7Mês·

TÜV test passed . High margins were approved

Hello my dears,

Every good investor should regularly subject his portfolio values to a quick test.

By the numbers, that means new estimates are available. This gives me the opportunity today $KRYS (-0,2%) to send them to the TÜV. In this case, I am the inspector myself today.

My dears, but you are welcome to take part in the check as TÜV inspectors.

Perhaps a value for the two critical inspectors.

Mr. Prompt @Raketentoni and the margin king @Get_Rich_or_Die_Tryin .

The sticker has already been awarded in my test:

(without major complaints, the value can continue in my depot)

Double-digit increase in turnover

Net result increases even better

Double-digit increase in free cash flow

Net debt does not exist

EBIT margin increases to 60 %

P/E ratio falls, and PEG falls to 0.6x

The tuning measures were also all approved by TÜV.

$KRYS (-0,2%)

Krystal Biotech, Inc. is a commercial stage integrated biotechnology company. It is focused on the discovery, development and commercialization of genetic medicines for the treatment of diseases with high unmet medical need. The company's product candidates, which are in various stages of clinical and preclinical development, include VYJUVEK, KB407, KB408, KB707, KB105, KB104, KB104 and KB301. The commercial product VYJUVEK is a non-invasive, topical, reusable gene therapy that applies two copies of theCOL7A1 gene directly to DEB wounds. VYJUVEK is designed to treat DEB at the molecular level by providing the patient's skin cells with the template to produce the normal COL7 protein, thereby targeting the underlying disease mechanism. KB407 is being developed for the treatment of cystic fibrosis. KB408 is being developed for the treatment of alpha-1 antitrypsin deficiency. KB707 is being developed for the treatment of solid tumors. KB105 is being developed for TGM1-deficient autosomal recessive congenital ichthyosis.

Number of employees: 295

Jeune Aesthetics Pipeline

Jeune Aesthetics, a wholly owned subsidiary of Krystal Biotech, uses the same platform to treat aesthetic skin conditions.

USD in millions

Estimates

Year Sales Change

2025 389,1 33,94 %

2026 541,4 39,13 %

2027 699,5 29,21 %

2028 953,4 36,29 %

Year EBIT Change

2025 161,3 145,52 %

2026 246,1 52,59 %

2027 369,8 50,26 %

2028 579,3 56,64 %

Year Net result Change

2025 204,8 129,74 %

2026 239,7 17,01 %

2027 361,8 50,95 %

2028 527,8 45,88 %

Net debt not available

Year Free cash flow Change in capex

2025 188,9 58,51 %

2026 286 51,39 % 8,175

2027 325,5 13,81 % 10,16

2028 398 22,27 % 22,27 %

Year EBIT margin ROE

2025 41,45 % 18,91 %

2026 45,46 % 15,93 %

2027 52,87 % 13,19 %

2028 60,77 %

Year Earnings per share Change

2025 6,84 128 %

2026 7,837 14,57 %

2027 11,06 41,13 %

2028 14,93 35,01 %

Year P/E ratio PEG

2025 36x 0x

2026 35.2x 2.4x

2027 24.9x 0.6x

2028 18.5x 0.5x

Market value 8,058

Number of shares (in thousands) 29,232

Date of publication 17.02.2026

Performance

1 week + 5.29 %

1 month - 0.62 %

6 months + 86.70 %

1 year + 59.01 %

3 years + 252.75 %

5 years + 249.40 %

7 years + 1,083.00 %

$KRYS (-0,2%)

15 Comentários

Raketentoni@Raketentoni

7Mês

Hello TÜV colleague,

This is Raketentoni from the test pit. I took your Krystal Biotech ($KRYS) onto the lift after you had almost stuck the sticker on it.

To anticipate: The engine purrs, but I have to take a closer look at the rating (PEG 0.6x) with a flashlight to see if someone has tweaked the speedometer.

Here is the official test report (as of March 2026, price ~275 USD):

1. the Raketentoni formula check
I ran my filters over it. Let's see if the euphoria holds up mathematically:

Core Quality Formula:

Sales growth: The thing continues to grow at around 30-35% (driven by VYJUVEK expansion in Europe).

Operating margin: You say 60% EBIT. Watch out! The gross margin is a fantastic 94%, but the real operating margin (after research & sales) is closer to 40-50%.

