Ginkgo Bioworks Holdings, Inc.
In the quarter to June 2026, revenue fell 48.5%, EPS grew 31.8% and free cash flow fell 16.4%, each against the same quarter a year earlier.
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Ginkgo Bioworks Holdings, Inc. (DNA) Piotroski F-score
Ginkgo Bioworks Holdings, Inc.'s Piotroski F-score for fiscal 2025 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, down from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | (2.00) |
| FY2024 | 5 | 1.00 |
| FY2023 | 4 | 1.00 |
| FY2022 | 3 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (25.05%) | (35.96%) | Fail | 0 |
| Positive operating cash flow | (171.06m) | (319.58m) | Fail | 0 |
| Rising return on assets | (25.05%) | (35.96%) | Pass | 1 |
| Cash flow above net income | 141.70m | 227.44m | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 4.92 | 5.62 | Fail | 0 |
| No new shares issued | 55,458,000 | 51,895,000 | Fail | 0 |
| Rising gross margin | 72.39% | 80.38% | Fail | 0 |
| Rising asset turnover | 0.14 | 0.15 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| GERN Geron Corporation compare | 3 |
| DNA Ginkgo Bioworks Holdings, Inc. | 3 |
| ARDX Ardelyx, Inc. compare | 2 |
| SANA Sana Biotechnology, Inc. compare | — |
| VSTM Verastem, Inc. compare | — |
| HELP Cybin Inc. compare | — |
| CRVS Corvus Pharmaceuticals, Inc. compare | — |
| ALMS Alumis Inc. compare | — |
| AVBP ArriVent BioPharma, Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover