Twist Bioscience (TWST)


Market Price (10/5/2026): $205.0 | Market Cap: $12.8 BilSector: Health Care | Industry: Biotechnology

Twist Bioscience (TWST)


Market Price (10/5/2026): $205.0
Market Cap: $12.8 Bil
Sector: Health Care
Industry: Biotechnology

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 -2.4%, Dist 3Y High is -2.4%

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 276%, 12M Rtn12 month market price return is 507%

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 281%

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 -5.1%

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 20%

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 -2.4%, Dist 3Y High is -2.4%
2 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%
3 Stock price has recently run up significantly
6M Rtn6 month market price return is 276%, 12M Rtn12 month market price return is 507%
4 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15%
5 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%
6 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 281%
7 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 -5.1%
8 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 20%
9 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%
ITOT0.02%
IWM0.40%
VB0.11%
ARKK4.2%
XBI2.1%
IBB0.83%
IWO0.80%
+11 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/1/2026

Twist Bioscience (TWST) stock has gained about 85% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Financial Results and Upgraded Full-Year Revenue Guidance.

Twist Bioscience reported record revenue of $118.4 million for its fiscal third quarter (Q3) 2026, which ended on June 30, 2026, exceeding both company guidance and analyst estimates. This represented a 23% increase over the same period in fiscal 2025. Following these results, the company raised its total revenue guidance for the full fiscal year 2026 to a range of $456 million to $457 million, an increase of approximately 21% year-over-year at the midpoint, surpassing prior guidance of $442 million to $447 million and analyst consensus.

2. Anticipated Achievement of Adjusted EBITDA Breakeven in Fiscal Q4 2026.

A significant driver for the stock's positive trend was the company's reiteration of its expectation to achieve adjusted EBITDA breakeven in fiscal Q4 2026. This milestone indicates a clear path to profitability and improved financial discipline, moving from a loss of $11.3 million in adjusted EBITDA in Q3 fiscal 2026. Management expressed confidence in sustaining this breakeven commitment into fiscal 2027.

Show more
Updated on 10/1/2026

Twist Bioscience (TWST) stock has gained about 85% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Financial Results and Upgraded Full-Year Revenue Guidance.

Twist Bioscience reported record revenue of $118.4 million for its fiscal third quarter (Q3) 2026, which ended on June 30, 2026, exceeding both company guidance and analyst estimates. This represented a 23% increase over the same period in fiscal 2025. Following these results, the company raised its total revenue guidance for the full fiscal year 2026 to a range of $456 million to $457 million, an increase of approximately 21% year-over-year at the midpoint, surpassing prior guidance of $442 million to $447 million and analyst consensus.

2. Anticipated Achievement of Adjusted EBITDA Breakeven in Fiscal Q4 2026.

A significant driver for the stock's positive trend was the company's reiteration of its expectation to achieve adjusted EBITDA breakeven in fiscal Q4 2026. This milestone indicates a clear path to profitability and improved financial discipline, moving from a loss of $11.3 million in adjusted EBITDA in Q3 fiscal 2026. Management expressed confidence in sustaining this breakeven commitment into fiscal 2027.

3. Accelerating Demand in AI-Enabled Drug Discovery and Key Strategic Partnership.

Twist Bioscience highlighted accelerating demand from AI-enabled drug discovery as a durable growth engine for the company. This focus was further validated by a strategic partnership with Eli Lilly's TuneLab, announced in September 2026, where Twist joined as a preferred antibody characterization data provider. This collaboration is expected to enable more rapid selection of drug candidate molecules by feeding high-throughput wet lab antibody data directly into Lilly's antibody developability prediction model, reinforcing Twist's role in AI-driven life science applications.

