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Fate Therapeutics, Inc.

FATE Healthcare Biotechnology

Fate Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.6 million, down 51.2% from fiscal 2024. In the quarter to June 2026, revenue grew 9.18%, EPS grew 13.8% and free cash flow grew 8.96%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.

1.79 0.14 −7.25%
Market cap
$230.7M
P/E
0.0×
Fwd P/E
−1.8×
Dividend yield
—
F-score
3/9
Altman Z
−6.97
Beneish M
−4.02
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.32
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — 2 — — — 2 — — 2 — —
Insider Ownership 5.12%

Capital & Financial Ratios $m

Market Cap 230.65
Revenue 6.49
Net Income (126.00)
Free Cash Flow (105.42)
Net Debt (153.77)
Current Ratio 4.85 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (1.83) (negative: loss-making)
P/S ratio 33.20 (above 10: high)
P/B ratio 1.40
Past 5Y EPS Growth —
This Y EPS Growth 7.34%
Next Y EPS Growth 1.36%
Next Y revenue growth (15.00%) (below 0%: weak)
Next 5Y EPS Growth 1.60%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 13.1×, against a ten-year median of 25.7×; over the ten years it ranged from −9.6× in 2025 to 252× in 2020.
P/S against its own 10 years 42.76%
10-year low 10-year high
P/B against its own 10 years 31.85%
10-year low 10-year high
EV/Sales against its own 10 years 27.45%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 315 279 204 154
Receivables 2 4 1 1
Inventory — — — —
Other — — — —
332 292 209 158
2023 2024 2025 Q'26
Payables 5 9 3 3
ST’ Debt — — — —
Other — — 8 10
39 39 36 33

Compound Annual Growth %

10y 5y 3y
Sales 10.58% (26.71%) (58.98%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 18.47% (11.63%) (24.63%)

Revenue $m

Mar Jun Sep Dec Year
’26 1 2 — — —
’25 2 2 2 1 7
’24 2 7 3 2 14
’23 59 1 2 2 64
’22 18 19 15 44 96
’21 11 13 14 17 56
’20 3 5 8 16 31
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (31) (23) — — —
’25 (34) (25) (24) (23) (106)
’24 (33) (32) (29) (28) (123)
’23 (29) (28) (38) (37) (132)
’22 (65) (53) (55) (75) (248)
’21 (27) (32) (33) (70) (163)
’20 (27) 39 (31) (21) (39)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (31) (24) — — —
’25 (35) (26) (27) (24) (112)
’24 (33) (32) (30) (28) (124)
’23 (32) (31) (39) (37) (138)
’22 (75) (63) (64) (82) (284)
’21 (31) (46) (48) (89) (214)
’20 (28) 38 (32) (23) (44)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (0.26) (0.25) — — —
’25 (0.32) (0.29) (0.27) (0.27) (1.15)
’24 (0.47) (0.33) (0.40) (0.44) (1.64)
’23 (0.19) (0.54) (0.46) (0.45) (1.64)
’22 (0.68) (0.79) (0.86) (0.58) (2.91)
’21 (0.48) (0.58) (0.45) (0.72) (2.24)
’20 (0.44) (0.35) (0.68) (0.61) (2.10)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 1.46 2.44 5.90 11.70 16.75 43.60 9.56 1.63 1.55 0.66

