KRYSKrystal Biotech, Inc.

Biological Products, (no Diagnostic Substances)

Revenue: $389M; 34% YoY
Operating margin: 41.5%; 83% YoY
EBITDA: $167M; 133% YoY
Market cap: $9.8B
Employees: 105,000; $4K revenue each
Net debt / EBITDA: -2.7×; −$459M net debt
AI in 10-K: 2.2; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
98% of net income
Cash flow under 80% of net income
Dilutive SBCYes
14% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
84% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$4K · 19th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.2 per 10K words · 59th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 2.7× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$9.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$105M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$0	$0	$51M	$291M	$389M	34%
Operating income	−$68M	−$145M	−$110M	$66M	$161M	145%
Net income	−$70M	−$140M	$11M	$89M	$205M	130%
Operating cash flow	−$48M	−$101M	−$89M	$123M	$201M	63%
Capex	$68M	$53M	$12M	$4M	$12M	182%
Stock-based comp	$15M	$33M	$40M	$49M	$55M	11%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $105M · 142
Net: −$105M

Pay vs performance

No pay-versus-performance disclosure yet.