Twist Bioscience (TWST)


Market Price (8/23/2026): $144.5 | Market Cap: $9.0 BilSector: Health Care | Industry: Life Sciences Tools & Services

Twist Bioscience (TWST)


Market Price (8/23/2026): $144.5
Market Cap: $9.0 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 0.0%, Dist 3Y High is 0.0%

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 200%, 12M Rtn12 month market price return is 409%

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 194%

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 -6.0%

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 0.0%, Dist 3Y High is 0.0%
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 200%, 12M Rtn12 month market price return is 409%
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 194%
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 -6.0%
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%
IWM0.28%
VB0.07%
ARKK3.8%
XBI1.8%
IBB0.56%
IWO0.49%
+10 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/21/2026

Twist Bioscience (TWST) stock has gained about 150% since 4/30/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Financial Results and Upbeat Fiscal 2026 Guidance.

Twist Bioscience reported robust revenue of $118.4 million for its fiscal Q3 2026 (ended June 30, 2026), surpassing analyst estimates of approximately $114.5 million by over 3% and representing a year-over-year growth exceeding 23%. This performance was coupled with a significant upward revision of its full-year fiscal 2026 revenue guidance to $456 million–$457 million, exceeding prior guidance and Street consensus in the mid-$440 million range, and an elevated fiscal Q4 revenue guidance of $123 million–$124 million.

2. Clear Path to Profitability and Expanding Gross Margins.

Management provided a significant positive outlook by targeting adjusted EBITDA breakeven in fiscal Q4 2026, a key milestone that shifts the investor narrative towards financial sustainability and away from a "cash burner" perception. Additionally, the company projected its fiscal year 2026 gross margins to move above 52%.

Show more
Updated on 8/21/2026

Twist Bioscience (TWST) stock has gained about 150% since 4/30/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Financial Results and Upbeat Fiscal 2026 Guidance.

Twist Bioscience reported robust revenue of $118.4 million for its fiscal Q3 2026 (ended June 30, 2026), surpassing analyst estimates of approximately $114.5 million by over 3% and representing a year-over-year growth exceeding 23%. This performance was coupled with a significant upward revision of its full-year fiscal 2026 revenue guidance to $456 million–$457 million, exceeding prior guidance and Street consensus in the mid-$440 million range, and an elevated fiscal Q4 revenue guidance of $123 million–$124 million.

2. Clear Path to Profitability and Expanding Gross Margins.

Management provided a significant positive outlook by targeting adjusted EBITDA breakeven in fiscal Q4 2026, a key milestone that shifts the investor narrative towards financial sustainability and away from a "cash burner" perception. Additionally, the company projected its fiscal year 2026 gross margins to move above 52%.

3. Surging Demand from AI-Enabled Drug Discovery.

Twist Bioscience highlighted robust and durable demand originating from AI-enabled drug discovery, with management expecting another year of triple-digit percentage order growth in this segment for fiscal year 2027. This signals a strong and expanding long-term growth driver for the company's synthetic biology tools.

4. Positive Analyst Sentiment and Increased Price Targets.

Following the strong fiscal Q3 results and raised guidance, numerous investment firms upgraded their ratings and significantly increased price targets. For example, TD Cowen, Piper Sandler, and Baird all raised their price targets to $115, while Guggenheim increased its target from $60 to $107, and Barclays lifted its target from $65 to $95. This collective bullish sentiment from Wall Street analysts reflected increased confidence in the company's growth prospects and strategic direction.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 149.1% change in TWST stock from 4/30/2026 to 8/22/2026 was primarily driven by a 130.8% change in the company's P/S Multiple.
(LTM values as of)43020268222026Change
Stock Price ($)58.45145.59149.1%
Change Contribution By: 
Total Revenues ($ Mil)39243210.3%
P/S Multiple9.121.0130.8%
Shares Outstanding (Mil)6162-2.1%
Cumulative Contribution149.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/22/2026
ReturnCorrelation
TWST149.1% 
Market (SPY)6.5%41.7%
Sector (XLV)19.6%25.5%

Fundamental Drivers

The 254.5% change in TWST stock from 1/31/2026 to 8/22/2026 was primarily driven by a 219.2% change in the company's P/S Multiple.
(LTM values as of)13120268222026Change
Stock Price ($)41.07145.59254.5%
Change Contribution By: 
Total Revenues ($ Mil)37743214.7%
P/S Multiple6.621.0219.2%
Shares Outstanding (Mil)6062-3.2%
Cumulative Contribution254.5%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/22/2026
ReturnCorrelation
TWST254.5% 
Market (SPY)11.0%48.8%
Sector (XLV)13.3%32.7%