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Stock Movement Drivers

Fundamental Drivers

The 83.4% change in TWST stock from 6/30/2026 to 10/4/2026 was primarily driven by a 75.9% change in the company's P/S Multiple.
(LTM values as of)630202610042026Change
Stock Price ($)102.88188.6783.4%
Change Contribution By: 
Total Revenues ($ Mil)4094325.5%
P/S Multiple15.527.375.9%
Shares Outstanding (Mil)6262-1.1%
Cumulative Contribution83.4%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/4/2026
ReturnCorrelation
TWST83.4% 
Market (SPY)3.1%28.5%
Sector (XLV)4.7%27.1%

Fundamental Drivers

The 297.0% change in TWST stock from 3/31/2026 to 10/4/2026 was primarily driven by a 267.8% change in the company's P/S Multiple.
(LTM values as of)331202610042026Change
Stock Price ($)47.52188.67297.0%
Change Contribution By: 
Total Revenues ($ Mil)39243210.3%
P/S Multiple7.427.3267.8%
Shares Outstanding (Mil)6162-2.1%
Cumulative Contribution297.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/4/2026
ReturnCorrelation
TWST297.0% 
Market (SPY)18.6%37.5%
Sector (XLV)13.8%25.3%

Fundamental Drivers

The 570.5% change in TWST stock from 9/30/2025 to 10/4/2026 was primarily driven by a 485.1% change in the company's P/S Multiple.
(LTM values as of)930202510042026Change
Stock Price ($)28.14188.67570.5%
Change Contribution By: 
Total Revenues ($ Mil)36243219.2%
P/S Multiple4.727.3485.1%
Shares Outstanding (Mil)6062-3.9%
Cumulative Contribution570.5%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/4/2026
ReturnCorrelation
TWST570.5% 
Market (SPY)16.5%43.5%
Sector (XLV)20.9%31.8%

Fundamental Drivers

The 831.2% change in TWST stock from 9/30/2023 to 10/4/2026 was primarily driven by a 455.6% change in the company's P/S Multiple.
(LTM values as of)930202310042026Change
Stock Price ($)20.26188.67831.2%
Change Contribution By: 
Total Revenues ($ Mil)23543283.4%
P/S Multiple4.927.3455.6%
Shares Outstanding (Mil)5762-8.6%
Cumulative Contribution831.2%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/4/2026
ReturnCorrelation
TWST831.2% 
Market (SPY)86.2%47.1%
Sector (XLV)35.2%36.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TWST Return-45%-69%55%26%-32%487%32%
Peers Return15%-61%-3%-21%-12%121%-33%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
TWST Win Rate33%25%50%50%42%89% 
Peers Win Rate59%25%50%45%43%62% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
TWST Max Drawdown-64%-74%-63%-38%-55%-23% 
Peers Max Drawdown-31%-67%-52%-53%-56%-38% 
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 10/2/2026 (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)

Peer Outperformance in Biotechnology

TWST has outperformed 87% of its 361 Biotechnology peers over 5Y. Biotechnology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that TWST has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
98%
of 453 industry peers · 507.2% return
3Y
98%
of 401 industry peers · 905.2% return
5Y
87%
of 361 industry peers · 89.9% return
No Biotechnology peer with a comparable growth profile has beaten TWST by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is TWST's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 12.8%43.2%91.3% CAH 414% · MCK 366% · COR 175%
Health Care Services 20 18.8%36.3%9.1% HIMS 295% · RDNT 144% · DGX 81%
Managed Health Care 8 25.4%-8.6%4.2% OSCR 92% · HQY 38% · ELV 11%
Health Care Facilities 24 -2.1%5.0%-3.6% THC 291% · NHC 272% · ENSG 131%
Health Care Equipment 50 -8.9%-0.2%-16.2% POCI 11050% · UFPT 374% · GKOS 253%
Pharmaceuticals 62 -7.4%-2.8%-30.9% INDV 1117% · ETON 1046% · LQDA 953%
Health Care Supplies 12 21.5%-4.9%-37.5% LNTH 296% · HAE 52% · MMSI 19%
Life Sciences Tools & Services 109 -5.7%-11.3%-66.7% SNWV 1867% · NTRA 269% · MEDP 210%
Health Care Technology 21 -35.8%-55.3%-79.1% SPOK 79% · HSTM 10% · VEEV -2%
Biotechnology ← 362 -18.3%-24.6%-79.3% CELZ 1252% · ELVN 1139% · DNTH 1108%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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 Price205.6615.28292.95672.061.3997.42151.54
Mkt Cap12.80.944.2249.30.112.712.7
Rev LTM4321124,49346,33678617524
Op Inc LTM-138-2888928,476-24-92-58
FCF LTM-93-1759317,318-1212155
FCF 3Y Avg-79-2657737,150-43483
CFO LTM-53-1701,0959,013-1012758
CFO 3Y Avg-58-2389238,646-406211

