Saturday 17 October 2026 Export NKTR’s income statement to Excel — free account

Nektar Therapeutics

Nektar Therapeutics' revenue for fiscal 2025 (year ended December 2025) was $55.2 million, down 43.9% from fiscal 2024. In the quarter to June 2026, revenue fell 9.34%, EPS grew 58.3% and free cash flow fell 65.7%, each against the same quarter a year earlier.

35.78 1.94 −5.14%

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Market cap: $1.3B
P/E: 0.0×
Fwd P/E: −6.3×
Dividend yield: —
F-score: 3/9
Altman Z: −17.07
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 2.43

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	3	—	1	2	—	—	2	3	—	2	—	—

Insider Ownership 0.02%

Capital & Financial Ratios $m

Market Cap 1,290.00

Revenue 54.59

Net Income (157.13)

Free Cash Flow (234.03)

Net Debt (684.34)

Current Ratio 10.42

Debt/Equity 0.00

P/E ratio 0.00

Fwd P/E (6.33)

P/S ratio 21.67

P/B ratio 1.31

Past 5Y EPS Growth —

This Y EPS Growth 16.92%

Next Y EPS Growth (29.95%)

Next Y revenue growth (24.28%)

Next 5Y EPS Growth (3.29%)

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

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 64.87%

10-year low 10-year high

P/B against its own 10 years 14.29%

10-year low 10-year high

EV/Sales against its own 10 years 64.28%

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	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%)

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.

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)	0.45	(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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	157.80	171.15	438.30	234.60	204.45	158.85	29.85	6.15	7.20	6.45	Analyst estimates 2026–2028 Powerpack
	High	299.70	928.20	1,670.40	706.65	429.00	401.25	210.90	47.85	28.95	66.92
People
People	Employees	468	509	618	723	718	740	216	137	61	63
	Revenue/emp, $m	0.35	0.60	1.93	0.16	0.21	0.14	0.43	0.66	1.61	0.88
Income, $m
Income, $m	Revenue	165	308	1,193	115	153	102	92	90	98	55
	Gross margin, %	81.74	90.07	97.95	81.35	87.26	75.57	76.50	62.53	68.82	100.00
	EBT	(153)	(96)	683	(440)	(444)	(523)	(365)	(276)	(119)	(155)
	EBT margin, %	(92.27)	(31.22)	57.21	(383.93)	(290.32)	(513.49)	(396.48)	(306.54)	(121.10)	(281.52)
	Net income	(154)	(97)	681	(441)	(444)	(524)	(368)	(276)	(119)	(164)
	Depreciation	15	15	11	2	14	14	13	84	4	1
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
	Earnings	(16.49)	(9.30)	60.27	(37.78)	(37.33)	(42.88)	(29.53)	(21.74)	(8.70)	(9.73)
	Cash flow	(12.57)	(7.73)	63.49	(28.16)	(26.30)	(33.75)	(24.36)	(15.20)	(12.82)	(12.36)
	Capex	(0.69)	(0.93)	(1.03)	(2.25)	(0.61)	(1.23)	0.60	0.03	(0.11)	(0.01)
	Free cash flow	(13.25)	(8.66)	62.46	(30.41)	(26.91)	(34.98)	(23.75)	(15.17)	(12.92)	(12.37)
	Book value	9.46	8.44	151.83	120.41	90.44	55.58	29.37	10.34	4.43	5.32
	Shares, m	9	10	11	12	12	12	12	13	14	17
Valuation, ×
Valuation, ×	P/E	0.00	0.00	8.35	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	10.71	29.23	4.67	32.98	19.86	24.31	4.45	1.24	1.94	12.91
	P/B	20.11	102.42	3.25	2.69	2.82	3.65	1.12	0.86	3.15	7.94
	EV/Sales	10.59	29.47	3.87	25.79	16.20	22.04	4.43	3.45	4.45	17.56
	EV/FCF	(14.19)	(100.67)	6.53	(8.33)	(7.73)	(5.25)	(1.37)	(1.62)	(2.47)	(4.65)
Cash, $m
Cash, $m	Operating cash flow	(117)	(80)	718	(329)	(313)	(413)	(304)	(193)	(176)	(209)
	Capex	(6)	(10)	(12)	(26)	(7)	(15)	8	0	(1)	0
	Free cash flow	(123)	(90)	707	(355)	(321)	(428)	(296)	(192)	(177)	(209)
Balance, $m
Balance, $m	Working capital	354	271	1,356	1,068	1,022	710	478	279	200	213
	Total debt	246	245	247	253	320	291	258	—	—	—
	Net debt	(143)	(51)	(1,088)	(1,072)	(1,062)	(734)	(505)	(304)	(255)	(246)
	Shareholders’ equity	88	88	1,718	1,405	1,077	680	367	131	61	90
Returns, %
Returns, %	ROA	(28.76)	(17.94)	51.25	(21.35)	(25.28)	(39.45)	(40.29)	(49.80)	(33.90)	(56.17)
	ROIC	0.00	(101.01)	68.34	(82.49)	(1,725.40)	0.00	0.00	0.00	0.00	0.00
	ROE	(324.73)	(109.91)	75.47	(28.22)	(35.80)	(59.64)	(70.39)	(110.95)	(124.10)	(217.94)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
OMER Omeros Corporation	$1.4B	9.5×	2.1×	+35.46% (above 0%: growing)	n/m	+118.70% (above 0%: growing)	97.20%	0.26%	Compare
INBX Inhibrx Biosciences, Inc.	$1.3B	— (loss-making)	— (loss-making)	+992.44% (above 0%: growing)	n/m	+0.12% (above 0%: growing)	100.00%	0.00%	Compare
ORIC Oric Pharmaceuticals, Inc.	$1.3B	— (loss-making)	—	—	n/m	−3.42% (below 0%: shrinking)	0.00%	0.00%	Compare
TYRA Tyra Biosciences, Inc.	$1.3B	— (loss-making)	—	—	n/m	−31.34% (below 0%: shrinking)	0.00%	0.00%	Compare
NKTR Nektar Therapeutics	$1.3B	— (loss-making)	— (loss-making)	−9.34% (below 0%: shrinking)	n/m	−65.73% (below 0%: shrinking)	100.00%	(417.94%)
GHRS GH Research PLC	$1.3B	— (loss-making)	—	—	n/m	−66.62% (below 0%: shrinking)	0.00%	0.00%	Compare
DRTS Alpha Tau Medical Ltd.	$1.2B	— (loss-making)	—	—	n/m	−30.42% (below 0%: shrinking)	0.00%	0.00%	Compare
SNDX Syndax Pharmaceuticals, Inc.	$1.2B	— (loss-making)	— (loss-making)	+91.76% (above 0%: growing)	n/m	+65.47% (above 0%: growing)	95.59%	(54.95%)	Compare
TSHA Taysha Gene Therapies, Inc.	$1.2B	— (loss-making)	— (loss-making)	+206.77% (above 0%: growing)	n/m	−100.28% (below 0%: shrinking)	100.00%	0.00%	Compare
Median of peers	$1.3B	—	—	+149.26%	—	−16.92%	47.80%	0.00%

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Nektar Therapeutics (NKTR) key facts

Concern: Nektar Therapeutics' revenue for fiscal 2025 (year ended December 2025) was $55.2 million, down 43.9% from fiscal 2024.
Nektar Therapeutics (NKTR) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, NKTR traded at $35.78, a market capitalization of $1.3 billion.
Return on equity was −217.9% and debt-to-equity 0.00.
Its Piotroski F-score is 3 out of 9 and its Altman Z-score is −17.07 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.