Fundamental Drivers

The 333.7% change in TWST stock from 7/31/2025 to 8/22/2026 was primarily driven by a 265.3% change in the company's P/S Multiple.
(LTM values as of)73120258222026Change
Stock Price ($)33.57145.59333.7%
Change Contribution By: 
Total Revenues ($ Mil)34843224.2%
P/S Multiple5.821.0265.3%
Shares Outstanding (Mil)6062-4.4%
Cumulative Contribution333.7%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/22/2026
ReturnCorrelation
TWST333.7% 
Market (SPY)22.2%42.6%
Sector (XLV)35.6%33.2%

Fundamental Drivers

The 498.2% change in TWST stock from 7/31/2023 to 8/22/2026 was primarily driven by a 246.9% change in the company's P/S Multiple.
(LTM values as of)73120238222026Change
Stock Price ($)24.34145.59498.2%
Change Contribution By: 
Total Revenues ($ Mil)22843289.5%
P/S Multiple6.121.0246.9%
Shares Outstanding (Mil)5762-9.0%
Cumulative Contribution498.2%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/22/2026
ReturnCorrelation
TWST498.2% 
Market (SPY)73.2%48.3%
Sector (XLV)36.3%37.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TWST Return-45%-69%55%26%-32%330%-4%
Peers Return15%-61%-3%-21%-12%69%-49%
S&P 500 Return27%-19%24%23%16%12%103%

Monthly Win Rates [3]
TWST Win Rate33%25%50%50%42%88% 
Peers Win Rate59%25%50%45%43%60% 
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 8/21/2026 (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

null

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

null

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 Life Sciences Tools & Services

TWST has outperformed 91% of its 107 Life Sciences Tools & Services peers over 5Y. Among the peers that beat it is AXGN. Life Sciences Tools & Services ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Life Sciences Tools & Services constituents that TWST has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
99%
of 125 industry peers · 409.2% return
3Y
96%
of 116 industry peers · 616.1% return
5Y
91%
of 107 industry peers · 34.7% return
Life Sciences Tools & Services peers with revenue growth within 4pp of TWST's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
TWST Twist Bioscience 22.4% -66.5x 409.2%616.1%34.7%
AXGN Axogen 19.3% -80.1x 210.0%673.0%210.2% +175pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Health Care sector, ranked by 5Y. Life Sciences Tools & Services 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 7 9.5%83.4%124.2% CAH 390% · MCK 336% · COR 180%
Health Care Services 20 20.6%45.3%9.4% HIMS 364% · RDNT 152% · DGX 79%
Managed Health Care 8 29.7%-3.2%0.4% OSCR 147% · HQY 66% · ELV 14%
Health Care Facilities 24 7.9%-1.7%-16.4% THC 285% · NHC 262% · ENSG 121%
Health Care Equipment 51 -4.5%-5.0%-17.0% POCI 11300% · UFPT 372% · GKOS 270%
Health Care Supplies 12 33.9%-13.2%-26.0% LNTH 288% · HAE 79% · MMSI 29%
Pharmaceuticals 63 4.5%4.6%-36.8% LQDA 2519% · INDV 1253% · ETON 1220%
Health Care Technology 21 -19.9%-55.1%-71.3% SPOK 108% · HSTM -4% · VEEV -23%
Life Sciences Tools & Services ← 108 -2.5%-28.7%-71.8% SNWV 1782% · MEDP 246% · ELMD 241%
Biotechnology 365 7.8%-24.9%-78.0% BRTX 107550% · CELZ 1771% · DNTH 1536%
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 Price145.597.40219.40629.271.6765.12105.36
Mkt Cap9.10.533.1233.50.28.58.8
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 Cap9.10.533.1233.50.28.58.8
P/S21.04.17.45.02.013.76.2
P/Op Inc-65.8-1.637.127.5-6.3-92.2-3.9
P/EBIT-65.8-1.529.825.6-6.0-513.1-3.8
P/E-66.5-1.640.233.5-4.9-112.7-3.3
P/CFO-171.2-2.730.325.9-14.666.611.6
Total Yield-1.5%-63.3%2.5%3.3%-20.2%-0.9%-1.2%
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%-20.4%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 Rtn57.5%-6.7%11.4%10.0%-16.1%35.5%10.7%
3M Rtn140.4%-12.0%51.9%40.5%-32.9%175.0%46.2%
6M Rtn199.6%-19.7%86.5%23.4%42.7%244.9%64.6%
12M Rtn409.2%-41.0%115.5%26.3%-42.1%355.4%70.9%
3Y Rtn616.1%-89.7%37.7%16.5%-6.7%36.4%26.5%
1M Excs Rtn53.9%-10.3%7.9%6.4%-19.7%31.9%7.1%
3M Excs Rtn144.4%-11.5%48.4%37.1%-37.1%160.8%42.8%
6M Excs Rtn188.6%-30.8%75.4%12.3%31.7%233.8%53.5%
12M Excs Rtn430.4%-56.1%97.7%7.6%-60.8%367.4%52.7%
3Y Excs Rtn579.7%-162.9%-41.1%-54.1%-76.6%-38.2%-47.6%

