Krystal Biotech

KRYS

Biotechnology · Healthcare

Price

$354.86

+13.07 (+3.82%)

Market Cap

$10.46B

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Share count rising — dilution

+34.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 22.2M (2021) → 30.0M (2025)

Krystal Biotech, Inc., a clinical stage biotechnology company, engages in the field of redosable gene therapy to treat serious rare diseases in the United States. Its lead product candidate is beremagene geperpavec (B-VEC), which is in Phase III clinical study to treat dystrophic epidermolysis bullosa. The company is also involved in developing KB105 that is in Phase I/II clinical study for treating patients with deficient autosomal recessive congenital ichthyosis; KB301, which is in Phase I/II

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+31.9% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+54.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$58M/ year

↑ Rising (+8% vs prior year)

14.9% of revenue

In line with sector average (18%)

Investing heavily in future products and technology

Insider Activity

20.6%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$501M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Krystal Biotech is growing revenue at 32% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

94.6%

Premium pricing power — 94.6% gross margin

Operating Margin

46.1%

Excellent — 46.1% operating margin

ROCE

4.2%

Weak — 4.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+25.1%

Fast-growing sales (25.1% YoY)

EPS YoY

+79.8%

Earnings growing fast (79.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

111%

Turns 111% of profit into real cash

FCF Margin

56.9%

Converts sales into free cash efficiently (56.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

45.8x

Expensive — P/E 45.8

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+16.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (45.8 → 28.9)

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Dividends

Not applicable for this business.

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