Detailed financial statements for Twist Bioscience Corporation (TWST): 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.
Twist Bioscience Corporation operates as a leading synthetic biology firm, specializing in the production and sale of products developed from synthesized DNA. The company utilizes a unique DNA synthesis platform that facilitates the creation of artificial DNA by "writing" it directly onto silicon chips.
Analysis Summary
Twist Bioscience Corporation reported revenue of $376.6M in the most recent fiscal year, growing at a 5-year CAGR of 33.1%.
Trailing-twelve-month margins: gross margin 52.0%, operating margin -31.9%, net margin -31.7%.
At the current price of $205.00, TWST has negative trailing earnings (P/E not meaningful) and an ROE of -29.89%. Market capitalisation stands at $12.8B, placing it among large-cap names.
Balance sheet quality for TWST: current ratio of 3.6, net cash position of $95.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3M | $10.8M | $25.4M | $54.4M | $90.1M | $132.3M | $203.6M | $245.1M | $313.0M | $376.6M |
| Cost of Revenue | $9.4M | $24.0M | $32.2M | $47.4M | $61.4M | $80.6M | $119.3M | $155.4M | $179.6M | $185.6M |
| Gross Profit | -$7.2M | -$13.3M | -$6.8M | $7.0M | $28.7M | $51.7M | $84.2M | $89.7M | $133.3M | $191.0M |
| Research & Development | $18.2M | $19.2M | $20.3M | $35.7M | $43.0M | $69.1M | $120.3M | $106.9M | $90.9M | $80.3M |
| Selling, General & Admin | $18.3M | $26.1M | $43.5M | $80.1M | $103.3M | $135.9M | $212.9M | $189.7M | $218.4M | $247.0M |
| Operating Expenses | $36.5M | $45.2M | $63.8M | $115.8M | $168.8M | $204.4M | $319.0M | $306.9M | $354.2M | $327.3M |
| Operating Income | -$43.7M | -$58.5M | -$70.6M | -$108.8M | -$140.1M | -$152.7M | -$234.8M | -$217.2M | -$220.8M | -$136.3M |
| EBITDA | -$39.1M | -$53.1M | -$64.0M | -$99.8M | -$132.1M | -$143.9M | -$211.7M | -$174.2M | -$176.7M | -$52.1M |
| Interest Expense | $746,000 | $905,000 | $1.3M | $1.3M | $787,000 | $367,000 | $80,000 | $5,000 | $29,000 | 0 |
| Pre-tax Income | -$44.1M | -$59.0M | -$71.0M | -$107.4M | -$139.5M | -$154.0M | -$228.3M | -$203.5M | -$208.2M | -$77.0M |
| Income Tax | 0 | $280,000 | $242,000 | $292,000 | $382,000 | -$1.9M | -$10.4M | $1.2M | $560,000 | $719,000 |
| Net Income | -$44.1M | -$59.3M | -$71.2M | -$107.7M | -$139.9M | -$152.1M | -$217.9M | -$204.6M | -$208.7M | -$77.7M |
| EPS | $-2.35 | $-3.16 | $-2.68 | $-3.92 | $-3.57 | $-3.15 | $-4.04 | $-3.60 | $-3.60 | $-1.30 |
| EPS (Diluted) | $-2.35 | $-3.16 | $-2.68 | $-3.92 | $-3.57 | $-3.15 | $-4.04 | $-3.60 | $-3.60 | $-1.30 |
| Shares Outstanding (Diluted) | $18.8M | $18.8M | $26.6M | $27.5M | $39.2M | $48.3M | $53.9M | $56.9M | $58.0M | $59.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $99.0M | $103.7M | $110.7M | $118.4M |
| Gross Profit | $50.8M | $54.0M | $57.1M | $62.5M |
| Operating Income | -$29.9M | -$32.9M | -$38.7M | -$36.3M |
| EBITDA | -$20.9M | -$26.7M | -$32.2M | -$28.0M |
| Net Income | -$27.1M | -$30.5M | -$44.0M | -$35.1M |
| EPS | $-0.45 | $-0.50 | $-0.71 | $-0.56 |
| EPS (Diluted) | $-0.45 | $-0.50 | $-0.71 | $-0.56 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $28.6M | $31.2M | $80.8M | $46.7M | $93.7M | $465.8M | $378.7M | $286.5M | $226.3M | $183.0M |
