Twist Bioscience (TWST)


Market Price (8/12/2026): $123.08 | Market Cap: $7.7 BilSector: Health Care | Industry: Life Sciences Tools & Services

Twist Bioscience (TWST)


Market Price (8/12/2026): $123.08
Market Cap: $7.7 Bil
Sector: Health Care
Industry: Life Sciences Tools & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Advanced Diagnostics, Show more.

Trading close to highs
Dist 52W High is -1.4%, Dist 3Y High is -1.4%

Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.12

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -138 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -32%

Stock price has recently run up significantly
6M Rtn6 month market price return is 151%, 12M Rtn12 month market price return is 346%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -22%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 148%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.3%

Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 23%

Key risks
TWST key risks include [1] its consistent inability to achieve profitability amid significant cash burn, Show more.

0 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Advanced Diagnostics, Show more.
1 Trading close to highs
Dist 52W High is -1.4%, Dist 3Y High is -1.4%
2 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.12
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -138 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -32%
4 Stock price has recently run up significantly
6M Rtn6 month market price return is 151%, 12M Rtn12 month market price return is 346%
5 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15%
6 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -22%
7 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 148%
8 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.3%
9 Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 23%
10 Key risks
TWST key risks include [1] its consistent inability to achieve profitability amid significant cash burn, Show more.

TWST in ETFs

Weight = TWST's share of each fund

VTI0.01%
ITOT0.01%
IWM0.20%
VB0.07%
ARKK3.7%
XBI1.6%
IBB0.50%
IWO0.42%
+9 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/10/2026

Twist Bioscience (TWST) stock has gained about 110% since 4/30/2026 because of the following key factors:

1. Exceeding Revenue Expectations and Strong Growth in AI-Enabled Drug Discovery: Twist Bioscience delivered robust top-line growth, with revenue for fiscal Q3 2026, which ended June 30, 2026, reaching $118.4 million. This surpassed consensus estimates of approximately $114.5 million and represented a 23.2% increase year-over-year. This growth was significantly driven by strong demand in AI-enabled drug discovery, with orders in this area expected to achieve triple-digit growth in both fiscal 2026 and fiscal 2027. Additionally, fiscal Q2 2026 revenue, for the period ending March 31, 2026, also exceeded guidance at $110.7 million, growing 19% year-over-year.

2. Raised Fiscal 2026 Guidance and Anticipated Profitability Milestone: The company raised its full-year fiscal 2026 revenue guidance to a range of $456 million–$457 million, an increase from prior guidance and exceeding analyst expectations of around $444 million–$446 million. A key factor contributing to the positive sentiment was Twist Bioscience's projection to achieve adjusted EBITDA breakeven in fiscal Q4 2026, a significant profitability milestone. The company further committed to maintaining positive adjusted EBITDA in fiscal 2027.

Show more
Updated on 8/10/2026

Twist Bioscience (TWST) stock has gained about 110% since 4/30/2026 because of the following key factors:

1. Exceeding Revenue Expectations and Strong Growth in AI-Enabled Drug Discovery: Twist Bioscience delivered robust top-line growth, with revenue for fiscal Q3 2026, which ended June 30, 2026, reaching $118.4 million. This surpassed consensus estimates of approximately $114.5 million and represented a 23.2% increase year-over-year. This growth was significantly driven by strong demand in AI-enabled drug discovery, with orders in this area expected to achieve triple-digit growth in both fiscal 2026 and fiscal 2027. Additionally, fiscal Q2 2026 revenue, for the period ending March 31, 2026, also exceeded guidance at $110.7 million, growing 19% year-over-year.

2. Raised Fiscal 2026 Guidance and Anticipated Profitability Milestone: The company raised its full-year fiscal 2026 revenue guidance to a range of $456 million–$457 million, an increase from prior guidance and exceeding analyst expectations of around $444 million–$446 million. A key factor contributing to the positive sentiment was Twist Bioscience's projection to achieve adjusted EBITDA breakeven in fiscal Q4 2026, a significant profitability milestone. The company further committed to maintaining positive adjusted EBITDA in fiscal 2027.

3. Successful Upsized Public Offering for Strategic Investments: In early August 2026, Twist Bioscience completed an upsized underwritten public offering, pricing 3,125,000 shares of its common stock at $96.00 per share, which generated $300.0 million in gross proceeds. These net proceeds are earmarked for funding critical strategic initiatives, including research and development investments, the expansion of manufacturing capacity, and product offerings. This capital raise strengthens the company's financial position to support future growth.

4. Positive Analyst Sentiment and Price Target Upgrades: Following the strong fiscal Q3 2026 results and the revised guidance, several financial analysts reiterated bullish ratings and raised their price targets for Twist Bioscience. Firms such as TD Cowen, Piper Sandler, and Robert W. Baird each increased their price targets to $115 with "buy" or "outperform" ratings. Canaccord Genuity Group also boosted its target to $120 in mid-July 2026. This reflects a growing confidence among analysts in the company's future performance and strategic direction.

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Stock Movement Drivers

Fundamental Drivers

The 110.6% change in TWST stock from 4/30/2026 to 8/11/2026 was primarily driven by a 95.1% change in the company's P/S Multiple.
(LTM values as of)43020268112026Change
Stock Price ($)58.45123.12110.6%
Change Contribution By: 
Total Revenues ($ Mil)39243210.3%
P/S Multiple9.117.895.1%
Shares Outstanding (Mil)6162-2.1%
Cumulative Contribution110.6%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/11/2026
ReturnCorrelation
TWST110.6% 
Market (SPY)7.2%45.2%
Sector (XLV)15.1%11.6%

Fundamental Drivers

The 199.8% change in TWST stock from 1/31/2026 to 8/11/2026 was primarily driven by a 170.0% change in the company's P/S Multiple.
(LTM values as of)13120268112026Change
Stock Price ($)41.07123.12199.8%
Change Contribution By: 
Total Revenues ($ Mil)37743214.7%
P/S Multiple6.617.8170.0%
Shares Outstanding (Mil)6062-3.2%
Cumulative Contribution199.8%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/11/2026
ReturnCorrelation
TWST199.8% 
Market (SPY)11.7%52.1%
Sector (XLV)9.0%25.8%

