Ginkgo Bioworks Holdings, Inc. DNA

Health CareBiotechnology & Medical ResearchUnited States of America

Last close 9.85 USD on Nov 2, 2026, +18.5% year to date

Quant rating

Quant rating C Rank 372 of 565 in Health Care

Growth B 168 of 565
Valuation D 556 of 565
Quality C 335 of 565
Revisions C 350 of 565
Momentum C 336 of 565

Wall Street consensus Sell (4.33)Average target 8.00 USD −18.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 634M
Enterprise value: 332M
52-week range: 5.37 – 18.20
3-year range: 5.36 – 71.60
Dividend yield: –
Beta (5 years): 1.74
Shares outstanding: 64.3M
Next earnings: Nov 5, 2026

About the company

Ginkgo Bioworks Holdings, Inc. offers biological research and development (R&D) services on its platform and autonomous laboratory to enable its customers to bring their products to market. The Company sells tools and biological R&D services across a range of industries to government and commercial customers. Its in-house autonomous lab is available as Cloud Lab through its Datapoints and Solutions contract research services. Its single segment, namely cell engineering, provides tools and biological R&D services across a range of industries. Its cell engineering customers work with biology to discover and manufacture new products across industries such as medicine, agriculture, industrial biotechnology and government. It provides R&D services spanning genetic medicine modalities: gene therapy, cell therapy and gene editing, and RNA therapeutics. It provides a suite of microservices for product developers across industries that support bioengineers with protein engineering.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	170	227	251	478	314	–
Revenue growth	−25.1%	−9.7%	−47.4%	52.2%	309.4%	17.3%
EPS (basic, normalized)	−5.64	−10.54	−18.40	−50.00	−52.00	–
EPS growth	–	–	–	–	–	–
Gross margin	72.4%	80.4%	78.5%	57.3%	58.7%	69.4%
Net margin	−183.8%	−240.9%	−355.1%	−440.6%	−583.1%	−360.7%
ROE	−51.1%	−60.3%	−63.0%	−129.9%	−186.1%	−98.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	302
Current ratio	4.57x
Long-term debt (mil)	0
Net debt (mil)	−302
Total equity (mil)	420
Net debt / equity	−0.72x
Net debt / EBITDA	1.81x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	170	−25.1%	1.9x	−167	+46.4%	−2.0x	−5.64	+46.5%	−1.7x
2026	85.0	−50.0%	3.9x	−172	−2.9%	−1.9x	−3.48	+38.3%	−2.8x
2027	96.0	+12.9%	3.5x	−176	−2.3%	−1.9x	−2.47	+29.0%	−4.0x
2028	89.1	−7.2%	3.7x	–	–	–	−2.00	+19.0%	−4.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	85.0	0.0%	−15.6%	−46.9%	−3.48	−3.9%	+7.6%	+5.7%
2027	96.0	−0.4%	−13.7%	−39.2%	−2.47	+2.9%	+22.4%	+18.5%
2028	89.1	–	–	−69.9%	−2.00	–	–	+37.1%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	37.9	56.2	89.0	43.8	48.3	49.6	38.8	33.4	25.7	20.2
Sales mean (mil)	46.0	43.1	45.0	44.5	38.7	41.6	38.9	37.1	41.5	24.1
Surprise	−17.6%	+30.3%	+97.9%	−1.4%	+24.9%	+19.2%	0.0%	−10.0%	−38.1%	−16.2%
EPS reported	−3.20	−2.80	−0.94	−2.00	−1.68	−1.10	−1.45	−1.41	−1.39	−0.75
EPS mean	−3.33	−3.12	−2.73	−1.77	−1.77	−1.57	−1.24	−1.46	−1.08	−0.91
Surprise	+4.0%	+10.3%	+65.5%	−13.0%	+5.1%	+29.8%	−16.9%	+3.1%	−28.7%	+17.6%

Peer comparison Biotechnology & Medical Research

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DNA Ginkgo Bioworks Holdings, Inc.	634M	1.81x	−183.8%	1.49x	−2.8x	−4.0x	−1.9x	−1.9x
LZAGY Lonza Group AG	55.2B	–	13.9%	5.58x	3.6x	3.0x	20.8x	18.4x
TECH Bio-Techne Corporation	11.4B	−0.15x	15.0%	5.38x	35.7x	31.4x	25.0x	22.2x
ADPT Adaptive Biotechnologies Corporation	4.0B	−0.13x	−21.5%	27.89x	−46.1x	−150.4x	−547.7x	92.9x
ABCL AbCellera Biologics Inc.	3.6B	2.77x	−194.9%	3.80x	−16.6x	−14.9x	−14.3x	−13.1x
MRVI Maravai Lifesciences Holdings, Inc.	1.9B	−8.26x	−70.4%	9.12x	−66.7x	−72.2x	63.0x	48.9x
Mean		−0.79x	−73.6%	8.88x	−15.5x	−34.5x	−75.9x	27.9x
Median		−0.13x	−45.9%	5.48x	−9.7x	−9.4x	9.4x	20.3x

