Pacific Biosciences of California, Inc.

Worth knowing

• Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

  Pacific Biosciences of California's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

• Shareholders being diluted. Shares outstanding up 37% from December 2022 to July 2026.

  Pacific Biosciences of California had 37% more shares at July 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.Pacific Biosciences of California had 37% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

• Stock-based pay is a large cost. Stock pay was 26% of revenue in 2025.

  Pacific Biosciences of California paid employees $42M in stock in 2025, 26% of its $160M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

• Valuation signals disagree. Cheaper than 93% of peers on operating cash profit (EBITDA), but only 0% on earnings.Cheaper than 93% of peers on operating cash profit, but only 0% on earnings.

  Relative to its operating cash profit (EBITDA), Pacific Biosciences of California looks cheaper than 93% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Pacific Biosciences of California looks cheaper than 93% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.