Fundamental Drivers

The 266.8% change in TWST stock from 7/31/2025 to 8/11/2026 was primarily driven by a 208.9% change in the company's P/S Multiple.
(LTM values as of)73120258112026Change
Stock Price ($)33.57123.12266.8%
Change Contribution By: 
Total Revenues ($ Mil)34843224.2%
P/S Multiple5.817.8208.9%
Shares Outstanding (Mil)6062-4.4%
Cumulative Contribution266.8%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/11/2026
ReturnCorrelation
TWST266.8% 
Market (SPY)22.9%44.1%
Sector (XLV)30.5%29.2%

Fundamental Drivers

The 405.8% change in TWST stock from 7/31/2023 to 8/11/2026 was primarily driven by a 193.4% change in the company's P/S Multiple.
(LTM values as of)73120238112026Change
Stock Price ($)24.34123.12405.8%
Change Contribution By: 
Total Revenues ($ Mil)22843289.5%
P/S Multiple6.117.8193.4%
Shares Outstanding (Mil)5762-9.0%
Cumulative Contribution405.8%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/11/2026
ReturnCorrelation
TWST405.8% 
Market (SPY)74.3%49.0%
Sector (XLV)31.1%35.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TWST Return-45%-69%55%26%-32%294%-12%
Peers Return15%-61%-3%-21%-12%59%-52%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
TWST Win Rate33%25%50%50%42%88% 
Peers Win Rate59%25%50%45%43%57% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
TWST Max Drawdown-64%-74%-63%-38%-55%-23% 
Peers Max Drawdown-31%-67%-52%-53%-56%-37% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: DNA, ILMN, TMO, CDXS, TXG. See TWST Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/11/2026 (YTD)

How Low Can It Go

EventTWSTS&P 500
2025 US Tariff Shock
  % Loss-41.3%-18.8%
  % Gain to Breakeven70.4%23.1%
  Time to Breakeven258 days79 days
2024 Yen Carry Trade Unwind
  % Loss-16.5%-7.8%
  % Gain to Breakeven19.8%8.5%
  Time to Breakeven112 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-40.6%-9.5%
  % Gain to Breakeven68.4%10.5%
  Time to Breakeven35 days24 days
2023 SVB Regional Banking Crisis
  % Loss-52.0%-6.7%
  % Gain to Breakeven108.4%7.1%
  Time to Breakeven76 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-68.5%-24.5%
  % Gain to Breakeven217.8%32.4%
  Time to Breakeven1464 days427 days
2020 COVID-19 Crash
  % Loss-30.7%-33.7%
  % Gain to Breakeven44.3%50.9%
  Time to Breakeven8 days140 days

Compare to DNA, ILMN, TMO, CDXS, TXG

In The Past

Twist Bioscience's stock fell -41.3% during the 2025 US Tariff Shock. Such a loss loss requires a 70.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventTWSTS&P 500
2025 US Tariff Shock
  % Loss-41.3%-18.8%
  % Gain to Breakeven70.4%23.1%
  Time to Breakeven258 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-40.6%-9.5%
  % Gain to Breakeven68.4%10.5%
  Time to Breakeven35 days24 days
2023 SVB Regional Banking Crisis
  % Loss-52.0%-6.7%
  % Gain to Breakeven108.4%7.1%
  Time to Breakeven76 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-68.5%-24.5%
  % Gain to Breakeven217.8%32.4%
  Time to Breakeven1464 days427 days
2020 COVID-19 Crash
  % Loss-30.7%-33.7%
  % Gain to Breakeven44.3%50.9%
  Time to Breakeven8 days140 days

Compare to DNA, ILMN, TMO, CDXS, TXG

In The Past

Twist Bioscience's stock fell -41.3% during the 2025 US Tariff Shock. Such a loss loss requires a 70.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Twist Bioscience (TWST)

Twist Bioscience Corporation is a synthetic biology company that specializes in the manufacturing and sale of synthetic DNA-based products. The company's core innovation lies in its proprietary DNA synthesis platform, which enables the precise and high-throughput "writing" of DNA onto silicon chips. This unique technological capability allows Twist Bioscience to produce custom DNA sequences with accuracy and at scale.

Leveraging this advanced platform, Twist Bioscience offers a diverse portfolio of products and services. Its main offerings include synthetic genes, which are foundational components for various biotechnological applications, and tools designed for sample preparation, critical for modern genetic sequencing and analysis. Additionally, the company develops comprehensive antibody libraries, which are valuable resources for pharmaceutical companies engaged in drug discovery and development initiatives.

Twist Bioscience primarily serves customers within the biotechnology, pharmaceutical, and academic research sectors. Through strategic collaborations, it supports areas such as clinical genetic services, the development of advanced sequencing tools, and therapeutic antibody discovery. The company is also exploring cutting-edge applications, including the use of DNA as a novel medium for digital data storage, highlighting its forward-looking approach to expanding its market reach.

AI Analysis | Feedback

Here are 1-3 brief analogies for Twist Bioscience:

  • Like a specialized manufacturer such as **Intel** or **TSMC**, but they "print" synthetic DNA on silicon chips for biological applications instead of computer chips.
  • **Seagate** or **Western Digital**, but for storing digital information within DNA.
  • The "Intel Inside" of synthetic biology, providing the core DNA building blocks for drug discovery and other research applications.

AI Analysis | Feedback

  • Synthetic genes: Custom-made DNA sequences for research and development.
  • Tools for sample preparation: Products designed to prepare biological samples for advanced analysis.
  • Antibody libraries: Collections of diverse antibodies used in the discovery and development of new therapeutic drugs.
  • DNA as a digital data storage medium: Utilizing synthetic DNA to store digital information.

AI Analysis | Feedback

Twist Bioscience (TWST) primarily sells its synthetic DNA-based products and services to other companies and research institutions.

Based on the provided information, its major customers and collaboration partners include:

  • Victorian Clinical Genetic Services
  • Vivlion GmbH
  • Kyowa Kirin Co., Ltd. (TYO: 4151)
  • deepCDR Biologics AG
  • Centogene N.V (NASDAQ: CNTG)
  • Boehringer Ingelheim International GmbH

AI Analysis | Feedback

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AI Analysis | Feedback

Emily Leproust, CEO, Co-Founder & Board Member

Emily Leproust is the CEO and a co-founder of Twist Bioscience, which she established in 2013. She is recognized as a pioneer in high-throughput DNA synthesis. Before co-founding Twist Bioscience, Dr. Leproust held various escalating positions at Agilent Technologies, including Director of Applications and Chemistry R&D for Genomics, where she was instrumental in architecting the successful SureSelect product line and developing the Oligo Library Synthesis technology. She is also a co-founder of Petri, an accelerator dedicated to startups in engineering and biology.

