# Krystal Biotech (KRYS.US)

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

Analysis as of: 2026-10-16T07:29:43.000Z. Financial observations: FY2016–FY2026.

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: $330.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline 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: 1

- Years with a net loss: 6

- Operating margin variation: 1.83×

Chart: Operating margin; fiscal year observations.

- FY2018: -11.60×

- FY2023: -2.16×

- FY2024: 0.23×

- FY2025: 0.41×

- LTM to Jun 2026: 0.45×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: -56.0%

- ROIC, second-lowest year: -432.0%

- Years with nonpositive capital: 1

- Capital spending / revenue: 13.2%

- ROIC including acquisitions, ten-year median: -124.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -432.0%

- FY2017: -7.6%

- FY2018: -642.6%

- FY2019: -139.7%

- FY2020: -80.5%

- FY2021: -33.0%

- FY2022: -75.5%

- FY2023: -36.5%

- FY2024: 17.2%

- FY2025: 40.2%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -0.17×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$17M

- Net income, five-year total: $95M

- Return on incremental invested capital: 52.4%

- Working capital / revenue, final three-year average: 59.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.94×

- FY2022: 1.35×

- FY2023: 1.00×

- FY2024: 1.03×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -432.0% vs 17.2%

- Per-share earnings: -0.97 to 3.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 9.8%

- Market cap gain: $7.1B

- Cumulative retained earnings: $33M

- Diluted shares, 5-year annual growth: 9.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: $3.97

- Per-share value, starting three-year median: -$0.97

- Per-share value, ending three-year median: $3.00

- Buyback history: 0 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: $24M

- ROIC, first three-year median: -432.0%

- ROIC, last three-year median: 17.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.27

- FY2017: -$1.48

- FY2018: -$0.97

- FY2019: -$1.20

- FY2020: -$1.71

- FY2021: -$3.13

- FY2022: -$5.49

- FY2023: $0.39

- FY2024: $3.00

- FY2025: $6.84

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: 0.3%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 27.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.98×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 7.4%

- FY2017: -8.0%

- FY2018: -1.2%

- FY2019: -0.2%

- FY2020: -2.0%

- FY2021: -3.5%

- FY2022: -7.1%

- FY2023: 12.2%

- FY2024: -3.2%

- FY2025: 0.3%

## Holders

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

## Price story

Up 182% since Oct 2023 · "Krystal Biotech Stock Up on FDA Nod to Vyjuvek Label Update" (finance.yahoo.com, Sep 2025) · sales +13.2%

Story as of 2026-10-16T09:59:02.539Z; price observation 2026-10-15.

- 2025-05-06: Krystal Biotech Q1 Earnings and Sales Miss Estimates, Stock Down ([finance.yahoo.com](https://finance.yahoo.com/news/krystal-biotech-q1-earnings-sales-173700577.html))

- 2025-08-05: KRYS Q2 Earnings and Sales Top Estimates, Stock Down on Q3 Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/krys-q2-earnings-sales-top-125900208.html))

- 2025-09-16: Krystal Biotech Stock Up on FDA Nod to Vyjuvek Label Update ([finance.yahoo.com](https://finance.yahoo.com/news/krystal-biotech-stock-fda-nod-165400371.html))

- 2026-01-12: Krystal Biotech Reports ~$389M 2025 VYJUVEK Revenue, $955M Cash Reserves ([nasdaq.com](https://www.nasdaq.com/articles/krystal-biotech-reports-389m-2025-vyjuvek-revenue-955m-cash-reserves))

### Sales · FY2025–2026

sales +13.2%; source https://www.sec.gov/Archives/edgar/data/1711279/000171127926000016/krys-20251231.htm; observed 2026-02-17.

- FY2017: $0 

- FY2018: $1.0M 

- FY2019: $0 

- FY2020: $0 

- FY2021: $0 

- FY2022: $0 

- FY2023: $51M 

- FY2024: $291M 

- FY2025: $389M 

- FY2026: $440M 

### Gross margin · FY2025

gross margin 92.6%; source https://www.sec.gov/Archives/edgar/data/1711279/000171127926000016/krys-20251231.htm; observed 2026-02-17.

- FY2018: 86.3% 

- FY2023: 93.9% 

- FY2024: 93.1% 

- FY2025: 92.6% 

## Owner memo

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

### How it makes money

Operates in biotechnology; annual sales are USD 389.1 million.

- Source: https://www.sec.gov/Archives/edgar/data/1711279/000171127926000016/krys-20251231.htm (filed 2026-02-17); FY2025: revenue 389130000; grossProfit 360357000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KRYS.US: Krystal Biotech, Inc., a commercial-stage biotechnology company, discovers, develops, manufactures, and commercializes genetic medicines to treat diseases with high unmet medical needs in the United States. The company commercializes VYJUVEK (beremagene geperpavec-svdt, or B-VEC) for the treatment of dystrophic epidermolysis bullosa (DEB). It also develops KB803 for ocular complications of dystrophic epidermolysis bullosa; KB801 for neurotrophic keratitis; KB407, which is in Phase 1 clinical trials for treating cystic fibrosis; KB111 for Hailey-Hailey disease; KB707 for solid tumors; KB304 for dynamic wrinkles; KB707 that is in Phase 1/2 clinical trials for the treatment of anti-PD-1 relapsed/refractory; KB408, which is in Phase 1 clinical trials for treating Alpha-1 antitrypsin deficiency; and KB301 that is in Phase 2 clinical trials for treating aesthetic skin conditions, as well as in open label study with ophthalmic B-VEC for treating for ocular complications of deb. Krystal Biotech, Inc. was founded in 2016 and is headquartered in Pittsburgh, Pennsylvania.

