At a glance
Krystal Biotech Inc is worth $9.52B, about 47 times its fiscal 2025 earnings. Revenue grew 33.9% to $389.1M in fiscal 2025, with 52.6% kept as profit. It pays no dividend. The stock returned +69.5% over the past year with dividends reinvested and +43.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.1% in the 2020 crash (S&P 500: 33.7%) and 33.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 2 months after the lows.
The business in plain English
Krystal Biotech develops, makes and sells gene therapies: medicines that give cells a working copy of a faulty gene. It uses a modified, non-replicating form of herpes simplex virus type 1 (HSV-1) to carry genes into cells. The company says this lets treatments be given repeatedly and applied in a doctor's office or at home. It manufactures in two of its own plants in Pennsylvania.
Its only commercial product, VYJUVEK, is applied directly to the open wounds of people with dystrophic epidermolysis bullosa (DEB). DEB is a rare inherited disease that makes skin blister and tear from minor friction. VYJUVEK launched in the US in 2023 and in Germany, France and Japan in 2025. Krystal sells it directly in the US, major European markets and Japan. It has also signed specialty distributors covering parts of Central and Eastern Europe, the Middle East, Turkey and Israel. Sales depend on insurers and health systems agreeing to pay.
Revenue was $389.1 million in fiscal 2025, up 33.9%. VYJUVEK had brought in $730.3 million in net product revenue since launch, according to the 10-K filed February 17, 2026. Krystal is also exploring its platform for other skin, lung and eye diseases. These include KB801 for the eye disease neurotrophic keratitis, lung cancer, and cosmetic uses through its subsidiary Jeune Aesthetics.
Price history
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KRYS +69.5% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $127.3M, up 30.2% from a year earlier, and net income was $63.1M (-20.5%).
- For fiscal 2025, revenue was $389.1M (+33.9% year over year) with a 52.6% net margin.
Financial health check
| Operating margin | 41.5% good |
|---|---|
| Free cash flow margin | 48.5% good |
| Return on equity (FY2025) | 16.8% good |
| Return on assets (FY2025) | 15.4% good |
| Cash and investments | $1.19B (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | — | $-32.2M | $-40.9M |
| FY2021 | $0.00 | $-69.6M | $-116.3M |
| FY2022 | $0.00 | $-140.0M | $-153.5M |
| FY2023 | $50.7M | $10.9M | $-100.6M |
| FY2024 | $290.5M | $89.2M | $119.2M |
| FY2025 | $389.1M | $204.8M | $188.9M |
Valuation snapshot
| Market value | $9.52B |
|---|---|
| P/E ratio | 47 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Krystal Biotech’s market value went from $107.7M at the end of 2017 to $9.52B on Oct 28, 2026, about 88.4 times as much; since the end of 2025 it is up 33%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $9.52B | +33.2% |
| 2025 | $7.15B | +58.7% |
| 2024 | $4.51B | +28.8% |
| 2023 | $3.50B | +71.6% |
| 2022 | $2.04B | +31.1% |
| 2021 | $1.56B | +31.6% |
| 2020 | $1.18B | +23.4% |
| 2019 | $958.5M | +219.7% |
| 2018 | $299.8M | +178.4% |
| 2017 | $107.7M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| KRYS price data to Oct 28, 2026 | +30.4% | +69.5% | +41.2% | +43.0% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +30.4% |
| 2025 | +57.4% |
| 2024 | +26.3% |
| 2023 | +56.6% |
| 2022 | +13.3% |
| 2021 | +16.6% |
| 2020 | +8.3% |
| 2019 | +166.5% |
| 2018 | +97.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.6% over that stretch · deepest drop along the way 44.1%, back to its old high 9.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8% over that stretch · deepest drop along the way 33.4%, back to its old high 1.8 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (24 read): 0 open-market purchases and 142 sales ($105.3M), 132 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 4, 2026 | Suma Krishnan President, R&D, Director, 10% owner | sell (plan) | $3.9M |
| Jun 4, 2026 | Krish S Krishnan President and CEO, Director, 10% owner | sell (plan) | $3.5M |
| Feb 24, 2026 | Daniel Janney Director | sell (plan) | $3.1M |
| Feb 19, 2026 | Dino A Rossi Director | sell | $2.8M |
| Feb 27, 2026 | Daniel Janney Director | sell (plan) | $2.6M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.6% | Sep 30, 2026 |
| Vanguard Portfolio Management | 4.43% | Sep 30, 2026 |
| STATE STREET CORPORATION | 4.4% | Dec 31, 2024 |
ETFs with the most weight in KRYS
| HELX Franklin Genomic Advancements ETF | 5.01% |
| FBT First Trust NYSE Arca Biotechnology Index Fund | 4.85% |
| PTH Invesco Dorsey Wright Healthcare Momentum ETF | 3.55% |
| PSCH Invesco S&P SmallCap Health Care ETF | 3% |
| BBP Virtus LifeSci Biotech Products ETF | 1.85% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 1.54% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.67% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 0.67% |
What could go wrong
- Nearly everything rides on one product. VYJUVEK is Krystal's only commercial product, and the company says its near-term prospects and growth depend substantially on it. Any setback in sales, safety or insurance coverage would hit results directly.
