Twist Bioscience (TWST)


Market Price (8/19/2026): $125.0 | Market Cap: $7.8 BilSector: Health Care | Industry: Life Sciences Tools & Services

Twist Bioscience (TWST)


Market Price (8/19/2026): $125.0
Market Cap: $7.8 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.

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

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 120%, 12M Rtn12 month market price return is 314%

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 134%

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 -6.4%

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 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
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 120%, 12M Rtn12 month market price return is 314%
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 134%
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 -6.4%
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 23%
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%
ITOT0.01%
IWM0.25%
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 8/18/2026

Twist Bioscience (TWST) stock has gained about 100% since 4/30/2026 because of the following key factors:

1. Exceptional Revenue Growth and Elevated Fiscal 2026 Guidance. Twist Bioscience demonstrated robust financial performance, reporting fiscal second-quarter 2026 revenues of $110.7 million on May 4, 2026, marking a 19% year-over-year increase and the company's thirteenth consecutive quarter of growth, surpassing guidance. This strong trajectory continued into fiscal third-quarter 2026 (which ended June 30, 2026), with revenues reaching $118.4 million, a 23% year-over-year increase, reported on August 3, 2026, significantly beating analyst estimates of $114.54 million. This consistent outperformance led the company to raise its full fiscal year 2026 revenue guidance to $456-$457 million, exceeding previous projections and market expectations.

2. Strategic Emphasis on AI-Enabled Drug Discovery. The company's enhanced focus and progress in AI-enabled drug discovery emerged as a pivotal growth driver. Management projected triple-digit percentage order growth for AI-enabled discovery in fiscal 2026 compared to fiscal 2025. This was further underscored by a collaboration with LenioBio, announced on May 8, 2026, integrating Twist's DNA manufacturing with LenioBio's cell-free protein expression platform to accelerate the design-build-test cycle for AI drug discovery. Additionally, Twist Bioscience was selected as an independent evaluator for an Anthropic AI protein design campaign, tasked with rapidly producing and testing AI-designed proteins.

Show more
Updated on 8/18/2026

Twist Bioscience (TWST) stock has gained about 100% since 4/30/2026 because of the following key factors:

1. Exceptional Revenue Growth and Elevated Fiscal 2026 Guidance. Twist Bioscience demonstrated robust financial performance, reporting fiscal second-quarter 2026 revenues of $110.7 million on May 4, 2026, marking a 19% year-over-year increase and the company's thirteenth consecutive quarter of growth, surpassing guidance. This strong trajectory continued into fiscal third-quarter 2026 (which ended June 30, 2026), with revenues reaching $118.4 million, a 23% year-over-year increase, reported on August 3, 2026, significantly beating analyst estimates of $114.54 million. This consistent outperformance led the company to raise its full fiscal year 2026 revenue guidance to $456-$457 million, exceeding previous projections and market expectations.

2. Strategic Emphasis on AI-Enabled Drug Discovery. The company's enhanced focus and progress in AI-enabled drug discovery emerged as a pivotal growth driver. Management projected triple-digit percentage order growth for AI-enabled discovery in fiscal 2026 compared to fiscal 2025. This was further underscored by a collaboration with LenioBio, announced on May 8, 2026, integrating Twist's DNA manufacturing with LenioBio's cell-free protein expression platform to accelerate the design-build-test cycle for AI drug discovery. Additionally, Twist Bioscience was selected as an independent evaluator for an Anthropic AI protein design campaign, tasked with rapidly producing and testing AI-designed proteins.

3. Path to Profitability and Successful Capital Raise. Twist Bioscience reiterated its commitment to achieving adjusted EBITDA breakeven in its fiscal fourth quarter 2026. This clear path to profitability, combined with strong revenue growth, bolstered investor confidence. Furthermore, on August 4, 2026, the company successfully completed an upsized public offering of 3,125,000 common shares at $96.00 per share, raising $300.0 million in gross proceeds. This capital infusion is earmarked for critical investments in research and development, manufacturing capacity expansion, and new product offerings, strengthening the company's long-term growth prospects.

4. Positive Analyst Sentiment and Revised Price Targets. Following the company's strong financial results and strategic announcements, analyst sentiment remained largely positive, contributing to the stock's upward trend. Several analysts raised their price targets for Twist Bioscience. For example, TD Cowen, Piper Sandler, and Baird each lifted their price targets to $115 with bullish ratings, citing the demand for AI-enabled drug discovery and a clearer route to cash generation. The consensus analyst rating for Twist Bioscience remained "Buy" from multiple firms.

