# Cryoport (CYRX.US)

Canonical: https://gigainvestors.com/s/CYRX

Analysis as of: 2026-10-16T07:27:53.313Z. Financial observations: FY2011–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $17.07 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 9

- Operating margin variation: 0.75×

Chart: Operating margin; fiscal year observations.

- FY2016: -1.14×

- FY2017: -0.66×

- FY2018: -0.44×

- FY2019: -0.52×

- FY2020: -0.38×

- FY2021: -0.08×

- FY2022: -0.08×

- FY2023: -0.13×

- FY2024: -0.49×

- FY2025: -0.21×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -17.1%

- ROIC, second-lowest year: -219.2%

- Typical minus recent gross margin: 1.2 pp

- Typical gross margin (annual median): 45.0%

- Recent gross margin (lower of latest and 3-year median): 43.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.1%

- ROIC including acquisitions, ten-year median: -53.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -383.1%

- FY2017: -219.2%

- FY2018: -112.8%

- FY2019: -54.2%

- FY2020: -8.6%

- FY2021: -4.8%

- FY2022: -4.4%

- FY2023: -6.8%

- FY2024: -24.6%

- FY2025: -9.7%

### economics: fail

- owner earnings cash conversion below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$600M

- Net income, five-year total: -$610M

- Working capital / revenue, annual change: 2.0 pp

- Working capital / revenue, change between three-year averages: 14.2 pp

- Working capital / revenue, final three-year average: 19.8%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$276M

- FY2022: -$277M

- FY2023: -$48M

- FY2024: -$86M

- FY2025: $87M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -219.2% vs -9.7%

- Per-share earnings: -0.92 to -0.77 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 5.4%

- Market cap gain: $422M

- Cumulative retained earnings: -$565M

- Diluted shares, 5-year annual growth: 5.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $0.16

- Per-share value, starting three-year median: -$0.92

- Per-share value, ending three-year median: -$0.77

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 2874.9%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: $359M

- Cumulative net income, 10 years: -$691M

- ROIC, first three-year median: -219.2%

- ROIC, last three-year median: -9.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.92

- FY2017: -$0.34

- FY2018: -$0.34

- FY2019: -$0.55

- FY2020: -$0.85

- FY2021: -$6.00

- FY2022: -$5.62

- FY2023: -$0.77

- FY2024: -$2.02

- FY2025: $1.56

### accounting: fail

- Sloan accruals exceed 10%

- earnings not backed by cash

- Sloan accruals: 11.4%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.11×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.32×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -91.2%

- FY2017: -21.3%

- FY2018: -11.0%

- FY2019: -12.5%

- FY2020: -3.2%

- FY2021: -25.5%

- FY2022: -26.3%

- FY2023: -3.8%

- FY2024: -11.8%

- FY2025: 11.4%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 79% since Oct 2021 · sales -24.5%

Story as of 2026-10-16T09:58:36.361Z; price observation 2026-10-15.

- 2025-08-05: Cryoport Inc earnings beat by $2.32, revenue topped estimates ([investing.com](https://www.investing.com/news/earnings/cryoport-inc-earnings-beat-by-232-revenue-topped-estimates-4171417))

- 2025-11-05: Cryoport updates 2025 revenue outlook to $170M-$174M while expanding global supply chain infrastructure ([seekingalpha.com](https://seekingalpha.com/news/4515357-cryoport-updates-2025-revenue-outlook-to-170m-174m-while-expanding-global-supply-chain?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-05: Cryoport projects $192M-$196M FY 2026 revenue and expects positive adjusted EBITDA in 2H 2026 ([seekingalpha.com](https://seekingalpha.com/news/4585323-cryoport-projects-192m-196m-fy-2026-revenue-and-expects-positive-adjusted-ebitda-in-2h-2026?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales -24.5%; source https://www.sec.gov/Archives/edgar/data/1124524/000110465926024180/cyrx-20251231x10k.htm; observed 2026-03-05.

- FY2016: $7.7M 

- FY2017: $12M 

- FY2018: $20M 

- FY2019: $34M 

- FY2020: $79M 

- FY2021: $223M 

- FY2022: $223M 

- FY2023: $237M 

- FY2024: $233M 

- FY2025: $176M 

### Gross margin · FY2025

gross margin 47.1%; source https://www.sec.gov/Archives/edgar/data/1124524/000110465926024180/cyrx-20251231x10k.htm; observed 2026-03-05.