Adam Laponis, Chief Financial Officer

Adam Laponis serves as the Chief Financial Officer for Twist Bioscience.

Patrick Finn, President and Chief Operating Officer

Patrick Finn was promoted to President and Chief Operating Officer of Twist Bioscience in October 2022, having joined the company in 2015. Prior to this role, he served as Chief Commercial Officer starting in 2019 and as Vice President of Sales and Marketing upon joining in 2015. Dr. Finn previously held the position of Vice President of Sales at Enzymatics (which was later acquired by QIAGEN), where he oversaw commercial activities for North America and Europe. His extensive career also includes leadership roles at Agilent Technologies as Director of Business Development, Director of Product Development for Beckman Coulter, and various technical positions at Invitrogen and GE Healthcare/Amersham International.

Siyuan Chen, Chief Technology Officer

Siyuan Chen holds the position of Chief Technology Officer at Twist Bioscience.

Angela Bitting, Chief ESG Officer, Senior Vice President of Corporate Affairs

Angela Bitting is the Chief ESG Officer and Senior Vice President of Corporate Affairs at Twist Bioscience.

AI Analysis | Feedback

Here are the key risks to the business of Twist Bioscience (TWST):
  1. Persistent Unprofitability and High Cash Burn: Twist Bioscience has not yet achieved profitability, consistently reporting net operating losses and requiring significant capital to fund its operations and scale its proprietary platform. Despite strong revenue growth, the company faces substantial cash burn, which is a key financial concern for investors.
  2. Technological and Competitive Risk: The synthetic biology and DNA synthesis markets are characterized by rapid technological advancements. Twist Bioscience's proprietary silicon-based DNA synthesis platform, while a significant competitive advantage, faces the ongoing risk of disruption from new, potentially more cost-effective or efficient technologies being developed by competitors or academic groups (e.g., enzymatic or nanopore-based DNA synthesis). The company operates in a highly competitive landscape against established players with greater resources and extensive intellectual property portfolios, such as GenScript, Integrated DNA Technologies (IDT), Thermo Fisher Scientific, Eurofins Scientific, and Danaher's IDT. Intellectual property challenges are also an existential risk in this high-stakes market.
  3. Market Adoption and Execution Challenges in Emerging Areas: Twist Bioscience is expanding into nascent and high-potential markets such as DNA data storage and biopharma drug discovery. While these represent significant growth opportunities, they also carry inherent risks related to the speed of market adoption, the company's ability to effectively execute its strategy in these complex fields, and the extensive investment required for research and development. For example, the widespread adoption of DNA data storage still faces hurdles related to cost and speed.

AI Analysis | Feedback

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AI Analysis | Feedback

Twist Bioscience (TWST) operates in several key addressable markets for its synthetic DNA-based products and services:

Synthetic DNA and Synthetic Biology

  • The global DNA synthesis market size was estimated at USD 3.52 billion in 2024 and is projected to reach USD 13.85 billion by 2033, growing at a CAGR of 16.89% from 2025 to 2033.
  • Another estimate values the global DNA synthesis market size at US$ 5.42 billion in 2025, growing to US$ 6.37 billion in 2026, and projected to reach around US$ 27.03 billion by 2035 at a CAGR of 17.42% between 2026 and 2035.
  • The global synthetic DNA market was valued at US$3.7 billion in 2024 and is projected to reach US$10.3 billion by 2030, growing at a CAGR of 18.7% from 2024 to 2030.
  • The U.S. DNA synthesis market size was estimated at USD 1.25 billion in 2024 and is projected to reach USD 4.62 billion by 2033, expanding at a CAGR of 15.93% from 2025 to 2033.
  • North America held the largest share of the global DNA synthesis market, with approximately 39.83% in 2024.
  • The broader global synthetic biology market size was valued at USD 25.6 billion in 2025 and is set to expand to USD 128.1 billion by 2035, advancing at a 17.5% CAGR from 2026 to 2035. North America is the largest market for synthetic biology.

Tools for Sample Preparation (Genomics)

  • The global sample preparation market size was estimated at USD 7.88 billion in 2024 and is projected to reach USD 11.27 billion by 2030, growing at a CAGR of 6.1% from 2025 to 2030.
  • Another report states the global sample preparation market size was valued at approximately USD 7.35 billion in 2024 and is predicted to reach around USD 13.41 billion by the end of 2034, expanding at a CAGR of around 6.2% from 2025 to 2034.
  • North America was the largest region in the sample preparation market in 2025. The U.S. sample preparation market is primarily driven by advancements in biopharmaceutical research, drug discovery, and clinical diagnostics.
  • The genomics segment dominated the sample preparation market in 2024, with a share of 30.94%, and is expected to witness the fastest growth rate.
  • The global NGS (Next-Generation Sequencing) sample preparation market size is projected to reach USD 11,774.7 million by 2033, with a CAGR of 15.8% from 2025 to 2033. The U.S. NGS sample preparation market size is USD 1063.1 million in 2025 and is predicted to evolve at a CAGR of 14% over the analysis period.

Antibody Libraries for Drug Discovery and Development

  • The global antibody library technology market is anticipated to reach a size of US$ 1.7 billion by 2025. It is set to showcase a CAGR of 4.1% during the forecast period to attain a value of US$ 2.2 billion by 2032.
  • Another estimate for the global antibody library technology market is US$ 165.7 million in revenue in 2024, expected to expand at a CAGR of 3.98%, reaching an estimated valuation of US$ 217.8 million by the end of 2031.
  • The global antibody discovery market size was valued at USD 6.9 billion in 2022 and is projected to reach USD 17.2 billion by 2032, growing at a CAGR of 9.6% from 2023 to 2032.
  • The global human combinatorial antibody libraries market size is calculated at US$ 116.2 million in 2024, grew to US$ 122 million in 2025, and is projected to reach around US$ 189.57 million by 2034, expanding at a CAGR of 5.04% between 2025 and 2034. North America dominates the human combinatorial antibody libraries market in 2024.

