Krystal Biotech

KRYS

Biotechnology · Healthcare

Price

$346.58

+9.56 (+2.84%)

Market Cap

$10.22B

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

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Share count rising — dilution

+34.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 22.2M (2021) → 30.0M (2025)

Winston Score History

The full picture

Krystal Biotech is a biotechnology company that develops gene therapy treatments for rare skin diseases. Its main product is VYJUVEK (beremagene geperpavec), a topical gel that delivers a working copy of a gene directly to damaged skin cells. The company focuses on patients with dystrophic epidermolysis bullosa, a painful genetic condition that causes skin to blister and tear easily.

Krystal makes money by selling VYJUVEK to hospitals, specialty pharmacies, and treatment centers in the United States, where it received FDA approval in 2023. The company is relatively small but profitable for its stage, with gross margins above 90%, reflecting the high pricing power typical of rare-disease drugs with no close competitors. Its main moat is its proprietary herpes simplex virus-based delivery platform, which allows repeated topical application rather than a one-time injection. The key growth driver is expanding patient identification and diagnosis rates, while the main risk is potential reimbursement pressure from insurers given the drug's high cost.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+24.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+39.1% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$58M/ year

↑ Rising (+8% vs prior year)

14.9% of revenue

In line with sector average (18%)

Investing heavily in future products and technology

Insider Activity

20.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.1B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Krystal Biotech is a rare growth stock that's already generating positive cash flow while growing at 24%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

0.0%

Thin — 0.0% gross margin

Profit after running costs

Operating Margin

49.0%

Excellent — 49.0% operating margin

Return on the money invested

ROCE

14.5%

Good — 14.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+22.6%

Fast-growing sales (+22.6% YoY)

Profit growth

EPS YoY

+62.2%

Earnings growing fast (+62.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

113%

Turns 113% of profit into real cash

Spare cash per sale

FCF Margin

58.5%

Converts sales into free cash efficiently (58.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

41.9x

Pricey — P/E 41.9

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+16.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (41.9 → 25.1)

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Dividends

Not applicable for this business.

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