Detailed financial statements for Kiniksa Pharmaceuticals International, plc (KNSA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Kiniksa Pharmaceuticals International, plc, a biopharmaceutical company, develops and commercializes medical therapies in the United States, the United Kingdom, and internationally. The company offers ARCALYST, an interleukin-1alpha and 1beta cytokine trap for the treatment of recurrent pericarditis, a chronic autoinflammatory cardiovascular disease and cardiac sarcoidosis.
Analysis Summary
Trailing-twelve-month margins: gross margin 54.3%, operating margin 13.8%, net margin 11.6%.
At $93.29 (closing price, November 3, 2026), KNSA trades at a P/E of 71.21 and an ROE of 17.27%. Market capitalisation stands at $7.3B.
Balance sheet quality for KNSA: debt-to-equity ratio of 0.01, current ratio of 3.91 over the last 12 months, net cash position of $404.6M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $25.4M represents 43% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | $38.5M | $220.2M | $270.3M | $423.2M | $677.6M |
| Cost of Revenue | $22,000 | $28,000 | $286,000 | $3.3M | $3.8M | $9.1M | $22.9M | $56.5M | $60.9M | $307.4M |
| Gross Profit | -$22,000 | -$28,000 | -$286,000 | -$3.3M | -$3.8M | $29.4M | $197.3M | $213.7M | $362.3M | $370.1M |
| Research & Development | $17.4M | $56.4M | $86.6M | $132.9M | $109.6M | $99.3M | $65.5M | $76.1M | $111.6M | $96.9M |
| Selling, General & Admin | $6.6M | $9.0M | $21.6M | $33.8M | $43.9M | $85.9M | $98.0M | $129.4M | $168.0M | $196.3M |
| Operating Expenses | $24.0M | $65.4M | $108.2M | $166.7M | $153.6M | $186.1M | $187.5M | $238.9M | $407.9M | $292.9M |
| Operating Income | -$24.0M | -$65.4M | -$108.2M | -$170.0M | -$157.4M | -$156.6M | $9.8M | -$25.2M | -$45.6M | $77.2M |
| EBITDA | -$24.0M | -$65.4M | -$107.9M | -$161.8M | -$153.8M | -$154.2M | $13.4M | -$14.3M | -$34.5M | $90.4M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$23.9M | -$64.9M | -$103.4M | -$163.9M | -$156.2M | -$156.5M | $11.0M | -$16.7M | -$36.2M | $88.9M |
| Income Tax | $36,000 | $2,000 | -$214,000 | -$2.0M | $5.2M | $1.4M | -$172.3M | -$30.7M | $7.0M | $29.9M |
| Net Income | -$24.0M | -$64.9M | -$103.2M | -$161.9M | -$161.4M | -$157.9M | $183.4M | $14.1M | -$43.2M | $59.0M |
| EPS | -$0.74 | -$2.00 | -$3.49 | -$2.99 | -$2.61 | -$2.30 | $2.64 | $0.20 | -$0.60 | $0.80 |
| EPS (Diluted) | -$0.74 | -$2.00 | -$3.49 | -$2.99 | -$2.61 | -$2.30 | $2.60 | $0.20 | -$0.60 | $0.75 |
| Shares Outstanding (Diluted) | 32.5 M | 32.5 M | 29.5 M | 54.0 M | 61.8 M | 68.6 M | 70.4 M | 71.9 M | 71.4 M | 79.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $202.1M | $214.3M | $243.6M | $286.0M |
| Gross Profit | $111.0M | $117.9M | $132.0M | $152.4M |
| Operating Income | $19.8M | $29.3M | $27.2M | $54.2M |
| EBITDA | $23.7M | $33.1M | $27.7M | $59.5M |
| Net Income | $14.2M | $22.6M | $25.4M | $47.3M |
| EPS | $0.19 | $0.30 | $0.33 | $0.61 |
| EPS (Diluted) | $0.18 | $0.27 | $0.30 | $0.56 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $56.0M | $45.6M | $307.3M | $46.9M | $114.0M | $122.5M | $122.7M | $108.0M | $183.6M | $165.6M |
| Short-term Investments | 0 | 0 | 0 | $186.5M | $209.4M | $59.7M | $67.9M | $98.4M | $60.0M | $248.5M |
| Receivables | 0 | 0 | 0 | 0 | 0 | $4.0M | $20.3M | $21.3M | $41.7M | $15.6M |
| Inventory | 0 | 0 | 0 | 0 | 0 | $3.7M | $21.6M | $31.1M | $26.4M | $54.9M |
| Total Current Assets | $56.3M | $47.1M | $313.8M | $241.6M | $333.2M | $196.4M | $243.1M | $276.3M | $331.8M | $527.2M |
| Property, Plant & Equipment | $84,000 | $125,000 | $6.4M | $8.3M | $10.6M | $8.4M | $7.0M | $12.7M | $11.0M | $11.8M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $19.2M | $18.2M | $17.2M | $16.2M | $15.2M |
| Total Assets | $56.5M | $47.5M | $322.0M | $254.5M | $349.5M | $232.8M | $459.7M | $526.3M | $580.6M | $763.6M |
| Accounts Payable | $212,000 | $1.2M | $10.9M | $5.7M | $503,000 | $1.9M | $7.9M | $8.2M | $2.0M | $2.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $3.0M |
| Total Current Liabilities | $2.3M | $17.4M | $42.6M | $27.8M | $31.8M | $44.8M | $47.1M | $63.7M | $100.6M | $139.2M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $82.2M | $137.2M | $42.7M | $29.1M | $37.5M | $47.8M | $63.5M | $87.5M | $142.1M | $196.0M |
| Retained Earnings | -$26.1M | -$91.0M | -$194.2M | -$356.1M | -$517.5M | -$675.4M | -$492.0M | -$477.9M | -$521.1M | -$462.1M |