| Short-term Investments | $27.3M | $31.0M | 0 | $91.4M | $196.3M | $12.0M | $126.3M | $49.9M | $50.1M | $49.4M |
| Receivables | $723,000 | $2.3M | $5.4M | $12.1M | $25.4M | $28.5M | $40.3M | $44.1M | $34.9M | $57.3M |
| Inventory | $1.2M | $1.8M | $6.0M | $7.3M | $12.3M | $31.8M | $39.3M | $32.1M | $24.1M | $28.3M |
| Total Current Assets | $59.0M | $67.9M | $95.7M | $160.1M | $334.9M | $546.5M | $596.5M | $424.3M | $346.8M | $333.0M |
| Property, Plant & Equipment | $14.6M | $14.8M | $12.3M | $20.8M | $59.2M | $105.7M | $214.4M | $203.4M | $161.3M | $151.7M |
| Goodwill | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $22.4M | $85.8M | $85.8M | $85.8M | $82.2M |
| Intangible Assets | $1.1M | $920,000 | $712,000 | $508,000 | $307,000 | $18.3M | $59.7M | $54.5M | $14.5M | $13.4M |
| Total Assets | $76.5M | $85.7M | $115.8M | $187.0M | $398.9M | $702.1M | $961.4M | $776.4M | $614.3M | $641.9M |
| Accounts Payable | $2.3M | $2.8M | $7.5M | $9.8M | $4.8M | $14.9M | $20.1M | $14.1M | $1.6M | $11.1M |
| Short-term Debt | $1.4M | 0 | $2.5M | $3.3M | $3.3M | $1.6M | 0 | 0 | 0 | $13.8M |
| Total Current Liabilities | $8.7M | $9.5M | $18.5M | $30.4M | $36.0M | $63.1M | $90.7M | $73.3M | $71.0M | $91.4M |
| Long-term Debt | $9.8M | $9.2M | $7.2M | $4.4M | $1.4M | 0 | 0 | 0 | 0 | $61.8M |
| Total Liabilities | $153.1M | $219.0M | $317.2M | $34.9M | $62.6M | $121.3M | $172.0M | $153.0M | $141.6M | $168.9M |
| Retained Earnings | -$80.3M | -$139.6M | -$210.9M | -$318.5M | -$458.5M | -$610.6M | -$828.4M | -$1.03B | -$1.24B | -$1.32B |
| Total Equity | -$76.6M | -$133.4M | -$201.4M | $152.1M | $336.3M | $580.8M | $789.4M | $623.4M | $472.7M | $473.0M |
| Total Debt | $11.2M | $9.2M | $9.7M | $7.7M | $36.0M | $62.9M | $94.9M | $94.1M | $85.0M | $137.3M |
| Net Debt | -$44.7M | -$53.0M | -$71.0M | -$130.4M | -$254.0M | -$414.9M | -$410.1M | -$242.3M | -$191.4M | -$95.1M |
| Working Capital | $50.4M | $58.4M | $77.1M | $129.8M | $298.8M | $483.4M | $505.8M | $350.9M | $275.8M | $241.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $183.0M | $148.6M | $122.7M | $117.4M |
| Total Assets | $641.9M | $638.1M | $676.2M | $672.4M |
| Total Liabilities | $168.9M | $182.0M | $221.1M | $226.7M |
| Total Equity | $473.0M | $456.1M | $455.1M | $445.7M |
| Total Debt | $137.3M | $183.9M | $95.8M | $93.6M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$44.1M | -$59.3M | -$71.2M | -$107.7M | -$139.9M | -$152.1M | -$217.9M | -$204.6M | -$208.7M | -$77.7M |
| Depreciation & Amortization | $4.2M | $5.0M | $5.7M | $6.1M | $6.7M | $9.8M | $16.5M | $29.3M | $31.4M | $24.9M |
| Stock-based Compensation | $857,000 | $1.9M | $3.0M | $11.2M | $17.1M | $37.0M | $79.7M | $30.3M | $50.9M | $64.5M |
| Change in Working Capital | $240,000 | -$129,000 | -$4.2M | $3.0M | -$25.2M | -$9.4M | -$5.4M | -$1.0M | $15.4M | -$12.6M |
| Operating Cash Flow | -$38.6M | -$51.3M | -$66.2M | -$87.9M | -$142.3M | -$112.2M | -$124.4M | -$142.5M | -$64.1M | -$47.6M |
| Capital Expenditure | -$6.2M | -$6.6M | -$3.7M | -$14.8M | -$9.9M | -$27.1M | -$101.9M | -$27.8M | -$5.1M | -$28.0M |