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$145.59 
Market Cap ($ Bil)9.0 
First Trading Date10/31/2018 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$97.72$58.76
DMA Trendupup
Distance from DMA49.0%147.8%
 3M1YR
Volatility88.8%73.8%
Downside Capture117.74228.63
Upside Capture516.17374.24
Correlation (SPY)41.2%46.5%
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
TWST454.2%73.9%2.62-
Sector ETF (XLV)28.8%16.0%1.3934.9%
Equity (SPY)21.1%12.9%1.2246.3%
Gold (GLD)37.5%28.8%1.1027.3%
Commodities (DBC)43.2%20.2%1.66-16.4%
Real Estate (VNQ)12.9%13.8%0.6422.4%
Bitcoin (BTCUSD)-31.6%44.1%-0.7325.1%

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
TWST8.9%77.2%0.44-
Sector ETF (XLV)7.1%15.1%0.2838.6%
Equity (SPY)12.9%17.2%0.5752.3%
Gold (GLD)20.6%18.6%0.9013.5%
Commodities (DBC)10.4%19.6%0.412.5%
Real Estate (VNQ)2.3%18.9%0.0241.2%
Bitcoin (BTCUSD)10.4%52.8%0.3828.2%

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
TWST27.1%78.9%0.75-
Sector ETF (XLV)10.7%16.7%0.5235.5%
Equity (SPY)15.2%17.9%0.7244.9%
Gold (GLD)12.7%16.2%0.6413.3%
Commodities (DBC)8.0%18.0%0.369.5%
Real Estate (VNQ)5.0%20.7%0.2034.8%
Bitcoin (BTCUSD)63.1%66.1%1.0323.1%

