Loading institutional data...
Loading institutional data...
Held by 202 of 5,944 reporting institutions (92th percentile) — extremely crowded.
Data as of Q1 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading quality & risk...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
2/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$209M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -183%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Interest last disclosed in FY2020 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $55.2M 100.0% | $98.4M 100.0% | $90.1M 100.0% | $92.1M 100.0% | $101.9M 100.0% | $152.9M 100.0% | $114.6M 100.0% | $1.19B 100.0% | $307.7M 100.0% | $165.4M 100.0% |
| Cost of Revenue | $0 0.0% | $30.7M 31.2% | $33.8M 37.5% | $21.6M 23.5% | $24.9M 24.4% | $19.5M 12.7% | $21.4M 18.6% | $24.4M 2.0% | $30.5M 9.9% | $30.2M 18.3% |
| Cost of Products | — | — | — | — | — | — | — | — | $30.5M 9.9% | $30.2M 18.3% |
| Research & Development | $117.3M 212.4% | $120.9M 122.8% | $114.2M 126.7% | $218.3M 237.2% | $400.3M 392.8% | $408.7M 267.3% | $434.6M 379.1% | $399.5M 33.5% | $268.5M 87.2% | $203.8M 123.2% |
| Selling, General & Admin | $68.7M 124.3% | $76.8M 78.0% | $77.4M 85.9% | $92.3M 100.3% | $122.8M 120.5% | $104.7M 68.5% | $98.7M 86.1% | $81.4M 6.8% | $52.4M 17.0% | $44.3M 26.8% |
| Total Operating Expenses | $195.3M 353.7% | $203.6M 206.9% | $353.8M 392.6% | $468.2M 508.6% | $548.0M 537.8% | $578.0M 378.0% | $554.7M 483.9% | $505.4M 42.4% | $367.4M 119.4% | $278.3M 168.2% |
| Operating Income | -$140.1M -253.7% | -$105.2M -106.9% | -$263.7M -292.6% | -$376.2M -408.6% | -$446.1M -437.8% | -$425.1M -278.0% | -$440.0M -383.9% | $687.9M 57.6% | -$59.6M -19.4% | -$112.9M -68.2% |
| Interest Expense | — | — | — | $0 0.0% | $0 0.0% | $6.9M 4.5% | $21.3M 18.6% | $21.6M 1.8% | $22.1M 7.2% | $22.5M 13.6% |
| Interest & Investment Income | $10.4M 18.9% | $14.5M 14.7% | $19.0M 21.1% | $6.8M 7.4% | $2.7M 2.7% | — | — | — | — | — |
| Other Income (Expense), net | -$15.4M -27.9% | -$14.0M -14.2% | -$12.6M -13.9% | $11.2M 12.1% | -$77.2M -75.7% | -$18.8M -12.3% | -$19K -0.0% | -$5.2M -0.4% | -$36.4M -11.8% | -$39.8M -24.1% |
| Pretax Income | -$164.2M -297.3% | -$119.2M -121.1% | -$276.3M -306.5% | -$365.0M -396.5% | -$523.3M -513.5% | -$443.9M -290.3% | -$440.1M -383.9% | $682.7M 57.2% | -$96.1M -31.2% | -$152.6M -92.3% |
| Income Tax Expense | -$138K -0.2% | -$239K -0.2% | -$200K -0.2% | $3.2M 3.5% | $557K 0.5% | $493K 0.3% | $613K 0.5% | $1.4M 0.1% | $616K 0.2% | $876K 0.5% |
| Net Income | -$164.0M -296.9% | -$119.0M -120.9% | -$276.0M -306.3% | -$368.0M -399.8% | -$524.0M -514.2% | -$444.4M -290.6% | -$440.7M -384.5% | $681.3M 57.1% | -$96.7M -31.4% | -$153.5M -92.8% |
| Per Share | ||||||||||
| EPS (Basic) | $-9.73 | $-8.68 | $-1.45 | $-1.97 | $-2.86 | $-2.49 | $-2.52 | $4.02 | $-0.62 | $-1.10 |
| EPS (Diluted) | $-9.73 | $-8.68 | $-1.45 | $-1.97 | $-2.86 | $-2.49 | $-2.52 | $3.78 | $-0.62 | $-1.10 |
| Weighted Avg Shares (Basic) | 16.9M | 13.7M | 190.0M | 187.1M | 183.3M | 178.6M | 175.0M | 169.6M | 156.0M | 139.6M |
| Weighted Avg Shares (Diluted) | 16.9M | 13.7M | 190.0M | 187.1M | 183.3M | 178.6M | 175.0M | 180.1M | 156.0M | 139.6M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.24T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.03T | 50.2× | — | 15.9× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $894.1B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $650.5B | 24.5× | — | 6.9× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $467.1B | 111.9× | 33.4× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $368.2B | 20.2× | — | 5.7× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $339.9B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $257.7B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $248.2B | 37.1× | 31.9× | 5.6× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $204.6B | 26.7× | 17.6× | 5.6× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $187.3B | 22.3× | 20.4× | 6.4× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.0B | 27.5× | 19.2× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $157.1B | 20.3× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $150.2B | 42.1× | 31.0× | 6.1× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $136.2B | 48.7× | 37.5× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $131.1B | 33.7× | 28.8× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $127.8B | 18.2× | — | 2.6× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.8B | 24.9× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| CVS | $114.7B | 64.9× | 11.5× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $107.1B | 33.4× | 18.4× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $102.5B | 22.9× | 16.2× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.4B | 15.1× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.4B | 16.4× | 15.5× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $82.6B | 19.0× | 19.8× | 5.8× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| CI | $72.7B | 12.4× | 5.5× | 0.3× | 11.2% | 21.8% | 2.2% | 14.3% | 14.1% | 0.0× | 1,583 |
| NKTR | $1.4B | — | — | 25.2× | -43.9% | 100% | -297% | -183% | -183% | — | 202 |
Peers = companies sharing NKTR's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-09-17
Nothing notable to watch.
Where each multiple sits in its own 14-yr range · 22th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 2.0 | 18.6 | 12.7 | 24.4 | 23.5 | 37.5 | 31.2 | 0.0 |
| R&D | 33.5 | 379.1 | 267.3 | 392.8 | 237.2 | 126.7 | 122.8 | 212.4 |
| SG&A | 6.8 | 86.1 | 68.5 | 120.5 | 100.3 | 85.9 | 78.0 | 124.3 |
| Operating Income | 57.6 | -383.9 | -278.0 | -437.8 | -408.6 | -292.6 | -106.9 | -253.7 |
| Income Tax | 0.1 | 0.5 | 0.3 | 0.5 | 3.5 | -0.2 | -0.2 | -0.2 |
| Net Income | 57.1 | -384.5 | -290.6 | -514.2 | -399.8 | -306.3 | -120.9 | -296.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NKTR: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.