Ginkgo Bioworks Holdings
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow because the decisive operating question is open, not because the share price has fallen: continuing operations shrank 49 percent to $19.5 million in the first quarter of 2026 while operating cash burn rose to $46.4 million and adjusted EBITDA improved by only about $2 million — a turnaround that is announced rather than demonstrated. It is not red because the substance holds: $443.2 million of equity, $373.5 million of liquidity, no financial debt, no going-concern qualification, and a runway of roughly two and a half years on the company's own guidance of $125 million to $150 million of cash burn for 2026. The light turns red if quarterly revenue keeps falling without cash burn falling with it, or if the $662.8 million lease burden stays unsublet and pushes liquidity below roughly four quarters of runway. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Ginkgo Bioworks is a textbook case of how far a listing promise and an income statement can drift apart. The company has more than halved its costs in two years, sits debt-free on $373.5 million of liquidity and shed a loss maker with the Biosecurity divestiture of April 3, 2026. At the same time, revenue in the remaining business halved to $19.5 million in the first quarter of 2026, operating cash burn actually grew to $46.4 million, and above it all sit $662.8 million of lease payments with 11.3 years to run. On the company's own guidance the cash lasts roughly two and a half years — the order book has to grow before then. Not investment advice.
Financial position
As of March 31, 2026 the books showed $373.5 million of cash and marketable securities and $443.2 million of equity with no financial debt whatsoever. Against management's own guidance of $125 million to $150 million of cash burn for 2026, that lasts roughly two and a half years — Ginkgo is not up against the wall.
Revenue trend
Revenue from continuing operations fell to $19.5 million in the first quarter of 2026 from $38.2 million a year earlier (−49 percent; −37 percent adjusted for a non-cash item). Over the years, cell engineering is not growing either: $132.7 million in 2025 against $143.7 million in 2022.
Cost restructuring
Operating expenses fell from $1,115.9 million (2023) through $786.8 million (2024) to $485.4 million (2025), and headcount by "more than 50%" to 485 employees (December 31, 2025). The cash has not followed yet: operating cash burn rose to $46.4 million in the first quarter of 2026 from $42.7 million, and adjusted EBITDA improved by only about $2 million.
Lease burden
As of December 31, 2025, $662.8 million of undiscounted lease payments were outstanding, with a weighted average remaining term of 11.3 years and annual installments from $56.3 million (2026) to $60.3 million (2029). The excess space alone cost $15.8 million in the first quarter of 2026 — more than 80 percent of quarterly revenue and more than the $11.7 million a year earlier.
Portfolio reshaping
The Biosecurity divestiture of April 3, 2026 removes a segment that most recently lost $6.5 million a quarter — but the consideration was not cash, it was a roughly 20 percent stake in a privately held buyer. That stake can be neither valued daily nor turned into cash at short notice.
Capital structure
As of April 30, 2026, 65.3 million shares were outstanding across three classes against 15,800 million authorized; a $500 million shelf registration with a $100 million sales agreement ($18.1 million used through March 31, 2026) stands ready. Class B carries ten votes per share — directors and executive officers together held 44.2 percent of total voting power (proxy statement of April 29, 2026, holdings as of April 14, 2026).
Worth Noting
Ginkgo Bioworks came onto the research list through the EDGAR filing stream: the current report 8-K of April 7, 2026 (Item 2.01) announcing completion of the Biosecurity divestiture. Our in-house stock scanner recalculates its lists daily, so the trigger for this analysis carries the date July 29, 2026.
Time-series warning: the annual figures for 2022 through 2025 come from the annual reports and still include the Biosecurity business. From the quarterly report as of March 31, 2026 onward it is presented separately as a discontinued operation — so the 2026 quarterly figures and the recast prior-year quarters show cell engineering only. Annual and quarterly figures are therefore not directly comparable.