DNA as a Digital Data Storage Medium

  • The global DNA data storage market was valued at USD 145.8 million in 2025. The market is expected to grow from USD 272.8 million in 2026 to USD 6.3 billion in 2031 and USD 80.2 billion in 2035, at a value CAGR of 88% during the forecast period.
  • Another estimate projects the global DNA data storage market to reach USD 44,213.05 million by 2034, growing at a CAGR of 88.01% from 2025 to 2034.
  • The U.S. DNA data storage market was valued at USD 44.9 million in 2025. The U.S. is the largest single national market for DNA data storage.
  • Twist Bioscience spun out its DNA data storage division into an independent company, Atlas Data Storage, in May 2025.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Twist Bioscience (symbol: TWST) over the next 2-3 years:

  1. Expansion in AI-driven Drug Discovery and Biopharma Services: Twist Bioscience anticipates significant revenue growth from increased demand in the therapeutic sector, particularly from customers engaged in AI-enabled drug discovery and development. Orders from customers working on AI discovery projects grew by over $25 million in fiscal 2024, and the company continues to see strong demand from customers building models or testing molecules using its DNA synthesis and protein solutions.
  2. Growth in Next-Generation Sequencing (NGS) Applications, especially Minimal Residual Disease (MRD) Testing: The company expects continued growth in its NGS applications, driven by demand from liquid biopsy and rare disease diagnostics. The commercial launch of new products such as MRD Express in early calendar 2026, with planned commercial scaling into 2027, is anticipated to be a significant contributor to revenue. Additionally, Twist is launching new library preparation kits like the TrueAmp library prep kit and PCR-Free WGS Library Preparation Kit to expand its reach in the whole genome sequencing market and address challenging sample types for clinical research.
  3. Expansion of Served Addressable Market (SAM) through New Product Introductions and Market Diversification: Twist Bioscience aims to expand its served addressable market from $7 billion to $12 billion by 2030 through the introduction of new products and solutions. This includes entering new market segments with GMP-grade products, focusing on the RNA segment, and exploring new market opportunities such as AgBio. The company is also launching new plasmid preps to support nucleic acid therapeutics research.
  4. Increased Customer Acquisition and Diversification: Twist Bioscience is actively working to expand its customer base and diversify its revenue streams. Efforts include leveraging its Express Genes portfolio to gain traction within the academic market and shifting its sales emphasis beyond solely large pharmaceutical accounts. This strategy has resulted in an influx of net new customers and is designed to build a broader and more resilient customer base.

AI Analysis | Feedback

Twist Bioscience (TWST) has made the following capital allocation decisions over the last 3-5 years:

Share Repurchases

  • Twist Bioscience repurchased common stock valued at $4.0 million in 2024.
  • The company's common stock repurchases amounted to $4.4 million in 2023.
  • Share repurchases totaled $7.8 million in 2022.

Share Issuance

  • Twist Bioscience issued $269.8 million in common stock during 2022.
  • The company also issued $323.9 million in common stock in 2021.
  • The number of shares outstanding has shown a consistent increase over the past several years, growing by 2.93% in the last year alone.

Outbound Investments

  • Twist Bioscience's "Purchase of investments" totaled $51.9 million in 2024.
  • "Purchase of investments" amounted to $76.3 million in 2023.
  • The company's "Purchase of investments" reached $217.6 million in 2022, and net acquisitions were $13.9 million in the same year.

Capital Expenditures

  • Capital expenditures for Twist Bioscience were $5.1 million in 2024.
  • The company's capital expenditures were $27.8 million in 2023.
  • In 2022, capital expenditures reached $101.9 million and are primarily focused on expanding and enhancing its proprietary silicon-based DNA synthesis platform and manufacturing processes.

Better Bets vs. Twist Bioscience (TWST)

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

TWSTDNAILMNTMOCDXSTXGMedian
NameTwist Bi.Ginkgo B.Illumina Thermo F.Codexis 10x Geno. 
Mkt Price123.127.51192.84605.001.4858.4890.80
Mkt Cap7.70.529.1224.50.17.67.6
Rev LTM4321124,49346,33678617524
Op Inc LTM-138-2888928,476-26-92-59
FCF LTM-93-1759317,318-2212150
FCF 3Y Avg-79-2657737,150-46481
CFO LTM-53-1701,0959,013-1912754
CFO 3Y Avg-58-2389238,646-426210

Growth & Margins

TWSTDNAILMNTMOCDXSTXGMedian
NameTwist Bi.Ginkgo B.Illumina Thermo F.Codexis 10x Geno. 
Rev Chg LTM19.2%-46.8%4.9%7.2%56.8%-4.3%6.1%
Rev Chg 3Y Avg22.4%-25.4%0.3%2.2%-4.1%3.0%1.2%
Rev Chg Q23.2%-48.5%9.4%10.5%102.1%-12.6%10.0%
QoQ Delta Rev Chg LTM5.5%-14.5%2.3%2.5%10.9%-3.4%2.4%
Op Inc Chg LTM3.1%-1.9%8.3%7.8%61.3%39.0%8.0%
Op Inc Chg 3Y Avg13.8%34.4%675.4%6.1%4.7%17.7%15.7%
Op Mgn LTM-32.0%-257.7%19.9%18.3%-33.2%-14.9%-23.4%
Op Mgn 3Y Avg-44.8%-258.1%13.4%18.0%-75.2%-22.9%-33.8%
QoQ Delta Op Mgn LTM0.2%-40.4%0.3%0.1%21.3%-2.4%0.2%
CFO/Rev LTM-12.3%-152.2%24.4%19.5%-24.0%20.6%3.6%
CFO/Rev 3Y Avg-16.6%-143.6%21.0%19.7%-68.1%9.9%-3.4%
FCF/Rev LTM-21.6%-156.3%20.7%15.8%-28.3%19.7%-2.9%
FCF/Rev 3Y Avg-22.0%-158.2%17.6%16.3%-74.0%7.7%-7.1%

