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Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Krystal Biotech, Inc. is a clinical-stage biotechnology company focused on developing redosable gene therapies to address severe orphan diseases across the United States. Its most advanced therapeutic candidate, beremagene geperpavec (B-VEC), is currently undergoing Phase III clinical evaluation for the treatment of dystrophic epidermolysis bullosa. The company's pipeline also includes several other promising programs: KB105 is in Phase I/II clinical trials for patients suffering from deficient autosomal recessive congenital ichthyosis; KB301 is also in Phase I/II development, aiming to ameliorate wrinkles and other signs of aging or damaged skin.
How they make money
Krystal Biotech is a commercial-stage biotechnology company that generates revenue primarily through the sale of its proprietary gene therapy product, VYJUVEK. The company utilizes its STAR-D platform to develop and commercialize genetic medicines, managing the end-to-end process from research and development to manufacturing and direct distribution to healthcare providers.
Products & services
The company's primary commercial product is VYJUVEK (beremagene geperpavec-svdt), a topical gene therapy indicated for the treatment of dystrophic epidermolysis bullosa. The company also maintains a pipeline of investigational genetic medicines targeting respiratory, oncology, dermatology, ophthalmology, and aesthetic conditions.
Brands & revenue mix
VYJUVEK
The company's lead commercial gene therapy product for dystrophic epidermolysis bullosa.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
The company's revenue is derived from a concentrated base of specialty pharmacies and healthcare providers authorized to administer its gene therapy, as disclosed in the 2025 Annual Report.
Suppliers, materials & equipment
Contract Manufacturing Organizations — The company relies on third-party contract manufacturing organizations for the production of clinical and commercial supplies of its gene therapy candidates.Source
Competitors
Abeona Therapeutics — A biotechnology company developing gene therapies for recessive dystrophic epidermolysis bullosa.Source
Overall investment score · Quality, value, risk and opportunity
53
Fair
PoorElite
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
79
Strong
Financial Strength
65
Business Quality / Moat
100
Management
100
Growth Quality
69
Risk / Durability
45
Great Company · Expensive Stock
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
53
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
62/100
Building Historical Record
Model Score 62/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
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WSS View
The quick read
The overall Wall Street Score is mixed across its combined quality, valuation and risk inputs. Review the category scores to identify what is helping or hurting the result.
At today’s price, the WSS valuation framework currently reads as moderate rather than unusually attractive.
The model outlook is currently moderate.
What we like
No strong positive signal is being highlighted from the currently available summary data.
What to watch
•Valuation is a weaker part of the current profile
•Debt / balance-sheet profile needs attention
Company-specific research
Questions worth answering for KRYS
Research inputs 100% complete
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
•Can KRYS maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
•Is KRYS's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
•How is KRYS likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
•What future growth or profitability would be needed to justify KRYS's current valuation?
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
Volatility = How violently is it moving?
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Community Sentiment
0 active · 0 total calls
0% Bullish (0) 0% Bearish (0)
No personal call yet on KRYS.
Potential upside factors
+Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
+Proprietary STAR-D gene therapy platform.
+Fully integrated commercial infrastructure.
+Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
−Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Biotechnology industry.
−Dependence on a single commercial product.
−Risks associated with third-party manufacturing and supply chain.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
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Scores
Click any score for full breakdown
Wall Street Score
Fair53/ 100
Weak (0–50)Fair (51–71)Strong (72+)
Debt
Weak
48
Debt Cost—
Debt Reduction YoY-28.6%
Debt / Equity0.01x
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Revenue
Fair
56
Revenue YoY13.2%
Revenue CAGR177.0%
Net Margin54.8%
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Asset
Fair
62
Asset Growth YoY26.3%
Liquidation/Share$45.38
Net Assets/MCap0.15x
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Capital
Poor
10
Earnings Yield2.5%
Buyback Yield0.0%
Debt Cost—
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Management
Elite
100
ROIC17.2%
ROE17.8%
ROA16.1%
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Moat
Elite
100
EPS Growth126.9%
FCF/Share Growth57.4%
Rev/Share Growth68.0%
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Valuation
Poor
10
Intrinsic Value$318.39
Value Reference$191.04
MOS2.2%
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Buffett
Fair
64
Revenue56
Moat100
Valuation10
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MOS
Poor
0
MOS %2.2%
Value Reference$191.04
Deep Discount Reference$127.36
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Financial
Strong
86
Interest Coverage—
ROIC17.2%
FCF Yield2.0%
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Master
Fair
60
Financial86
Valuation10
Debt48
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Resilience
Elite
90
Survival Years4.6 yrs
Current Ratio9.95x
FCF Margin48.5%
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Score Changes
2 historical score records available
Previous Score
51
Jul 24, 2026
Change
+1.3
points
Current Score
53
Oct 1, 2026
Category Changes
Revenue+6.2
Debt0
Assets+0.3
Capital0
Management0
Moat0
Valuation+6.5
Buffett+2.0
KRYS increased 1.3 points because Revenue improved by 6.2 points, Valuation improved by 6.5 points, Buffett improved by 2 points.
Positive Contributors
+ Revenue improved by 6.2 points
+ Valuation improved by 6.5 points
+ Buffett improved by 2 points
Projected Score
Projected Score
58
Projected Change
+5.6 points
Preliminary comparable-period financial changes suggest improvement of approximately 5.6 points. This is a projected estimate, not the official WallStreetScore.
Monetary values in USD. Share counts in raw units.
Income StatementBalance SheetCash Flow
AnnualQuarterlyTTM + Annual
All rows
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
Line Item
TTM
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Revenue
$440.5M
$389.1M
$290.5M
$50.7M
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Cost of Revenue
$29.3M
$28.8M
$20.1M
$3.1M
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Gross Profit
$411.1M
$360.4M
$270.5M
$47.6M
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····
····
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Research & Development
$59.2M
$58.0M
$53.6M
$46.4M
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····
····
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SG&A Expenses
$159.7M
$146.7M
$113.7M
$98.4M
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····
····
····
····
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Operating Expenses
$213.2M
$199.1M
$204.8M
$157.3M
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EBITDA
$218.4M
$196.0M
$109.9M
-$91.3M
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Operating Income
$197.9M
$161.3M
$65.7M
-$109.7M
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Interest Expense
$0.00
$0.00
$0.00
$0.00
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····
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····
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Income Before Tax
$226.6M
$189.5M
$95.4M
$12.9M
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····
····
····
····
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Income Tax Expense
-$14.8M
-$15.4M
$6.2M
$2.0M
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Net Income
$241.5M
$204.8M
$89.2M
$10.9M
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Basic EPS
$8.27
$7.08
$3.12
$0.40
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Basic Shares
29.53M
28.94M
28.59M
27.15M
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Diluted Shares
30.66M
29.95M
29.74M
27.75M
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Upgrade to Premium for up to 10 annual periods, where available.
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
Margins expanded
Cash position grew
Debt reduced
Potential Score Impact
Positive indicators included revenue growth, EPS growth, cash levels, debt levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 24.1%. EPS increased 38.8%. Cash increased 20.9%. Total debt declined 8.6%. Net income margin improved by 6.0 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
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Government disclosed trading activity is available on the Smart Money directory. Filings may be delayed and may not represent complete current holdings.
Dividend HistoryShare
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Predictions & Historical PerformanceShare
Conservative Projected Values
3 Years
$———.——
Premium
5 Years
$———.——
Premium
10 Years
$———.——
Premium
Conservative Projection Rate
——%
Premium
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.