Ginkgo Bioworks Holdings (DNA) AI Stock Analysis

• Market Cap: $536.83M
• Dividend Yield: N/A
• Average Volume (3M): 957.28K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.81
• Revenue Growth: -17.13%
• EPS Growth: 51.74%
• Country: US
• Employees: 834
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -1.41
• Shares Outstanding: 48,523,594
• 10 Day Avg. Volume: 709,119
• 30 Day Avg. Volume: 957,279
• PEG Ratio: 0.03
• Price to Book (P/B): 0.91
• Price to Sales (P/S): 2.71
• P/FCF Ratio: -2.58
• Enterprise Value/Market Cap: 1.23
• Enterprise Value/Revenue: 3.87
• Enterprise Value/Gross Profit: 4.75
• Enterprise Value/Ebitda: -3.05
• 1Y Price Target: $12.00
• Price Target Upside: 35.44% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): -3.98
• Revenue Forecast (FY): $179.40M

• Rating: 50 Neutral
• Price Target: $9.50 ▲(7.22% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is held down primarily by weak financial performance (shrinking revenue, large net losses, and continued cash burn). Offsetting this are a more constructive earnings-call picture around cost discipline and liquidity, and a mostly neutral technical setup; valuation remains challenged due to negative earnings and no dividend support.

Positive Factors

Very high gross margins

Sustained ~81% gross margin indicates advantaged unit economics for Ginkgo’s cell-engineering and fermentation services. High product-level margins give the company structural leverage: if topline stabilizes, margins can drive faster progress toward contribution profitability without relying solely on cost cuts.

Strong cash position, no bank debt

A cash balance of $462M and no bank debt provide multi-quarter runway and lower short-term refinancing risk. This balance-sheet strength supports continued R&D, autonomous lab investment, and partnership development while reducing pressure for immediate dilutive financing or drastic asset sales.

Strategic pivot to autonomous labs and tools model

Shifting from bespoke services to an autonomous labs/tools model and expanding robotics/AI infrastructure is a structural move to scale per-unit revenue and reduce marginal delivery costs. Long-term this can create high-margin, recurring revenue streams and durable differentiation versus traditional service competitors.

Negative Factors

Steep revenue contraction

A multi-year drop from ~$478M to ~$170M signals persistent demand, program concentration, or conversion problems. Structural top-line weakness undermines scale economics, jeopardizes downstream milestone/royalty upside, and makes it harder to leverage high gross margins into sustainable profitability.

Ongoing negative operating and free cash flow

Material negative operating and free cash flow, even if improved, means Ginkgo is not yet self-funding operations. Persistent burn constrains strategic optionality, risks future dilution or asset sales to extend runway, and requires management to sustain strict discipline while executing the business-model pivot.

Rising leverage and eroded equity base

Increased leverage and declining equity reduce financial flexibility and raise solvency risk if cash generation slips. A weaker capital base limits capacity for large strategic investments without external funding and elevates the consequences of further operating volatility.

Ginkgo Bioworks Holdings Business Overview & Revenue Model

Company Description

Ginkgo Bioworks Holdings, Inc., together with its subsidiaries, develops platform for cell programming. Its platform is used to program cells to enable biological production of products, such as novel therapeutics, food ingredients, and chemicals derived from petroleum. The company serves various end markets, including specialty chemicals, agriculture, food, consumer products, and pharmaceuticals. Ginkgo Bioworks has a partnership with Selecta Biosciences, Inc. to develop ImmTOR technology platform. Ginkgo Bioworks Holdings, Inc. was founded in 2008 and is headquartered in Boston, Massachusetts.

How the Company Makes Money

Ginkgo Bioworks generates revenue through several key streams primarily focused on its partnerships and customer contracts in the biotechnology sector. The company collaborates with various organizations, including pharmaceutical, agricultural, and industrial companies, to develop custom organisms tailored to specific needs. Revenue is generated from service fees for its organism design and development services, as well as from licensing agreements that allow partners to utilize Ginkgo's proprietary technologies. Additionally, Ginkgo may earn royalties from commercialized products developed using its engineered organisms. Significant partnerships with major corporations enhance Ginkgo’s revenue potential by providing access to larger markets and more substantial projects, contributing notably to its earnings.

Ginkgo Bioworks Holdings Financial Statement Overview

Summary

Financials remain weak despite some improvement: revenue has contracted sharply (down to ~$170M in 2025) and losses/FCF are still deeply negative (2025 net margin ~-184%, FCF ~-$179M). Offsetting factors include very strong gross margin (~81%), reduced losses versus prior years, and positive equity, though leverage has risen and equity has eroded.

Income Statement

Revenue has contracted sharply over time (down from ~$478M in 2022 to ~$170M in 2025), signaling a difficult demand/scale environment. Gross margin is very strong (about 81% in 2025), showing healthy unit economics, but losses remain very large: 2025 net margin is deeply negative (roughly -184%), even though it has improved meaningfully versus 2022–2024. Overall, the income statement reflects improving cost discipline from extremely weak levels, but the business is still far from profitability and top-line momentum is currently negative.