| Acquisitions | $254,000 | $266,000 | $17,000 | $21,000 | $104.8M | -$483,000 | -$8.2M | $5.9M | 0 | $2.5M |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$2.4M | -$10.8M | -$7.8M | -$4.4M | -$4.0M | -$16,000 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$44.8M | -$57.9M | -$69.9M | -$102.7M | -$152.1M | -$139.3M | -$226.2M | -$170.3M | -$69.2M | -$75.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$11.8M | -$24.8M | -$17.6M | $1.1M |
| Capital Expenditure | -$12.4M | -$10.0M | -$8.0M | -$9.7M |
| Free Cash Flow | -$24.2M | -$34.8M | -$25.5M | -$8.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $16.1M | $13.3M | $18.9M | $18.2M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +374.5% | +136.2% | +113.9% | +65.7% | +46.9% | +53.8% | +20.4% | +27.7% | +20.3% | |
| Net Income Growth (YoY) | -34.5% | -20.1% | -51.1% | -30.0% | -8.7% | -43.2% | +6.1% | -2.0% | +62.8% | |
| EPS Growth (YoY) | -34.5% | +15.2% | -46.3% | +8.9% | +11.8% | -28.3% | +10.9% | +0.0% | +63.9% | |
| Shares Change (YoY) | +0.0% | +41.7% | +3.2% | +42.7% | +23.1% | +11.7% | +5.6% | +2.0% | +3.1% | |
| FCF Growth (YoY) | -29.2% | -20.7% | -47.0% | -48.1% | +8.4% | -62.4% | +24.7% | +59.4% | -9.3% | |
| Gross Margin | -315.2% | -123.1% | -26.6% | 12.8% | 31.8% | 39.1% | 41.4% | 36.6% | 42.6% | 50.7% |
| Operating Margin | -1,924.0% | -543.2% | -277.5% | -200.1% | -155.5% | -115.4% | -115.3% | -88.6% | -70.6% | -36.2% |
| EBITDA Margin | -1,723.8% | -493.2% | -251.5% | -183.5% | -146.6% | -108.7% | -104.0% | -71.1% | -56.5% | -13.8% |
| Net Margin | -1,943.1% | -550.8% | -280.2% | -198.0% | -155.3% | -114.9% | -107.0% | -83.5% | -66.7% | -20.6% |
| FCF Margin | -1,975.4% | -537.7% | -274.7% | -188.8% | -168.8% | -105.3% | -111.1% | -69.5% | -22.1% | -20.1% |
| Effective Tax Rate | -0.0% | -0.5% | -0.3% | -0.3% | -0.3% | 1.3% | 4.6% | -0.6% | -0.3% | -0.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-2.39 | $-3.08 | $-2.63 | $-3.74 | $-3.88 | $-2.89 | $-4.20 | $-2.99 | $-1.19 | $-1.26 |
| 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) | $18.8M | $18.8M | $26.6M | $27.5M | $39.2M | $48.3M | $53.9M | $56.9M | $58.0M | $59.8M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -29.89% |
| Return on Invested Capital | -24.57% |
| Return on Assets | -20.33% |
| Gross Margin | 51.97% |
| Operating Margin | -31.91% |
| Net Margin | -31.66% |
Financial Health
| Debt / Equity | 0.21 |
| Current Ratio | 2.67 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 3.44 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -5.96 | -4.43 | -5.22 | -6.09 | -21.28 | -33.96 | -8.72 | -5.63 | -12.55 | -21.65 |
| P/B | -3.43 | -1.97 | -1.85 | 4.31 | 8.85 | 8.89 | 2.41 | 1.85 | 5.55 | 3.56 |
| P/S | 115.88 | 24.42 | 14.65 | 12.06 | 33.04 | 39.00 | 9.33 | 4.70 | 8.38 | 4.47 |
| Gross Margin | -315.2% | -123.1% | -26.6% | 12.8% | 31.8% | 39.1% | 41.4% | 36.6% | 42.6% | 50.7% |
| Operating Margin | -1,924.0% | -543.2% | -277.5% | -200.1% | -155.5% | -115.4% | -115.3% | -88.6% | -70.6% | -36.2% |
| Net Margin | -1,943.1% | -550.8% | -280.2% | -198.0% | -155.3% | -114.9% | -107.0% | -83.5% | -66.7% | -20.6% |
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Explore sector: Healthcare · Biotechnology
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