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Stock Movement Drivers

Fundamental Drivers

The 98.6% change in TWST stock from 4/30/2026 to 8/18/2026 was primarily driven by a 84.0% change in the company's P/S Multiple.
(LTM values as of)43020268182026Change
Stock Price ($)58.45116.1098.6%
Change Contribution By: 
Total Revenues ($ Mil)39243210.3%
P/S Multiple9.116.884.0%
Shares Outstanding (Mil)6162-2.1%
Cumulative Contribution98.6%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/18/2026
ReturnCorrelation
TWST98.6% 
Market (SPY)6.8%44.8%
Sector (XLV)16.3%9.3%

Fundamental Drivers

The 182.7% change in TWST stock from 1/31/2026 to 8/18/2026 was primarily driven by a 154.6% change in the company's P/S Multiple.
(LTM values as of)13120268182026Change
Stock Price ($)41.07116.10182.7%
Change Contribution By: 
Total Revenues ($ Mil)37743214.7%
P/S Multiple6.616.8154.6%
Shares Outstanding (Mil)6062-3.2%
Cumulative Contribution182.7%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/18/2026
ReturnCorrelation
TWST182.7% 
Market (SPY)11.2%51.6%
Sector (XLV)10.1%23.8%

Fundamental Drivers

The 245.8% change in TWST stock from 7/31/2025 to 8/18/2026 was primarily driven by a 191.3% change in the company's P/S Multiple.
(LTM values as of)73120258182026Change
Stock Price ($)33.57116.10245.8%
Change Contribution By: 
Total Revenues ($ Mil)34843224.2%
P/S Multiple5.816.8191.3%
Shares Outstanding (Mil)6062-4.4%
Cumulative Contribution245.8%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/18/2026
ReturnCorrelation
TWST245.8% 
Market (SPY)22.4%43.9%
Sector (XLV)31.8%28.1%

Fundamental Drivers

The 377.0% change in TWST stock from 7/31/2023 to 8/18/2026 was primarily driven by a 176.6% change in the company's P/S Multiple.
(LTM values as of)73120238182026Change
Stock Price ($)24.34116.10377.0%
Change Contribution By: 
Total Revenues ($ Mil)22843289.5%
P/S Multiple6.116.8176.6%
Shares Outstanding (Mil)5762-9.0%
Cumulative Contribution377.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/18/2026
ReturnCorrelation
TWST377.0% 
Market (SPY)73.6%48.9%
Sector (XLV)32.5%35.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TWST Return-45%-69%55%26%-32%292%-12%
Peers Return15%-61%-3%-21%-12%57%-52%
S&P 500 Return27%-19%24%23%16%13%106%

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

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


[1] Cumulative total returns since the beginning of 2021
[2] Peers: DNA, ILMN, TMO, CDXS, TXG. See TWST Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/18/2026 (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 Life Sciences Tools & Services

TWST has outperformed 90% of its 107 Life Sciences Tools & Services peers over 5Y. Among the peers that beat it is AXGN. Life Sciences Tools & Services ranks 8th 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 · 314.3% return
3Y
96%
of 116 industry peers · 496.6% return
5Y
90%
of 107 industry peers · 19.2% 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% -53.0x 314.3%496.6%19.2%
AXGN Axogen 19.3% -79.8x 224.0%772.9%225.9% +207pp
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 9.7%79.7%140.2% CAH 411% · MCK 348% · COR 179%
Health Care Services 20 20.0%41.9%9.5% HIMS 302% · RDNT 143% · DGX 72%
Managed Health Care 8 33.2%-3.6%1.3% OSCR 142% · HQY 64% · ELV 14%
Health Care Facilities 24 11.9%-3.3%-15.7% THC 289% · NHC 263% · ENSG 132%
Health Care Equipment 51 -2.3%-9.2%-18.9% POCI 10738% · UFPT 396% · GKOS 288%
Health Care Supplies 12 38.3%-12.4%-27.5% LNTH 314% · HAE 81% · MMSI 31%
Pharmaceuticals 63 3.1%-1.7%-31.9% LQDA 2959% · INDV 1388% · ETON 1385%
Life Sciences Tools & Services ← 108 -8.4%-32.7%-70.6% SNWV 1953% · ELMD 259% · MEDP 235%
Health Care Technology 20 -28.4%-53.8%-73.9% SPOK 37% · HSTM -2% · VEEV -24%
Biotechnology 365 6.6%-27.4%-77.2% BRTX 106400% · DNTH 1803% · CELZ 1443%
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 Price116.106.53188.29589.041.5055.6385.86
Mkt Cap7.20.428.4218.50.17.27.2
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 Cap7.20.428.4218.50.17.27.2
P/S16.83.66.34.71.811.75.5
P/Op Inc-52.5-1.431.925.8-5.6-78.8-3.5
P/EBIT-52.5-1.425.524.0-5.4-438.3-3.4
P/E-53.0-1.434.531.4-4.4-96.3-2.9
P/CFO-136.5-2.426.024.2-13.156.910.9
Total Yield-1.9%-71.7%2.9%3.5%-22.5%-1.0%-1.5%
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/E0.01.00.10.20.50.00.1
Net D/E-0.00.30.00.20.1-0.10.1