Valuation

TWSTDNAILMNTMOCDXSTXGMedian
NameTwist Bi.Ginkgo B.Illumina Thermo F.Codexis 10x Geno. 
Mkt Cap7.70.529.1224.50.17.67.6
P/S17.84.26.54.81.712.35.7
P/Op Inc-55.7-1.632.626.5-5.2-82.8-3.4
P/EBIT-55.7-1.626.224.7-5.0-460.8-3.3
P/E-56.2-1.635.332.2-4.2-101.2-2.9
P/CFO-144.8-2.726.624.9-7.259.811.1
Total Yield-1.8%-62.4%2.8%3.4%-23.8%-1.0%-1.4%
Dividend Yield0.0%0.0%0.0%0.3%0.0%0.0%0.0%
FCF Yield 3Y Avg-2.4%-41.1%4.2%3.9%-21.9%1.7%-0.4%
D/E0.00.90.10.20.50.00.1
Net D/E-0.00.20.00.20.1-0.10.1

Returns

TWSTDNAILMNTMOCDXSTXGMedian
NameTwist Bi.Ginkgo B.Illumina Thermo F.Codexis 10x Geno. 
1M Rtn35.8%-17.4%1.4%14.8%-39.1%36.9%8.1%
3M Rtn120.1%-10.0%32.4%31.9%-41.7%179.5%32.1%
6M Rtn151.0%-18.6%61.6%12.3%18.4%205.4%40.0%
12M Rtn345.6%-36.8%103.5%31.3%-47.1%375.1%67.4%
3Y Rtn451.9%-90.0%9.9%12.3%-29.2%15.6%11.1%
1M Excs Rtn33.4%-19.8%-1.4%11.6%-37.1%37.2%5.1%
3M Excs Rtn114.8%-17.6%31.1%29.6%-48.4%181.0%30.3%
6M Excs Rtn148.4%-37.0%53.5%-0.1%3.8%204.5%28.6%
12M Excs Rtn359.2%-59.8%83.0%10.8%-67.5%354.9%46.9%
3Y Excs Rtn363.2%-163.4%-66.8%-61.2%-121.4%-68.2%-67.5%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Next-Generation Sequencing (NGS) applications2081691249973
Synthetic genes11493746239
Antibody discovery232023247
Oligo pools201714128
DNA libraries11141066
Total377313245204132


Price Behavior

Price Behavior
Market Price$123.12 
Market Cap ($ Bil)7.6 
First Trading Date10/31/2018 
Distance from 52W High-1.4% 
   50 Days200 Days
DMA Price$88.73$55.02
DMA Trendupup
Distance from DMA38.8%123.8%
 3M1YR
Volatility78.8%69.9%
Downside Capture91.43226.11
Upside Capture421.82348.79
Correlation (SPY)46.0%47.7%
TWST Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta3.002.472.682.782.462.28
Up Beta6.293.222.902.592.401.92
Down Beta-1.371.511.552.251.381.67
Up Capture265%473%543%754%1047%14090%
Bmk +ve Days11223567138427
Stock +ve Days9243370131378
Down Capture392%148%200%184%166%112%
Bmk -ve Days11212859114326
Stock -ve Days13193056121374

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TWST
TWST383.2%70.1%2.53-
Sector ETF (XLV)30.9%15.5%1.5329.8%
Equity (SPY)22.1%12.8%1.2847.5%
Gold (GLD)28.2%28.4%0.8623.1%
Commodities (DBC)37.4%20.1%1.47-19.0%
Real Estate (VNQ)12.5%13.8%0.6120.8%
Bitcoin (BTCUSD)-45.3%42.9%-1.2821.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TWST
TWST1.8%76.7%0.36-
Sector ETF (XLV)6.2%15.0%0.2337.7%
Equity (SPY)13.3%17.2%0.6052.5%
Gold (GLD)18.8%18.6%0.8212.3%
Commodities (DBC)9.3%19.6%0.362.1%
Real Estate (VNQ)1.9%18.9%-0.0041.4%
Bitcoin (BTCUSD)10.9%52.8%0.3927.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TWST
TWST25.0%78.5%0.72-
Sector ETF (XLV)10.1%16.6%0.4935.1%
Equity (SPY)15.3%17.9%0.7345.1%
Gold (GLD)12.0%16.2%0.6112.4%
Commodities (DBC)7.9%18.0%0.359.3%
Real Estate (VNQ)4.5%20.7%0.1835.0%
Bitcoin (BTCUSD)59.4%66.1%0.9922.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7312026
Short Interest: Shares Quantity14.1 Mil
Short Interest: % Change Since 7152026-0.3%
Average Daily Volume1.3 Mil
Days-to-Cover Short Interest11.1 days
Basic Shares Quantity62.4 Mil
Short % of Basic Shares22.6%

Earnings Returns History

Updated 8/12/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/3/202610.4%26.3% 
5/4/2026-7.0%-5.9%16.1%
2/2/202614.0%19.9%13.6%
11/14/2025-10.1%-12.8%4.1%
8/4/2025-10.3%-23.9%-22.1%
5/5/2025-8.4%-21.5%-21.3%
2/3/20250.7%-0.1%-24.2%
11/18/202412.3%14.5%31.2%
...
SUMMARY STATS   
# Positive121010
# Negative131514
Median Positive11.6%12.4%20.6%
Median Negative-8.4%-12.8%-17.9%
Max Positive28.7%35.0%81.2%
Max Negative-20.1%-23.9%-46.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/3/202610.4%26.3% 
5/4/2026-7.0%-5.9%16.1%
2/2/202614.0%19.9%13.6%
11/14/2025-10.1%-12.8%4.1%
8/4/2025-10.3%-23.9%-22.1%
5/5/2025-8.4%-21.5%-21.3%
2/3/20250.7%-0.1%-24.2%
11/18/202412.3%14.5%31.2%
8/2/2024-19.0%-14.4%-18.5%
5/2/202428.7%35.0%37.5%
2/2/202410.0%9.8%15.0%
11/17/202325.9%28.4%81.2%
8/4/202311.2%10.3%14.0%
5/5/2023-0.4%-1.9%25.1%
2/3/2023-18.1%-20.2%-39.0%
11/18/2022-2.3%0.2%-6.3%
8/5/202212.7%4.8%-17.2%
5/5/20220.8%-5.3%-3.4%
2/4/2022-2.4%1.1%-21.8%
11/22/2021-1.5%-2.7%-12.5%
8/6/2021-10.8%-13.8%-7.6%
5/6/202111.9%-15.5%-2.4%
2/4/2021-20.1%-16.3%-46.6%
11/23/20201.4%-3.3%45.3%
8/6/2020-6.1%-0.9%-3.7%
SUMMARY STATS   
# Positive121010
# Negative131514
Median Positive11.6%12.4%20.6%
Median Negative-8.4%-12.8%-17.9%
Max Positive28.7%35.0%81.2%
Max Negative-20.1%-23.9%-46.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/03/202610-Q
03/31/202605/04/202610-Q
12/31/202502/02/202610-Q
09/30/202511/17/202510-K
06/30/202508/04/202510-Q
03/31/202505/05/202510-Q
12/31/202402/03/202510-Q
09/30/202411/18/202410-K
06/30/202408/02/202410-Q
03/31/202405/02/202410-Q
12/31/202302/02/202410-Q
09/30/202311/21/202310-K
06/30/202308/07/202310-Q
03/31/202305/08/202310-Q
12/31/202202/07/202310-Q
09/30/202211/28/202210-K
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/03/202610-Q
03/31/202605/04/202610-Q
12/31/202502/02/202610-Q
09/30/202511/17/202510-K
06/30/202508/04/202510-Q
03/31/202505/05/202510-Q
12/31/202402/03/202510-Q
09/30/202411/18/202410-K
06/30/202408/02/202410-Q
03/31/202405/02/202410-Q
12/31/202302/02/202410-Q
09/30/202311/21/202310-K
06/30/202308/07/202310-Q
03/31/202305/08/202310-Q
12/31/202202/07/202310-Q
09/30/202211/28/202210-K
06/30/202208/08/202210-Q
03/31/202205/06/202210-Q
12/31/202102/09/202210-Q
09/30/202111/23/202110-K
06/30/202108/09/202110-Q
03/31/202105/07/202110-Q
12/31/202002/09/202110-Q
09/30/202011/27/202010-K
06/30/202008/12/202010-Q
03/31/202005/13/202010-Q
12/31/201902/10/202010-Q
09/30/201912/13/201910-K