All share and price figures are adjusted for the 1-for-40 reverse stock split of August 19, 2024; the earnout thresholds of $500 to $800 correspond to $12.50 to $20 in 2021 money. Market value here is derived from all three share classes (65.3 million shares as of April 30, 2026) and a documented placement price of about $9.50 per share; data services that count Class A only report a value roughly a fifth lower. Not to be confused: the warrant DNABW trades over the counter, the common stock DNA on the NYSE.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at DNA since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 5.50 $ to 16.10 $ · Last price: 7.80 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Ginkgo Bioworks Holdings DNA | 0.5 | – | -1.8 | 68.0 | – | -25.1 | -29.2 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 34.9 | 19.6 | 59.1 | 21.8 | 5.1 | 33.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | 54 | -72 | -119 | -4.15 | -45 | 493 | 697 |
| 2020 | 77 | -137 | -127 | -3.97 | -136 | 461 | 675 |
| 2021 | 314 | -1,828 | -1,830 | -53.81 | -254 | 1,505 | 2,071 |
| 2022 | 478 | -2,209 | -2,105 | -50.12 | -252 | 1,736 | 2,539 |
| 2023 | 251 | -864 | -893 | -18.37 | -296 | 1,097 | 1,665 |
| 2024 | 227 | -560 | -547 | -10.54 | -320 | 716 | 1,377 |
| 2025 | 170 | -315 | -313 | -5.64 | -171 | 509 | 1,120 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -2.02 | – | 44 | 26.20 | -245.20 | -42 | -56 |
| 2025: Q1 | -1.70 | – | 48 | 27.30 | -188.20 | -52 | -59 |
| 2025: Q2 | -1.13 | – | 50 | -11.70 | -121.60 | -40 | -40 |
| 2025: Q3 | -1.45 | – | 39 | -56.40 | -207.90 | -32 | -32 |
| 2025: Q4 | -1.51 | – | 33 | -23.80 | -241.80 | -48 | -63 |
| 2026: Q1 | -1.39 | – | 20 | -59.70 | -424.10 | -46 | -48 |
| 2026: Q2 | -0.75 | 33.60 | 20 | -59.30 | -231.20 | -44 | -47 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -3.20 | -3.20 – -3.20 | 85 | 12.5% | 1 |
| 12/31/2027 | -2.90 | -2.90 – -2.90 | 96 | 9.4% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Ginkgo verkauft KI-nahe Leistungen als eigene Umsatzquelle: Das automatisierte Labor speist generative KI- und Lernverfahren, die Datenpakete der Reihe „Datapoints“ werden ausdrücklich zum Training und zur Validierung von KI-Modellen der Kunden verkauft, und der Geschäftsbericht führt Datapoints-Erlöse als Bestandteil des Zellprogrammierungs-Umsatzes.
View the full file — quotes, sources, reviewed filings
„Our Autonomous Lab is a flexible wet lab built from our Reconfigurable Automation Cart (“RAC”) systems capable of large scale data generation; it powers generative AI and machine learning (“ML”) tools that enable more successful biological R&D. We now offer services providing such data generation, AI and automation tools directly to Ginkgo customers."
Unser Autonomous Lab ist ein flexibles Nasslabor, gebaut aus unseren Reconfigurable-Automation-Cart-Systemen („RAC“), das Daten in großem Maßstab erzeugen kann; es speist generative KI- und Werkzeuge des maschinellen Lernens („ML“), die biologische Forschung und Entwicklung erfolgreicher machen. Wir bieten diese Datenerzeugung sowie KI- und Automatisierungswerkzeuge jetzt als Dienstleistungen direkt für Ginkgo-Kunden an.
10-K · 2026-02-26 · View SEC filing
„Cell Engineering revenue is generated primarily through R&D service fees for our solutions and Datapoints services; and design, build, installation and ongoing support fees for our automation solutions (RAC) systems."
Der Umsatz der Zellprogrammierung entsteht überwiegend aus Forschungs- und Entwicklungshonoraren für unsere Lösungen und die Datapoints-Dienste sowie aus Honoraren für Entwurf, Bau, Installation und laufende Betreuung unserer Automatisierungslösungen (RAC-Systeme).
