CTKBCytek Biosciences, Inc.
Laboratory Analytical Instruments
- Revenue
- $201M
- 0.5% YoY
- Operating margin
- -20.0%
- 96% YoY
- EBITDA
- −$33M
- 146% YoY
- Market cap
- $797M
- Employees
- 700
- $288K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 4.4
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 3 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$5M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes12% of revenueOver 10% of revenue
- Payouts exceed cash flowNo-322% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo4% of assetsOver 40% of assets
- Shareholder dissentYes76% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$288K · 27th pctBottom quartile of its SIC industry
- Quiet on AINo4.4 per 10K words · 80th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$797M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $128M | $164M | $193M | $200M | $201M | 0.5% |
| Operating income | $9M | −$2M | −$28M | −$21M | −$40M | 97% |
| Net income | $3M | $2M | −$12M | −$6M | −$67M | 1005% |
| Operating cash flow | $5M | −$12M | $5M | $25M | −$5M | 118% |
| Capex | $4M | $10M | $5M | $4M | $4M | 16% |
| Stock-based comp | $7M | $17M | $22M | $27M | $25M | 8.4% |
| Buybacks | $0 | $0 | $44M | $22M | $15M | 30% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 19, 2023 | RA CAPITAL MANAGEMENT, L.P. | SC 13D/A | 5.0% | Passive |
| Mar 14, 2022 | RA CAPITAL MANAGEMENT, L.P. | SC 13D/A | 9.8% | Passive |
| Feb 28, 2022 | RA CAPITAL MANAGEMENT, L.P. | SC 13D/A | 8.3% | Passive |
| Aug 6, 2021 | RA CAPITAL MANAGEMENT, L.P. | SC 13D | 7.2% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $5M | $4M | 27 | 114 |
| FY2024 | $6M | $4M | 35 | 85 |
| FY2023 | $5M | $4M | 49 | 86 |
| FY2022 | $4M | $2M | 54 | 82 |
| FY2021 | $5M | −$130K | 87 | 91 |