KYMRKymera Therapeutics, Inc.
Is the business good?
More warning than reassurance: 3 of 9 health tests passed and margins compressing.
Weak, deteriorating fundamentals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is KYMR?
Kymera Therapeutics, Inc. earns −34% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 43 points below what the capital costs: growth destroys value
- Operating margin
- −334%
Operating margin · Biotechnology median −77% · 12 months to Q2 2026
- Share count, year on year
- +22%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 358%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −136% |
| FY2021 | −138% |
| FY2022 | −344% |
| FY2023 | −211% |
| FY2024 | −556% |
| FY2025 | −891% |
Details›
- Gross margin12 months to Q2 2026
- 0.00%
- Operating margin12 months to Q2 2026
- −334%
- Net margin12 months to Q2 2026
- −285%
- Free cash flow margin
- −227%
- R&D as % of revenue
- 358%
- Revenue, trailing twelve months
- $105M
- Free cash flow, trailing twelve months
- −$238M
- Net income, trailing twelve months
- −$300M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −34%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.