Growth & Margins

TWSTDNAILMNTMOCDXSTXGMedian
NameTwist Bi.Ginkgo B.Illumina Thermo F.Codexis 10x Geno. 
Rev Chg LTM19.2%-46.8%4.9%7.2%35.9%-4.3%6.1%
Rev Chg 3Y Avg22.4%-25.4%0.3%2.2%-2.9%3.0%1.2%
Rev Chg Q23.2%-48.5%9.4%10.5%-2.7%-12.6%3.4%
QoQ Delta Rev Chg LTM5.5%-14.5%2.3%2.5%-0.5%-3.4%0.9%
Op Inc Chg LTM3.1%-1.9%8.3%7.8%57.6%39.0%8.0%
Op Inc Chg 3Y Avg13.8%34.4%675.4%6.1%18.8%17.7%18.2%
Op Mgn LTM-32.0%-257.7%19.9%18.3%-31.2%-14.9%-23.1%
Op Mgn 3Y Avg-44.8%-258.1%13.4%18.0%-72.9%-22.9%-33.8%
QoQ Delta Op Mgn LTM0.2%-40.4%0.3%0.1%1.9%-2.4%0.2%
CFO/Rev LTM-12.3%-152.2%24.4%19.5%-13.4%20.6%3.6%
CFO/Rev 3Y Avg-16.6%-143.6%21.0%19.7%-66.1%9.9%-3.4%
FCF/Rev LTM-21.6%-156.3%20.7%15.8%-15.7%19.7%0.1%
FCF/Rev 3Y Avg-22.0%-158.2%17.6%16.3%-71.8%7.7%-7.1%

Valuation

TWSTDNAILMNTMOCDXSTXGMedian
NameTwist Bi.Ginkgo B.Illumina Thermo F.Codexis 10x Geno. 
Mkt Cap12.80.944.2249.30.112.712.7
P/S29.78.59.85.41.620.59.2
P/Op Inc-93.0-3.349.629.4-5.2-138.0-4.3
P/EBIT-93.0-3.239.727.4-5.0-767.6-4.1
P/E-93.9-3.353.635.8-4.1-168.6-3.7
P/CFO-241.8-5.640.427.7-12.299.611.0
Total Yield-1.2%-37.9%2.0%3.1%-24.8%-0.6%-0.9%
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%-21.7%1.7%-0.4%
D/E0.00.40.10.20.60.00.1
Net D/E-0.00.10.00.20.1-0.00.1

Returns

TWSTDNAILMNTMOCDXSTXGMedian
NameTwist Bi.Ginkgo B.Illumina Thermo F.Codexis 10x Geno. 
1M Rtn64.9%119.9%34.2%9.6%-4.8%55.5%44.9%
3M Rtn107.2%46.9%55.3%28.5%-43.7%149.7%51.1%
6M Rtn309.6%121.4%130.0%37.0%-23.6%336.3%125.7%
12M Rtn561.9%-5.3%186.9%24.1%-45.3%664.1%105.5%
3Y Rtn995.7%-77.9%116.2%36.3%-33.5%151.1%76.2%
1M Excs Rtn56.2%116.4%36.6%9.8%-6.5%57.3%46.4%
3M Excs Rtn103.1%48.1%48.1%27.4%-50.3%141.0%48.1%
6M Excs Rtn290.7%100.0%111.4%19.2%-41.3%318.2%105.7%
12M Excs Rtn586.4%-14.5%170.3%11.6%-59.8%670.6%91.0%
3Y Excs Rtn813.3%-178.3%39.6%-46.6%-92.8%51.9%-3.5%

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$188.67 
Market Cap ($ Bil)11.8 
First Trading Date10/31/2018 
Distance from 52W High-2.4% 
   50 Days200 Days
DMA Price$135.71$76.30
DMA Trendupup
Distance from DMA39.0%147.3%
 3M1YR
Volatility92.9%76.8%
Downside Capture35.40191.34
Upside Capture365.57371.90
Correlation (SPY)29.0%43.8%
TWST Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta0.722.002.462.472.582.25
Up Beta2.13-2.740.811.662.031.85
Down Beta13.0010.974.162.832.091.79
Up Capture85%593%526%802%1961%18200%
Bmk +ve Days6162766132424
Stock +ve Days11223169136381
Down Capture-488%-220%59%112%146%113%
Bmk -ve Days16263760120328
Stock -ve Days11203357116370

