Latest Ratios: P/E Ratio 53.9x · EV/EBITDA 61.8x · 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 | $10.9B | $7.4B | $4.7B | $3.4B | $2.0B | $1.6B | $1.1B | $881M | $233M | $56M | — |
| Enterprise Value | $10.4B | $6.9B | $4.3B | $3.1B | $1.9B | $1.2B | $871M | $696M | $129M | $7M | — |
| P/E Ratio → | 53.89 | 36.04 | 52.22 | 318.10 | — | — | — | — | — | — | — |
| P/S Ratio | 27.92 | 18.98 | 16.04 | 67.91 | — | — | — | — | 226.68 | — | — |
| P/B Ratio | 9.05 | 6.05 | 4.92 | 4.42 | 3.87 | 2.62 | 3.86 | 4.34 | 2.06 | 1.14 | — |
| P/FCF | 57.52 | 39.09 | 39.09 | — | — | — | — | — | — | — | — |
| P/OCF | 54.10 | 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 | 61.84 | 41.09 | 59.68 | — | — | — | — | — | — | — | — |
| EV / EBIT | 64.35 | 42.76 | 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 | 1.9% | 2.8% | 1.9% | 0.3% | — | — | — | — | — | — | — |
| FCF Yield | 1.7% | 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 |
Clinical pipeline execution risk
Based on current market data, KRYS trades at a P/E of 54.42, suggesting that investors are pricing in significant future growth from the STAR-D platform rather than relying solely on the current commercial success of VYJUVEK in the dystrophic epidermolysis bullosa market segment.
The elevated P/E and EV/EBITDA multiples relative to broader biotech peers indicate that the market assigns a substantial 'platform premium' to the company's proprietary gene delivery technology. This valuation appears to hinge on the successful expansion into respiratory indications, as the current earnings base alone would likely struggle to justify such a high multiple without the expectation of long-term pipeline conversion.
According to recent financial statements, KRYS has seen its ROIC climb to 5.3% in 2026Q1, a notable improvement from the negative returns recorded in early 2024, reflecting the company's successful transition from a capital-intensive R&D phase to a self-sustaining commercial operation.
The upward trajectory in ROIC suggests that management is effectively deploying capital into high-margin commercial activities rather than just burning cash on speculative research. Investors should monitor whether this trend continues as the company scales its manufacturing footprint, as maintaining these returns will require disciplined capital allocation across its expanding pipeline.
As reported in quarterly filings, the company's cash conversion cycle reached 638 days in 2026Q1, a figure that appears elevated and warrants further investigation into the specific inventory management and collection dynamics inherent in distributing rare-disease biologics to a niche patient population.
The high CCC is primarily driven by significant inventory days, which may be a strategic necessity for a company managing a specialized, high-value biologic product. While this efficiency metric appears weak on the surface, it may simply reflect the unique supply chain requirements of the STAR-D platform rather than operational mismanagement.
Based on the latest balance sheet data, KRYS maintains a current ratio of 9.46, providing a substantial liquidity buffer that effectively insulates the company from short-term market volatility and ensures the continuity of its ongoing clinical trials and commercial distribution efforts.
This liquidity position is exceptionally strong for a mid-cap biotech, significantly reducing the probability of dilutive equity raises in the near term. The company's ability to self-fund its operations from cash reserves suggests a high degree of financial flexibility, allowing management to pursue organic growth without the constraints of external debt financing.
The P/E ratio is frequently misapplied to KRYS, as it obscures the underlying volatility of R&D spending and the non-recurring nature of potential windfalls like Priority Review Vouchers, which can artificially inflate or deflate earnings in any given quarter.
Investors should instead focus on EV/Sales or adjusted cash flow metrics to better capture the true economic value of the STAR-D platform. Relying on P/E ignores the fact that the company is in a high-growth phase where current earnings are heavily influenced by the timing of commercial adoption and the capitalization of development costs.
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Quick answers to the most common questions about buying KRYS stock.
Krystal Biotech, Inc.'s current P/E ratio is 53.9x. The historical average is 44.1x. This places it at the 100th percentile of its historical range.
Krystal Biotech, Inc.'s current EV/EBITDA is 61.8x. 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 53.9x. This is at the 100th 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.