Recent Forward Guidance

Updated 8/4/2026

Latest: Q3 2026 Earnings Reported 8/3/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Revenue123.00 Mil123.50 Mil124.00 Mil   
Q4 2026 Revenue Growth 25.0%    
Q4 2026 Adjusted EBITDA 0   AffirmedGuidance: 0 for Q4 2026
2026 Revenue456.00 Mil456.50 Mil457.00 Mil2.7% RaisedGuidance: 444.50 Mil for 2026
2026 Revenue Growth 21.0%  3.0%RaisedGuidance: 18.0% for 2026
2026 Gross Margin 52.0%  0AffirmedGuidance: 52.0% for 2026

Prior: Q2 2026 Earnings Reported 5/4/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Revenue114.00 Mil114.50 Mil115.00 Mil6.5% Higher NewActual: 107.50 Mil for Q2 2026
Q3 2026 Revenue Growth 19.0%  3.0%Higher NewActual: 16.0% for Q2 2026
Q4 2026 Adjusted EBITDA 0    
2026 Revenue442.00 Mil444.50 Mil447.00 Mil1.6% RaisedGuidance: 437.50 Mil for 2026
2026 Revenue Growth17.0%18.0%19.0% 2.0%RaisedGuidance: 16.0% for 2026
2026 Gross Margin 52.0%  0AffirmedGuidance: 52.0% for 2026

Q1 2026 Earnings Reported 2/2/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Revenue107.00 Mil107.50 Mil108.00 Mil7.0% Higher NewGuidance: 100.50 Mil for Q1 2026
Q2 2026 Revenue Growth 16.0%    
2026 Revenue435.00 Mil437.50 Mil440.00 Mil1.7% RaisedGuidance: 430.00 Mil for 2026
2026 Revenue Growth 16.0%  1.8%RaisedGuidance: 14.25% for 2026
2026 Gross Margin 52.0%  0.0%AffirmedGuidance: 52.0% for 2026

Q4 2025 Earnings Reported 11/14/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Total Revenue100.00 Mil100.50 Mil101.00 Mil3.6% Higher NewActual: 97.00 Mil for Q4 2025
2026 Total Revenue425.00 Mil430.00 Mil435.00 Mil14.7% Higher NewActual: 375.00 Mil for 2025
2026 Revenue Growth13.0%14.25%15.5%   
2026 DNA Synthesis and Protein Solutions Revenue194.00 Mil196.50 Mil199.00 Mil17.3% Higher NewActual: 167.50 Mil for 2025
2026 NGS Applications Revenue231.00 Mil233.50 Mil236.00 Mil12.5% Higher NewActual: 207.50 Mil for 2025
2026 Gross Margin 52.0%  1.2%Higher NewActual: 50.75% for 2025

