Twist Bioscience Corp (NASDAQ: TWST)

Sector: Healthcare Industry: Diagnostics & Research CIK: 0001581280
Market Cap 2.11 Bn
P/B 4.46
P/E -27.17
P/S 5.60
ROIC (Qtr) -24.24
Div Yield % 0.00
Rev 1y % (Qtr) 16.88
Total Debt (Qtr) 90.57 Mn
Debt/Equity (Qtr) 0.19

About

Twist Bioscience Corporation (TWST) is a biotechnology company operating in the synthetic biology industry. Its primary business activities involve the design, synthesis, and manufacturing of synthetic DNA, RNA, and proteins for various applications, spanning healthcare, food and agriculture, industrial chemicals, and academic research. The company generates revenue through its synthetic biology and next-generation sequencing (NGS) tools product lines, as well as biopharma services for antibody discovery, optimization, and development. Twist Bioscience's...

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Price action

Investment thesis

Bull case

  • Healthy cash reserves of 183.05M provide 13.24x coverage of short-term debt 13.82M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 546.24M provides 6.03x coverage of total debt 90.57M, indicating robust asset backing and low credit risk.
  • Long-term investments of 56.71M provide solid 0.74x coverage of long-term debt 76.75M, indicating strategic financial planning.
  • Cash reserves of 183.05M provide ample 73.22x coverage of acquisition spending 2.50M, enabling strategic growth opportunities.
  • Tangible assets of 546.24M provide robust 8.22x coverage of other current liabilities 66.49M, indicating strong asset backing.

Bear case

  • Investment activities of (24.76M) provide weak support for R&D spending of 80.28M, which is -0.31x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • The company's operating cash flow of (47.63M) shows concerning coverage of stock compensation expenses of 64.46M, with a -0.74 ratio indicating potential earnings quality issues.
  • High receivables of 57.02M relative to inventory of 28.31M (2.01 ratio) suggests aggressive credit terms or collection difficulties, potentially masking revenue quality issues.
  • Operating cash flow of (47.63M) provides minimal -66.24x coverage of tax expenses of 719000, suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Operating earnings of (76.95M) show weak coverage of depreciation charges of 24.83M, with a -3.10 ratio indicating high capital intensity and potential reinvestment needs.

Product and Service Breakdown of Revenue (2025)

Geographical Breakdown of Revenue (2025)

Peer comparison

Companies in the Diagnostics & Research
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 TMO Thermo Fisher Scientific Inc. 234.48 Bn 35.69 5.36 35.68 Bn
2 DHR Danaher Corp /De/ 171.11 Bn 48.85 7.05 16.86 Bn
3 IDXX Idexx Laboratories Inc /De 57.62 Bn 56.08 13.83 1.09 Bn
4 IQV Iqvia Holdings Inc. 42.37 Bn 33.03 2.66 15.19 Bn
5 A Agilent Technologies, Inc. 42.16 Bn 32.36 6.07 3.35 Bn
6 NTRA Natera, Inc. 31.64 Bn -102.32 14.95 0.18 Bn
7 MTD Mettler Toledo International Inc/ 30.89 Bn 36.96 7.84 2.21 Bn
8 WAT Waters Corp /De/ 23.59 Bn 36.37 7.60 1.49 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 3.12 2.82
EV to Cash from Ops. EV/CFO -42.03 19.55
EV to Debt EV to Debt 22.10 54.87
EV to EBIT EV/EBIT -26.02 18.82
EV to EBITDA EV/EBITDA -17.97 4.36
EV to Free Cash Flow [EV/FCF] EV/FCF -26.47 17.63
EV to Market Cap EV to Market Cap 0.95 1.58
EV to Revenue EV/Rev 5.32 5.06
Price to Book Value [P/B] P/B 4.46 1.35
Price to Earnings [P/E] P/E -27.17 18.88
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -2.00
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 2.86
Dividend per Basic Share Div per Share (Qtr) 0.00 0.19
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 1.94
Interest Coverage Int. cover (Qtr) 0.00 -128.90
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -451.69 -35.01
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -19.12 23.84
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.25
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 62.79 9.72
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 40.88 -444.66
EBIT Growth (1y) % EBIT 1y % (Qtr) 63.03 8.29
EBT Growth (1y) % EBT 1y % (Qtr) 63.03 -6.03
EPS Growth (1y) % EPS 1y % (Qtr) 63.89 15.59
FCF Growth (1y) % FCF 1y % (Qtr) -9.34 56.57
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 43.23 185.75
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.59 0.57
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.01
Cash Ratio Cash Ratio (Qtr) 2.00 1.23
Current Ratio Curr Ratio (Qtr) 3.64 2.70
Debt to Equity Ratio Debt/Equity (Qtr) 0.19 -0.84
Interest Cover Ratio Int Coverage (Qtr) 0.00 -128.90
Times Interest Earned Times Interest Earned (Qtr) 0.00 -128.90
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -13.80 -97.22
EBIT Margin % EBIT Margin % (Qtr) -20.43 -115.64
EBT Margin % EBT Margin % (Qtr) -20.43 -114.24
Gross Margin % Gross Margin % (Qtr) 50.70 44.76
Net Profit Margin % Net Margin % (Qtr) -20.60 -113.12