Krystal Biotech, Inc. (KRYS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+78.8%

$504.86

vs $282.33 price

Levered DCF

$322.84

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

40.92

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	34.82×	50.21×	310.15×	-14.43×	-22.35×	-35.09×	-46.15×	-21.42×
P/B	5.85×	4.73×	4.33×	3.87×	2.62×	3.86×	4.34×	2.06×
P/S	18.34×	15.42×	66.45×	0×	0×	0×	0×	226.68×
EV / EBITDA	33.92×	37.68×	-32.73×	-16.07×	-18.67×	-28.71×	-38.44×	-12.01×
Gross margin	92.6%	93.1%	93.9%	0.0%	0.0%	0.0%	0.0%	86.3%
Operating margin	41.5%	22.6%	-216.4%	0.0%	0.0%	0.0%	0.0%	-1160.3%
Net margin	52.6%	30.7%	21.6%	0.0%	0.0%	0.0%	0.0%	-1060.3%
Current ratio	9.95×	7.28×	17.76×	13.3×	17.18×	17.8×	58.88×	43.39×
Debt / equity	0.01×	0.01×	0.01×	0.02×	0.01×	0.04×	0.02×	0×
Interest coverage	0×	0×	0×	0×	-45.76×	0×	0×	-11.6×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.8%	9.4%	1.4%	-26.8%	-11.7%	-11.0%	-9.4%	-9.6%
Return on invested capital	13.1%	6.4%	-11.8%	-27.3%	-11.3%	-10.9%	-10.7%	-10.5%
Return on assets	15.4%	8.4%	1.3%	-25.1%	-11.1%	-10.3%	-9.1%	-9.4%
Free cash flow yield	2.6%	2.7%	-3.0%	-7.6%	-7.5%	-3.6%	-2.9%	-5.0%
Earnings yield	2.9%	2.0%	0.3%	-6.9%	-4.5%	-2.9%	-2.2%	-4.7%
Enterprise value	$6.6B	$4.1B	$3B	$1.9B	$1.2B	$870.5M	$696.3M	$129.1M
Net debt / EBITDA	-2.48×	-3.07×	3.8×	1.32×	5.1×	8.47×	10.17×	9.65×
Cash conversion cycle (days)	592	523	909	0	0	-415	-383	-2,299