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what it is
Twist makes synthetic DNA, sequencing tools, and antibody libraries for researchers, drug hunters, and diagnostics companies.
how it gets paid
Last year Twist Bioscience made $377M in revenue. synthetic biology was the main engine at $166M, or 44% of sales.
why it's growing
FY 2025 revenue grew ~20% to ~$377M; FY 2025 gross margin was ~51%— the latest Q1 FY2026 print reached ~52% gross margin.
what just happened
Twist posted $104M in quarterly revenue, up 17% vs. prior year, while EPS came in at -$0.50.
At a glance
B+ balance sheet — decent shape, but not bulletproof
55/100 earnings predictability — expect surprises
-$1.30 fy2025 eps est
$2B fy2026 rev est
-36.2% operating margin (loss-making ops)
xvary composite: 44/100 — below average
What they do
Twist makes synthetic DNA, sequencing tools, and antibody libraries for researchers, drug hunters, and diagnostics companies.
Twist writes DNA on silicon chips, so biology gets manufactured more like a chip process than a custom bench project. That scale matters: 979 employees supported $377 million in annual revenue, and one platform feeds genes, sequencing tools, and antibody libraries. If your workflow already runs on that platform, switching means revalidating experiments, burning time, and risking delays.
How they make money
$377M
annual revenue · their business grew +20.3% last year
synthetic biology
$166M
+15.0%
ngs tools
$94M
+18.0%
biopharma services
$73M
+28.0%
other emerging applications
$44M
+12.0%
The products that matter
synthetic DNA manufacturing
DNA Synthesis & Genes
$~250M · about 66% of revenue
This card uses a management-style roll-up (~$250M, ~+17% in this feed). The segment rows above use reported line items (e.g. synthetic biology $166M)—do not expect the two views to foot without the filing bridge.
core engine
sequencing enrichment tools
NGS Target Enrichment
$~76M · about 20% of revenue
A $~76M business that was flat. That's the number that matters because a platform company wants more than one growth lever.
needs reacceleration
therapeutics and diagnostics support
Therapeutics & Diagnostics
$~51M · about 14% of revenue
This smaller bucket grew 17% and includes the antibody-discovery and diagnostics work that could broaden the story beyond selling DNA building blocks.
future option value
Key numbers
-36.2%
operating margin
Negative operating margin → every $100 of sales loses about $36 before interest and taxes—matches the hero line, not a positive 36.2% misread.
$377M
annual revenue
$377M shows demand is real. The problem is that scale has not yet translated into profits.
$86M
long-term debt
Long-term debt is just 3% of capital, so the balance sheet is not the main crisis. The income statement is.
17%
quarterly growth
Revenue grew 17% vs. prior year to $104M, which tells you customers are buying even while profits remain elusive.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $86M (3% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for TWST right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Twist posted $104M in quarterly revenue, up 17% vs. prior year, while EPS came in at -$0.50.
Revenue growth stayed healthy, but losses are still part of the model. Q1 FY2026 gross margin was ~52% per the Feb 2, 2026 release— progress vs. ~51% FY2025, not the finish line.
$104M
revenue
-$0.50
eps
52%
gross margin
the number that mattered
The number that mattered was 52% gross margin, because gross margin → profit after making the product → so what: it shows the factory is improving before overhead still drags results down.
source: Twist Bioscience Q1 FY2026 + FY2025 results (investors.twistbioscience.com)
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What could go wrong
the #1 risk is missing the Q4 2026 adjusted EBITDA breakeven target. That risk is specific to Twist because the whole bull case rests on a real manufacturing edge finally showing up in the income statement.
med
profitability keeps slipping
Twist posted a -34.4% operating margin and still lost $0.50 per share last quarter. If management misses its Q4 2026 breakeven target, the stock stops being a timing story and starts being a patience test.
Impact: the market keeps valuing TWST on hope instead of earnings, which usually means bigger drawdowns after misses.
med
core growth slows before costs bend
DNA Synthesis & Genes is roughly 66% of revenue and grew 17%. If the core engine cools before the cost base improves, the whole operating-leverage argument weakens fast.
Impact: the company would be left with slower top-line growth and the same expensive infrastructure.
med
the portfolio is not broad-based enough yet
NGS Target Enrichment is about $76M and was flat. Therapeutics & Diagnostics is only about $51M. That means TWST still relies heavily on one main growth engine.
Impact: one soft patch in the core platform can overwhelm progress elsewhere.
med
volatility amplifies every operating miss
A 2.0 beta and a $23–$58 trading range in the last 52 weeks tell you this is not a stock the market treats gently.
Impact: even small disappointments can produce outsized stock moves because expectations, not profits, still drive the tape.
At $103.7M of quarterly revenue, 52% gross margin, and -$0.50 EPS, the company still needs a lot more scale before the profitability story becomes an earnings story.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
q2 fy2026 earnings
Report expected on or around April 30, 2026. You want to see growth hold and the path to Q4 2026 breakeven stay intact.
margin
gross margin versus operating margin
52% gross margin is good. -34.4% operating margin is not. That spread is the entire execution challenge.
segment trend
whether ngs stays flat
A $~76M segment that is not growing limits the "platform company" argument. Reacceleration would make the story more resilient.
risk
slippage in the q4 2026 breakeven promise
If management pushes the adjusted EBITDA target out again, you should treat that as thesis damage, not just a scheduling update.
Analyst rankings
earnings predictability
55 / 100
Results can swing around. In human-speak, analysts do not trust this business to print cleanly consistent quarters yet.
risk rank
4
Safer than about 20% of stocks. Translation: this is not balance-sheet-dangerous, but it is still fundamentally risky.
beta
2.0
When the market moves, TWST has tended to move roughly twice as much. You are buying sensitivity, not stability.
source: institutional data
Institutional activity
institutional ownership data for TWST is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$47
current price
n/a
target midpoint · n/a from current
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