US · Nasdaq · TWST
Twist Bioscience (TWST) stock analysis: valuation and financials
Health Care · Biotechnology: Biological Products (No Diagnostic Substances)
$207.43 +1.2% Price as of Oct 5, 2026
Silicon-based DNA synthesis has genuine cost differentiation, revenue 5-year CAGR of 33.1%, and net cash of $166.8 million, but operating margin is -33.6%, FCF has been negative for three consecutive years, and the $13.59 billion market cap is about 31x P/S, with risk/reward skewed negative.
- Market cap
- $13.6B
- P/E
- —
- EV/Sales
- 31.1x
- FCF yield
- -0.7%
- 52-week range
- $25.45 – $193.24
- Next earnings
- Nov 13, 2026
Research as of Oct 6, 2026 · Translated from the Chinese report
Business quality scorecard
- Growth82
- Profitability19
- Cash flow0
- Balance sheet100
- Capital allocation40
- Innovation42
- Valuation0
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Sells NGS tools, synthetic genes, and antibody services to more than 3,800 pharma, diagnostics, and academic customers; NGS tools account for 55.3% of revenue and 50.7% of gross profit, but overall operating margin is -36.2%, and it remains loss-making.
Financials by year
| FY2021Oct 2020–Sep 2021 | FY2022Oct 2021–Sep 2022 | FY2023Oct 2022–Sep 2023 | FY2024Oct 2023–Sep 2024 | FY2025Oct 2024–Sep 2025 | |
|---|---|---|---|---|---|
| Revenue | $132.3M | $203.6M | $245.1M | $313.0M | $376.6M |
| Revenue growth | +46.9% | +53.8% | +20.4% | +27.7% | +20.3% |
| Gross margin | 39.1% | 41.4% | 36.6% | 42.6% | 50.7% |
| Operating margin | -115.4% | -115.3% | -88.6% | -70.6% | -36.2% |
| Net income | -$152.1M | -$217.9M | -$204.6M | -$208.7M | -$77.7M |
| Free cash flow | -$139.3M | -$226.2M | -$170.3M | -$69.2M | -$75.6M |
| FCF margin | -105.3% | -111.1% | -69.5% | -22.1% | -20.1% |
Amounts in USD · What is free cash flow?
Margins Gross margin FY2025 50.7% (+8.1pt YoY), operating margin -36.2% (prior year -70.6%); TTM gross margin 52.0%, operating margin -33.6%. Q3 FY2026 gross margin 52.8%, -0.6pt YoY. Mainly because revenue grew 20.3% while fixed manufacturing costs were flat, combined with the FY2024 impairment base.
- Cash flow ConcernTTM operating cash flow -$53.1 million, negative continuously since FY2023; free cash flow -$93.1 million, FCF margin -21.6%.
- Debt LowNet cash $166.8 million (cash $117.4 million + short-term investments $49.4 million), no interest-bearing debt on the balance sheet, debt/equity of 0.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- $166.8M
- Total debt
- —
- Net cash
- $166.8M
- Current ratio
- 2.7x
As of Jun 30, 2026 · Amounts in USD · How to read a balance sheet
Management and track record
- Management AdequateExecution is decent: revenue 5-year CAGR 33.1%, FY2025 gross margin 51.97% (+8.1pp), operating margin improved 34.4pp; but FCF remains -$75.6 million (-21.6%)
- Credibility HighRevenue continues to exceed the upper end of guidance: Q1 FY2026 actual $103.7 million vs guidance $100-101 million, Q2 $110.7 million vs $107-108 million, Q3 $118.4 million vs $114-115 million, Q4 FY2025 $99.0 million vs $96-98 million
Of 8 guided figures checked: 5 beat, 3 in range, 0 missed.
Valuation range
Implied value per share · Price when researched: $207.43
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
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