NKTRNasdaqPharmaceutical PreparationsFiscal year ends December 31
NEKTAR THERAPEUTICS
Financials through Q4 FY2025, quarter ended Dec 31, 2025Last filing: 10-Q on Aug 14, 2026
$36.64+0.86 (+2.40%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
100.0%+12.7 pts over 5 years
Operating margin
-253.7%+24.3 pts over 5 years
Net margin
-297.1%−6.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -43.9% | -15.7% | -18.4% | -13.3% | |
| Gross profit | -18.5% | -7.8% | -16.2% | -11.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -324.7% | -35.8% | -217.9% | |
| Return on assets | -28.8% | -25.3% | -56.2% | |
| Current ratio | 5.90 | 9.83 | 4.97 | |
| Interest coverage | -5.0× | -62.1× | – | |
| Inventory turnover | 2.7× | 1.4× | – | |
| Capex to revenue | 3.9% | 4.7% | 0.3% | |
| Diluted shares | 9M | 12M | 17M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Nektar Therapeutics generated $1.29B from operations and spent $26.17M on capital expenditure, dividends and share buybacks. 89% of that went back into the business.
Generated
$1.29B
Used
$26.17M
Capital expenditure$23.17M89%Dividends$00%Share buybacks$3.00M11%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-297.1%
×Asset turnover0.19×
×Equity multiplier3.88×
=Return on equity, FY2025-217.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -297.1% | 0.19× | 3.88× | -217.9% |
| FY2024 | -120.9% | 0.28× | 3.66× | -124.1% |
| FY2023 | -306.3% | 0.16× | 2.23× | -110.9% |
| FY2022 | -400.0% | 0.10× | 1.75× | -70.4% |
| FY2021 | -514.0% | 0.08× | 1.51× | -59.6% |
| FY2020 | -290.6% | 0.09× | 1.42× | -35.8% |
| FY2019 | -384.5% | 0.06× | 1.32× | -28.2% |
| FY2018 | 57.1% | 0.90× | 1.47× | 75.5% |
| FY2017 | -31.4% | 0.57× | 6.13× | -109.9% |
| FY2016 | -92.8% | 0.31× | 11.29× | -324.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
2of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$164.08M
- Cash generatingOperating cash flow above zero-$208.51M
- Return on assets improvedROA up on the prior year-29.9% → -54.0%
- Earnings backed by cashOperating cash flow above net income-$208.51M vs -$164.08M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose4.26 → 4.97
- No dilutionShare count did not rise14M → 17M
- Gross margin improvedGross margin up on the prior year68.82% → 100.00%
- More efficientAsset turnover rose0.25 → 0.18