[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
TWST549.6%76.5%2.76-
Sector ETF (XLV)17.4%15.7%0.8231.6%
Equity (SPY)16.2%13.0%0.8843.5%
Gold (GLD)6.8%29.6%0.2228.2%
Commodities (DBC)44.9%20.8%1.67-15.8%
Real Estate (VNQ)1.5%13.6%-0.1518.5%
Bitcoin (BTCUSD)-28.9%44.3%-0.6423.9%

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
TWST12.3%77.5%0.48-
Sector ETF (XLV)6.4%15.2%0.2338.6%
Equity (SPY)13.1%17.2%0.5852.2%
Gold (GLD)18.4%18.9%0.7913.8%
Commodities (DBC)10.3%19.6%0.411.9%
Real Estate (VNQ)0.7%18.8%-0.0741.1%
Bitcoin (BTCUSD)14.6%52.2%0.4528.2%

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
TWST30.5%78.8%0.78-
Sector ETF (XLV)10.4%16.7%0.5035.2%
Equity (SPY)15.3%17.9%0.7244.6%
Gold (GLD)11.5%16.4%0.5713.5%
Commodities (DBC)8.2%18.1%0.379.2%
Real Estate (VNQ)4.2%20.7%0.1634.5%
Bitcoin (BTCUSD)64.1%66.2%1.0423.0%

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

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity12.5 Mil
Short Interest: % Change Since 83120263.6%
Average Daily Volume1.4 Mil
Days-to-Cover Short Interest8.9 days
Basic Shares Quantity62.4 Mil
Short % of Basic Shares20.0%

Earnings Returns History

Updated 9/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/3/202610.4%26.3%51.8%
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   
# Positive121011
# Negative121413
Median Positive11.6%12.4%25.1%
Median Negative-9.3%-13.3%-18.5%
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%51.8%
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%
SUMMARY STATS   
# Positive121011
# Negative121413
Median Positive11.6%12.4%25.1%
Median Negative-9.3%-13.3%-18.5%
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 10/4/2026

Latest: Q3 2026 Earnings Reported 8/3/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 RevenueReported123.00 Mil123.50 Mil124.00 Mil   
Q4 2026 Revenue GrowthReported 25.0%    
Q4 2026 Adjusted EBITDAReported 0   AffirmedGuidance: 0 for Q4 2026
2026 RevenueReported456.00 Mil456.50 Mil457.00 Mil2.7% RaisedGuidance: 444.50 Mil for 2026
2026 Revenue GrowthReported 21.0%  3.0%RaisedGuidance: 18.0% for 2026
2026 Gross ProfitCalculated237.12 Mil237.38 Mil237.64 Mil  Rev x Gross Margin
2026 Gross MarginReported 52.0%  0AffirmedGuidance: 52.0% for 2026


Prior: Q2 2026 Earnings Reported 5/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 RevenueReported114.00 Mil114.50 Mil115.00 Mil6.5% Higher NewActual: 107.50 Mil for Q2 2026
Q3 2026 Revenue GrowthReported 19.0%  3.0%Higher NewActual: 16.0% for Q2 2026
Q4 2026 Adjusted EBITDAReported 0    
2026 RevenueReported442.00 Mil444.50 Mil447.00 Mil1.6% RaisedGuidance: 437.50 Mil for 2026
2026 Revenue GrowthReported17.0%18.0%19.0% 2.0%RaisedGuidance: 16.0% for 2026
2026 Gross ProfitCalculated229.84 Mil231.14 Mil232.44 Mil  Rev x Gross Margin
2026 Gross MarginReported 52.0%  0AffirmedGuidance: 52.0% for 2026

