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Twist Bioscience Corp

TWST · Health care (biological products, (no diagnostic substances)) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-09-30

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Twist Bioscience Corp reported revenue of $376.6 million in fiscal 2025. On the accounting screens, it passes 4 of 8 Piotroski tests, its Altman Z'' of -2.72 is in the distress zone and its Beneish M-score is below the -1.78 line; 2 of the six cross-checks between its statements fire.

Revenue, fiscal 2025 376.6M  
Operating margin -36.2% gross margin 50.7%
Return on invested capital — -28.8% on average over 2 years
Free cash flow after stock pay -140.1M -37.2% of revenue
Net debt ÷ EBITDA — net debt —
Piotroski F-score 4/8 tests of improvement passed

Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units: 10-for-1 before fiscal 2019.

Is it growing?

Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.

RevenueOperating income
Compound growth a year
3 yrs5 yrs9 yrs
Revenue+22.8%+33.1%—
Shares+3.5%+8.8%—

Falling shares are buybacks: each remaining share owns more of the company.

Does it earn more than its capital costs?

Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.

GrossOperatingNetFree cash flow

Return on invested capital

Return on invested capital

Economic profit

Needs a cost of capital, which comes from the valuation below.

Return on equity
-16.4%
Return on assets
-12.1%
Asset turnover
0.59×
Research & development
21.3% of revenue
Overheads (SG&A)
65.6% of revenue

Is the profit cash, and where does the cash go?

Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.

Net incomeFree cash flowAfter stock-based pay

Per share

Earnings per shareFree cash flow per shareDividend per share

Shares outstanding

Diluted shares

Debt and liquidity

Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.

Net debt
Net debt ÷ EBITDA
—
Interest coverage
— operating income ÷ interest
Current ratio
3.64 current assets ÷ current liabilities
Cash conversion cycle
89 days collects in 55d, stock 56d, pays in 22d

Three classic screens of the accounts

Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.

Piotroski F-score

Is the business improving? Nine yes-or-no tests, this year against last.

4of 8 tests passed
  • ProfitableReturn on assets above zero failed
  • Cash from operationsOperating cash flow above zero failed
  • Profitability improvedReturn on assets higher than a year before passed
  • Profit backed by cashOperating cash flow above net income (low accruals) passed
  • Less long-term debtLong-term debt as a share of assets fell — not reported no data
  • More liquidCurrent ratio higher than a year before failed
  • No new sharesShare count did not grow failed
  • Better gross marginGross margin higher than a year before passed
  • Sells more per assetAsset turnover higher than a year before passed

Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.

Altman Z''-score

Does the balance sheet look like those of companies that went bankrupt?

-2.72distress zone
  • Working capital ÷ assets 0.38 × 6.56+2.47
  • Retained earnings ÷ assets -2.06 × 3.26-6.70
  • Operating income ÷ assets -0.21 × 6.72-1.43
  • Equity ÷ liabilities 2.80 × 1.05+2.94

Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.

Beneish M-score

Do the accounts resemble those of companies that manipulated their earnings?

-2.24below the -1.78 line
  • Receivables vs sales 1.36+1.25
  • Gross margin slipping 0.84+0.44
  • Soft assets 1.20+0.48
  • Sales growth 1.20+1.07
  • Slower depreciation 1.20+0.14
  • Overheads vs sales 0.94-0.16
  • Profit not in cash -0.05-0.22
  • Leverage rising 1.23-0.40

Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.

Where the statements disagree

Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.

Receivables are growing 63% against revenue growing 20%.

Benign

A shift towards larger customers on longer terms, or sales concentrated at the end of the period.

Worrying

Sales are being made on looser credit, or revenue has been booked that may never be collected.

The effective tax rate is -0.9%.

Benign

A favourable geographic mix, or legitimate tax credits.

Worrying

Not sustainable; projecting it forward inflates the valuation.

What is it worth, under which assumptions?

A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.

