income Tax | $863K | $719K+28.4% | $560K-51.4% | $1.2M+111.1% | -$10.4M-439.4% | -$1.9M-605.2% | $382K+30.8% | $292K+20.7% | $242K-13.6% | $280K |
| Net Income | -$136.7M | -$77.7M+62.8% | -$208.7M-2.0% | -$204.6M+6.1% | -$217.9M-43.2% | -$152.1M-8.7% | -$139.9M-30.0% | -$107.7M-51.1% | -$71.2M-20.1% | -$59.3M |
| EPS (Diluted) | — | -$1.30+63.9% | -$3.600.0% | -$3.60+10.9% | -$4.04-28.3% | -$3.15+11.8% | -$3.57 | N/A | N/A | N/A |
TTM is the trailing twelve months, Q4 FY2025 through Q3 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.
TWST 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 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $641.9M+4.5% | $614.3M-20.9% | $776.4M-19.2% | $961.4M+36.9% | $702.1M+76.0% | $398.9M+113.3% | $187.0M+61.5% | $115.8M | N/A |
| Current Assets | $333.0M-4.0% | $346.8M-18.3% | $424.3M-28.9% | $596.5M+9.1% | $546.5M+63.2% | $334.9M+109.1% | $160.1M+67.4% | $95.7M | N/A |
| Cash & Equivalents | $183.0M-19.1% | $226.3M-21.0% | $286.5M-24.4% | $378.7M-18.7% | $465.8M+397.3% | $93.7M+100.4% | $46.7M-42.1% | $80.8M+158.6% | $31.2M |
| Inventory | $28.3M+17.6% | $24.1M-24.9% | $32.1M-18.4% | $39.3M+23.6% | $31.8M+158.8% | $12.3M+67.7% | $7.3M+21.6% | $6.0M | N/A |
| Accounts Receivable | $57.0M+63.4% | $34.9M-20.8% | $44.1M+9.4% | $40.3M+41.1% | $28.5M+8.2% | $26.4M+117.9% | $12.1M+123.4% | $5.4M | N/A |
| Goodwill | $82.2M-4.2% | $85.8M0.0% | $85.8M0.0% | $85.8M+282.5% | $22.4M+1871.4% | $1.1M0.0% | $1.1M0.0% | $1.1M | N/A |
| Total Liabilities | $168.9M+19.3% | $141.6M-7.4% | $153.0M-11.1% | $172.0M+41.8% | $121.3M+93.7% | $62.6M+79.4% | $34.9M-89.0% | $317.2M | N/A |
| Current Liabilities | $91.4M+28.7% | $71.0M-3.2% | $73.3M-19.1% | $90.7M+43.8% | $63.1M+75.0% | $36.0M+18.7% | $30.4M+63.7% | $18.5M | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | $1.4M-68.1% | $4.4M-39.0% | $7.2M | N/A |
| Total Equity | $473.0M+0.1% | $472.7M-24.2% | $623.4M-21.0% | $789.4M+35.9% | $580.8M+72.7% | $336.3M+121.1% | $152.1M+175.5% | -$201.4M-51.0% | -$133.4M |
| Retained Earnings | -$1.3B-6.3% | -$1.2B-20.2% | -$1.0B-24.7% | -$828.4M-35.7% | -$610.6M-33.2% | -$458.5M-43.9% | -$318.5M-51.1% | -$210.9M | N/A |
TWST 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 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$53.1M | -$47.6M+25.7% | -$64.1M+55.0% | -$142.5M-14.5% | -$124.4M-10.8% | -$112.2M+21.1% | -$142.3M-61.8% | -$87.9M-32.9% | -$66.2M-29.0% | -$51.3M |
| Capital Expenditures | $40.1M | $28.0M+451.7% | $5.1M-81.7% | $27.8M-72.7% | $101.9M+276.4% | $27.1M+174.2% | $9.9M-33.1% | $14.8M+300.1% | $3.7M-44.1% | $6.6M |
| Free Cash Flow | -$93.1M | -$75.6M-9.3% | -$69.2M+59.4% | -$170.3M+24.7% | -$226.2M-62.4% | -$139.3M+8.4% | -$152.1M-48.1% | -$102.7M-47.0% | -$69.9M-20.7% | -$57.9M |
| Investing Cash Flow | -$45.2M | -$24.8M-706.3% | -$3.1M-106.1% | $50.6M+121.7% | -$232.9M-249.2% | $156.2M+236.2% | -$114.7M-9.4% | -$104.8M-483.8% | $27.3M+373.3% | -$10.0M |
| Financing Cash Flow | $13.8M | $28.5M+314.2% | $6.9M+656.3% | $911K-99.7% | $270.5M-17.8% | $329.2M+8.4% | $303.7M+91.5% | $158.6M+78.5% | $88.8M+39.2% | $63.8M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q4 FY2025 through Q3 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.