Q1 2026 Earnings Reported 2/2/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 RevenueReported107.00 Mil107.50 Mil108.00 Mil7.0% Higher NewGuidance: 100.50 Mil for Q1 2026
Q2 2026 Revenue GrowthReported 16.0%    
2026 RevenueReported435.00 Mil437.50 Mil440.00 Mil1.7% RaisedGuidance: 430.00 Mil for 2026
2026 Revenue GrowthReported 16.0%  1.8%RaisedGuidance: 14.25% for 2026
2026 Gross ProfitCalculated226.20 Mil227.50 Mil228.80 Mil  Rev x Gross Margin
2026 Gross MarginReported 52.0%  0.0%AffirmedGuidance: 52.0% for 2026

Q4 2025 Earnings Reported 11/14/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Total RevenueReported100.00 Mil100.50 Mil101.00 Mil3.6% Higher NewActual: 97.00 Mil for Q4 2025
2026 Total RevenueReported425.00 Mil430.00 Mil435.00 Mil14.7% Higher NewActual: 375.00 Mil for 2025
2026 Revenue GrowthReported13.0%14.25%15.5%   
2026 DNA Synthesis and Protein Solutions RevenueReported194.00 Mil196.50 Mil199.00 Mil17.3% Higher NewActual: 167.50 Mil for 2025
2026 NGS Applications RevenueReported231.00 Mil233.50 Mil236.00 Mil12.5% Higher NewActual: 207.50 Mil for 2025
2026 Gross ProfitCalculated221.00 Mil223.60 Mil226.20 Mil  Rev x Gross Margin
2026 Gross MarginReported 52.0%  1.2%Higher NewActual: 50.75% for 2025