Revenue
M $

revenue of fiscal 2025

%

revenue grew +33.1% a year over the last 5 years; it fades to the terminal rate by the last year

yrs

ten years for growth to fade to the terminal rate

Cash from each sale
%

free cash flow to the firm after stock-based pay ÷ revenue, last 3 fiscal years together

%

the margin in year ten; by default the business keeps today's

The long run
%

growth forever after year ten, below the risk-free rate: no company outgrows the economy forever

The discount rate
%

10-year US Treasury par yield (U.S. Treasury), 2026-09-28

not measured on this public page, which uses only public filings: 1.0 assumes it moves like the market. Sign in to measure it from prices

%

the extra return demanded for holding shares; it cannot be measured, and 4–6% is the common range

%

no interest line: the risk-free rate + 1.5 points

%

effective rate in the last fiscal year, -0.9%, kept within 0–35%

The price
$

Type the price you see at your broker. It is used only for the reverse questions: what that price implies.

Back to the defaults

SEC from the filings Treasury the 10-year yield measured from prices assumption cannot be measured yours you changed it

With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.

What it has filed lately

The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.

Event 2026-08-19
Published information for investors
Event 2026-08-19
Published other information
Shares 2026-08-05
New shares priced
Event 2026-08-05
Signed a material agreement; published information for investors
Shares 2026-08-04
New shares priced
Results 2026-08-03
Reported results
Quarterly 2026-08-03
Quarterly report
Results 2026-05-04
Reported results
Estimatein 35d
Results for the period ending 2026-09-29

What its own directors and officers did

Every Form 4 filed in the last twelve months, read line by line: 6 filings by 4 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.

Bought on the open market—none in the period
Sold on the open market$57.7M27 sale(s) by 4 insider(s)
Under pre-arranged plans85%of the sales followed a 10b5-1 plan set months earlier
Other lines20 awards · 2 option exercises · 0 tax withholdings
DateWhoWhatSharesPriceValueHolds after
24 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 2,485 $175.23 $435,450 616,417
24 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 945 $176.39 $166,690 615,472
24 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 164 $177.17 $29,056 615,308
24 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 330 $178.67 $58,961 614,978
24 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 143 $179.93 $25,730 614,835
24 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 515 $180.39 $92,901 614,320
24 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 21 $181.45 $3,810 614,299
24 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 16 $182.50 $2,920 614,283
24 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 501 $183.76 $92,066 613,782
24 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 83 $184.60 $15,322 613,699
21 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market 1,687 $165.49 $279,183 618,902
21 Sep 2026 Green PaulaSVP of Human Resources Sold on the open market 294 $165.49 $48,654 116,720
21 Sep 2026 Cho DennisSee Remarks Sold on the open market 348 $165.49 $57,591 73,303
17 Sep 2026 Leproust Emily M.Chief Executive Officer Exercised options 133,269 $26.66 $3.6M 901,696
17 Sep 2026 Leproust Emily M.Chief Executive Officer Exercised options 75,439 $8.82 $665,372 977,135
17 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 2,440 $151.46 $369,566 974,695
17 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 6,644 $152.21 $1.0M 968,051
17 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 3,399 $153.40 $521,417 964,652
17 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 4,175 $154.17 $643,661 960,477
17 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 13,378 $155.46 $2.1M 947,099
17 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 9,097 $156.47 $1.4M 938,002
17 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 32,260 $157.49 $5.1M 905,742
17 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 232,173 $158.09 $36.7M 673,569
17 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 23,884 $159.53 $3.8M 649,685
17 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 14,493 $160.44 $2.3M 635,192
17 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 11,169 $161.49 $1.8M 624,023
17 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 2,565 $162.31 $416,334 621,458
17 Sep 2026 Leproust Emily M.Chief Executive Officer Sold on the open market · pre-arranged plan 869 $163.39 $141,988 620,589
8 Sep 2026 Werner Robert F.Chief Accounting Officer Sold on the open market 238 $122.62 $29,185 44,399

A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.

Which large funds report holding it

From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.

FundSharesValueShare of the fundSince the quarter before
ARK Invest 30 Jun 2026 4.5M $468.1M 3.0% Reduced
Baillie Gifford 30 Jun 2026 1.1M $111.8M 0.1% Reduced
Tudor Investment 30 Jun 2026 31,109 $3.2M 0.0% New
Bridgewater Associates 30 Jun 2026 18,647 $1.9M 0.0% New

All the funds and what they reported ›

Companies like this one

Same SEC industry (biological products, (no diagnostic substances)) first, then the rest of health care.

