Standard BioTools Inc.

Worth knowing

• Paying shareholders without free cash flow. Paid out $46M over the 3 fiscal years to 2025 with -$281M of free cash flow.

  Standard BioTools returned $46M in buybacks and dividends over three fiscal years while its free cash flow totalled -$281M. The money came from its cash pile or from borrowing.

• Shareholders being diluted. Shares outstanding up 394% from December 2022 to August 2026.

  Standard BioTools had 394% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Standard BioTools had 394% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

• Cash exceeds market value plus debt. Its cash is worth more than its market value plus debt.

  Standard BioTools's cash is larger than its market value and debt combined (enterprise value at or below zero). The market is valuing the operating business at nothing or less, which is rare.Standard BioTools's cash is larger than its market value and debt combined. The market is valuing the operating business at nothing or less, which is rare.

• Stock pay outran buybacks. Stock-based pay expense $74M vs $46M spent repurchasing shares over the 3 fiscal years to 2025.

  Over three fiscal years Standard BioTools recorded $74M of stock-based pay expense and spent $46M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Standard BioTools recorded $74M of stock-based pay expense and spent $46M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.