- A rare disease limits the patient pool. The company estimates that over 3,000 people in the US and over 9,000 worldwide have DEB. If fewer patients can be found and treated than it believes, product revenue could suffer.
- Overseas prices are still being negotiated. In its February 2026 annual report, Krystal said German price talks could run until at least the second half of 2026 and French talks until 2027. Price controls could limit overseas revenue.
- Manufacturing is concentrated in two plants. Krystal makes VYJUVEK in its own two facilities in Pennsylvania. Contamination, raw-material shortages, supplier failures or regulatory problems at these sites could interrupt supply to patients.
- The pipeline is unproven. Other uses of its HSV-1 platform, such as KB801 for the eye disease neurotrophic keratitis, may fail in trials or face delays. Because the technology is new, approval timing and cost are hard to predict.
- Rivals and biosimilars could take share. Other companies may win approval first or develop more effective treatments. Close copies of biologic drugs, called biosimilars, can also reach the market through a shorter approval route, which could pressure VYJUVEK's sales.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Shareholder vote results
- Quarterly results released
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change
- Quarterly results released
For income and retirement investors
Krystal Biotech pays no dividend and did not buy back any of its own shares from FY2021 through FY2025. Instead, its share count rose 33.3%, from about 22.2 million on July 30, 2021 to about 29.6 million on July 28, 2026, so each share owns a smaller slice of the company. The company was profitable, earning $204.8 million in 2025. It held about $1.10 billion in cash and investments as of June 30, 2026, and its filings show no borrowings. For an income investor, that means no regular cash payments: any return depends on the share price rising.
The shares have swung sharply. In the 2020 COVID crash they fell 44.1% between February 19 and March 18, 2020, and took about 9.7 months to recover. In the 2022 bear market, a broad market decline, they dropped 33.4% in under a month but recovered by July 6, 2022. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Krystal Biotech make money?
Krystal Biotech makes money by selling VYJUVEK, a gene therapy applied to the wounds of people with the rare skin disease dystrophic epidermolysis bullosa. It is the company's only commercial product. Krystal sells it directly in the US, major European markets and Japan, and has signed specialty distributors for other regions. Revenue was $389.1 million in the year ended December 31, 2025, up 33.9%. It was $119.2 million in the quarter ended June 30, 2026, up 24.1% from a year earlier.
Is Krystal Biotech profitable?
Yes. After losing money from 2020 through 2022, Krystal was profitable in each fiscal year from 2023 through 2025. In 2025 it earned $204.8 million, or $6.84 per share, on revenue of $389.1 million. It also generated $188.9 million of free cash flow, the cash left after running the business and paying for equipment and facilities. Net income was $54.8 million in the quarter ended June 30, 2026. Its 10-K still warns that it may not sustain profitability.
Does Krystal Biotech pay a dividend?
No. Krystal Biotech pays no dividend and bought back no shares from FY2021 through FY2025. Its share count grew 33.3% between July 30, 2021 and July 28, 2026, to about 29.6 million. The company held about $1.10 billion in cash and investments as of June 30, 2026, and its filings show no borrowings. Any return for shareholders depends on the share price, so the stock may not suit investors who need regular income.
How has Krystal Biotech stock performed?
Strongly over the long run, but with steep drops along the way. As of October 28, 2026, the shares had returned 69.5% over one year and averaged 43% a year over five years. They have fallen as much as 53.4% from a peak, and as much as 42.3% within the three years to that date. The price-to-earnings ratio was about 47, meaning buyers paid about $47 for each $1 of 2025 earnings. The market value was about $9.5 billion.
Are Krystal Biotech insiders selling stock?
Yes. From October 29, 2025 to October 29, 2026, insiders reported 142 sales worth about $105.3 million and no purchases. Of those, 132 were made under pre-arranged trading plans, which schedule sales in advance. The largest were about $3.9 million sold by Suma Krishnan, President of research and development, and $3.5 million by CEO Krish Krishnan, both on June 4, 2026. Both are directors who each own more than 10% of the company. Planned sales are common for executives and do not by themselves signal a view on the company.