Latest Ratios: P/E Ratio -70.0x · EV/EBITDA N/A · ROE -16.4%. (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 | $5.7B | $1.7B | $2.6B | $1.2B | $1.9B | $5.2B | $3.0B | $656M | — | — | — |
| Enterprise Value | $5.6B | $1.6B | $2.5B | $960M | $1.6B | $4.8B | $2.9B | $617M | — | — | — |
| P/E Ratio → | -70.02 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 15.05 | 4.47 | 8.38 | 4.70 | 9.33 | 39.00 | 33.04 | 12.06 | — | — | — |
| P/B Ratio | 11.51 | 3.56 | 5.55 | 1.85 | 2.41 | 8.89 | 8.85 | 4.31 | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
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 | — | 4.35 | 7.92 | 3.92 | 7.93 | 35.96 | 32.40 | 11.34 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
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 | 50.7% | 50.7% | 42.6% | 36.6% | 41.4% | 39.1% | 31.8% | 12.8% | -26.6% | -123.1% | -315.2% |
| Operating Margin | -36.2% | -36.2% | -70.6% | -88.6% | -115.3% | -115.4% | -155.5% | -200.1% | -277.5% | -543.2% | -1924.0% |
| Net Profit Margin | -20.6% | -20.6% | -66.7% | -83.5% | -107.0% | -114.9% | -155.3% | -198.0% | -280.2% | -550.8% | -1943.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -16.4% | -16.4% | -38.1% | -29.0% | -31.8% | -33.2% | -57.3% | -70.8% | — | — | — |
| ROA | -12.4% | -12.4% | -30.0% | -23.5% | -26.2% | -27.6% | -47.8% | -71.1% | -70.7% | -73.2% | -57.7% |
| ROIC | -26.9% | -26.9% | -43.4% | -34.8% | -51.5% | -50.2% | -53.6% | -72.2% | — | — | — |
| ROCE | -24.9% | -24.9% | -35.4% | -27.6% | -31.1% | -30.5% | -53.9% | -85.7% | -81.4% | -81.2% | -64.4% |
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 | 0.29 | 0.29 | 0.18 | 0.15 | 0.12 | 0.11 | 0.11 | 0.05 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.10 | -0.30 | -0.31 | -0.36 | -0.69 | -0.17 | -0.26 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -7177.14 | -40692.20 | -2852.43 | -418.69 | -176.32 | -81.98 | -53.07 | -64.23 | -58.10 |
Net cash position: cash ($183M) exceeds total debt ($137M)
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 | 3.64 | 3.64 | 4.88 | 5.79 | 6.58 | 8.67 | 9.29 | 5.28 | 5.16 | 7.16 | 6.80 |
| Quick Ratio | 3.33 | 3.33 | 4.54 | 5.35 | 6.15 | 8.16 | 8.95 | 5.03 | 4.84 | 6.97 | 6.66 |
| Cash Ratio | 2.54 | 2.54 | 3.89 | 4.59 | 5.57 | 7.58 | 8.05 | 4.55 | 4.36 | 6.56 | 6.44 |
| Asset Turnover | — | 0.59 | 0.51 | 0.32 | 0.21 | 0.19 | 0.23 | 0.29 | 0.22 | 0.13 | 0.03 |
| Inventory Turnover | 6.56 | 6.56 | 7.46 | 4.85 | 3.04 | 2.54 | 5.00 | 6.47 | 5.34 | 13.15 | 7.67 |
| Days Sales Outstanding | — | 55.27 | 40.70 | 65.62 | 72.25 | 78.74 | 103.00 | 81.23 | 77.79 | 79.53 | 116.30 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.2% | 0.4% | 0.4% | 0.2% | 0.1% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.2% | 0.4% | 0.4% | 0.2% | 0.1% | 0.0% | — | — | — |
| Shares Outstanding | — | $60M | $58M | $57M | $54M | $48M | $39M | $27M | $27M | $19M | $19M |
Liquidity and dilution risk
Based on reported figures, TWST trades at a 16.51x price-to-sales multiple, which appears to bake in significant future growth expectations that may be disconnected from the company's current inability to generate positive net income or consistent free cash flow in a high-interest rate environment.
The valuation premium suggests investors are pricing the company as a high-growth platform technology firm rather than a traditional industrial manufacturer. This multiple warrants caution, as it implies a rapid path to profitability that remains unproven given the persistent negative operating margins and the speculative nature of the DNA data storage pipeline.
According to recent financial statements, TWST's ROIC has remained consistently negative, bottoming at -17.9% in 2024Q3 and showing only modest improvement to -7.5% in 2026Q2, indicating that the company is currently destroying shareholder value through its aggressive capital-intensive infrastructure buildout and high R&D spending.
The inability to generate positive returns on invested capital suggests that the 'Factory of the Future' has not yet reached the utilization levels required to justify its heavy depreciation burden. Investors should monitor whether future revenue growth can outpace the capital base expansion, as current trends indicate a structural struggle to achieve efficient capital compounding.
As reported in quarterly filings, the cash conversion cycle has fluctuated between 71 and 95 days over the last ten quarters, reflecting ongoing challenges in managing inventory levels and customer payment terms within the highly competitive synthetic biology and NGS diagnostic tool markets.
The volatility in the CCC, particularly the recent 79-day cycle in 2026Q2, suggests that the company lacks significant leverage over its supply chain or customer base. This inefficiency ties up critical liquidity, exacerbating the company's reliance on external financing to fund its day-to-day operations.
Based on the provided balance sheet data, the current ratio has compressed from 5.98 in 2024Q1 to 2.70 in 2026Q2, signaling a steady depletion of the company's liquidity cushion as it continues to burn cash to support its long-term R&D and manufacturing infrastructure projects.
While a current ratio of 2.70 appears healthy on the surface, the rapid downward trend indicates that the company's runway is shortening. This trajectory suggests that management may face pressure to seek additional equity dilution or debt financing within the next 18 to 24 months if cash flow does not turn positive.
The most commonly misapplied metric for TWST is the price-to-sales ratio, which obscures the company's underlying cash burn and the high cost of revenue associated with its specialized silicon-based manufacturing process, leading to an overestimation of the firm's intrinsic value by ignoring its lack of profitability.
Analysts should instead focus on the cash-burn-to-revenue ratio or adjusted EBITDA, which better capture the true economic cost of the company's operations. Relying on P/S multiples ignores the reality that not all revenue is created equal, especially when the cost of generating that revenue remains structurally high.
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying TWST stock.
Twist Bioscience Corporation's current P/E ratio is -70.0x. This places it at the 50th percentile of its historical range.
Twist Bioscience Corporation's return on equity (ROE) is -16.4%. The historical average is -39.5%.
Based on historical data, Twist Bioscience Corporation is trading at a P/E of -70.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Twist Bioscience Corporation has 50.7% gross margin and -36.2% operating margin.