TWSTTwist Bioscience Corp

Biological Products, (no Diagnostic Substances)

Revenue: $377M; 20% YoY
Operating margin: -36.2%; 49% YoY
EBITDA: −$111M; 41% YoY
Market cap: $9.6B
Employees: 278; $1M revenue each
Net debt / EBITDA: —; −$113M net debt
AI in 10-K: 4.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 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
—
Cash flow under 80% of net income
Dilutive SBCYes
17% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentYes
76% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 84th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.6 per 10K words · 81st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$9.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$147M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$132M	$204M	$245M	$313M	$377M	20%
Operating income	−$153M	−$235M	−$217M	−$221M	−$136M	38%
Net income	−$152M	−$218M	−$205M	−$209M	−$78M	63%
Operating cash flow	−$112M	−$124M	−$142M	−$64M	−$48M	26%
Capex	$27M	$102M	$28M	$5M	$28M	452%
Stock-based comp	$37M	$80M	$30M	$51M	$64M	27%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $147M · 180
Net: −$147M

Pay vs performance

No pay-versus-performance disclosure yet.