Pacific Biosciences of California, Inc. PACB

Health CareHealthcare Equipment & SuppliesUnited States of America

Last close 2.35 USD on Nov 2, 2026, +25.4% year to date

Quant rating

Quant rating C Rank 251 of 565 in Health Care

Growth B 174 of 565
Valuation D 551 of 565
Quality B 210 of 565
Revisions D 425 of 565
Momentum B 135 of 565

Wall Street consensus Buy (2.38)Average target 2.40 USD +2.3%

Historical valuation

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

Key data

Market cap: 729M
Enterprise value: 1.1B
52-week range: 1.07 – 3.43
3-year range: 0.91 – 10.36
Dividend yield: –
Beta (5 years): 2.20
Shares outstanding: 311M
Next earnings: Nov 4, 2026

About the company

Pacific Biosciences of California, Inc. is a life science technology company. The Company designs, develops, and manufactures sequencing solutions. Its products and technology include HiFi long-read sequencing technology, which addresses a set of applications including human germline sequencing, plant and animal sciences, infectious disease, microbiology, oncology, and other applications. Its sequencing technology supports oncology research by enabling analysis of both deoxyribonucleic acid (DNA) and ribonucleic acid (RNA), providing researchers with insight into cancer biology. It focuses on creating sequencing systems to provide customers with a view of genomes, transcriptomes, and epigenomes. Its customers include academic and governmental research institutions, commercial testing and service laboratories, genome centers, public health labs, hospitals and clinical research institutes, contract research organizations (CROs), pharmaceutical companies, and agricultural companies.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	160	154	201	128	131	–
Revenue growth	3.9%	−23.2%	56.3%	−1.7%	65.4%	15.2%
EPS (basic, normalized)	−0.53	−1.61	−1.21	−1.40	−0.88	–
EPS growth	–	–	–	–	–	–
Gross margin	31.2%	24.9%	28.0%	41.1%	45.1%	34.1%
Net margin	−341.5%	−201.2%	−153.0%	−244.9%	−138.9%	−215.9%
ROE	−213.5%	−51.3%	−48.5%	−46.4%	−32.2%	−78.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	237
Current ratio	4.92x
Long-term debt (mil)	644
Net debt (mil)	407
Total equity (mil)	−33.2
Net debt / equity	−12.27x
Net debt / EBITDA	–

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	160	+3.9%	7.1x	–	–	–	−0.53	+67.1%	−4.4x
2026	159	−0.7%	7.2x	−150	–	−7.6x	−0.52	+2.2%	−4.5x
2027	184	+15.6%	6.2x	−112	+25.4%	−10.2x	−0.41	+20.0%	−5.7x
2028	212	+15.3%	5.4x	−89.6	+19.7%	−12.7x	−0.33	+20.1%	−7.1x

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	159	−0.8%	−4.7%	−8.4%	−0.52	−0.8%	−3.3%	−1.4%
2027	184	−0.7%	−5.1%	−6.1%	−0.41	−3.3%	−2.7%	−0.3%
2028	212	−0.3%	+2.9%	−4.7%	−0.33	−0.4%	+6.8%	+8.4%

Earnings surprises EPS beat in 3 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)	38.8	36.0	40.0	39.2	37.2	39.8	38.4	44.6	37.2	39.0
Sales mean (mil)	43.0	40.9	42.0	40.2	35.2	36.9	40.2	42.5	40.0	40.1
Surprise	−9.7%	−11.9%	−4.7%	−2.3%	+5.4%	+7.7%	−4.4%	+5.0%	−7.0%	−2.6%
EPS reported	−0.29	−0.64	−0.22	−0.49	−1.44	−0.14	−0.13	−0.12	−0.12	−0.14
EPS mean	−0.28	−0.23	−0.22	−0.21	−0.19	−0.17	−0.15	−0.15	−0.13	−0.13
Surprise	−5.3%	−175.1%	+2.0%	−138.6%	−661.9%	+17.6%	+14.5%	+18.6%	+11.0%	−10.1%

Peer comparison Healthcare Equipment & Supplies

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
PACB Pacific Biosciences of California, Inc.	729M	–	−341.5%	−21.94x	−4.5x	−5.7x	−7.6x	−10.2x
TMO Thermo Fisher Scientific Inc.	252.9B	3.18x	15.0%	4.62x	27.0x	24.6x	23.0x	21.4x
DHR Danaher Corporation	160.4B	2.71x	14.7%	2.99x	26.5x	24.5x	21.6x	19.8x
A Agilent Technologies Inc	48.5B	1.09x	18.8%	6.59x	27.7x	25.5x	22.6x	20.9x
WAT Waters Corp	44.2B	3.88x	20.3%	2.91x	30.8x	27.2x	22.7x	20.5x
ILMN Illumina Inc	34.3B	0.35x	19.6%	10.88x	41.9x	36.7x	26.3x	23.6x
Mean		2.24x	−42.2%	1.01x	24.9x	22.1x	18.1x	16.0x
Median		2.71x	16.9%	3.80x	27.4x	25.1x	22.6x	20.7x