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 8/19/2026
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 8/21/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Cho, DennisSee RemarksDirectSell8212026129.7514,2051,843,0999,817,015Form
2Finn, Patrick JohnPresident and COODirectSell8202026117.6478,3559,217,60725,254,513Form
3Blake, KatrynDirectSell8142026122.882,240275,2512,114,519Form
4Leproust, Emily MChief Executive OfficerDirectSell8142026125.0819,9522,495,508102,429,162Form
5Leproust, Emily MChief Executive OfficerDirectSell8122026125.16113,31814,183,051102,499,508Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Cho, DennisSee RemarksDirectSell8212026129.7514,2051,843,0999,817,015Form
2Finn, Patrick JohnPresident and COODirectSell8202026117.6478,3559,217,60725,254,513Form
3Blake, KatrynDirectSell8142026122.882,240275,2512,114,519Form
4Leproust, Emily MChief Executive OfficerDirectSell8142026125.0819,9522,495,508102,429,162Form
5Leproust, Emily MChief Executive OfficerDirectSell8122026125.16113,31814,183,051102,499,508Form
6Chess, RobertDirectSell8112026110.8918,4172,042,2612,338,005Form
7Cho, DennisSee RemarksDirectSell8072026109.7514,2051,558,9999,862,794Form
8Finn, Patrick JohnPresident and COODirectSell805202685.322,888246,40823,009,251Form
9Green, PaulaSVP of Human ResourcesDirectSell805202685.321,13396,66910,177,198Form
10Leproust, Emily MChief Executive OfficerDirectSell805202685.325,101435,22369,872,773Form
11Werner, Robert FChief Accounting OfficerDirectSell805202685.3216714,2493,938,427Form
12Cho, DennisSee RemarksDirectSell805202685.321,07091,2948,879,463Form
13Finn, Patrick JohnPresident and COODirectSell727202693.892,238210,13325,592,039Form
14Laponis, AdamChief Financial OfficerDirectSell713202694.332,399226,30710,402,776Form
15Cho, DennisSee RemarksDirectSell626202689.7514,2051,274,8999,436,405Form
16Green, PaulaSVP of Human ResourcesDirectSell624202687.3229125,41110,514,839Form
17Cho, DennisSee RemarksDirectSell624202687.3234630,21410,421,579Form
18Leproust, Emily MChief Executive OfficerDirectSell624202687.321,688147,40073,605,710Form
19Green, PaulaSVP of Human ResourcesDirectSell617202681.6726,1372,134,4889,857,418Form
20Cho, DennisSee RemarksDirectSell610202669.8440228,0778,359,792Form
21Green, PaulaSVP of Human ResourcesDirectSell610202669.8488461,7428,430,544Form
22Leproust, Emily MChief Executive OfficerDirectSell610202669.842,265158,19758,990,900Form
23Werner, Robert FChief Accounting OfficerDirectSell610202669.201,35994,0463,240,530Form
24Cho, DennisSee RemarksDirectSell602202669.7514,205990,7998,376,556Form
25Laponis, AdamChief Financial OfficerDirectSell602202670.004,000280,0007,887,250Form
26Leproust, Emily MChief Executive OfficerDirectSell601202667.9116,4701,118,55557,515,030Form
27Starovasnik, Melissa ADirectSell601202668.002,500170,0001,511,096Form
28Leproust, Emily MChief Executive OfficerDirectSell528202665.2925,0171,633,40755,293,877Form
29Starovasnik, Melissa ADirectSell528202661.0450030,5201,509,031Form
30Leproust, Emily MChief Executive OfficerDirectSell528202665.0824,2821,580,24655,113,498Form
31Werner, Robert FChief Accounting OfficerDirectSell528202662.4880049,9873,010,854Form
32Green, PaulaSVP of Human ResourcesDirectSell526202653.261,39974,5076,475,465Form
33Finn, Patrick JohnPresident and COODirectSell526202653.264,160221,54914,635,237Form
34Cho, DennisSee RemarksDirectSell526202653.261,64287,4487,152,362Form
35Werner, Robert FChief Accounting OfficerDirectSell526202653.2668836,6412,608,847Form
36Leproust, Emily MChief Executive OfficerDirectSell526202653.266,888366,83445,101,862Form
37Laponis, AdamChief Financial OfficerDirectSell526202653.262,019107,5266,213,760Form
38Johannessen, JanDirectSell514202656.1212,000673,440996,354Form
39Werner, Robert FChief Accounting OfficerDirectSell512202656.884,961282,1872,825,507Form
40Cho, DennisSee RemarksDirectSell506202657.151,962112,1267,768,865Form
41Leproust, Emily MChief Executive OfficerDirectSell506202657.155,127293,00248,791,359Form
42Finn, Patrick JohnPresident and COODirectSell506202657.152,844162,53115,942,458Form
