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4D Molecular Therapeutics, Inc.

FDMT Healthcare Biotechnology

4D Molecular Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $85.2 million, up 230,194.6% from fiscal 2024. In the quarter to June 2026, revenue grew 25,106.7%, EPS fell 6.12% and free cash flow fell 61.3%, each against the same quarter a year earlier.

12.14 0.73 −5.67%
Market cap
$711.0M
P/E
0.0×
Fwd P/E
−2.2×
Dividend yield
—
F-score
4/9
Altman Z
2.50
Beneish M
n/a
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 5.33
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 2 — — 1 — — 4 1 4 3 1
Insider Ownership 28.16%

Capital & Financial Ratios $m

Market Cap 710.99
Revenue 92.01
Net Income (179.17)
Free Cash Flow (155.96)
Net Debt (341.75)
Current Ratio 8.03 (at or above 1.5: strong)
Debt/Equity 0.05 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (2.18) (negative: loss-making)
P/S ratio 9.27
P/B ratio 2.09
Past 5Y EPS Growth —
This Y EPS Growth (71.53%) (below 0%: weak)
Next Y EPS Growth 1.37%
Next Y revenue growth (84.44%) (below 0%: weak)
Next 5Y EPS Growth (15.84%) (below 0%: weak)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.6×, against a ten-year median of 18.3×; over the ten years it ranged from −5,624× in 2025 to 6,149× in 2024.
P/S against its own 10 years 10.01%
10-year low 10-year high
P/B against its own 10 years 63.71%
10-year low 10-year high
EV/Sales against its own 10 years 18.03%
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
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 288 425 403 361
Receivables — — — 5
Inventory — — — —
Other — — — —
297 435 413 383
2023 2024 2025 Q'26
Payables 4 4 11 13
ST’ Debt — — — —
Other — — — —
19 29 44 48

Compound Annual Growth %

10y 5y 3y
Sales — 44.32% 200.86%
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — 14.55% 29.78%

Revenue $m

Mar Jun Sep Dec Year
’26 3 4 — — —
’25 0 0 0 85 85
’24 0 0 0 0 0
’23 0 0 20 0 21
’22 1 0 1 1 3
’21 2 15 1 0 18
’20 4 4 7 (1) 14
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (68) (70) — — —
’25 (48) (43) (46) 29 (109)
’24 (29) (30) (29) (46) (135)
’23 (28) (22) (1) (25) (76)
’22 (24) (20) (21) (22) (87)
’21 (15) (16) (16) (22) (69)
’20 (14) (6) (13) (17) (51)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (68) (70) — — —
’25 (48) (43) (46) 29 (110)
’24 (30) (31) (31) (47) (138)
’23 (29) (23) (2) (25) (79)
’22 (30) (22) (23) (23) (98)
’21 (16) (17) (18) (27) (78)
’20 (15) (6) (13) (18) (52)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (1.01) (1.04) — — —
’25 (0.86) (0.98) (1.01) 0.43 (2.42)
’24 (0.66) (0.63) (0.79) (0.90) (2.98)
’23 (0.88) (0.77) (0.24) (0.77) (2.58)
’22 (0.82) (0.87) (0.79) (0.84) (3.32)
’21 (0.61) (0.28) (0.82) (0.85) (2.57)
’20 (2.54) (2.92) (1.51) (1.85) (8.82)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
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 — — — — 36.10 18.57 5.32 9.44 5.22 2.24

