Revenue growth remains stagnant at 0.1% year-over-year while the company struggles with a deeply negative operating margin of -102.0% as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Sales/Revenue | 160.03M | 160M | 154.01M | 200.52M | 128.3M | 130.51M | 78.89M | 90.89M | 78.63M | 93.47M | 90.71M | 92.78M | 60.59M | 28.18M | 25.98M | 33.86M | 1.67M | 135K | 901K |
| Revenue Growth % | 5.04% | 3.89% | -23.19% | 56.29% | -1.69% | 65.43% | -13.2% | 15.6% | -15.88% | 3.04% | -2.23% | 53.12% | 115.02% | 8.46% | -23.27% | 1922.88% | 1140% | -85.02% | - |
| Cost of Goods Sold | 100.69M | 109.33M | 116.73M | 147.74M | 79.27M | 71.65M | 46.33M | 56.31M | 53.53M | 58.81M | 46.55M | 39.33M | 37.19M | 21.76M | 25.04M | 20.83M | 0 | 0 | 0 |
| COGS % of Revenue | - | 68.33% | 75.79% | 73.68% | 61.78% | 54.9% | 58.72% | 61.96% | 68.08% | 62.92% | 51.32% | 42.39% | 61.38% | 77.22% | 96.38% | 61.51% | - | - | - |
| Gross Profit | 59.34M | 50.67M | 37.28M | 52.78M | 49.03M | 58.86M | 32.57M | 34.58M | 25.1M | 34.66M | 44.16M | 53.45M | 23.4M | 6.42M | 940K | 13.03M | 1.67M | 135K | 901K |
| Gross Margin % | 37.08% | 31.67% | 24.21% | 26.32% | 38.22% | 45.1% | 41.28% | 38.04% | 31.92% | 37.08% | 48.68% | 57.61% | 38.62% | 22.78% | 3.62% | 38.49% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 35.92% | -29.36% | 7.64% | -16.69% | 80.74% | -5.81% | 37.77% | -27.59% | -21.51% | -17.38% | 128.4% | 264.57% | 582.87% | -92.79% | 678.61% | 1140% | -85.02% | - |
| Operating Expenses | 222.12M | 608.24M | 511.6M | 387.25M | 356.23M | 269.3M | 136.95M | 135.12M | 126.08M | 124.44M | 115.4M | 105.63M | 86.26M | 83.96M | 95.28M | 122.79M | 141.91M | 88.2M | 45.71M |
| OpEx % of Revenue | - | 380.13% | 332.17% | 193.12% | 277.65% | 206.34% | 173.59% | 148.66% | 160.36% | 133.14% | 127.22% | 113.84% | 142.35% | 297.94% | 366.69% | 362.61% | 8477.18% | 65337.04% | 5073.25% |
| Selling, General & Admin | 132.48M | 141.49M | 175.02M | 169.82M | 160.85M | 124.12M | 72.8M | 75.49M | 63.49M | 59.12M | 47.79M | 45.19M | 38.03M | 38.74M | 47.66M | 46.71M | 30.09M | 12.33M | 7.71M |
| SG&A % of Revenue | - | 88.43% | 113.64% | 84.69% | 125.37% | 95.1% | 92.28% | 83.06% | 80.75% | 63.25% | 52.68% | 48.7% | 62.76% | 137.49% | 183.41% | 137.94% | 1797.31% | 9130.37% | 856.05% |
| Research & Development | 87.86M | 97.31M | 134.92M | 187.17M | 193M | 112.9M | 64.15M | 59.63M | 62.59M | 65.32M | 67.62M | 60.44M | 48.23M | 45.22M | 47.62M | 76.08M | 111.82M | 75.88M | 38M |
| R&D % of Revenue | - | 60.81% | 87.6% | 93.34% | 150.42% | 86.5% | 81.32% | 65.61% | 79.61% | 69.89% | 74.54% | 65.14% | 79.6% | 160.45% | 183.29% | 224.67% | 6679.87% | 56206.67% | 4217.2% |
| Other Operating Expenses | 1.83M | 369.44M | 201.66M | 30.26M | 2.38M | 32.27M | 0 | 0 | 848K | 516K | 103K | 364K | -478K | 728K | -127K | 0 | -104K | -84K | -102K |
| Operating Income | -162.78M | -557.56M | -474.31M | -334.47M | -307.2M | -210.44M | -104.39M | -100.55M | -100.99M | -89.78M | -71.24M | -29.13M | -62.85M | -77.54M | -94.34M | -109.76M | -140.23M | -88.07M | -44.81M |
| Operating Margin % | -101.72% | -348.46% | -307.97% | -166.8% | -239.43% | -161.24% | -132.31% | -110.62% | -128.44% | -96.06% | -78.54% | -31.4% | -103.73% | -275.16% | -363.08% | -324.12% | -8377.18% | -65237.04% | -4973.25% |
| Operating Income Growth % | - | -17.55% | -41.81% | -8.88% | -45.98% | -101.6% | -3.82% | 0.44% | -12.48% | -26.02% | -144.54% | 53.65% | 18.94% | 17.8% | 14.05% | 21.73% | -59.23% | -96.55% | - |
| EBITDA | -151.03M | -52.65M | -420.96M | -301.78M | -289.88M | -198.85M | -95.08M | -90.6M | -93.77M | -81.34M | -67.37M | -25.46M | -58.63M | -71.89M | -87.69M | -103.95M | -135.07M | -83.97M | -41.82M |
| EBITDA Margin % | -94.38% | -32.91% | -273.33% | -150.5% | -225.93% | -152.36% | -120.52% | -99.68% | -119.26% | -87.03% | -74.27% | -27.44% | -96.76% | -255.12% | -337.49% | -306.98% | -8068.94% | -62197.04% | -4641.73% |
