Latest Ratios: P/E Ratio 50.0x · EV/EBITDA 57.1x · ROE 18.9%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.1B | $7.4B | $4.7B | $3.4B | $2.0B | $1.6B | $1.1B | $881M | $233M | $56M | — |
| Enterprise Value | $9.6B | $6.9B | $4.3B | $3.1B | $1.9B | $1.2B | $871M | $696M | $129M | $7M | — |
| P/E Ratio → | 49.96 | 36.04 | 52.22 | 318.10 | — | — | — | — | — | — | — |
| P/S Ratio | 25.89 | 18.98 | 16.04 | 67.91 | — | — | — | — | 226.68 | — | — |
| P/B Ratio | 8.39 | 6.05 | 4.92 | 4.42 | 3.87 | 2.62 | 3.86 | 4.34 | 2.06 | 1.14 | — |
| P/FCF | 53.33 | 39.09 | 39.09 | — | — | — | — | — | — | — | — |
| P/OCF | 50.16 | 36.76 | 37.75 | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 17.72 | 14.88 | 61.00 | — | — | — | — | 125.74 | — | — |
| EV / EBITDA | 57.12 | 41.09 | 59.68 | — | — | — | — | — | — | — | — |
| EV / EBIT | 59.44 | 36.40 | 41.88 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 36.51 | 36.26 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 92.6% | 92.6% | 93.1% | 93.9% | — | — | — | — | 86.3% | — | — |
| Operating Margin | 41.5% | 41.5% | 22.6% | -216.4% | — | — | — | — | -1160.3% | — | — |
| Net Profit Margin | 52.6% | 52.6% | 30.7% | 21.6% | — | — | — | — | -1060.3% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.9% | 18.9% | 10.3% | 1.7% | -25.1% | -15.7% | -13.0% | -12.1% | -13.4% | -31.8% | -397.9% |
| ROA | 17.1% | 17.1% | 9.5% | 1.6% | -23.6% | -14.8% | -12.4% | -11.7% | -13.1% | -30.3% | -52.7% |
| ROIC | 18.0% | 18.0% | 9.5% | -20.6% | -34.6% | -34.6% | -91.6% | -117.4% | -189.4% | -7780.4% | — |
| ROCE | 14.8% | 14.8% | 7.6% | -16.7% | -25.7% | -15.2% | -13.2% | -13.8% | -14.6% | -18.5% | -53.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.04 | 0.02 | — | — | 6.38 |
| Debt / EBITDA | 0.06 | 0.06 | 0.10 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.40 | -0.36 | -0.45 | -0.29 | -0.56 | -0.88 | -0.91 | -0.92 | -1.00 | -0.28 |
| Net Debt / EBITDA | -2.90 | -2.90 | -4.66 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -2.58 | -2.83 | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | -45.63 | — | — | -10.60 | -1.48 | -163.29 |
Net cash position: cash ($496M) exceeds total debt ($9M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.95 | 9.95 | 7.28 | 17.76 | 13.30 | 17.18 | 17.80 | 58.88 | 43.39 | 77.99 | 50.44 |
| Quick Ratio | 9.56 | 9.56 | 7.02 | 17.55 | 13.30 | 17.18 | 17.80 | 58.88 | 43.39 | 77.99 | 50.44 |
| Cash Ratio | 8.04 | 8.04 | 5.86 | 16.08 | 13.14 | 17.02 | 17.56 | 58.22 | 43.05 | 77.49 | 44.72 |
| Asset Turnover | — | 0.29 | 0.28 | 0.06 | — | — | — | — | 0.01 | — | — |
| Inventory Turnover | 0.71 | 0.71 | 0.76 | 0.44 | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 119.52 | 131.60 | 302.66 | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.0% | 2.8% | 1.9% | 0.3% | — | — | — | — | — | — | — |
| FCF Yield | 1.9% | 2.6% | 2.6% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $30M | $30M | $28M | $25M | $22M | $19M | $16M | $11M | $5M | $4M |
Includes 30+ ratios · 10 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying KRYS stock.
Krystal Biotech, Inc.'s current P/E ratio is 50.0x. The historical average is 44.1x. This places it at the 50th percentile of its historical range.
Krystal Biotech, Inc.'s current EV/EBITDA is 57.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 50.4x.
Krystal Biotech, Inc.'s return on equity (ROE) is 18.9%. The historical average is -47.8%.
Based on historical data, Krystal Biotech, Inc. is trading at a P/E of 50.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Krystal Biotech, Inc. has 92.6% gross margin and 41.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Krystal Biotech, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
DEB patient pool saturation
Metrics are mathematically derived from official filings.
Operating Leverage Drives Margin Expansion
Operating margin expanded from -14.8% in 2024Q1 to 49.0% in 2026Q2, according to reported financials, while gross margin held above 94%, indicating strong pricing power and scale benefits.