Analyst estimates 2026–2028

Powerpack
High — — — — 49.06 55.11 26.49 24.10 36.25 12.34
People
People Employees — — — — 83 124 140 147 227 196
Revenue/emp, $m — 0.00 0.00 0.00 0.16 0.15 0.02 0.14 0.00 0.43
Income, $m
Income, $m Revenue — 6 14 7 14 18 3 21 0 85
Gross margin, % — 0.00 0.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
EBT — (11) (10) (49) (57) (71) (107) (101) (161) (140)
EBT margin, % — (193.83) (67.59) (705.78) (416.49) (395.37) (3,435.41) (486.59) (434,778.38) (164.43)
Net income — 0 (10) (49) (57) (71) (107) (101) (161) (140)
Depreciation — 1 1 1 1 2 3 3 (3) 0
Per share, $
Per share, $ Revenue — 0.23 0.57 1.36 2.12 0.65 0.10 0.53 0.00 1.47
Earnings — (0.45) (0.38) (9.59) (8.82) (2.57) (3.32) (2.58) (2.98) (2.42)
Cash flow — 0.33 (0.65) (7.14) (7.92) (2.49) (2.68) (1.94) (2.49) (1.88)
Capex — 0.00 0.00 (0.62) (0.16) (0.33) (0.36) (0.07) (0.07) (0.01)
Free cash flow — 0.33 (0.65) (7.76) (8.07) (2.82) (3.04) (2.01) (2.57) (1.89)
Book value — (0.04) 3.03 (14.19) 39.87 11.51 7.15 7.87 9.47 8.73
Shares, m — 25 25 5 6 28 32 39 54 58
Valuation, ×
Valuation, × P/E — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P/S — 12.67 12.67 12.67 19.58 33.73 213.40 40.13 8,120.76 5.10
P/B — 0.00 0.00 0.00 1.04 1.91 2.89 2.70 0.59 0.86
EV/Sales — 9.68 9.68 9.68 (0.75) 20.84 149.45 26.80 (3,037.24) 0.51
EV/FCF — (2.18) (2.18) (2.18) 0.20 (4.80) (4.76) (7.07) 0.81 (0.40)
Cash, $m
Cash, $m Operating cash flow — 8 (16) (37) (51) (69) (87) (76) (135) (109)
Capex — (1) 0 (3) (1) (9) (12) (3) (4) (1)
Free cash flow — 8 (16) (40) (52) (78) (98) (79) (138) (110)
Balance, $m
Balance, $m Working capital — 19 86 40 266 240 205 278 406 369
Total debt — — — — — 16 16 — — —
Net debt — (24) (92) (50) (277) (248) (214) (288) (425) (403)
Shareholders’ equity — (1) 75 (73) 256 319 231 308 511 506
Returns, %
Returns, % ROA — (18.06) (19.70) (63.54) (32.72) (22.22) (34.94) (33.52) (35.74) (24.86)
ROIC — 0.00 0.00 0.00 0.00 (62.50) (386.72) (359.96) (136.94) (96.80)
ROE — 47.58 40.49 98.07 (61.82) (24.78) (39.06) (37.40) (39.31) (27.57)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

4D Molecular 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
SANA Sana Biotechnology, Inc. $740.9M — (loss-making) — — n/m −5.46% (below 0%: shrinking) 0.00% 0.00% Compare
IVA Inventiva S.A. Sponsored ADR $740.0M — (loss-making) — (loss-making) −10.77% (below 0%: shrinking) n/m −20,989.22% (below 0%: shrinking) 0.00% 0.00% Compare
LXRX Lexicon Pharmaceuticals, Inc. $734.2M — (loss-making) — (loss-making) −97.60% (below 0%: shrinking) n/m −154.09% (below 0%: shrinking) 94.36% (3,835.26%) Compare
IMMX Immix Biopharma, Inc. $719.6M — (loss-making) — — n/m −116.22% (below 0%: shrinking) — 0.00% Compare
ACHV Achieve Life Sciences, Inc. $717.2M — (loss-making) — +54.44% (above 0%: growing) n/m −19.01% (below 0%: shrinking) 0.00% 0.00% Compare
FDMT 4D Molecular Therapeutics, Inc. $711.0M — (loss-making) — (loss-making) +25,106.67% (above 0%: growing) n/m −61.28% (below 0%: shrinking) 100.00% (2,037.16%)
ANL Adlai Nortye Ltd. Sponsored ADR $710.1M — — — — +46.03% (above 0%: growing) — — Compare
OABI OmniAb, Inc. $687.7M — (loss-making) — (loss-making) +244.24% (above 0%: growing) n/m +211.16% (above 0%: growing) 95.45% (49.47%) Compare
ANNX Annexon, Inc. $682.5M — (loss-making) — — n/m −26.41% (below 0%: shrinking) 0.00% 0.00% Compare
Median of peers $718.4M — — +21.84% — −22.71% 0.00% 0.00%

All 614 Biotechnology stocks →

4D Molecular Therapeutics, Inc. (FDMT) key facts

  • Strength: 4D Molecular Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $85.2 million, up 230,194.6% from fiscal 2024.
  • 4D Molecular Therapeutics, Inc. (FDMT) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, FDMT traded at $12.14, a market capitalization of $711.0 million.
  • Return on equity was −27.6% and debt-to-equity 0.05.
  • Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 2.50 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

4D Molecular Therapeutics, Inc. (FDMT) Latest News

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