43Green, PaulaSVP of Human ResourcesDirectSell506202657.151,11663,7787,028,617Form
44Werner, Robert FChief Accounting OfficerDirectSell506202657.151649,3723,122,325Form
45Starovasnik, Melissa ADirectSell429202661.8350030,9151,559,476Form
46Finn, Patrick JohnPresident and COODirectSell427202660.762,321141,02617,122,936Form
47Leproust, Emily MChief Executive OfficerDirectSell423202665.298,061526,29156,075,513Form
48Leproust, Emily MChief Executive OfficerDirectSell423202665.011,610104,66655,836,244Form
49Laponis, AdamChief Financial OfficerDirectSell421202660.004,000240,0007,121,640Form
50Laponis, AdamChief Financial OfficerDirectSell416202655.003,000165,0006,748,170Form
51Laponis, AdamChief Financial OfficerDirectSell413202649.892,597129,5626,270,748Form
52Starovasnik, Melissa ADirectSell403202651.001,00051,0001,311,822Form
53Cho, DennisSee RemarksDirectSell324202643.7935415,5006,038,276Form
54Green, PaulaSVP of Human ResourcesDirectSell324202643.7929713,0055,434,067Form
55Leproust, Emily MChief Executive OfficerDirectSell324202643.791,74276,27637,607,570Form
56Chess, RobertDirectSell319202647.0010,000470,000990,948Form
57Werner, Robert FChief Accounting OfficerDirectSell310202646.4324611,4212,544,098Form
58Cho, DennisSee RemarksDirectSell310202646.4342519,7316,418,719Form
59Green, PaulaSVP of Human ResourcesDirectSell310202646.4393543,4085,775,441Form
60Leproust, Emily MChief Executive OfficerDirectSell310202646.432,423112,49039,955,562Form
61Finn, Patrick JohnPresident and COODirectSell225202646.714,294200,57213,271,609Form
62Werner, Robert FChief Accounting OfficerDirectSell225202646.711,69379,0802,571,141Form
63Laponis, AdamChief Financial OfficerDirectSell225202646.712,08597,3905,992,447Form
64Leproust, Emily MChief Executive OfficerDirectSell225202646.717,205336,54440,312,986Form
65Green, PaulaSVP of Human ResourcesDirectSell225202646.711,46568,4305,854,419Form
66Cho, DennisSee RemarksDirectSell225202646.7184439,4236,477,808Form
67Chess, RobertDirectSell218202648.262,184105,4021,017,535Form
68Finn, Patrick JohnPresident and COODirectSell217202650.041,75087,57215,325,056Form
69Finn, Patrick JohnPresident and COODirectSell217202650.233,500175,78815,408,427Form
70Laponis, AdamChief Financial OfficerDirectSell213202650.007,000350,0006,501,550Form
71Cho, DennisSee RemarksDirectSell213202649.935,000249,6506,919,349Form
72Johannessen, JanDirectSell209202647.912,200105,395850,536Form
73Werner, Robert FChief Accounting OfficerDirectSell205202645.657,000319,5362,681,272Form
74Finn, Patrick JohnPresident and COODirectSell205202646.582,705125,98814,335,534Form
75Leproust, Emily MChief Executive OfficerDirectSell205202646.585,001232,92740,489,076Form
76Werner, Robert FChief Accounting OfficerDirectSell205202646.581758,1513,061,813Form
77Green, PaulaSVP of Human ResourcesDirectSell205202646.581,19455,6127,705,766Form
78Cho, DennisSee RemarksDirectSell205202646.581,09951,1876,687,429Form
79Finn, Patrick JohnPresident and COODirectSell127202644.912,390107,33013,943,620Form
80Laponis, AdamChief Financial OfficerDirectSell113202635.262,73896,5454,937,633Form
81Green, PaulaSVP of Human ResourcesDirectSell1223202534.562739,4345,758,377Form
82Cho, DennisSee RemarksDirectSell1223202534.5632411,1964,999,562Form
83Leproust, Emily MChief Executive OfficerDirectSell1223202534.561,60555,46230,212,760Form
84Cho, DennisSee RemarksDirectSell1210202532.8839813,0854,767,442Form
85Leproust, Emily MChief Executive OfficerDirectSell1210202532.882,25574,14028,798,432Form
86Green, PaulaSVP of Human ResourcesDirectSell1210202532.8887728,8345,487,733Form
87Werner, Robert FChief Accounting OfficerDirectSell1210202532.882307,5622,167,088Form
88Werner, Robert FChief Accounting OfficerDirectSell1125202528.7182223,5991,898,932Form
89Cho, DennisSee RemarksDirectSell1125202526.5075720,0633,853,662Form
90Finn, Patrick JohnPresident and COODirectSell1125202526.501,77647,0708,822,565Form
91Green, PaulaSVP of Human ResourcesDirectSell1125202526.5059815,8494,446,996Form
92Laponis, AdamChief Financial OfficerDirectSell1125202526.5088723,5093,783,878Form