TWST Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.7%+8.1pp | 42.6%+6.0pp | 36.6%-4.8pp | 41.4%+2.3pp | 39.1%+7.2pp | 31.9%+19.1pp | 12.8%+39.4pp | -26.6% | -123.1% |
| Operating Margin | -36.2%+34.4pp | -70.6%+18.0pp | -88.6% | -115.3% | -115.4% | -155.5% | -200.2% | -277.5% | -543.2% |
| Net Margin | -20.6%+46.1pp | -66.7%+16.8pp | -83.5% | -107.0% | -114.9% | -155.3% | -198.0% | -280.2% | -550.9% |
| Return on Equity | -16.4%+27.7pp | -44.2%-11.3pp | -32.8%-5.2pp | -27.6%-1.4pp | -26.2%+15.4pp | -41.6%+29.2pp | -70.8% | N/A | N/A |
| Return on Assets | -12.1%+21.9pp | -34.0%-7.6pp | -26.4%-3.7pp | -22.7%-1.0pp | -21.7%+13.4pp | -35.1%+22.5pp | -57.6%+3.9pp | -61.5% | N/A |
| Current Ratio | 3.64-1.2x | 4.88-0.9x | 5.79-0.8x | 6.58-2.1x | 8.67-0.6x | 9.29+4.0x | 5.28+0.1x | 5.16 | N/A |
| Debt-to-Equity | 0.36+0.1x | 0.30+0.1x | 0.250.0x | 0.220.0x | 0.21+0.2x | 0.000.0x | 0.03 | N/A | N/A |
| FCF Margin | -20.1%+2.0pp | -22.1%+47.4pp | -69.5% | -111.1% | -105.3% | -168.8% | -188.8% | -274.7% | -537.7% |
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: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Twist Bioscience Ranks
Frequently Asked Questions
What is Twist Bioscience's annual revenue?
Twist Bioscience (TWST) reported $376.6M in total revenue for fiscal year 2025. This represents a 20.3% 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 Twist Bioscience's revenue growing?
Twist Bioscience (TWST) revenue grew by 20.3% year-over-year, from $313.0M to $376.6M in fiscal year 2025.
Is Twist Bioscience profitable?
No, Twist Bioscience (TWST) reported a net income of -$77.7M in fiscal year 2025, with a net profit margin of -20.6%.
What is Twist Bioscience's EBITDA?
Twist Bioscience (TWST) had EBITDA of -$111.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Twist Bioscience's gross margin?
Twist Bioscience (TWST) had a gross margin of 50.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Twist Bioscience's operating margin?
Twist Bioscience (TWST) had an operating margin of -36.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Twist Bioscience's net profit margin?
Twist Bioscience (TWST) had a net profit margin of -20.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Twist Bioscience's return on equity (ROE)?
Twist Bioscience (TWST) has a return on equity of -16.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Twist Bioscience's free cash flow?
Twist Bioscience (TWST) recorded an outflow of $75.6M in free cash flow during fiscal year 2025. This represents a -9.3% 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 Twist Bioscience's operating cash flow?
Twist Bioscience (TWST) recorded an outflow of $47.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Twist Bioscience's total assets?
Twist Bioscience (TWST) had $641.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Twist Bioscience's capital expenditures?
Twist Bioscience (TWST) invested $28.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Twist Bioscience spend on research and development?
Twist Bioscience (TWST) invested $80.3M in research and development during fiscal year 2025.
What is Twist Bioscience's current ratio?
Twist Bioscience (TWST) had a current ratio of 3.64 as of fiscal year 2025, which is generally considered healthy.
What is Twist Bioscience's debt-to-equity ratio?
Twist Bioscience (TWST) had a debt-to-equity ratio of 0.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Twist Bioscience's return on assets (ROA)?
Twist Bioscience (TWST) had a return on assets of -12.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Twist Bioscience's cash runway?
Based on fiscal year 2025 data, Twist Bioscience (TWST) had $183.0M in cash against an annual operating cash burn of $47.6M. This gives an estimated cash runway of approximately 46 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Twist Bioscience's Altman Z-Score?
Twist Bioscience (TWST) has an Altman Z-Score of 29.89, 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 Twist Bioscience's Piotroski F-Score?
Twist Bioscience (TWST) has a Piotroski F-Score of 4 out of 8 computable signals; 1 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 Twist Bioscience's earnings high quality?
Twist Bioscience (TWST) reported a net loss of $77.7M while operations used $47.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 Twist Bioscience?
Twist Bioscience (TWST) scores 51 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.