Twist Bioscience Corporation

Worth knowing

• Profit lifted by an asset sale. FY Sep 2025 operating profit includes a $49M gain on selling assets; without it the operating margin was about -49%.

  Twist Bioscience's FY Sep 2025 operating profit of -$136M includes a one-off $49M gain on selling assets or businesses. Without it, operations would have earned -$185M, an operating margin of about -49%.

• Shareholders being diluted. Shares outstanding up 11% from September 2022 to July 2026.

  Twist Bioscience had 11% more shares at July 2026 than at September 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Twist Bioscience had 11% more shares at July 2026 than at September 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 17% of revenue in FY Sep 2025.

  Twist Bioscience paid employees $64M in stock in FY Sep 2025, 17% of its $377M 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 50% of peers on free cash flow, but only 0% on earnings.

  Relative to its free cash flow, Twist Bioscience looks cheaper than 50% 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.