Insider Activity

Updated 8/11/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Chess, RobertDirectSell8112026110.8918,4172,042,2612,338,005Form
2Cho, DennisSee RemarksDirectSell8072026109.7514,2051,558,9999,862,794Form
3Finn, Patrick JohnPresident and COODirectSell805202685.322,888246,40823,009,251Form
4Green, PaulaSVP of Human ResourcesDirectSell805202685.321,13396,66910,177,198Form
5Leproust, Emily MChief Executive OfficerDirectSell805202685.325,101435,22369,872,773Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Chess, RobertDirectSell8112026110.8918,4172,042,2612,338,005Form
2Cho, DennisSee RemarksDirectSell8072026109.7514,2051,558,9999,862,794Form
3Finn, Patrick JohnPresident and COODirectSell805202685.322,888246,40823,009,251Form
4Green, PaulaSVP of Human ResourcesDirectSell805202685.321,13396,66910,177,198Form
5Leproust, Emily MChief Executive OfficerDirectSell805202685.325,101435,22369,872,773Form
6Werner, Robert FChief Accounting OfficerDirectSell805202685.3216714,2493,938,427Form
7Cho, DennisSee RemarksDirectSell805202685.321,07091,2948,879,463Form
8Finn, Patrick JohnPresident and COODirectSell727202693.892,238210,13325,592,039Form
9Laponis, AdamChief Financial OfficerDirectSell713202694.332,399226,30710,402,776Form
10Cho, DennisSee RemarksDirectSell626202689.7514,2051,274,8999,436,405Form
11Green, PaulaSVP of Human ResourcesDirectSell624202687.3229125,41110,514,839Form
12Cho, DennisSee RemarksDirectSell624202687.3234630,21410,421,579Form
13Leproust, Emily MChief Executive OfficerDirectSell624202687.321,688147,40073,605,710Form
14Green, PaulaSVP of Human ResourcesDirectSell617202681.6726,1372,134,4889,857,418Form
15Cho, DennisSee RemarksDirectSell610202669.8440228,0778,359,792Form
16Green, PaulaSVP of Human ResourcesDirectSell610202669.8488461,7428,430,544Form
17Leproust, Emily MChief Executive OfficerDirectSell610202669.842,265158,19758,990,900Form
18Werner, Robert FChief Accounting OfficerDirectSell610202669.201,35994,0463,240,530Form
19Cho, DennisSee RemarksDirectSell602202669.7514,205990,7998,376,556Form
20Laponis, AdamChief Financial OfficerDirectSell602202670.004,000280,0007,887,250Form
21Leproust, Emily MChief Executive OfficerDirectSell601202667.9116,4701,118,55557,515,030Form
22Starovasnik, Melissa ADirectSell601202668.002,500170,0001,511,096Form
23Leproust, Emily MChief Executive OfficerDirectSell528202665.2925,0171,633,40755,293,877Form
24Starovasnik, Melissa ADirectSell528202661.0450030,5201,509,031Form
25Leproust, Emily MChief Executive OfficerDirectSell528202665.0824,2821,580,24655,113,498Form
26Werner, Robert FChief Accounting OfficerDirectSell528202662.4880049,9873,010,854Form
27Green, PaulaSVP of Human ResourcesDirectSell526202653.261,39974,5076,475,465Form
28Finn, Patrick JohnPresident and COODirectSell526202653.264,160221,54914,635,237Form
29Cho, DennisSee RemarksDirectSell526202653.261,64287,4487,152,362Form
30Werner, Robert FChief Accounting OfficerDirectSell526202653.2668836,6412,608,847Form
31Leproust, Emily MChief Executive OfficerDirectSell526202653.266,888366,83445,101,862Form
32Laponis, AdamChief Financial OfficerDirectSell526202653.262,019107,5266,213,760Form
33Johannessen, JanDirectSell514202656.1212,000673,440996,354Form
34Werner, Robert FChief Accounting OfficerDirectSell512202656.884,961282,1872,825,507Form
35Cho, DennisSee RemarksDirectSell506202657.151,962112,1267,768,865Form
36Leproust, Emily MChief Executive OfficerDirectSell506202657.155,127293,00248,791,359Form
37Finn, Patrick JohnPresident and COODirectSell506202657.152,844162,53115,942,458Form
38Green, PaulaSVP of Human ResourcesDirectSell506202657.151,11663,7787,028,617Form
39Werner, Robert FChief Accounting OfficerDirectSell506202657.151649,3723,122,325Form
40Starovasnik, Melissa ADirectSell429202661.8350030,9151,559,476Form
41Finn, Patrick JohnPresident and COODirectSell427202660.762,321141,02617,122,936Form
42Leproust, Emily MChief Executive OfficerDirectSell423202665.298,061526,29156,075,513Form
43Leproust, Emily MChief Executive OfficerDirectSell423202665.011,610104,66655,836,244Form
44Laponis, AdamChief Financial OfficerDirectSell421202660.004,000240,0007,121,640Form
45Laponis, AdamChief Financial OfficerDirectSell416202655.003,000165,0006,748,170Form
46Laponis, AdamChief Financial OfficerDirectSell413202649.892,597129,5626,270,748Form
47Starovasnik, Melissa ADirectSell403202651.001,00051,0001,311,822Form
48Cho, DennisSee RemarksDirectSell324202643.7935415,5006,038,276Form
49Green, PaulaSVP of Human ResourcesDirectSell324202643.7929713,0055,434,067Form
50Leproust, Emily MChief Executive OfficerDirectSell324202643.791,74276,27637,607,570Form
51Chess, RobertDirectSell319202647.0010,000470,000990,948Form
52Werner, Robert FChief Accounting OfficerDirectSell310202646.4324611,4212,544,098Form
53Cho, DennisSee RemarksDirectSell310202646.4342519,7316,418,719Form
54Green, PaulaSVP of Human ResourcesDirectSell310202646.4393543,4085,775,441Form
55Leproust, Emily MChief Executive OfficerDirectSell310202646.432,423112,49039,955,562Form
56Finn, Patrick JohnPresident and COODirectSell225202646.714,294200,57213,271,609Form
57Werner, Robert FChief Accounting OfficerDirectSell225202646.711,69379,0802,571,141Form
58Laponis, AdamChief Financial OfficerDirectSell225202646.712,08597,3905,992,447Form
59Leproust, Emily MChief Executive OfficerDirectSell225202646.717,205336,54440,312,986Form
60Green, PaulaSVP of Human ResourcesDirectSell225202646.711,46568,4305,854,419Form
61Cho, DennisSee RemarksDirectSell225202646.7184439,4236,477,808Form
62Chess, RobertDirectSell218202648.262,184105,4021,017,535Form
63Finn, Patrick JohnPresident and COODirectSell217202650.041,75087,57215,325,056Form
64Finn, Patrick JohnPresident and COODirectSell217202650.233,500175,78815,408,427Form
65Laponis, AdamChief Financial OfficerDirectSell213202650.007,000350,0006,501,550Form
66Cho, DennisSee RemarksDirectSell213202649.935,000249,6506,919,349Form
67Johannessen, JanDirectSell209202647.912,200105,395850,536Form
68Werner, Robert FChief Accounting OfficerDirectSell205202645.657,000319,5362,681,272Form