Technical analysis

1M−7.7%
3M+67.5%
1Y+0.2%
3Y−64.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Pacific Biosciences of California, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	160	154	201	128	131	78.9
Cost of revenue	110	116	144	75.6	71.7	46.3
Gross profit	50.0	38.3	56.2	52.7	58.9	32.6
Selling, general & administrative expenses	135	160	170	161	124	72.8
Research & development	94.5	129	187	193	113	64.2
Depreciation/amortization	5.2	18.0	6.2	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	387	51.9	14.5	3.7	83.1	−132
Other operating expenses	−18.7	−0.8	15.1	2.4	1.1	0
Operating income	−554	−320	−336	−307	−262	27.6
Net interest income (expense)	−7.0	−13.4	−14.3	−14.7	−12.5	−0.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	14.8	23.8	32.7	7.6	0.1	2.1
Net income before taxes	−546	−310	−318	−314	−275	29.4
Provision for taxes	0.3	0.3	−11.4	0	−93.6	–
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−546	−310	−307	−314	−181	29.4
Extraordinary items	–	–	–	–	–	–
Net income	−546	−310	−307	−314	−181	29.4
EBIT, normalized	−155	−264	−322	−303	−179	−104
EBITDA, normalized	−132	−222	−302	−293	−172	−98.0
Basic EPS, normalized	−0.53	−1.61	−1.21	−1.40	−0.88	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Pacific Biosciences of California, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	280	390	631	772	1,044	319
Receivables	35.4	27.5	36.6	18.8	24.2	16.8
Total inventory	49.3	58.8	56.7	50.4	24.6	14.2
Prepaid expenses	10.8	18.8	17.0	10.3	7.4	4.9
Other current assets	0	0.7	0.3	0.3	0.5	0.8
Total current assets	375	496	742	852	1,101	356
Property, plant & equipment	65.8	46.6	69.0	81.3	79.1	54.9
Goodwill	318	318	462	410	410	–
Intangibles	15.1	390	457	410	411	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	10.3	10.8	15.7	13.5	5.8	3.5
Total assets	784	1,260	1,746	1,767	2,007	414
Liabilities
Accounts payable	20.8	16.6	15.1	12.0	11.0	3.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	34.1	32.6	55.3	41.5	44.0	21.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	0	0.5	1.8	–	0
Other current liabilities	18.0	17.1	24.2	208	16.7	13.2
Total current liabilities	72.8	66.3	95.0	263	71.7	38.5
Long-term debt	645	647	893	897	896	0
Minority interest	–	–	–	–	–	–
Other liabilities	60.5	40.1	56.9	43.7	248	40.0
Total liabilities	779	754	1,045	1,204	1,216	78.5
Shareholders' equity
Preferred stock	0	0	–	–	–	–
Common stock	0.3	0.3	0.3	0.2	0.2	0.2
Additional paid-in capital	2,700	2,655	2,540	2,100	2,010	1,372
Retained earnings (accumulated deficit)	−2,695	−2,149	−1,839	−1,532	−1,218	−1,037
Treasury stock	–	–	–	–	–	–
Other equity	0.5	0.4	0.2	−4.8	−1.1	0.1
Total equity	5.3	507	701	563	791	335
Total liabilities & shareholders' equity	784	1,260	1,746	1,767	2,007	414

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Pacific Biosciences of California, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−546	−310	−307	−314	−181	29.4
Depreciation, depletion & amortization	382	41.2	19.7	10.4	7.6	6.4
Deferred taxes	−0.5	−0.2	−11.4	–	−93.6	–
Non-cash items	48.8	103	98.2	94.6	135	−13.6
Changes in working capital	4.4	−40.6	−59.0	−54.0	21.0	−2.8
Cash from operations	−111	−206	−259	−263	−111	19.5
Investing activities
Capital expenditures	−7.7	−6.2	−8.8	−16.9	−5.9	−1.0
Other investing cash flows	123	130	13.4	133	−673	−218
Cash from investing	115	124	4.6	116	−679	−219
Financing activities
Financing cash flow items	0	−50.2	−93.8	–	−52.2	34.0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	3.4	7.2	203	9.6	1,222	218
Cash from financing	3.4	−43.0	109	9.6	1,170	252
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	7.7	−125	−146	−138	380	52.0
Free cash flow	−119	−212	−268	−280	−117	18.5

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.