Krystal Biotech, Inc. KRYS

Health CarePharmaceuticalsUnited States of America

Last close 295.90 USD on Nov 2, 2026, +20.0% year to date

Quant rating

Quant rating C Rank 232 of 565 in Health Care

Growth D 448 of 565
Valuation B 209 of 565
Quality A 24 of 565
Revisions D 505 of 565
Momentum B 162 of 565

Wall Street consensus Buy (1.71)Average target 377.57 USD +27.6%

Historical valuation

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

Key data

Market cap: 8.8B
Enterprise value: 7.9B
52-week range: 184.25 – 382.26
3-year range: 96.00 – 382.26
Dividend yield: –
Beta (5 years): 0.65
Shares outstanding: 29.6M
Next earnings: Nov 2, 2026

About the company

Krystal Biotech, Inc. is an integrated, commercial-stage biotechnology company. The Company is focused on the discovery, development, and commercialization of genetic medicines to treat diseases with high unmet medical needs. Its product candidates in various stages of clinical and preclinical development include KB407, KB408, KB707, KB105, KB801, KB803, KB304 and KB301. Its commercial product, VYJUVEK, is a redosable gene therapy, and a genetic medicine approved in the United States and Europe for the treatment of dystrophic epidermolysis bullosa. KB407 is being developed for the treatment of Cystic Fibrosis. KB408 is being developed for the treatment of Alpha-1 Antitrypsin Deficiency, a rare lung disease. KB707 is being developed for the treatment of solid tumors. KB105 is being developed for TGM1-Deficient Autosomal Recessive Congenital Ichthyosis. KB803 is a redosable eye drop formulation of B-VEC, designed for the treatment of ocular complications.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	389	291	50.7	0	0	–
Revenue growth	33.9%	473.0%	–	–	–	–
EPS (basic, normalized)	6.84	3.00	0.39	−5.49	−3.13	–
EPS growth	128.0%	669.2%	–	–	–	–
Gross margin	94.1%	93.1%	93.9%	–	–	93.7%
Net margin	52.6%	30.7%	21.6%	–	–	35.0%
ROE	18.9%	10.3%	1.7%	−25.1%	−15.7%	−2.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	912
Current ratio	8.32x
Long-term debt (mil)	0
Net debt (mil)	−846
Total equity (mil)	1,436
Net debt / equity	−0.59x
Net debt / EBITDA	−5.06x

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	389	+33.9%	20.3x	167	+135.6%	47.4x	6.84	+128.0%	43.3x
2026	500	+28.4%	15.8x	249	+48.9%	31.8x	7.58	+10.9%	39.0x
2027	640	+28.0%	12.4x	339	+36.4%	23.3x	9.13	+20.4%	32.4x
2028	885	+38.3%	8.9x	516	+52.2%	15.3x	12.63	+38.2%	23.4x

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	500	−1.9%	−0.3%	−5.4%	7.58	+0.2%	+1.2%	−4.3%
2027	640	−1.9%	−0.9%	−2.8%	9.13	+3.2%	−4.4%	−9.0%
2028	885	−7.9%	+4.7%	+6.5%	12.63	−11.9%	−6.7%	−5.5%

Earnings surprises EPS beat in 4 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)	45.2	70.3	83.8	91.1	88.2	96.0	97.8	107	116	119
Sales mean (mil)	47.4	65.3	82.9	90.5	96.2	91.9	93.2	105	112	121
Surprise	−4.6%	+7.6%	+1.1%	+0.7%	−8.4%	+4.5%	+5.0%	+1.7%	+3.8%	−1.5%
EPS reported	0.03	0.53	0.91	1.52	1.20	1.29	2.66	1.70	1.83	1.79
EPS mean	0.15	0.58	0.90	1.17	1.37	1.13	1.09	1.41	1.42	1.66
Surprise	−79.6%	−8.6%	+1.3%	+30.2%	−12.2%	+14.4%	+145.0%	+20.7%	+28.9%	+8.1%

Peer comparison Pharmaceuticals

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
KRYS Krystal Biotech, Inc.	8.8B	−5.06x	52.6%	6.44x	39.0x	32.4x	31.8x	23.3x
NOVN Novartis AG	324.4B	1.71x	24.8%	8.09x	18.2x	16.4x	15.5x	14.1x
ALNY Alnylam Pharmaceuticals, Inc.	21.2B	−1.51x	8.4%	5.87x	9.5x	17.3x	15.9x	13.3x
UTHR United Therapeutics Corporation	25.6B	−1.69x	41.9%	3.97x	22.3x	19.3x	15.8x	13.3x
NBIX Neurocrine Biosciences, Inc.	14.8B	−0.60x	16.7%	4.00x	20.4x	14.6x	14.3x	10.4x
BBIO BridgeBio Pharma, Inc.	14.6B	−5.36x	−144.4%	−9.13x	−29.1x	−181.7x	−52.6x	140.7x
Mean		−2.08x	0.0%	3.21x	13.4x	−13.6x	6.8x	35.9x
Median		−1.60x	20.8%	4.93x	19.3x	16.8x	15.7x	13.7x