10-K · 2026-02-26 · View SEC filing
„As Ginkgo drives scalability through our models, we have heavily invested in the use and creation of AI foundational and fine-tuned models, which we believe can provide significant benefits to our customers."
Da Ginkgo die Skalierbarkeit über seine Modelle vorantreibt, haben wir stark in die Nutzung und Erstellung von KI-Basismodellen und fein abgestimmten Modellen investiert, die aus unserer Sicht erhebliche Vorteile für unsere Kunden bringen können.
10-K · 2026-02-26 · View SEC filing
„Our Autonomous Lab is a flexible wet lab built from our Reconfigurable Automation Cart (“RAC”) systems capable of large-scale data generation; it powers generative AI and machine learning (“ML”) tools that enable more successful biological R&D."
Unser Autonomous Lab ist ein flexibles Nasslabor, gebaut aus unseren Reconfigurable-Automation-Cart-Systemen („RAC“), das Daten in großem Maßstab erzeugen kann; es speist generative KI- und Werkzeuge des maschinellen Lernens („ML“), die biologische Forschung und Entwicklung erfolgreicher machen.
10-Q · 2026-05-07 · View SEC filing
Filings Reviewed: 10-K 2026-02-26 · 10-K 2025-02-25 · 10-Q 2026-05-07 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-Q 2025-05-06
Rated on July 29, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -29.1%
- More than 10% revenue growth is expected for the coming year 10.2%
- Share count grows by less than 3% a year 9.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -130.1%
- Gross margin at 40% or higher and without meaningful erosion 81.5%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 967 m
- Return on capital at 15% or higher, or up versus two years ago -30.8%
- Insiders hold at least 10% or are net buyers 4.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 21.0%
- Exp. sales growth 3Y > 5% -24.7%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -24.7%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -69.2%
- ROCE > 15% -30.8%
- Expected return > 10% -49.7%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | Henry Christian O | Director | Sell | 5,000 | 7.08 | 35,405 |
| Aug 24, 2026 | Coen Steven P. | See remarks | Sell | 330 | 6.98 | 2,302 |
| Aug 21, 2026 | Coen Steven P. | See remarks | Other | 156 | – | – |
| Aug 21, 2026 | Coen Steven P. | See remarks | Other | 587 | – | – |
| Jul 17, 2026 | Coen Steven P. | See remarks | Sell | 752 | 7.90 | 5,943 |
| Jul 16, 2026 | Coen Steven P. | See remarks | Other | 312 | – | – |
| Jul 16, 2026 | Coen Steven P. | See remarks | Other | 1,174 | – | – |
| Apr 17, 2026 | Steven P Coen | Insider | Sell | 324 | 7.95 | 2,576 |
The company
About the Company
Ginkgo Bioworks Holdings, Inc. entwickelt zusammen mit seinen Tochtergesellschaften eine Plattform für Cell Engineering in den USA.
- Employees
- 485
- Headquarters
- Boston, MA
- Address
- 27 Drydock Avenue, 02210 Boston, United States
- Phone
- 877 422 5362
- Website
- ginkgo.bio
- IPO Date
- 04/19/2021
- ISIN
- US37611X2099
- Stock Split
- 1:40 on 08/20/2024
Management
| Name | Title | Birth Year |
|---|---|---|
| Jason Kelly Ph.D. | Co-Founder, Co-COO, CEO & Director | 1981 |
| Reshma P. Shetty | Co-Founder, President & Director | 1981 |
| Steven P. Coen CPA | Chief Financial Officer | 1966 |
| Thomas Knight Jr. | Founder | – |
| Austin Che Ph.D. | Co-Founder & Head of Strategy | – |
| Bartholomew Canton Ph.D. | Co-Founder & CTO | – |
| Jennifer Wipf | Co-Chief Operating Officer | – |
| Karen Tepichin | General Counsel & Secretary | – |
| Daniel Marshall | Senior Manager of Communications & Ownership | – |
| Brian O'sullivan | Head of Commercial | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.