| EBITDA Growth % | 62.96% | 87.49% | -39.49% | -4.1% | -45.78% | -109.14% | -4.95% | 3.39% | -15.28% | -20.74% | -164.64% | 56.58% | 18.45% | 18.01% | 15.65% | 23.04% | -60.87% | -100.77% | - |
| D&A (Non-Cash Add-back) | 8.98M | 504.91M | 53.35M | 32.69M | 17.32M | 11.59M | 9.3M | 9.95M | 7.21M | 8.44M | 3.88M | 3.68M | 4.22M | 5.65M | 6.65M | 5.8M | 5.16M | 4.1M | 2.99M |
| EBIT | -155.32M | -539.1M | -296.12M | -303.82M | -299.56M | -262.34M | 29.67M | -81.52M | -100.14M | -89.27M | -71.14M | -28.77M | -63.33M | -76.81M | -94.19M | -109.1M | -140.23M | -88.07M | -44.81M |
| Net Interest Income | -3.48M | -6.95M | -13.41M | -14.34M | -14.69M | -12.53M | -267K | -2.61M | -2.42M | -2.92M | -3.23M | -2.93M | -2.83M | -2.48M | -274K | -287K | 172K | 451K | 1.16M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 172K | 451K | 1.16M |
| Interest Expense | 3.48M | 6.95M | 13.41M | 14.34M | 14.69M | 12.53M | 267K | 2.61M | 2.42M | 2.92M | 3.23M | 2.93M | 2.83M | 2.48M | 274K | 287K | 0 | 0 | 0 |
| Other Income/Expense | 35.01M | 11.5M | 164.78M | 16.31M | -7.05M | -64.44M | 133.79M | 16.41M | -1.57M | -2.4M | -3.13M | -2.56M | -3.31M | -1.75M | -127K | 368K | 68K | 367K | 1.05M |
| Pretax Income | -127.77M | -546.06M | -309.54M | -318.16M | -314.25M | -274.87M | 29.4M | -84.13M | -102.56M | -92.19M | -74.38M | -31.7M | -66.16M | -79.29M | -94.47M | -109.39M | -140.17M | -87.7M | -43.75M |
| Pretax Margin % | -79.84% | -341.28% | -200.98% | -158.67% | -244.92% | -210.61% | 37.27% | -92.57% | -130.44% | -98.63% | -81.99% | -34.16% | -109.19% | -281.37% | -363.56% | -323.03% | -8373.12% | -64965.19% | -4856.16% |
| Income Tax | 804K | 318K | 316K | -11.42M | 0 | -93.65M | 0 | 0 | 848K | 0 | 0 | 0 | 0 | 0 | 0 | -368K | -172K | -451K | 0 |
| Effective Tax Rate % | -0.63% | -0.06% | -0.1% | 3.59% | 0% | 34.07% | 0% | 0% | -0.83% | 0% | 0% | 0% | 0% | 0% | 0% | 0.34% | 0.12% | 0.51% | 0% |
| Net Income | -128.58M | -546.38M | -309.85M | -306.74M | -314.25M | -181.22M | 29.4M | -84.13M | -102.56M | -92.19M | -74.38M | -31.7M | -66.16M | -79.29M | -94.47M | -109.39M | -140.17M | -87.7M | -43.75M |
| Net Margin % | -80.34% | -341.47% | -201.18% | -152.97% | -244.92% | -138.85% | 37.27% | -92.57% | -130.44% | -98.63% | -81.99% | -34.16% | -109.19% | -281.37% | -363.56% | -323.03% | -8373.12% | -64965.19% | -4856.16% |
| Net Income Growth % | 80.45% | -76.34% | -1.02% | 2.39% | -73.4% | -716.34% | 134.95% | 17.97% | -11.25% | -23.95% | -134.65% | 52.09% | 16.56% | 16.06% | 13.64% | 21.96% | -59.82% | -100.45% | - |
| Net Income (Continuing) | -128.58M | -546.38M | -309.85M | -306.74M | -314.25M | -181.22M | 29.4M | -84.13M | -102.56M | -92.19M | -74.38M | -31.7M | -66.16M | -79.29M | -94.47M | -109.39M | -140.17M | -87.7M | -43.75M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.42 | -1.82 | -1.07 | -1.21 | -1.40 | -0.89 | 0.17 | -0.51 | -0.76 | -0.87 | -0.83 | -0.42 | -0.94 | -1.26 | -1.69 | -2.03 | -5.21 | -113.33 | -56.54 |
| EPS Growth % | 81.24% | -70.09% | 11.57% | 13.57% | -57.3% | -623.53% | 133.33% | 32.89% | 12.64% | -4.82% | -97.62% | 55.32% | 25.4% | 25.44% | 16.75% | 61.04% | 95.4% | -100.44% | - |
| EPS (Basic) | - | -1.82 | -1.13 | -1.21 | -1.40 | -0.89 | 0.18 | -0.51 | -0.76 | -0.87 | -0.83 | -0.42 | -0.94 | -1.26 | -1.69 | -2.03 | -5.21 | -113.33 | -56.54 |
| Diluted Shares Outstanding | 305.82M | 299.96M | 288.37M | 253.63M | 224.55M | 204.14M | 174.97M | 152.53M | 135.09M | 105.68M | 89.15M | 75.61M | 70.47M | 62.78M | 55.73M | 53.87M | 26.89M | 773.84K | 773.84K |
| Basic Shares Outstanding | 305.82M | 299.96M | 274.49M | 253.63M | 224.55M | 203.62M | 165.19M | 152.53M | 134.95M | 105.68M | 89.15M | 75.61M | 70.47M | 62.78M | 55.73M | 53.87M | 26.89M | 773.84K | 773.84K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and solvency constraints