| Total Equity | -$25.7M | -$89.7M | -$194.2M | $225.4M | $311.9M | $185.0M | $396.1M | $438.8M | $438.4M | $567.6M |
| Total Debt | 0 | 0 | 0 | $2.7M | $7.0M | $6.0M | $5.9M | $12.3M | $9.9M | $9.5M |
| Net Debt | -$56.0M | -$45.6M | -$307.3M | -$230.7M | -$316.5M | -$176.2M | -$184.7M | -$194.1M | -$233.8M | -$404.6M |
| Working Capital | $54.0M | $29.7M | $271.2M | $213.8M | $301.4M | $151.6M | $196.0M | $212.6M | $231.2M | $388.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $165.6M | $190.0M | $175.7M | $81.7M |
| Total Assets | $763.6M | $825.3M | $896.1M | $983.2M |
| Total Liabilities | $196.0M | $219.6M | $242.0M | $273.1M |
| Total Equity | $567.6M | $605.7M | $654.1M | $710.2M |
| Total Debt | $9.5M | $9.0M | $8.9M | $7.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$24.0M | -$64.9M | -$103.2M | -$161.9M | -$161.4M | -$157.9M | $183.4M | $14.1M | -$43.2M | -$43.2M |
| Depreciation & Amortization | $22,000 | $28,000 | $286,000 | $2.1M | $2.4M | $2.4M | $2.4M | $2.3M | $1.7M | $1.6M |
| Stock-based Compensation | $368,000 | $897,000 | $5.7M | $15.1M | $20.9M | $25.2M | $25.1M | $27.1M | $30.7M | $30.7M |
| Change in Working Capital | $1.8M | $13.9M | $18.3M | -$17.0M | -$4.3M | $689,000 | -$22.6M | $1.4M | $24.8M | $51.6M |
| Operating Cash Flow | -$21.9M | -$50.2M | -$81.0M | -$158.4M | -$136.5M | -$126.3M | $5.8M | $13.3M | $25.7M | $25.7M |
| Capital Expenditure | -$3,000 | -$69,000 | -$5.3M | -$3.2M | -$283,000 | -$20.4M | -$105,000 | -$130,000 | -$277,000 | -$277,000 |
| Acquisitions | 0 | 0 | 0 | -$52.4M | $23.2M | 0 | 0 | 0 | $25,000 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$2.2M | -$5.0M | -$7.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$21.9M | -$50.3M | -$86.3M | -$161.6M | -$136.8M | -$146.7M | $5.7M | $13.2M | $25.4M | $25.4M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $53.9M | $50.2M | $47.5M | $47.3M |
| Capital Expenditure | -$633,000 | -$161,000 | -$663,000 | -$180,000 |
| Free Cash Flow | $53.3M | $50.0M | $46.8M | $47.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $3.9M | $10.1M | $11.6M | $13.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +471.2% | +22.7% | +56.6% | +60.1% | ||||||
| Net Income Growth (YoY) | -170.6% | -59.1% | -56.8% | +0.3% | +2.1% | +216.1% | -92.3% | -406.7% | +236.6% | |
| EPS Growth (YoY) | -170.3% | -74.5% | +14.3% | +12.7% | +11.9% | +214.8% | -92.4% | -400.0% | +233.3% | |
| Shares Change (YoY) | +0.0% | -9.0% | +82.9% | +14.4% | +10.9% | +2.7% | +2.1% | -0.7% | +10.6% | |
| FCF Growth (YoY) | -129.9% | -71.6% | -87.2% | +15.3% | -7.2% | +103.9% | +131.0% | +92.9% | +0.0% | |
| Gross Margin | 76.4% | 89.6% | 79.1% | 85.6% | 54.6% | |||||
| Operating Margin | -406.4% | 4.4% | -9.3% | -10.8% | 11.4% | |||||
| EBITDA Margin | -400.0% | 6.1% | -5.3% | -8.1% | 13.3% | |||||
| Net Margin | -409.7% | 83.3% | 5.2% | -10.2% | 8.7% | |||||
| FCF Margin | -380.6% | 2.6% | 4.9% | 6.0% | 3.8% | |||||
| Effective Tax Rate | -0.2% | -0.0% | 0.2% | 1.2% | -3.3% | -0.9% | -1,563.0% | 184.6% | -19.5% | 33.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -$0.67 | -$1.55 | -$2.92 | -$2.99 | -$2.21 | -$2.14 | $0.08 | $0.18 | $0.36 | $0.32 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 32.5 M | 32.5 M | 29.5 M | 54.0 M | 61.8 M | 68.6 M | 69.4 M | 70.1 M | 71.4 M | 74.2 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 17.27% |
| Return on Invested Capital | 12.30% |
| Return on Assets | 11.14% |
| Gross Margin | 54.26% |
| Operating Margin | 13.79% |
| Net Margin | 11.58% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 3.91 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 10.35 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -26.31 | -9.73 | -8.05 | -3.70 | -6.77 | -5.12 | 5.67 | 87.70 | -32.97 | 51.56 |
| P/B | -24.57 | -7.05 | -4.27 | 2.65 | 3.50 | 4.36 | 2.62 | 2.80 | 3.22 | 5.39 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 20.94 | 4.72 | 4.55 | 3.34 | 4.52 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 76.4% | 89.6% | 79.1% | 85.6% | 54.6% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -406.4% | 4.4% | -9.3% | -10.8% | 11.4% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -409.7% | 83.3% | 5.2% | -10.2% | 8.7% |
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Explore sector: Healthcare · Medical - Pharmaceuticals
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