Krystal Biotech, Inc. (KRYS) intrinsic value & 10-year financials

Krystal Biotech, Inc. (KRYS) has a Graham intrinsic value of $227.20 per share. At $316.58 on Oct 17, 2026, the stock trades 39% above that value. Over the last 10 fiscal years revenue grew 177.0% a year to $389.1M, with an average return on invested capital of -78.0%.

Graham intrinsic value
$227.20
Share price (Oct 17, 2026)
$316.58
Price vs Graham value
39% above
Market cap
$9.5B
Revenue (FY2025)
$389.1M
Revenue growth (10-yr CAGR)
177.0%
ROIC (10-yr avg)
-78.0%
Free cash flow (FY2025)
$188.9M

KRYS 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $389.1M $204.8M $6.84 $188.9M 41.5% 24.1%
FY2024 $290.5M $89.2M $3.00 $119.2M 22.6% 11.9%
FY2023 $50.7M $10.9M $0.39 -$100.6M -216.4% -23.4%
FY2022 $0 -$140.0M -$5.49 -$153.5M — -46.3%
FY2021 $0 -$69.6M -$3.13 -$116.3M — -47.7%
FY2020 — -$32.2M -$1.71 -$40.9M — -145.7%
FY2019 — -$19.1M — -$25.1M — -121.4%
FY2018 — -$10.9M — -$11.7M — -14.6%
FY2017 — -$7.9M — -$4.1M — -19.2%
FY2016 — -$1.1M — -$1.3M — -397.9%

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Krystal Biotech, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

Krystal Biotech, Inc. has historically struggled to out-earn its cost of capital, averaging just -49.8% ROIC.

Krystal Biotech, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, Krystal Biotech, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $227.20 per share.

KRYS stock: frequently asked questions

What is the intrinsic value of Krystal Biotech, Inc. (KRYS) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 15.0% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, KRYS's intrinsic value is about $227.20 per share.

Is KRYS stock undervalued?

At $316.58 (close on Oct 17, 2026), KRYS trades 39% above its Graham value of $227.20. On Graham's terms the shares look fully priced. A formula is a starting point for research, not a recommendation.

Does Krystal Biotech, Inc. generate free cash flow?

Krystal Biotech, Inc. generated $188.9M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 2 of the last 10 reported years.

What is KRYS's return on invested capital?

Average ROIC over the last 10 fiscal years was -78.0%, and average return on equity was -47.8%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this KRYS data come from?

From Krystal Biotech, Inc.'s annual 10-K filings on SEC EDGAR, most recently filed Aug 3, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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