### Why customers stay

Margins ranged from 92.6% to 93.9% during 2023–25; it lost 56% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: grossProfit / revenue = 93.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: grossProfit / revenue = 93.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1711279/000171127926000016/krys-20251231.htm (filed 2026-02-17); FY2025: grossProfit / revenue = 92.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on capital observations [[2016,-4.320430622009569],[2017,-0.0761992157496867],[2018,-6.425692832764505],[2019,-1.3965246977824033],[2020,-0.8054007043994068],[2021,-0.3298833667677855],[2022,-0.7546718598882843],[2023,-0.3653754679543112],[2024,0.1724837708124943],[2025,0.4021236175793053]]; median -0.5600236639212978. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 2.6% of cash earnings on expansion; earns 52.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: growth capex 6792000; upkeep 5007000; owner earnings 10932000. Growth capex / owner earnings = 0.6212952799121844.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: growth capex 0; upkeep 4238000; owner earnings 91635000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1711279/000171127926000016/krys-20251231.htm (filed 2026-02-17); FY2025: growth capex 5400000; upkeep 6551000; owner earnings 204831000. Growth capex / owner earnings = 0.02636319697702008.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Incremental return on capital 0.5242966013249917, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 25.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Closing price 330 USD; reporting-to-trading FX 1; FY2025 annual sales per share 12.992220627024139; price multiple 25.399814971860305. FY2025 cash earnings/share 6.838870154585823. Closing-price date 2026-10-15.

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

- 2017-09: $9.97 per share

- 2017-10: $9.90 per share

- 2017-11: $10.50 per share

- 2017-12: $10.52 per share

- 2018-01: $9.98 per share

- 2018-02: $10.08 per share

- 2018-03: $10.09 per share

- 2018-04: $9.61 per share

- 2018-05: $10.29 per share

- 2018-06: $14.87 per share

- 2018-07: $16.45 per share

- 2018-08: $16.44 per share

- 2018-09: $17.58 per share

- 2018-10: $20.61 per share

- 2018-11: $25.38 per share

- 2018-12: $20.78 per share

- 2019-01: $23.12 per share

- 2019-02: $22.36 per share

- 2019-03: $32.90 per share

- 2019-04: $32.75 per share

- 2019-05: $31.42 per share

- 2019-06: $40.27 per share

- 2019-07: $48.01 per share

- 2019-08: $45.00 per share

- 2019-09: $34.73 per share

- 2019-10: $41.07 per share

- 2019-11: $56.51 per share

- 2019-12: $55.38 per share

- 2020-01: $52.26 per share

- 2020-02: $53.45 per share

- 2020-03: $43.24 per share

- 2020-04: $47.19 per share

- 2020-05: $51.41 per share

- 2020-06: $41.42 per share

- 2020-07: $41.29 per share

- 2020-08: $47.81 per share

- 2020-09: $43.05 per share

- 2020-10: $42.99 per share

- 2020-11: $54.94 per share

- 2020-12: $60.00 per share

- 2021-01: $69.70 per share

- 2021-02: $78.89 per share

- 2021-03: $77.04 per share

- 2021-04: $79.44 per share

- 2021-05: $65.24 per share

- 2021-06: $68.00 per share

- 2021-07: $58.44 per share

- 2021-08: $57.94 per share

- 2021-09: $52.21 per share

- 2021-10: $50.09 per share

- 2021-11: $80.55 per share

- 2021-12: $69.95 per share

- 2022-01: $59.00 per share

- 2022-02: $63.55 per share

- 2022-03: $66.54 per share

- 2022-04: $60.61 per share

- 2022-05: $58.88 per share

- 2022-06: $65.66 per share

- 2022-07: $72.58 per share

- 2022-08: $70.11 per share

- 2022-09: $69.70 per share

- 2022-10: $76.50 per share

- 2022-11: $77.74 per share

- 2022-12: $79.22 per share

- 2023-01: $83.12 per share

- 2023-02: $81.91 per share

- 2023-03: $80.06 per share

- 2023-04: $84.00 per share

- 2023-05: $117.85 per share

- 2023-06: $117.40 per share

- 2023-07: $129.10 per share

- 2023-08: $124.48 per share

- 2023-09: $116.00 per share

- 2023-10: $116.87 per share

- 2023-11: $104.23 per share

- 2023-12: $124.06 per share

- 2024-01: $111.25 per share

- 2024-02: $159.47 per share

- 2024-03: $177.93 per share

- 2024-04: $153.12 per share

- 2024-05: $160.05 per share

- 2024-06: $183.64 per share

- 2024-07: $208.46 per share

- 2024-08: $195.12 per share

- 2024-09: $182.03 per share

- 2024-10: $172.53 per share

- 2024-11: $197.42 per share

- 2024-12: $156.66 per share

- 2025-01: $159.74 per share

- 2025-02: $179.25 per share

- 2025-03: $180.30 per share

- 2025-04: $169.88 per share

- 2025-05: $125.96 per share

- 2025-06: $137.46 per share

- 2025-07: $153.87 per share

- 2025-08: $147.70 per share

- 2025-09: $176.53 per share

- 2025-10: $197.51 per share

- 2025-11: $218.00 per share

- 2025-12: $246.54 per share

- 2026-01: $279.24 per share

- 2026-02: $275.64 per share

- 2026-03: $258.32 per share

- 2026-04: $262.26 per share

- 2026-05: $309.03 per share

- 2026-06: $371.67 per share

- 2026-07: $341.12 per share

- 2026-08: $359.36 per share

- 2026-09: $332.56 per share

- 2026-10: $330.00 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/1711279/000171127926000016/krys-20251231.htm); period 2025-12-31, filed 2026-02-17.

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.