- FY2016: 40.4% 

- FY2017: 49.9% 

- FY2018: 52.2% 

- FY2019: 51.1% 

- FY2020: 46.2% 

- FY2021: 43.4% 

- FY2022: 43.4% 

- FY2023: 43.8% 

- FY2024: 42.6% 

- FY2025: 47.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in integrated freight & logistics; annual sales are USD 176.2 million.

- Source: https://www.sec.gov/Archives/edgar/data/1124524/000110465926024180/cyrx-20251231x10k.htm (filed 2026-03-05); FY2025: revenue 176177000; grossProfit 83054000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CYRX.US: Cryoport, Inc. provides temperature-controlled supply chain solutions in biopharma/pharma, animal health, and reproductive medicine markets worldwide. The company's Life Sciences Services segment provides temperature-controlled logistics and biostorage, bioservices and cryopreservation services within the life science industry. Its Life Sciences Products segment manufactures, and sells cryogenic freezers, cryogenic dewars, and related ancillary accessories within the life science industry through direct sales or a distribution network. The company's products include Cryoport Express Shippers; Cryoport Elite; Cryoport Express Cryogenic HV3 Shipping System; Smartpak Condition Monitoring System and Tec4Med, an IoT-based monitoring solutions; and Cryoport accessories. It also provides Cryoport BioStorage/Bioservices, such as Cryoport Systems Bioservices, including controlled temperature storage, kitting, labelling, fulfillment, sample management, drug return, and Qualified Person drug product release. In addition, the company offers IntegriCell services that comprise apheresis/leukapheresis collection, cryoshuttle transportation, cryo-process optimization, and cryopreservation services; Cryoport consulting services; MVE Fusion cryogenic system, a self-sustaining cryogenic freezer; and MVE  Vario cryogenic system, a cryogenic freezer system. Further, it provides biological specimen cryopreservation storage and maintenance; archiving, monitoring, tracking, receipt, and delivery of samples; frozen biological specimens transportation; incoming and outgoing biological specimens management; and short-term logistics and engineering consulting services. The company was founded in 1999 and is based in Brentwood, Tennessee.

### Why customers stay

Margins ranged from 42.6% to 47.1% during 2023–25; it lost 17.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2023: grossProfit / revenue = 43.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2024: grossProfit / revenue = 42.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1124524/000110465926024180/cyrx-20251231x10k.htm (filed 2026-03-05); FY2025: grossProfit / revenue = 47.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); 10-year return on capital observations [[2016,-3.8307330981681122],[2017,-2.1919169634008853],[2018,-1.127607566735569],[2019,-0.5415050802761189],[2020,-0.08620490295180679],[2021,-0.04805004605465152],[2022,-0.04438904401429535],[2023,-0.06777461667948435],[2024,-0.24568783876116376],[2025,-0.09700394998465378]]; median -0.17134589437290876. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 43% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1124524/000110465926024180/cyrx-20251231x10k.htm (filed 2026-03-05); Gross margin observations: [[2021,0.4338433479479623],[2022,0.4338433479479623],[2023,0.4377710439697063]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 7 of 10 years; bought back USD 10 million of shares.

- Source: https://www.sec.gov/Archives/edgar/data/1124524/000110465926024180/cyrx-20251231x10k.htm (filed 2026-03-05); FY2025: growth capex 0; upkeep 19505000; owner earnings 86508000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Dividend observations: [[2016,1068055000],[2017,0],[2018,0],[2019,0],[2020,2844000],[2021,8196000],[2022,8000000],[2023,8000000],[2024,8000000],[2025,8000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1124524/000110465926024180/cyrx-20251231x10k.htm (filed 2026-03-05); FY2025: cash repurchases 10011000 USD.

### Are managers owners

Insiders own 3.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CYRX.US SharesStats.PercentInsiders = 3.857 percentage points; cache date 2026-10-15.