Insider Activity

Updated 10/5/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Laponis, AdamChief Financial OfficerDirectSell10052026188.888,0571,521,83818,997,197Form
2Green, PaulaSVP of Human ResourcesDirectSell10052026188.8810,0881,905,46220,141,079Form
3Finn, Patrick JohnPresident and COODirectSell10052026188.8825,7144,856,96334,960,162Form
4Leproust, Emily MChief Executive OfficerDirectSell10052026188.8845,7368,638,799107,155,404Form
5Cho, DennisSee RemarksDirectSell10052026188.889,5141,797,04212,048,721Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Laponis, AdamChief Financial OfficerDirectSell10052026188.888,0571,521,83818,997,197Form
2Green, PaulaSVP of Human ResourcesDirectSell10052026188.8810,0881,905,46220,141,079Form
3Finn, Patrick JohnPresident and COODirectSell10052026188.8825,7144,856,96334,960,162Form
4Leproust, Emily MChief Executive OfficerDirectSell10052026188.8845,7368,638,799107,155,404Form
5Cho, DennisSee RemarksDirectSell10052026188.889,5141,797,04212,048,721Form
6Werner, Robert FChief Accounting OfficerDirectSell10052026188.881,482279,9268,106,335Form
7Leproust, Emily MChief Executive OfficerDirectSell10052026200.00655131,000122,608,800Form
8Leproust, Emily MChief Executive OfficerDirectSell9252026177.385,203922,907108,857,740Form
9Cho, DennisSee RemarksDirectSell9232026165.4934857,59112,130,987Form
10Green, PaulaSVP of Human ResourcesDirectSell9232026165.4929448,65419,316,110Form
11Leproust, Emily MChief Executive OfficerDirectSell9232026165.491,687279,183102,422,711Form
12Leproust, Emily MChief Executive OfficerDirectSell9212026157.99356,54656,330,72498,046,894Form
13Cho, DennisSee RemarksDirectSell9102026122.6241250,5219,031,380Form
14Green, PaulaSVP of Human ResourcesDirectSell9102026122.62907111,22014,348,725Form
15Leproust, Emily MChief Executive OfficerDirectSell9102026122.622,302282,28094,227,592Form
16Werner, Robert FChief Accounting OfficerDirectSell9102026122.6223829,1855,444,383Form
17Leproust, Emily MChief Executive OfficerDirectSell8272026151.9841,5706,317,760117,134,483Form
18Werner, Robert FChief Accounting OfficerDirectSell8252026140.77854120,2206,283,684Form
19Cho, DennisSee RemarksDirectSell8252026139.071,598222,22710,299,645Form
20Finn, Patrick JohnPresident and COODirectSell8252026139.074,046562,66129,315,391Form
21Green, PaulaSVP of Human ResourcesDirectSell8252026139.071,360189,13016,398,802Form
22Laponis, AdamChief Financial OfficerDirectSell8252026139.071,965273,26515,107,157Form
23Leproust, Emily MChief Executive OfficerDirectSell8252026139.076,639923,259112,963,173Form
24Werner, Robert FChief Accounting OfficerDirectSell8252026139.0766993,0356,326,251Form
25Cho, DennisSee RemarksDirectSell8212026129.7514,2051,843,0999,817,015Form
26Finn, Patrick JohnPresident and COODirectSell8202026117.6478,3559,217,60725,254,513Form
27Blake, KatrynDirectSell8142026122.882,240275,2512,114,519Form
28Leproust, Emily MChief Executive OfficerDirectSell8142026125.0819,9522,495,508102,429,162Form
29Leproust, Emily MChief Executive OfficerDirectSell8122026125.16113,31814,183,051102,499,508Form
30Chess, RobertDirectSell8112026110.8918,4172,042,2612,338,005Form
31Cho, DennisSee RemarksDirectSell8072026109.7514,2051,558,9999,862,794Form
32Finn, Patrick JohnPresident and COODirectSell805202685.322,888246,40823,009,251Form
33Green, PaulaSVP of Human ResourcesDirectSell805202685.321,13396,66910,177,198Form
34Leproust, Emily MChief Executive OfficerDirectSell805202685.325,101435,22369,872,773Form
35Werner, Robert FChief Accounting OfficerDirectSell805202685.3216714,2493,938,427Form
36Cho, DennisSee RemarksDirectSell805202685.321,07091,2948,879,463Form
37Finn, Patrick JohnPresident and COODirectSell727202693.892,238210,13325,592,039Form
38Laponis, AdamChief Financial OfficerDirectSell713202694.332,399226,30710,402,776Form
39Cho, DennisSee RemarksDirectSell626202689.7514,2051,274,8999,436,405Form
40Green, PaulaSVP of Human ResourcesDirectSell624202687.3229125,41110,514,839Form
41Cho, DennisSee RemarksDirectSell624202687.3234630,21410,421,579Form
42Leproust, Emily MChief Executive OfficerDirectSell624202687.321,688147,40073,605,710Form
43Green, PaulaSVP of Human ResourcesDirectSell617202681.6726,1372,134,4889,857,418Form