93Leproust, Emily MChief Executive OfficerDirectSell1125202526.502,66370,57923,274,658Form
94Werner, Robert FChief Accounting OfficerDirectSell1125202526.502296,0691,774,807Form
95Johannessen, JanDirectSell1120202524.777,044174,480368,057Form
96Cho, DennisSee RemarksDirectSell1105202532.081,01932,6893,871,791Form
97Finn, Patrick JohnPresident and COODirectSell1105202532.082,75588,3798,530,522Form
98Green, PaulaSVP of Human ResourcesDirectSell1105202532.081,08434,7744,561,274Form
99Leproust, Emily MChief Executive OfficerDirectSell1105202532.084,887156,77223,543,777Form
100Werner, Robert FChief Accounting OfficerDirectSell1105202532.081605,1331,631,879Form
101Cho, DennisSee RemarksDirectSell1103202531.446,515204,8603,827,180Form
102Finn, Patrick JohnPresident and COODirectSell1103202531.4417,606553,6088,448,266Form
103Green, PaulaSVP of Human ResourcesDirectSell1103202531.446,920217,5954,505,056Form
104Leproust, Emily MChief Executive OfficerDirectSell1103202531.4431,379986,69123,231,332Form
105Laponis, AdamChief Financial OfficerDirectSell1103202531.445,517173,4783,490,569Form
106Werner, Robert FChief Accounting OfficerDirectSell1103202531.441,01631,9471,604,603Form
107Finn, Patrick JohnPresident and COODirectSell1027202530.882,24069,1606,375,533Form
108Laponis, AdamChief Financial OfficerDirectSell1010202532.922,51782,8653,013,186Form
109Laponis, AdamChief Financial OfficerDirectSell1010202531.153,00093,4502,929,408Form
110Laponis, AdamChief Financial OfficerDirectSell1008202532.195,875189,0993,123,491Form
111Leproust, Emily MChief Executive OfficerDirectSell1008202532.1931,3481,008,99819,351,211Form
112Werner, Robert FChief Accounting OfficerDirectSell1008202532.192,04165,6941,493,895Form
113Green, PaulaSVP of Human ResourcesDirectSell1008202532.199,724312,9863,691,141Form
114Finn, Patrick JohnPresident and COODirectSell1008202532.1923,747764,3456,718,553Form
115Cho, DennisSee RemarksDirectSell1008202532.193,876124,7573,177,179Form
116Cho, DennisSee RemarksDirectSell1006202529.161243,6162,991,510Form
117Green, PaulaSVP of Human ResourcesDirectSell1006202529.161404,0833,627,687Form
118Leproust, Emily MChief Executive OfficerDirectSell1006202529.1647613,88118,446,082Form
119Finn, Patrick JohnPresident and COODirectSell1006202529.162066,0076,779,408Form
120Cho, DennisSee RemarksDirectSell924202527.562336,4212,830,688Form
121Green, PaulaSVP of Human ResourcesDirectSell924202527.562958,1303,432,378Form
122Leproust, Emily MChief Executive OfficerDirectSell924202527.561,70446,96217,446,472Form
123Cho, DennisSee RemarksDirectSell917202525.33942,3812,607,340Form
124Cho, DennisSee RemarksDirectSell910202525.762696,9292,654,233Form
125Green, PaulaSVP of Human ResourcesDirectSell910202525.7689222,9783,215,801Form
126Leproust, Emily MChief Executive OfficerDirectSell910202525.762,26558,34616,350,902Form
127Werner, Robert FChief Accounting OfficerDirectSell910202525.762356,0541,248,175Form
128Werner, Robert FChief Accounting OfficerDirectSell827202527.6985323,6201,348,247Form
129Leproust, Emily MChief Executive OfficerDirectSell825202525.962,71670,51816,539,198Form
130Werner, Robert FChief Accounting OfficerDirectSell825202525.962386,1791,286,308Form
131Green, PaulaSVP of Human ResourcesDirectSell825202525.9661916,0723,264,428Form
132Laponis, AdamChief Financial OfficerDirectSell825202525.9691823,8352,672,137Form
133Finn, Patrick JohnPresident and COODirectSell825202525.961,84047,7746,063,347Form
134Cho, DennisSee RemarksDirectSell825202525.9652113,5272,682,237Form
135Werner, Robert FChief Accounting OfficerDirectSell806202528.361865,2761,411,960Form
136Leproust, Emily MChief Executive OfficerDirectSell806202528.365,585158,41318,145,046Form
137Green, PaulaSVP of Human ResourcesDirectSell806202528.361,25535,5973,579,707Form
138Cho, DennisSee RemarksDirectSell806202528.3678522,2662,944,949Form
139Finn, Patrick JohnPresident and COODirectSell806202528.363,18990,4536,669,880Form

Investor Activity (13F)

Updated Aug 23, 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: 8/22/2026