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Nektar Therapeutics

NKTR Healthcare Biotechnology

Nektar Therapeutics' revenue for fiscal 2025 (year ended December 2025) was $55.2 million, down 43.9% from fiscal 2024.

Revenue
−9.34%
EPS
+58.3%
Free cash flow
−65.7%

Quarter to June 2026, against a year earlier

37.25 1.10 +3.04%
Market cap
$1.2B
P/E
0.0×
Fwd P/E
−4.8×
Dividend yield
—
F-score
3/9
Altman Z
−17.07
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 2.22
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 1 2 — — 2 3 — 2 — — —
Insider Ownership 0.02%

Capital & Financial Ratios $m

Size
Market Cap 1,230.00
Revenue ttm 54.59
Net income ttm (157.13)
Free cash flow ttm (234.03)
Net debt Q (684.34)
Valuation
P/E 0.00
Forward P/E (4.81) (negative: loss-making)
Price / sales 22.56 (above 10: high)
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.36
Financial health
Current ratio Q 10.42 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (5.88)
Growth
Revenue growth Q −9.34% (below 0%: shrinking)
Operating income growth Q −16.87% (below 0%: shrinking)
EPS, this year +16.92% (at or above 15%: strong)
EPS, next year A −29.95% (below 0%: weak)
Revenue, next year A −24.28% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A −3.29% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 19.2×, against a ten-year median of 12.9×; over the ten years it ranged from 1.7× in 2023 to 54.1× in 2018.
P/S against its own 10 years 67.30%
10-year low 10-year high
P/B against its own 10 years 15.13%
10-year low 10-year high
EV/Sales against its own 10 years 66.31%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 304 255 246 684
Receivables 1 — — —
Inventory 16 — — —
Other 10 6 21 55
331 261 266 739
2023 2024 2025 Q'26
Payables 10 12 11 25
ST’ Debt — — — —
Other — — — —
51 61 54 71

Compound Annual Growth %

10y 5y 3y
Sales (13.32%) (18.43%) (15.66%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 30.18% (39.16%) (37.43%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −2.06 Actual −1.23

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −2.85 −1.85 Beat by 1.00
Q4 FY25 −2.76 −1.78 Beat by 0.98
Q1 FY26 −1.74 −1.82 Miss by 0.08
Q2 FY26 −2.06 −1.23 Beat by 0.83
Q3 FY26 −2.16 — Reports 12 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (1.82) (1.23) — — —
’25 (3.60) (2.95) (1.87) (1.78) (9.73)
’24 (2.85) (3.75) (2.70) 0.52 (8.70)
’23 (10.94) (4.05) (3.60) (3.30) (21.74)
’22 (7.35) (12.74) (4.65) (4.80) (29.53)
’21 (10.19) (10.34) (10.49) (11.84) (42.88)
’20 (11.69) (6.75) (9.15) (9.75) (37.33)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 11 10 — — —
’25 10 11 12 22 55
’24 22 23 24 29 98
’23 22 20 24 24 90
’22 25 22 24 22 92
’21 24 28 25 25 102
’20 51 49 30 23 153
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (44) (76) — — —
’25 (49) (46) (49) (65) (209)
’24 (48) (38) (44) (46) (176)
’23 (52) (52) (42) (47) (193)
’22 (88) (75) (83) (58) (304)
’21 (77) (83) (101) (152) (413)
’20 (78) (84) (53) (99) (313)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (44) (76) — — —
’25 (49) (46) (49) (65) (209)
’24 (48) (38) (45) (47) (177)
’23 (52) (52) (41) (47) (192)
’22 (93) (76) (83) (45) (296)
’21 (80) (86) (104) (157) (428)
’20 (79) (87) (55) (100) (321)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 165 308 1,193 115 153 102 92 90 98 55 55 (11.5%) 42 53 36 (13.5%)
Gross margin, % 81.74 90.07 97.95 81.35 87.26 75.57 76.50 62.53 68.82 100.00 100.00 +18.3 pt
EBT (153) (96) 683 (440) (444) (523) (365) (276) (119) (155) (153) +0.2%
EBT margin, % (92.27) (31.22) 57.21 (383.93) (290.32) (513.49) (396.48) (306.54) (121.10) (281.52) (280.49) (189.2) pt
Net income (154) (97) 681 (441) (444) (524) (368) (276) (119) (164) (157) +0.7%
Per share, $
Per share, $ Revenue 17.77 29.58 105.49 9.82 12.84 8.34 7.38 7.11 7.18 3.27 1.65 (17.1%)
Earnings (16.49) (9.30) 60.27 (37.78) (37.33) (42.88) (29.53) (21.74) (8.70) (9.73) (6.70) (5.7%)
Cash flow (12.57) (7.73) 63.49 (28.16) (26.30) (33.75) (24.36) (15.20) (12.82) (12.36) (7.07) (0.2%)
Capex (0.69) (0.93) (1.03) (2.25) (0.61) (1.23) 0.60 0.03 (0.11) (0.01) (0.01) (37.4%)
Free cash flow (13.25) (8.66) 62.46 (30.41) (26.91) (34.98) (23.75) (15.17) (12.92) (12.37) (7.08) (0.8%)
Book value 9.46 8.44 151.83 120.41 90.44 55.58 29.37 10.34 4.43 5.32 27.32 (6.2%)
Shares, m 9 10 11 12 12 12 12 13 14 17 23 +6.8%
Valuation, ×
Valuation, × P/E 0.00 0.00 8.35 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.8
P/S 10.71 29.23 4.67 32.97 19.86 24.31 4.45 1.25 1.94 12.91 22.56 14.2
P/B 20.11 102.41 3.25 2.69 2.82 3.65 1.12 0.86 3.15 7.94 1.36 14.8
EV/Sales 10.59 29.47 3.87 25.78 16.20 22.04 4.43 3.46 4.45 17.56 19.22 13.8
EV/FCF (14.19) (100.66) 6.53 (8.33) (7.73) (5.25) (1.37) (1.62) (2.47) (4.65) (4.48) (14.0)
Cash, $m
Cash, $m Operating cash flow (117) (80) 718 (329) (313) (413) (304) (193) (176) (209) (234) +6.6%
Capex (6) (10) (12) (26) (7) (15) 8 0 (1) 0 0 (33.1%)
Free cash flow (123) (90) 707 (355) (321) (428) (296) (192) (177) (209) (234) +6.0%
Balance, $m
Balance, $m Working capital 354 271 1,356 1,068 1,022 710 478 279 200 213 668 (5.5%)
Net debt (143) (51) (1,088) (1,072) (1,062) (734) (505) (304) (255) (246) (684) +6.2%
Shareholders’ equity 88 88 1,718 1,405 1,077 680 367 131 61 90 903 +0.2%
Returns, %
Returns, % ROA (28.76) (17.94) 51.25 (21.35) (25.28) (39.45) (40.29) (49.80) (33.90) (56.17) (24.12) (27.4) pt
ROIC 0.00 (101.01) 68.34 (82.49) (1,725.40) 0.00 0.00 0.00 0.00 0.00 (40.20) 0.0 pt
ROE (324.73) (109.91) 75.47 (28.22) (35.80) (59.64) (70.39) (110.95) (124.10) (217.94) (35.75) +106.8 pt
People
People Employees 468 509 618 723 718 740 216 137 61 63 — (20.0%)
Revenue/emp, $m 0.35 0.60 1.93 0.16 0.21 0.14 0.43 0.66 1.61 0.88 — +10.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