69Finn, Patrick JohnPresident and COODirectSell205202646.582,705125,98814,335,534Form
70Leproust, Emily MChief Executive OfficerDirectSell205202646.585,001232,92740,489,076Form
71Werner, Robert FChief Accounting OfficerDirectSell205202646.581758,1513,061,813Form
72Green, PaulaSVP of Human ResourcesDirectSell205202646.581,19455,6127,705,766Form
73Cho, DennisSee RemarksDirectSell205202646.581,09951,1876,687,429Form
74Finn, Patrick JohnPresident and COODirectSell127202644.912,390107,33013,943,620Form
75Laponis, AdamChief Financial OfficerDirectSell113202635.262,73896,5454,937,633Form
76Green, PaulaSVP of Human ResourcesDirectSell1223202534.562739,4345,758,377Form
77Cho, DennisSee RemarksDirectSell1223202534.5632411,1964,999,562Form
78Leproust, Emily MChief Executive OfficerDirectSell1223202534.561,60555,46230,212,760Form
79Cho, DennisSee RemarksDirectSell1210202532.8839813,0854,767,442Form
80Leproust, Emily MChief Executive OfficerDirectSell1210202532.882,25574,14028,798,432Form
81Green, PaulaSVP of Human ResourcesDirectSell1210202532.8887728,8345,487,733Form
82Werner, Robert FChief Accounting OfficerDirectSell1210202532.882307,5622,167,088Form
83Werner, Robert FChief Accounting OfficerDirectSell1125202528.7182223,5991,898,932Form
84Cho, DennisSee RemarksDirectSell1125202526.5075720,0633,853,662Form
85Finn, Patrick JohnPresident and COODirectSell1125202526.501,77647,0708,822,565Form
86Green, PaulaSVP of Human ResourcesDirectSell1125202526.5059815,8494,446,996Form
87Laponis, AdamChief Financial OfficerDirectSell1125202526.5088723,5093,783,878Form
88Leproust, Emily MChief Executive OfficerDirectSell1125202526.502,66370,57923,274,658Form
89Werner, Robert FChief Accounting OfficerDirectSell1125202526.502296,0691,774,807Form
90Johannessen, JanDirectSell1120202524.777,044174,480368,057Form
91Cho, DennisSee RemarksDirectSell1105202532.081,01932,6893,871,791Form
92Finn, Patrick JohnPresident and COODirectSell1105202532.082,75588,3798,530,522Form
93Green, PaulaSVP of Human ResourcesDirectSell1105202532.081,08434,7744,561,274Form
94Leproust, Emily MChief Executive OfficerDirectSell1105202532.084,887156,77223,543,777Form
95Werner, Robert FChief Accounting OfficerDirectSell1105202532.081605,1331,631,879Form
96Cho, DennisSee RemarksDirectSell1103202531.446,515204,8603,827,180Form
97Finn, Patrick JohnPresident and COODirectSell1103202531.4417,606553,6088,448,266Form
98Green, PaulaSVP of Human ResourcesDirectSell1103202531.446,920217,5954,505,056Form
99Leproust, Emily MChief Executive OfficerDirectSell1103202531.4431,379986,69123,231,332Form
100Laponis, AdamChief Financial OfficerDirectSell1103202531.445,517173,4783,490,569Form
101Werner, Robert FChief Accounting OfficerDirectSell1103202531.441,01631,9471,604,603Form
102Finn, Patrick JohnPresident and COODirectSell1027202530.882,24069,1606,375,533Form
103Laponis, AdamChief Financial OfficerDirectSell1010202532.922,51782,8653,013,186Form
104Laponis, AdamChief Financial OfficerDirectSell1010202531.153,00093,4502,929,408Form
105Laponis, AdamChief Financial OfficerDirectSell1008202532.195,875189,0993,123,491Form
106Leproust, Emily MChief Executive OfficerDirectSell1008202532.1931,3481,008,99819,351,211Form
107Werner, Robert FChief Accounting OfficerDirectSell1008202532.192,04165,6941,493,895Form
108Green, PaulaSVP of Human ResourcesDirectSell1008202532.199,724312,9863,691,141Form
109Finn, Patrick JohnPresident and COODirectSell1008202532.1923,747764,3456,718,553Form
110Cho, DennisSee RemarksDirectSell1008202532.193,876124,7573,177,179Form
111Cho, DennisSee RemarksDirectSell1006202529.161243,6162,991,510Form
112Green, PaulaSVP of Human ResourcesDirectSell1006202529.161404,0833,627,687Form
113Leproust, Emily MChief Executive OfficerDirectSell1006202529.1647613,88118,446,082Form
114Finn, Patrick JohnPresident and COODirectSell1006202529.162066,0076,779,408Form
115Cho, DennisSee RemarksDirectSell924202527.562336,4212,830,688Form
116Green, PaulaSVP of Human ResourcesDirectSell924202527.562958,1303,432,378Form
117Leproust, Emily MChief Executive OfficerDirectSell924202527.561,70446,96217,446,472Form
118Cho, DennisSee RemarksDirectSell917202525.33942,3812,607,340Form
119Cho, DennisSee RemarksDirectSell910202525.762696,9292,654,233Form
120Green, PaulaSVP of Human ResourcesDirectSell910202525.7689222,9783,215,801Form
121Leproust, Emily MChief Executive OfficerDirectSell910202525.762,26558,34616,350,902Form
122Werner, Robert FChief Accounting OfficerDirectSell910202525.762356,0541,248,175Form
123Werner, Robert FChief Accounting OfficerDirectSell827202527.6985323,6201,348,247Form
124Leproust, Emily MChief Executive OfficerDirectSell825202525.962,71670,51816,539,198Form
125Werner, Robert FChief Accounting OfficerDirectSell825202525.962386,1791,286,308Form
126Green, PaulaSVP of Human ResourcesDirectSell825202525.9661916,0723,264,428Form
127Laponis, AdamChief Financial OfficerDirectSell825202525.9691823,8352,672,137Form
128Finn, Patrick JohnPresident and COODirectSell825202525.961,84047,7746,063,347Form
129Cho, DennisSee RemarksDirectSell825202525.9652113,5272,682,237Form
130Werner, Robert FChief Accounting OfficerDirectSell806202528.361865,2761,411,960Form
131Leproust, Emily MChief Executive OfficerDirectSell806202528.365,585158,41318,145,046Form
132Green, PaulaSVP of Human ResourcesDirectSell806202528.361,25535,5973,579,707Form
133Cho, DennisSee RemarksDirectSell806202528.3678522,2662,944,949Form
134Finn, Patrick JohnPresident and COODirectSell806202528.363,18990,4536,669,880Form

Investor Activity (13F)

Updated Aug 12, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
First Light Asset Management, LLC$41.8 Mil3.7%35TRIM -23.0%13F
EdgePoint Investment Group Inc.$255.8 Mil2.1%37Hold13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
First Light Asset Management, LLC$41.8 Mil3.7%35TRIM -23.0%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
EdgePoint Investment Group Inc.$255.8 Mil2.1%37Hold13F
First Light Asset Management, LLC$41.8 Mil3.7%35TRIM -23.0%13F
Core Cache Last Updated: 8/11/2026