Technical analysis

1M−20.2%
3M+21.8%
1Y−24.2%
3Y−84.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ginkgo Bioworks Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	170	227	251	478	314	76.7
Cost of revenue	47.0	44.5	54.0	204	130	15.6
Gross profit	123	182	197	273	184	61.0
Selling, general & administrative expenses	189	242	193	1,384	863	38.3
Research & development	244	424	581	1,053	1,150	160
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	21.7	104	331	14.3	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	−332	−588	−907	−2,177	−1,828	−137
Net interest income (expense)	16.9	11.7	−0.3	−76.9	−90.4	−3.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.2	28.4	14.3	133	80.7	16.1
Net income before taxes	−314	−548	−893	−2,121	−1,838	−125
Provision for taxes	−0.8	−0.5	−0.1	−15.0	−1.5	1.9
Minority interest	–	0	0	1.4	6.6	0.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−313	−547	−893	−2,105	−1,830	−127
Extraordinary items	–	–	–	–	–	–
Net income	−313	−547	−893	−2,105	−1,830	−127
EBIT, normalized	−310	−483	−576	−2,163	−1,828	−137
EBITDA, normalized	−251	−420	−506	−2,120	−1,799	−123
Basic EPS, normalized	−5.64	−10.54	−18.40	−50.00	−52.00	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ginkgo Bioworks Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	423	562	944	1,316	1,550	381
Receivables	24.3	22.4	31.7	84.0	150	24.2
Total inventory	–	–	0	4.4	3.4	2.7
Prepaid expenses	17.9	12.9	20.4	45.4	19.1	17.4
Other current assets	7.0	5.8	5.5	0.5	0.7	1.4
Total current assets	472	603	1,002	1,450	1,723	427
Property, plant & equipment	529	598	397	716	146	121
Goodwill	–	0	49.2	60.2	21.3	1.9
Intangibles	56.9	72.5	82.7	111	21.6	3.3
Long-term investments	15.1	48.7	78.6	114	115	103
Note receivable	–	14.2	13.6	–	0	13.3
Other long-term assets	47.2	41.2	42.2	88.7	44.0	5.6
Total assets	1,120	1,377	1,665	2,539	2,071	675
Liabilities
Accounts payable	10.6	14.2	9.3	10.5	8.2	13.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	53.5	45.6	72.3	93.0	93.3	27.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0	0.3	1.1	1.3	–	0.5
Other current liabilities	31.9	47.2	81.2	68.2	33.2	31.2
Total current liabilities	96.0	107	164	173	135	73.2
Long-term debt	0	0	0.5	0	22.3	16.5
Minority interest	–	–	0	0	62.0	8.7
Other liabilities	515	554	404	630	347	115
Total liabilities	611	661	568	803	566	214
Shareholders' equity
Preferred stock	0	0	0	0	0	–
Common stock	0	0	0.2	0.2	0.2	0.1
Additional paid-in capital	6,657	6,555	6,386	6,136	3,805	929
Retained earnings (accumulated deficit)	−6,150	−5,838	−5,291	−4,398	−2,298	−468
Treasury stock	–	–	–	–	–	–
Other equity	1.9	−1.8	1.5	−2.6	−1.7	0
Total equity	509	716	1,097	1,736	1,505	461
Total liabilities & shareholders' equity	1,120	1,377	1,665	2,539	2,071	675

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ginkgo Bioworks Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−313	−547	−893	−2,106	−1,837	−127
Depreciation, depletion & amortization	59.0	63.0	70.5	42.6	29.1	13.9
Deferred taxes	−1.4	−0.9	−0.8	−14.6	–	–
Non-cash items	128	255	498	1,863	1,615	3.5
Changes in working capital	−44.1	−89.7	29.8	−37.0	−61.5	−26.5
Cash from operations	−171	−320	−296	−252	−254	−136
Investing activities
Capital expenditures	−7.7	−62.5	−40.8	−52.3	−56.5	−57.8
Other investing cash flows	−233	0.3	−39.9	−15.1	−16.7	−9.3
Cash from investing	−240	−62.2	−80.7	−67.4	−73.3	−67.1
Financing activities
Financing cash flow items	−1.3	−0.9	−2.0	−3.0	50.5	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	19.1	−0.8	−1.2	98.3	1,484	90.3
Cash from financing	17.8	−1.7	−3.2	95.3	1,534	90.3
Foreign exchange effects	0.2	−0.3	−0.6	0.9	0	–
Net change in cash	−393	−384	−380	−223	1,207	−113
Free cash flow	−179	−382	−336	−304	−310	−194

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.