Cytek Biosciences, Inc.

Worth knowing

• Returning more cash than it generates. Paid out $81M vs $14M of free cash flow over the 3 fiscal years to 2025.

  Cytek Biosciences returned $81M to shareholders over three years, 589% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

• Buybacks largely absorbed by stock pay. Stock-based pay expense $73M vs $81M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed −4.0% from December 2022 to July 2026.

  Over three fiscal years Cytek Biosciences recorded $73M of stock-based pay expense and spent $81M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (−4.0%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Cytek Biosciences recorded $73M of stock-based pay expense and spent $81M repurchasing shares. The share count barely moved (−4.0%), so much of the repurchasing offset new employee shares rather than shrinking the count.

• Operating margin at a 6-year low. -20% in 2025, the weakest of the last 6 years.

  Cytek Biosciences's operating margin fell to -20% in 2025, its lowest in the 6 years of filings we have.

• Stock-based pay is a large cost. Stock pay was 12% of revenue in 2025.

  Cytek Biosciences paid employees $25M in stock in 2025, 12% of its $201M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.