### What the price says

The price is 4.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Closing price 17.07 USD; reporting-to-trading FX 1; FY2025 annual sales per share 3.51849693833828; price multiple 4.851503440006357. FY2025 cash earnings/share 1.727683710937114. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $2.05 per share

- 2016-11: $2.27 per share

- 2016-12: $3.24 per share

- 2017-01: $3.24 per share

- 2017-02: $3.56 per share

- 2017-03: $2.36 per share

- 2017-04: $2.41 per share

- 2017-05: $3.20 per share

- 2017-06: $4.92 per share

- 2017-07: $6.67 per share

- 2017-08: $7.68 per share

- 2017-09: $9.85 per share

- 2017-10: $7.85 per share

- 2017-11: $7.11 per share

- 2017-12: $8.59 per share

- 2018-01: $8.90 per share

- 2018-02: $9.06 per share

- 2018-03: $8.60 per share

- 2018-04: $7.21 per share

- 2018-05: $12.99 per share

- 2018-06: $15.78 per share

- 2018-07: $14.76 per share

- 2018-08: $14.20 per share

- 2018-09: $12.81 per share

- 2018-10: $11.10 per share

- 2018-11: $10.82 per share

- 2018-12: $11.03 per share

- 2019-01: $10.49 per share

- 2019-02: $11.50 per share

- 2019-03: $12.92 per share

- 2019-04: $14.07 per share

- 2019-05: $16.72 per share

- 2019-06: $18.32 per share

- 2019-07: $20.47 per share

- 2019-08: $21.76 per share

- 2019-09: $16.36 per share

- 2019-10: $14.03 per share

- 2019-11: $15.75 per share

- 2019-12: $16.46 per share

- 2020-01: $17.91 per share

- 2020-02: $16.70 per share

- 2020-03: $17.07 per share

- 2020-04: $18.84 per share

- 2020-05: $24.57 per share

- 2020-06: $30.25 per share

- 2020-07: $33.14 per share

- 2020-08: $55.48 per share

- 2020-09: $47.40 per share

- 2020-10: $40.14 per share

- 2020-11: $48.65 per share

- 2020-12: $43.88 per share

- 2021-01: $68.20 per share

- 2021-02: $59.44 per share

- 2021-03: $52.01 per share

- 2021-04: $56.57 per share

- 2021-05: $55.92 per share

- 2021-06: $63.10 per share

- 2021-07: $61.72 per share

- 2021-08: $63.57 per share

- 2021-09: $66.51 per share

- 2021-10: $81.54 per share

- 2021-11: $66.44 per share

- 2021-12: $59.17 per share

- 2022-01: $41.77 per share

- 2022-02: $34.33 per share

- 2022-03: $34.91 per share

- 2022-04: $22.56 per share

- 2022-05: $25.45 per share

- 2022-06: $30.98 per share

- 2022-07: $37.20 per share

- 2022-08: $32.66 per share

- 2022-09: $24.36 per share

- 2022-10: $27.76 per share

- 2022-11: $19.75 per share

- 2022-12: $17.35 per share

- 2023-01: $22.83 per share

- 2023-02: $21.66 per share

- 2023-03: $24.00 per share

- 2023-04: $21.04 per share

- 2023-05: $18.41 per share

- 2023-06: $17.25 per share

- 2023-07: $16.07 per share

- 2023-08: $14.10 per share

- 2023-09: $13.71 per share

- 2023-10: $9.70 per share

- 2023-11: $14.02 per share

- 2023-12: $15.49 per share

- 2024-01: $14.51 per share

- 2024-02: $17.67 per share

- 2024-03: $17.70 per share

- 2024-04: $16.19 per share

- 2024-05: $10.28 per share

- 2024-06: $6.91 per share

- 2024-07: $9.23 per share

- 2024-08: $9.32 per share

- 2024-09: $8.11 per share

- 2024-10: $6.66 per share

- 2024-11: $7.08 per share

- 2024-12: $7.78 per share

- 2025-01: $7.54 per share

- 2025-02: $5.57 per share

- 2025-03: $6.08 per share

- 2025-04: $5.58 per share

- 2025-05: $6.01 per share

- 2025-06: $7.46 per share

- 2025-07: $7.33 per share

- 2025-08: $8.86 per share

- 2025-09: $9.48 per share

- 2025-10: $9.24 per share

- 2025-11: $9.62 per share

- 2025-12: $9.60 per share

- 2026-01: $9.51 per share

- 2026-02: $8.42 per share

- 2026-03: $8.28 per share

- 2026-04: $10.26 per share

- 2026-05: $15.69 per share

- 2026-06: $15.70 per share

- 2026-07: $15.09 per share

- 2026-08: $16.00 per share

- 2026-09: $17.40 per share

- 2026-10: $17.07 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1124524/000110465926024180/cyrx-20251231x10k.htm); period 2025-12-31, filed 2026-03-05.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.