Krystal Biotech, Inc.KRYS
NasdaqGS•Healthcare•Biotechnology
Krystal Biotech, Inc., a commercial-stage biotechnology company, discovers, develops, manufactures, and commercializes genetic medicines to treat diseases with high unmet medical needs in the United States. The company commercializes VYJUVEK (beremagene geperpavec-svdt, or B-VEC) for the treatment of dystrophic epidermolysis bullosa (DEB). It also develops KB803 for ocular complications of dystrophic epidermolysis bullosa; KB801 for neurotrophic keratitis; KB407, which is in Phase 1 clinical trials for treating cystic fibrosis; KB111 for Hailey-Hailey disease; KB707 for solid tumors; KB304 for dynamic wrinkles; KB707 that is in Phase 1/2 clinical trials for the treatment of anti-PD-1 relapsed/refractory; KB408, which is in Phase 1 clinical trials for treating Alpha-1 antitrypsin deficiency; and KB301 that is in Phase 2 clinical trials for treating aesthetic skin conditions, as well as in open label study with ophthalmic B-VEC for treating for ocular complications of deb. Krystal Biotech, Inc. was founded in 2016 and is headquartered in Pittsburgh, Pennsylvania.
Krystal Biotech, Inc. (KRYS) reported trailing twelve months revenue of $417.30M as of March 2026, a 25.1% increase year-over-year. Quarterly revenue reached $116.36M, reflecting continued top-line momentum.
Krystal Biotech, Inc. generated $225.03M in TTM net income, with quarterly EBITDA of $55.21M. The operating margin expanded from 41.0% to 46.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (46.1%) and net margin (48.1%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 40.5% a year ago, signaling stronger bottom-line efficiency.
KRYS trades at a P/E of 42.3x (a premium multiple) and a P/S of 22.8x. The price-to-book ratio of 7.4x indicates a significant premium over book value.
The company generated $73.23M in free cash flow over the trailing twelve months, a 195.7% increase year-over-year, indicating cash generation ability. The balance sheet shows $1.40B in total assets with no in long-term debt against $1.28B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~37.0%, suggesting durable pricing power and cost discipline.
ROE is positive at ~13.3% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~151.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~42.7% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding rose 2.4% — mild dilution. Compare to earnings growth to assess net per-share impact.