My score: 30 (growth) + 42 (margin) = 72.

Verdict: elite level. My rule says "> 25 is very good". This is Champions League. The company is printing money instead of burning it - an absolute exception in the biotech sector.

Cash flow quality (valuation):

FCF yield: This is where my system grumbles. With a market cap of almost USD 8 bn and an estimated free cash flow of ~ USD 250 m, we arrive at a yield of approx. 3.1 %.

Verdict: Too expensive for a "value investor" (I want > 5 %), but acceptable for a growth engine, as the "exclusion rule" (no story without figures) does not apply. The figures are there.

2. the critical "TÜV" comment (risk)
You write PEG 0.6x. That is a very sporty calculation.

The P/E ratio (trailing) is approx. 39.

For the PEG to fall to 0.6, profits would have to grow by over 60% per year. This is possible (due to operating leverage), but is already priced in very optimistically. I see the PEG more realistically at around 1.0 - which is still fair for this quality, but not a "theft".

3. future prospects (what's in the trunk?)
Why the stock remains exciting despite all-time highs is not because of what they are selling today (VYJUVEK for DEB patients), but because of the platform:

Europe rollout: Italy launches H2 2026, Germany/France follow suit. This is the fuel for 2026/27.

Pipeline (The Turbo):

KB407 (cystic fibrosis): This is the potential blockbuster. If the data here are good at the end of 2026, the store will double in size.

Oncology (KB707): Lung cancer treatment for inhalation. Still early, but huge potential.

Conclusion & stamp
Sticker issued, but with reference to sports chassis.
You don't have a "hopeless biotech company" here, but a highly profitable company with almost USD 1 bn cash in the bank. The valuation is high, but covered by the quality.

I will let it continue to run in my portfolio, but would no longer buy aggressively at prices above USD 300, but let profits run.

Greetings,
Raketentoni 🚀

For your information (key figures for your overview at a price of USD 275):

P/E RATIO (P/E): ~39

P/E ratio (P/S): ~19 (very high, typical biotech)

P/B RATIO (P/B): ~8

Dividend: 0

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Tenbagger-Capital@Tenbagger-Capital

7Mês

@Raketentoni MEGA I need Mr. Prompt for further TÜV tests

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Raketentoni@Raketentoni

7Mês

@Tenbagger2024 Oh I love the choice of words and whenever you need something, just tag me

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Tenbagger-Capital@Tenbagger-Capital

7Mês

@Raketentoni Yes, we are setting up a holding company 🙈😂

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Leon@Investingyoung

7Mês

You trigger traumatic events in me this month 😭

With your Tüv

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Tenbagger-Capital@Tenbagger-Capital

7Mês

@Investingyoung oh no. I really didn't want that now. What happened?

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Leon@Investingyoung

7Mês

@Tenbagger2024 couldn't invest anything this month because I didn't get a Tüv and my car swallowed everything😂😭

It couldn't be worse in this stock market phase

Or February, it's already March, this month we're shooting 😤🔫

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Tenbagger-Capital@Tenbagger-Capital

7Mês

@Investingyoung oh dear. And now I'm coming back with my TÜV report. Sorry

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Leon@Investingyoung

7Mês

@Tenbagger2024 all good😂

Jz rolls the salmon again tüv fair like $KRYS

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Schochi@Schochi

7Mês

@Tenbagger2024 I am invested in Krystal via BB Biotech $BION, a direct investment in a biotech stock is too risky for me personally, but of course it may also cost returns. But I definitely sleep better with it 😂👍

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Tenbagger-Capital@Tenbagger-Capital

7Mês

@Schochi bb is also a great value

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Get_Rich_or_Die_Tryin@Get_Rich_or_Die_Tryin

7Mês

Like.👍🏻 Of course, you probably knew that beforehand.😉

But bet on $4519 for biotech. Why? They are 60% owned by $ROG, which ensures that they can only spend every free yen on research and development because they can simply use Roche's distribution network.

Otherwise $KRYS would have been my choice.👌🏻

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Tenbagger-Capital@Tenbagger-Capital

7Mês

@Get_Rich_or_Die_Tryin TÜV passed

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Max@Maximilian1

7Mês

My dear. What color is the badge?

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Tenbagger-Capital@Tenbagger-Capital

7Mês

@Divident_e grün

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