Returns

TWSTDNAILMNTMOCDXSTXGMedian
NameTwist Bi.Ginkgo B.Illumina Thermo F.Codexis 10x Geno. 
1M Rtn23.7%-17.4%0.9%10.6%-33.0%27.2%5.8%
3M Rtn134.5%-11.3%32.9%31.7%-39.0%149.6%32.3%
6M Rtn119.6%-27.4%61.6%17.7%24.0%198.8%42.8%
12M Rtn314.3%-52.7%87.3%21.3%-50.0%313.3%54.3%
3Y Rtn496.6%-89.9%15.9%11.7%-9.6%21.8%13.8%
1M Excs Rtn29.4%-16.8%-1.4%8.6%-35.5%25.4%3.6%
3M Excs Rtn129.3%-15.3%29.2%29.5%-45.1%155.4%29.3%
6M Excs Rtn107.2%-39.8%49.2%5.3%11.6%186.4%30.4%
12M Excs Rtn293.6%-69.7%68.8%1.6%-69.4%297.1%35.2%
3Y Excs Rtn348.1%-163.6%-65.0%-62.9%-100.5%-62.3%-63.9%

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$116.10 
Market Cap ($ Bil)7.2 
First Trading Date10/31/2018 
Distance from 52W High-7.3% 
   50 Days200 Days
DMA Price$93.99$57.27
DMA Trendupup
Distance from DMA23.5%102.7%
 3M1YR
Volatility79.2%70.5%
Downside Capture99.29229.36
Upside Capture462.27347.70
Correlation (SPY)45.0%48.0%
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
TWST315.2%70.3%2.31-
Sector ETF (XLV)26.3%15.5%1.3129.1%
Equity (SPY)20.4%12.8%1.1748.0%
Gold (GLD)29.8%28.5%0.9124.3%
Commodities (DBC)40.2%20.2%1.56-18.4%
Real Estate (VNQ)13.1%13.9%0.6520.9%
Bitcoin (BTCUSD)-45.4%42.7%-1.3021.6%

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
TWST3.6%76.5%0.38-
Sector ETF (XLV)6.6%15.0%0.2537.5%
Equity (SPY)13.1%17.2%0.5952.6%
Gold (GLD)19.8%18.6%0.8712.2%
Commodities (DBC)9.8%19.6%0.392.3%
Real Estate (VNQ)2.4%18.9%0.0241.2%
Bitcoin (BTCUSD)7.1%52.6%0.3227.4%

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
TWST24.3%78.4%0.71-
Sector ETF (XLV)10.4%16.7%0.5135.0%
Equity (SPY)15.2%17.9%0.7245.0%
Gold (GLD)12.1%16.2%0.6112.5%
Commodities (DBC)7.8%18.1%0.359.4%
Real Estate (VNQ)4.8%20.7%0.2034.9%
Bitcoin (BTCUSD)59.9%66.0%1.0022.8%

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

Short Interest

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

Earnings Returns History

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

SEC Filings

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

Recent Forward Guidance

Updated 8/4/2026

Latest: Q3 2026 Earnings Reported 8/3/2026

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

Prior: Q2 2026 Earnings Reported 5/4/2026

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

Q1 2026 Earnings Reported 2/2/2026

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

Q4 2025 Earnings Reported 11/14/2025

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

Insider Activity

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

Investor Activity (13F)

Updated Aug 19, 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: 8/18/2026