DNAGinkgo Bioworks Holdings, Inc.
Biological Products, (no Diagnostic Substances)
- Revenue
- $170M
- 25% YoY
- Operating margin
- -185.3%
- 25% YoY
- EBITDA
- −$256M
- 48% YoY
- Market cap
- $714M
- Employees
- 485
- $351K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 9.2
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$1M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes48% of revenueOver 10% of revenue
- Payouts exceed cash flowNo-0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo—Any vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$351K · 47th pctBottom quartile of its SIC industry
- Quiet on AINo9.2 per 10K words · 91st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$714M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$5M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $314M | $478M | $251M | $227M | $170M | 25% |
| Operating income | −$1.8B | −$2.2B | −$864M | −$560M | −$315M | 44% |
| Net income | −$2M | −$2M | −$893K | −$547K | −$313K | 43% |
| Operating cash flow | −$254M | −$252M | −$296M | −$320M | −$171M | 46% |
| Capex | $57M | $52M | $41M | $63M | $8M | 88% |
| Stock-based comp | $1.6B | $1.9B | $230M | $112M | $82M | 27% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Feb 14, 2025 | Shetty Reshma P. | SCHEDULE 13D/A | 19.0% | Passive |
| Feb 14, 2024 | Kelly Jason R | SC 13D/A | 5.0% | Passive |
| Feb 14, 2024 | Shetty Reshma P. | SC 13D/A | 10.5% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $5M · 24
- Net
- −$5M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $6M | $4M | 2 | 93 |
| FY2024 | $1M | −$248K | 2 | 68 |
| FY2023 | $262K | −$766K | 14 | 67 |
| FY2022 | $263K | −$153M | 14 | 63 |
| FY2021 | $381M | $238M | 68 | 84 |