Nektar Therapeutics 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
GHRS GH Research PLC $1.3B — (loss-making) — — n/m −66.62% (below 0%: shrinking) 0.00% 0.00% Compare
URGN Urogen Pharma $1.3B — (loss-making) — (loss-making) +223.85% (above 0%: growing) n/m +63.95% (above 0%: growing) 91.57% 9.36% Compare
OMER Omeros Corporation $1.2B 9.8× 2.1× +35.46% (above 0%: growing) n/m +118.70% (above 0%: growing) 97.20% 0.26% Compare
NKTR Nektar Therapeutics $1.2B — (loss-making) — (loss-making) −9.34% (below 0%: shrinking) n/m −65.73% (below 0%: shrinking) 100.00% (417.94%)
DRTS Alpha Tau Medical Ltd. $1.2B — (loss-making) — — n/m −30.42% (below 0%: shrinking) 0.00% 0.00% Compare
LBRX LB Pharmaceuticals Inc $1.2B — (loss-making) — — n/m −579.03% (below 0%: shrinking) — 0.00% Compare
SLN Silence Therapeutics PLC Sponsored ADR $1.2B — (loss-making) — (loss-making) +197.18% (above 0%: growing) n/m +106.95% (above 0%: growing) 97.39% 0.00% Compare
MNKD MannKind Corporation $1.2B — (loss-making) — (loss-making) +24.04% (above 0%: growing) n/m −267.69% (below 0%: shrinking) 0.00% (2.14%) Compare
AVLN Avalyn Pharma Inc. $1.2B — (loss-making) — — n/m — — 0.00% Compare
Median of peers $1.2B — — +116.32% — −30.42% 45.79% 0.00%

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.26m 14.14m 16.58
2024 3.76m 5.35m 5.47
2023 3.14m (773.20k) 3.32
2022 11.28m (8.74m) 13.29
2021 11.15m 8.03m 79.47

Ownership

Directors and executive officers, together 2.50%
FMR LLC 10.20%
Entities affiliated with Two Seas Global (Master) Fund LP 6.60%
Entities affiliated with BVF Inc. 5.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Nektar Therapeutics (NKTR) Latest News

29 Oct

Impact 3 · · Zacks

15 Oct

Impact 4 · · Zacks

12 Oct

Impact 4 · · Simply Wall St.

7 Oct

Impact 3 · · Insider Monkey

1 Oct

Impact 4 · · Stocktwits
Impact 4 · · MarketBeat
Impact 4 · · PR Newswire

30 Sep

Impact 4 · · PR Newswire
Impact 3 · · Simply Wall St.

29 Sep

Impact 4 · · Simply Wall St.

28 Sep

Impact 3 · · PR Newswire
Impact 3 · · Simply Wall St.

25 Sep

Impact 4 · · MT Newswires
Impact 3 · · Benzinga
Impact 3 · · Investing.com

27 Aug

Impact 4 ·

25 Aug

Impact 4 ·

20 Aug

Impact 3 · · The Motley Fool transcript

14 Aug

Impact 4 ·
Impact 3 ·
Impact 3 ·
Impact 3 · · Moby transcript

13 Aug

Impact 3 · · MarketBeat transcript
Impact 3 ·
Impact 3 ·

22 Jul

Impact 4 ·

21 Jul

Impact 4 ·

5 Jun

Impact 3 · · Insider Monkey

23 May

Impact 3 · · The Motley Fool

12 May

Impact 4 · · Simply Wall St.
stockrow.com/NKTR · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com