According to recent financial disclosures, PACB's revenue growth has remained largely stagnant, with the most recent quarter showing a marginal 0.1% year-over-year increase, highlighting the difficulty in scaling the Revio platform while legacy system demand appears to be fading across the core research customer base.
The lack of meaningful top-line expansion suggests that the transition to the Revio system has not yet catalyzed the expected volume growth. Investors should monitor whether this reflects a saturation of the long-read market or a broader cyclical pullback in academic and clinical research spending.
As reported in quarterly filings, the company's gross margin of 34.5% remains significantly below industry peers like Illumina, indicating that high manufacturing overhead and the costs associated with scaling new sequencing hardware continue to exert substantial pressure on the firm's overall profitability profile.
The volatility in gross margins, which dipped into negative territory in early 2025, suggests that the company struggles with underabsorption of fixed costs. This implies that until the installed base reaches a critical mass, the razor-blade model may fail to deliver the expected margin expansion.
Based on the provided income statement data, PACB continues to exhibit a deeply negative operating margin of -102.0%, demonstrating that SG&A and R&D expenses are currently scaling at a rate that far outpaces the company's ability to generate incremental gross profit from its sequencing operations.
The persistent reliance on heavy R&D spending to maintain technical competitiveness appears to be preventing any meaningful path to operating leverage. This suggests that the current cost structure is fundamentally misaligned with the company's revenue scale, necessitating a potential strategic pivot to preserve capital.
As evidenced by the erratic net income figures, including a massive loss in 2025Q1, the quality of reported earnings appears low, with significant non-operating items and stock-based compensation masking the underlying cash burn required to sustain the company's current research and development intensity.
The frequent swings between losses and occasional, non-recurring positive net income suggest that investors should focus on cash flow rather than headline EPS. The reliance on equity-based compensation to manage cash outflows may further dilute shareholders without addressing the core issue of operational unprofitability.
Based on the reported figures, the company's high debt-to-equity ratio and limited cash reserves suggest a precarious financial position, where the risk of a dilutive capital raise or insolvency appears to outweigh the potential upside from the current long-read sequencing product roadmap.
Short-sellers would likely focus on the company's inability to achieve self-sustaining cash flow despite years of investment. This warrants further investigation into whether the current valuation is supported by fundamentals or merely by speculative expectations of a future acquisition that may never materialize.
Quick answers to the most common questions about buying PACB stock.
For fiscal year 2025, Pacific Biosciences of California, Inc. (PACB) reported total revenue of $160.0M. This represents a 17658.6% increase compared to $0.9M in 2008.
Pacific Biosciences of California, Inc. (PACB) reported a net loss of $546.4M for the fiscal year ending 2025.
Pacific Biosciences of California, Inc. (PACB) reported an operating income of $-557.6M, resulting in an operating profit margin of -348.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Pacific Biosciences of California, Inc. (PACB) generated $50.7M in gross profit for the year, representing a gross profit margin of 31.7%. This demonstrates the company's core pricing power and production efficiency.