44Cho, DennisSee RemarksDirectSell610202669.8440228,0778,359,792Form
45Green, PaulaSVP of Human ResourcesDirectSell610202669.8488461,7428,430,544Form
46Leproust, Emily MChief Executive OfficerDirectSell610202669.842,265158,19758,990,900Form
47Werner, Robert FChief Accounting OfficerDirectSell610202669.201,35994,0463,240,530Form
48Cho, DennisSee RemarksDirectSell602202669.7514,205990,7998,376,556Form
49Laponis, AdamChief Financial OfficerDirectSell602202670.004,000280,0007,887,250Form
50Leproust, Emily MChief Executive OfficerDirectSell601202667.9116,4701,118,55557,515,030Form
51Starovasnik, Melissa ADirectSell601202668.002,500170,0001,511,096Form
52Leproust, Emily MChief Executive OfficerDirectSell528202665.2925,0171,633,40755,293,877Form
53Starovasnik, Melissa ADirectSell528202661.0450030,5201,509,031Form
54Leproust, Emily MChief Executive OfficerDirectSell528202665.0824,2821,580,24655,113,498Form
55Werner, Robert FChief Accounting OfficerDirectSell528202662.4880049,9873,010,854Form
56Green, PaulaSVP of Human ResourcesDirectSell526202653.261,39974,5076,475,465Form
57Finn, Patrick JohnPresident and COODirectSell526202653.264,160221,54914,635,237Form
58Cho, DennisSee RemarksDirectSell526202653.261,64287,4487,152,362Form
59Werner, Robert FChief Accounting OfficerDirectSell526202653.2668836,6412,608,847Form
60Leproust, Emily MChief Executive OfficerDirectSell526202653.266,888366,83445,101,862Form
61Laponis, AdamChief Financial OfficerDirectSell526202653.262,019107,5266,213,760Form
62Johannessen, JanDirectSell514202656.1212,000673,440996,354Form
63Werner, Robert FChief Accounting OfficerDirectSell512202656.884,961282,1872,825,507Form
64Cho, DennisSee RemarksDirectSell506202657.151,962112,1267,768,865Form
65Leproust, Emily MChief Executive OfficerDirectSell506202657.155,127293,00248,791,359Form
66Finn, Patrick JohnPresident and COODirectSell506202657.152,844162,53115,942,458Form
67Green, PaulaSVP of Human ResourcesDirectSell506202657.151,11663,7787,028,617Form
68Werner, Robert FChief Accounting OfficerDirectSell506202657.151649,3723,122,325Form
69Starovasnik, Melissa ADirectSell429202661.8350030,9151,559,476Form
70Finn, Patrick JohnPresident and COODirectSell427202660.762,321141,02617,122,936Form
71Leproust, Emily MChief Executive OfficerDirectSell423202665.298,061526,29156,075,513Form
72Leproust, Emily MChief Executive OfficerDirectSell423202665.011,610104,66655,836,244Form
73Laponis, AdamChief Financial OfficerDirectSell421202660.004,000240,0007,121,640Form
74Laponis, AdamChief Financial OfficerDirectSell416202655.003,000165,0006,748,170Form
75Laponis, AdamChief Financial OfficerDirectSell413202649.892,597129,5626,270,748Form
76Starovasnik, Melissa ADirectSell403202651.001,00051,0001,311,822Form
77Cho, DennisSee RemarksDirectSell324202643.7935415,5006,038,276Form
78Green, PaulaSVP of Human ResourcesDirectSell324202643.7929713,0055,434,067Form
79Leproust, Emily MChief Executive OfficerDirectSell324202643.791,74276,27637,607,570Form
80Chess, RobertDirectSell319202647.0010,000470,000990,948Form
81Werner, Robert FChief Accounting OfficerDirectSell310202646.4324611,4212,544,098Form
82Cho, DennisSee RemarksDirectSell310202646.4342519,7316,418,719Form
83Green, PaulaSVP of Human ResourcesDirectSell310202646.4393543,4085,775,441Form
84Leproust, Emily MChief Executive OfficerDirectSell310202646.432,423112,49039,955,562Form
85Finn, Patrick JohnPresident and COODirectSell225202646.714,294200,57213,271,609Form
86Werner, Robert FChief Accounting OfficerDirectSell225202646.711,69379,0802,571,141Form
87Laponis, AdamChief Financial OfficerDirectSell225202646.712,08597,3905,992,447Form
88Leproust, Emily MChief Executive OfficerDirectSell225202646.717,205336,54440,312,986Form
89Green, PaulaSVP of Human ResourcesDirectSell225202646.711,46568,4305,854,419Form
90Cho, DennisSee RemarksDirectSell225202646.7184439,4236,477,808Form
91Chess, RobertDirectSell218202648.262,184105,4021,017,535Form
92Finn, Patrick JohnPresident and COODirectSell217202650.041,75087,57215,325,056Form
93Finn, Patrick JohnPresident and COODirectSell217202650.233,500175,78815,408,427Form
94Laponis, AdamChief Financial OfficerDirectSell213202650.007,000350,0006,501,550Form