Balance Sheet

Leverage is moderate with debt below equity (2025 debt-to-equity ~0.82), but it has risen materially versus 2021–2023, increasing financial risk. Equity remains positive (~$509M in 2025), providing some balance-sheet support, yet it has declined significantly from prior years, consistent with ongoing losses. Returns on equity are strongly negative, highlighting that the capital base is not currently generating profits.

Cash Flow

Cash burn remains substantial, with operating cash flow around -$171M and free cash flow around -$179M in 2025, though both have improved versus 2023–2024. Free cash flow was slightly worse year over year in 2025, indicating the path to stabilization is not linear. Cash outflows exceed reported losses in magnitude terms from an operating perspective (still meaningfully negative operating cash flow), reinforcing that the company is not yet self-funding.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	170.16M	227.04M	251.46M	477.71M	313.84M
Gross Profit	138.63M	188.49M	197.45M	273.49M	184.15M
EBITDA	-315.28M	-484.39M	-821.29M	-2.06B	-1.81B
Net Income	-312.76M	-547.03M	-892.87M	-2.10B	-1.83B
Balance Sheet
Total Assets	1.12B	1.38B	1.67B	2.54B	2.07B
Cash, Cash Equivalents and Short-Term Investments	422.62M	561.57M	944.07M	1.32B	1.55B
Total Debt	417.08M	467.73M	239.31M	442.59M	23.03M
Total Liabilities	611.11M	661.39M	568.19M	803.04M	503.61M
Stockholders Equity	508.59M	716.06M	1.10B	1.74B	1.51B
Cash Flow
Free Cash Flow	-178.72M	-382.13M	-336.30M	-304.47M	-310.34M
Operating Cash Flow	-171.06M	-319.58M	-295.50M	-252.20M	-253.82M
Investing Cash Flow	-240.29M	-62.24M	-80.69M	-67.39M	-73.26M
Financing Cash Flow	0.00	-1.74M	-3.22M	95.34M	1.53B

Ginkgo Bioworks Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 8.86
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DNA, the sentiment is Positive. The current price of 8.86 is below the 20-day moving average (MA) of 9.17, below the 50-day MA of 9.11, and below the 200-day MA of 10.44, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 54.48 is Neutral, neither overbought nor oversold. The STOCH value of 62.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DNA.

Ginkgo Bioworks Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NAGE	75 Outperform	$407.81M	21.90	38.90%	―	36.04%	1240.00%
JBIO	55 Neutral	$638.54M	-1.28	-50.23%	14.68%	―	89.16%
MNPR	53 Neutral	$385.05M	-16.17	-26.54%	―	―	-73.48%
LYEL	52 Neutral	$490.10M	-1.02	-75.75%	―	-34.92%	-43.26%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
DNA	50 Neutral	$536.83M	―	-50.02%	―	-17.13%	51.74%
ABSI	46 Neutral	$407.51M	―	-55.68%	―	-33.09%	3.38%

Ginkgo Bioworks Holdings Corporate Events

Ginkgo Bioworks Divests Biosecurity Unit, Retains Minority Stake

On February 26, 2026, Ginkgo Bioworks, Inc., a wholly owned subsidiary of Ginkgo Bioworks Holdings, Inc., agreed to transfer all equity interests of Ginkgo Biosecurity, LLC to Tower Biosecurity, Inc., effectively divesting substantially all of the parent company’s Biosecurity segment operations. In return, Ginkgo will receive common stock in Tower Biosecurity representing about 20% of the purchaser’s fully diluted equity, with closing expected in the first half of 2026 subject to customary conditions, signaling a shift in how Ginkgo participates in the biosecurity market while retaining a minority stake in the combined platform.

The transaction is structured to move Ginkgo’s biosecurity activities into Tower Biosecurity’s corporate structure, potentially altering Ginkgo’s operational footprint and cost base in that segment while preserving exposure to any future growth via its equity interest. For stakeholders, the deal suggests a strategic repositioning away from directly operating the Biosecurity unit toward a partnership and ownership model, which may impact how investors assess the company’s risk profile and focus areas within the broader synthetic biology and biosecurity landscape.

The most recent analyst rating on (DNA) stock is a Sell with a $9.00 price target. To see the full list of analyst forecasts on Ginkgo Bioworks Holdings stock, see the DNA Stock Forecast page.

Ginkgo Bioworks realigns leadership, shifts COO responsibilities

On December 18, 2025, Ginkgo Bioworks announced that longtime co-founder and Chief Operating Officer Dr. Reshma Shetty will transition her COO responsibilities to CEO Dr. Jason Kelly and senior executive Jennifer Wipf, effective January 1, 2026. Dr. Shetty will remain President and a member of the Board and will concentrate on expanding and utilizing the company’s autonomous lab to deliver its cell engineering service offerings, while Dr. Kelly assumes the principal operating officer policymaking role and Wipf, formerly Chief Commercial Officer and General Manager for Discovery Solutions and Manufacturing, takes charge of day-to-day commercial and operational functions, including procurement, deployment, facilities, real estate, and people operations, reflecting a leadership realignment aimed at strengthening operations and commercial execution.

The most recent analyst rating on (DNA) stock is a Sell with a $8.50 price target. To see the full list of analyst forecasts on Ginkgo Bioworks Holdings stock, see the DNA Stock Forecast page.