The 94.6% gross margin in 2026Q2 reflects the low marginal cost of producing VYJUVEK, a topical gene therapy, and the company's in-house manufacturing capabilities. Operating margin improvement from 12.2% in 2024Q2 to 49.0% in 2026Q2 demonstrates that revenue growth is outpacing fixed cost increases, a classic sign of operating leverage. However, net margin volatility, such as the 81.2% spike in 2025Q3 due to a one-time gain, suggests investors should focus on operating margin as the cleaner measure of underlying earning power.
Returns on Capital Inflecting Upward
ROIC improved from -1.1% in 2024Q1 to 5.1% in 2026Q2, as per balance sheet data, indicating the company is transitioning from a cash-burning development stage to a capital-efficient commercial entity.
The steady climb in ROIC from negative territory to 5.1% reflects the company's ability to generate profits on its invested capital, which includes significant cash reserves and manufacturing assets. ROE at 4.2% in 2026Q2 is modest but improving, and the gap between ROIC and ROE is explained by the company's minimal leverage. As revenue scales and the asset base stabilizes, returns on capital should continue to rise, though the pace will depend on how effectively management deploys its $496M cash pile into pipeline expansion.
Working Capital Swings Reflect Revenue Timing
Cash conversion cycle lengthened to 650 days in 2026Q2, driven by DIO of 623 days, according to reported figures, indicating inventory build-up for commercial supply, while DSO remained stable around 100 days.
The dramatic increase in days inventory outstanding from 176 days in 2024Q2 to 623 days in 2026Q2 suggests the company is stockpiling VYJUVEK inventory to support commercial distribution and potential international expansion. This inventory build-up is a deliberate strategic move rather than a sign of operational inefficiency, given the product's stable demand. The cash conversion cycle of 650 days is unusually long, but it is offset by the company's strong cash generation and minimal debt, making it a manageable liquidity consideration.
Minimal Leverage Preserves Flexibility
Debt-to-equity stands at 0.01 with D/EBITDA of 0.13, as reported in financial statements, indicating virtually no leverage and ample capacity to fund growth without dilutive financing.
KRYS's balance sheet is essentially debt-free, with total debt of $8.9M against a market cap of over $10B, providing exceptional financial flexibility. The interest coverage ratio is not meaningful due to negligible interest expense, but the company's operating income of $191M in 2026Q2 easily covers any interest obligations. This fortress-like balance sheet de-risks the business and allows management to invest aggressively in R&D and manufacturing without the pressure of debt covenants or refinancing risk.
Ample Liquidity Buffers Against Shocks
Current ratio of 8.32 and quick ratio of 7.96 in 2026Q2, as per balance sheet data, indicate a highly liquid position, with cash of $427.7M providing a substantial cushion for operational and clinical setbacks.
The current ratio has remained above 7.0 for the past ten quarters, reflecting a conservative liquidity position that is typical of a commercial-stage biotech with high cash reserves. Even under a severe stress scenario, such as a clinical failure in the pipeline or a temporary revenue disruption, the company could sustain operations for several years without external funding. The quick ratio, which excludes inventory, is only slightly lower than the current ratio, confirming that inventory is not a significant liquidity risk.
Outperforming Peers on Profitability
KRYS's net margin of 45.9% in 2026Q2 far exceeds peers like ACADIA (36.5%) and PTCT (39.4%), according to peer data, while its ROE of 4.2% contrasts with negative returns at SRPT and RCKT.
Among the peer group, KRYS is the only company with consistently positive and expanding margins, reflecting its successful commercialization of VYJUVEK. While ACADIA and PTCT also show positive net margins, KRYS's gross margin of 94.6% is unmatched, indicating superior product economics. The negative ROE at Sarepta and Rocket Pharmaceuticals highlights the structural advantage KRYS has in being a profitable, self-funding entity, though its valuation multiples (P/E of 47.7) suggest the market already prices in this outperformance.
P/E Misleads on Platform Value
The P/E ratio of 47.73, as reported in valuation data, is commonly misapplied to KRYS because it fails to capture the platform's optionality beyond the current DEB indication, which is better assessed via EV/Sales or pipeline-adjusted metrics.
KRYS's P/E is distorted by one-time gains, such as the PRV sale in 2025Q3, and by the early-stage nature of its pipeline, which includes potential blockbuster indications like cystic fibrosis. A more appropriate metric is EV/Sales, which at 24.73 reflects the market's expectation of future revenue growth from platform expansion. Investors should also consider the company's cash position and the recurring nature of VYJUVEK revenue, which makes traditional earnings multiples less meaningful for a company with a durable, high-margin product and a promising pipeline.