95Cho, DennisSee RemarksDirectSell213202649.935,000249,6506,919,349Form
96Johannessen, JanDirectSell209202647.912,200105,395850,536Form
97Werner, Robert FChief Accounting OfficerDirectSell205202645.657,000319,5362,681,272Form
98Finn, Patrick JohnPresident and COODirectSell205202646.582,705125,98814,335,534Form
99Leproust, Emily MChief Executive OfficerDirectSell205202646.585,001232,92740,489,076Form
100Werner, Robert FChief Accounting OfficerDirectSell205202646.581758,1513,061,813Form
101Green, PaulaSVP of Human ResourcesDirectSell205202646.581,19455,6127,705,766Form
102Cho, DennisSee RemarksDirectSell205202646.581,09951,1876,687,429Form
103Finn, Patrick JohnPresident and COODirectSell127202644.912,390107,33013,943,620Form
104Laponis, AdamChief Financial OfficerDirectSell113202635.262,73896,5454,937,633Form
105Green, PaulaSVP of Human ResourcesDirectSell1223202534.562739,4345,758,377Form
106Cho, DennisSee RemarksDirectSell1223202534.5632411,1964,999,562Form
107Leproust, Emily MChief Executive OfficerDirectSell1223202534.561,60555,46230,212,760Form
108Cho, DennisSee RemarksDirectSell1210202532.8839813,0854,767,442Form
109Leproust, Emily MChief Executive OfficerDirectSell1210202532.882,25574,14028,798,432Form
110Green, PaulaSVP of Human ResourcesDirectSell1210202532.8887728,8345,487,733Form
111Werner, Robert FChief Accounting OfficerDirectSell1210202532.882307,5622,167,088Form
112Werner, Robert FChief Accounting OfficerDirectSell1125202528.7182223,5991,898,932Form
113Cho, DennisSee RemarksDirectSell1125202526.5075720,0633,853,662Form
114Finn, Patrick JohnPresident and COODirectSell1125202526.501,77647,0708,822,565Form
115Green, PaulaSVP of Human ResourcesDirectSell1125202526.5059815,8494,446,996Form
116Laponis, AdamChief Financial OfficerDirectSell1125202526.5088723,5093,783,878Form
117Leproust, Emily MChief Executive OfficerDirectSell1125202526.502,66370,57923,274,658Form
118Werner, Robert FChief Accounting OfficerDirectSell1125202526.502296,0691,774,807Form
119Johannessen, JanDirectSell1120202524.777,044174,480368,057Form
120Cho, DennisSee RemarksDirectSell1105202532.081,01932,6893,871,791Form
121Finn, Patrick JohnPresident and COODirectSell1105202532.082,75588,3798,530,522Form
122Green, PaulaSVP of Human ResourcesDirectSell1105202532.081,08434,7744,561,274Form
123Leproust, Emily MChief Executive OfficerDirectSell1105202532.084,887156,77223,543,777Form
124Werner, Robert FChief Accounting OfficerDirectSell1105202532.081605,1331,631,879Form
125Cho, DennisSee RemarksDirectSell1103202531.446,515204,8603,827,180Form
126Finn, Patrick JohnPresident and COODirectSell1103202531.4417,606553,6088,448,266Form
127Green, PaulaSVP of Human ResourcesDirectSell1103202531.446,920217,5954,505,056Form
128Leproust, Emily MChief Executive OfficerDirectSell1103202531.4431,379986,69123,231,332Form
129Laponis, AdamChief Financial OfficerDirectSell1103202531.445,517173,4783,490,569Form
130Werner, Robert FChief Accounting OfficerDirectSell1103202531.441,01631,9471,604,603Form
131Finn, Patrick JohnPresident and COODirectSell1027202530.882,24069,1606,375,533Form
132Laponis, AdamChief Financial OfficerDirectSell1010202532.922,51782,8653,013,186Form
133Laponis, AdamChief Financial OfficerDirectSell1010202531.153,00093,4502,929,408Form
134Laponis, AdamChief Financial OfficerDirectSell1008202532.195,875189,0993,123,491Form
135Leproust, Emily MChief Executive OfficerDirectSell1008202532.1931,3481,008,99819,351,211Form
136Werner, Robert FChief Accounting OfficerDirectSell1008202532.192,04165,6941,493,895Form
137Green, PaulaSVP of Human ResourcesDirectSell1008202532.199,724312,9863,691,141Form
138Finn, Patrick JohnPresident and COODirectSell1008202532.1923,747764,3456,718,553Form
139Cho, DennisSee RemarksDirectSell1008202532.193,876124,7573,177,179Form
140Cho, DennisSee RemarksDirectSell1006202529.161243,6162,991,510Form
141Green, PaulaSVP of Human ResourcesDirectSell1006202529.161404,0833,627,687Form
142Leproust, Emily MChief Executive OfficerDirectSell1006202529.1647613,88118,446,082Form
143Finn, Patrick JohnPresident and COODirectSell1006202529.162066,0076,779,408Form

Investor Activity (13F)

Updated Oct 5, 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: 10/4/2026