Technical analysis

1M−8.2%
3M−13.3%
1Y+49.8%
3Y+148.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Krystal Biotech, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	389	291	50.7	0	0	0
Cost of revenue	23.0	20.1	3.1	–	–	–
Gross profit	366	270	47.6	0	0	0
Selling, general & administrative expenses	147	114	98.4	77.7	40.4	15.1
Research & development	58.0	53.6	46.4	42.5	27.9	17.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	37.5	−87.5	25.0	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	161	65.7	−9.7	−145	−68.3	−33.0
Net interest income (expense)	28.2	29.7	22.6	5.2	−1.3	0.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	189	95.4	12.9	−140	−69.6	−32.2
Provision for taxes	−15.4	6.2	2.0	–	–	–
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	205	89.2	10.9	−140	−69.6	−32.2
Extraordinary items	–	–	–	–	–	–
Net income	205	89.2	10.9	−140	−69.6	−32.2
EBIT, normalized	161	103	−97.2	−120	−68.3	−33.0
EBITDA, normalized	167	109	−92.2	−116	−65.5	−31.1
Basic EPS, normalized	6.84	3.00	0.39	−5.49	−3.13	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Krystal Biotech, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	828	598	532	379	438	271
Receivables	127	105	42.0	–	–	–
Total inventory	40.5	26.5	7.0	–	–	–
Prepaid expenses	28.9	13.3	6.7	4.6	4.2	3.8
Other current assets	0	0	0	0	0	0
Total current assets	1,025	742	588	384	442	275
Property, plant & equipment	158	161	168	170	120	34.2
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	128	152	62.0	4.6	64.4	0
Note receivable	–	–	–	–	–	–
Other long-term assets	23.1	0.2	0.3	0.3	0.1	1.6
Total assets	1,334	1,056	818	558	626	311
Liabilities
Accounts payable	3.2	5.0	4.1	4.0	8.4	2.1
Payable/accrued	–	–	–	–	–	–
Accrued expenses	85.2	90.3	24.5	24.6	17.2	5.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	14.5	6.7	4.5	0.3	0.2	7.7
Total current liabilities	103	102	33.1	28.8	25.7	15.5
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	11.3	7.5	6.6	7.4	7.0	3.3
Total liabilities	114	109	39.7	36.2	32.7	18.8
Shareholders' equity
Preferred stock	–	–	–	–	0	0
Common stock	0	0	0	0	0	0
Additional paid-in capital	1,194	1,127	1,048	804	735	363
Retained earnings (accumulated deficit)	24.2	−181	−270	−281	−141	−71.2
Treasury stock	–	–	–	–	–	–
Other equity	1.1	−0.2	0.6	−0.7	−0.2	0
Total equity	1,220	946	779	522	594	292
Total liabilities & shareholders' equity	1,334	1,056	818	558	626	311

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Krystal Biotech, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	205	89.2	10.9	−140	−69.6	−32.2
Depreciation, depletion & amortization	5.7	6.0	5.0	4.1	2.8	1.9
Deferred taxes	−22.8	–	–	–	–	–
Non-cash items	49.6	42.8	33.1	32.5	16.8	3.3
Changes in working capital	−36.4	−14.5	−138	2.8	2.1	0.9
Cash from operations	201	123	−88.8	−101	−47.9	−26.1
Investing activities
Capital expenditures	−12.0	−4.2	−11.8	−53.0	−68.3	−14.8
Other investing cash flows	−46.5	−159	94.4	−61.1	−158	3.7
Cash from investing	−58.4	−163	82.6	−114	−227	−11.2
Financing activities
Financing cash flow items	−14.0	−5.4	−0.7	−0.6	−8.0	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	22.7	32.4	203	36.0	356	118
Cash from financing	8.7	27.0	203	35.3	348	118
Foreign exchange effects	0.3	−0.5	−0.2	0	–	–
Net change in cash	151	−13.5	196	−179	73.0	80.8
Free cash flow	189	119	−101	−154	−116	−40.9

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.