AMGN Amgen IncGILD Gilead Sciences, Inc.MRNA Moderna, Inc.RVMD Revolution Medicines, Inc.BIIB Biogen Inc.NBIX Neurocrine Biosciences IncEXEL Exelixis, Inc.HALO Halozyme Therapeutics, Inc.

Every figure, year by year

10 fiscal years · 30 measures
2016201720182019202020212022202320242025
Size
Revenue—10.8M25.4M54.4M90.1M132.3M203.6M245.1M313.0M376.6M
Revenue growth——+136.2%+113.9%+65.7%+46.9%+53.8%+20.4%+27.7%+20.3%
Operating income—-58.5M-70.6M-108.8M-140.1M-152.7M-234.8M-217.2M-220.8M-136.3M
Net income—-59.3M-71.2M-107.7M-139.9M-152.1M-217.9M-204.6M-208.7M-77.7M
Margins
Gross margin—-123.1%-26.6%12.8%31.8%39.1%41.4%36.6%42.6%50.7%
Operating margin—-543.2%-277.5%-200.1%-155.5%-115.4%-115.3%-88.6%-70.6%-36.2%
Net margin—-550.8%-280.2%-198.0%-155.3%-114.9%-107.0%-83.5%-66.7%-20.6%
Free cash flow margin—-537.7%-274.7%-188.8%-168.8%-105.3%-111.1%-69.5%-22.1%-20.1%
R&D ÷ revenue—178.0%80.0%65.6%47.7%52.2%59.1%43.6%29.0%21.3%
SG&A ÷ revenue—242.0%170.9%147.3%114.6%102.7%104.6%77.4%69.8%65.6%
Cash
Free cash flow—-57.9M-69.9M-102.7M-152.1M-139.3M-226.2M-170.3M-69.2M-75.6M
Stock-based pay—1.9M3.0M11.2M17.1M37.0M79.7M30.3M50.9M64.5M
Free cash flow after stock pay—-59.8M-72.8M-113.9M-169.2M-176.3M-305.9M-200.5M-120.1M-140.1M
Free cash flow to the firm—-60.3M-68.8M-123.6M-167.8M-183.6M-344.9M-219.4M-190.3M-157.6M
Free cash flow ÷ net income—1.0×1.0×1.0×1.1×0.9×1.0×0.8×0.3×1.0×
Capex ÷ revenue—61.2%14.5%27.1%11.0%20.4%50.0%11.3%1.6%7.4%
Returns
Return on invested capital——36.9%-68.3%-41.2%-26.6%-31.1%———
Return on equity———-70.8%-41.6%-26.2%-27.6%-32.8%-44.2%-16.4%
Return on assets——-61.5%-57.6%-35.1%-21.7%-22.7%-26.4%-34.0%-12.1%
Asset turnover——0.2×0.3×0.2×0.2×0.2×0.3×0.5×0.6×
Economic profit——————————
Per share
Earnings per share——$-2.22$-3.28$-3.57$-3.15$-4.04$-3.60$-3.60$-1.30
Free cash flow per share——$-2.18$-3.12$-3.88$-2.89$-4.20$-2.99$-1.19$-1.26
Dividend per share——————————
Payout ratio——————————
Book value per share——$-6.28$4.63$7.46$11.73$13.97$10.83$8.03$7.80
Diluted shares——32.1M32.9M39.2M48.3M53.9M56.9M58.0M59.8M
Balance sheet
Net debt——-71.0M-39.0M-88.9M-464.3M-378.7M———
Net debt ÷ EBITDA——1.1×0.4×0.7×3.2×1.7×———
Interest coverage—-64.6×-53.7×-84.1×-178.0×-416.1×-2934.7×-43431.8×-7614.9×—
Current ratio——5.2×5.3×9.3×8.7×6.6×5.8×4.9×3.6×
Cash conversion cycle (days)——61631511551311088689
Scores
Piotroski F-score—026444234
Altman Z''——-13.57-0.344.455.253.821.03-2.56-2.72
Beneish M———-3.63-0.87-2.36-2.31-2.61-3.86-2.24

Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.