Analyst estimates 2026–2028

Powerpack
High 3.82 6.75 17.98 22.82 103.66 121.16 60.43 11.44 8.83 1.99
People
People Employees 66 80 104 178 279 449 551 181 181 161
Revenue/emp, $m 0.07 0.05 0.05 0.06 0.11 0.12 0.17 0.35 0.08 0.04
Income, $m
Income, $m Revenue 4 4 5 11 31 56 96 64 14 7
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
EBT (33) (43) (67) (98) (173) (212) (282) (161) (186) (136)
EBT margin, % (760.15) (1,046.08) (1,405.02) (919.00) (551.59) (379.89) (292.55) (253.30) (1,366.46) (2,051.08)
Net income (33) (43) (67) (98) (173) (212) (282) (161) (186) (136)
Depreciation 1 1 1 2 8 15 16 14 10 9
Per share, $
Per share, $ Revenue 0.14 0.10 0.08 0.16 0.38 0.59 0.99 0.65 0.12 0.06
Earnings (1.05) (1.02) (1.19) (1.44) (2.10) (2.24) (2.91) (1.64) (1.64) (1.15)
Cash flow (0.94) (0.88) (0.69) (1.22) (0.48) (1.72) (2.56) (1.34) (1.08) (0.89)
Capex (0.01) (0.04) (0.04) (0.11) (0.06) (0.54) (0.37) (0.06) (0.01) (0.05)
Free cash flow (0.95) (0.92) (0.73) (1.33) (0.54) (2.25) (2.93) (1.41) (1.09) (0.94)
Book value 2.30 1.84 2.86 3.59 4.67 7.16 5.00 3.74 2.80 1.74
Shares, m 32 42 56 68 82 95 97 98 114 119
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P/S 19.40 64.41 152.11 124.95 238.32 99.27 10.23 5.72 13.76 17.52
P/B 1.17 3.43 4.49 5.45 19.49 8.17 2.03 0.99 0.59 0.56
EV/Sales 0.91 45.29 112.84 106.41 223.70 88.66 5.94 1.12 (4.99) (9.61)
EV/FCF (0.13) (4.82) (13.06) (12.55) (159.23) (23.18) (2.02) (0.52) 0.55 0.57
Cash, $m
Cash, $m Operating cash flow (30) (37) (39) (83) (39) (163) (248) (132) (123) (106)
Capex 0 (2) (2) (7) (5) (51) (36) (6) (1) (6)
Free cash flow (30) (39) (41) (91) (44) (214) (284) (138) (124) (112)
Balance, $m
Balance, $m Working capital 78 92 178 199 409 552 388 292 253 173
Total debt 11 15 15 27 97 115 109 — — —
Net debt (81) (86) (186) (221) (483) (616) (436) (315) (279) (204)
Shareholders’ equity 73 77 160 245 384 679 484 368 319 207
Returns, %
Returns, % ROA (41.06) (42.88) (41.84) (38.09) (37.50) (27.48) (34.63) (26.56) (39.34) (35.89)
ROIC 0.00 0.00 0.00 (269.85) 0.00 (215.52) (403.97) (223.64) (331.39) (2,617.38)
ROE (60.19) (57.14) (56.05) (48.44) (55.11) (39.91) (48.46) (37.76) (54.21) (51.84)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Fate Therapeutics, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BBOT BridgeBio Oncology Therapeutics, Inc $236.5M — (loss-making) — — n/m −88.78% (below 0%: shrinking) — 0.00% Compare
SABS SAB Biotherapeutics, Inc. $235.7M — (loss-making) 19.9× −90.95% (below 0%: shrinking) n/m −59.75% (below 0%: shrinking) 100.00% 0.00% Compare
IMRX Immuneering Corporation $235.5M — (loss-making) — (loss-making) −99.74% (below 0%: shrinking) n/m −74.94% (below 0%: shrinking) 0.00% 0.00% Compare
QTTB Q32 Bio Inc. $231.3M 2.5× — (loss-making) −1,928.18% (below 0%: shrinking) n/m +71.13% (above 0%: growing) 100.00% 0.00% Compare
FATE Fate Therapeutics, Inc. $230.7M — (loss-making) — (loss-making) +9.18% (above 0%: growing) n/m +8.96% (above 0%: growing) 100.00% (1,495.39%)
LXEO Lexeo Therapeutics, Inc. $226.6M — (loss-making) — (loss-making) — n/m +35.58% (above 0%: growing) 0.00% 0.00% Compare
SLGL Sol-Gel Technologies Ltd. $224.9M — (loss-making) — (loss-making) −96.58% (below 0%: shrinking) n/m −8.76% (below 0%: shrinking) 100.00% (704.23%) Compare
GLSI Greenwich LifeSciences, Inc. $224.9M — (loss-making) — — n/m +13.14% (above 0%: growing) 0.00% 0.00% Compare
KROS Keros Therapeutics, Inc. $220.1M — (loss-making) — (loss-making) −99.83% (below 0%: shrinking) n/m +32.19% (above 0%: growing) 100.00% 0.00% Compare
Median of peers $228.9M — — −99.74% — +2.19% 100.00% 0.00%

All 614 Biotechnology stocks →

Fate Therapeutics, Inc. (FATE) key facts

  • Concern: Fate Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.6 million, down 51.2% from fiscal 2024.
  • Concern: Fate Therapeutics, Inc. reported a net loss of $136.3 million, or a loss of $1.15 per share, for fiscal 2025.
  • Fate Therapeutics, Inc. (FATE) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, FATE traded at $1.79, a market capitalization of $230.7 million.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 33.2× sales.
  • Return on equity was −51.8% and debt-to-equity 0.00.
  • Its Piotroski F-score is 3 out of 9 and its Altman Z-score is −6.97 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Fate Therapeutics, Inc. (FATE) Latest News

18 Nov

Impact 5 ·
stockrow.com/FATE · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com