# Ginkgo Bioworks Holdings, Inc. (DNA)

> Source: Nexqual · https://nexqual.com/DNA · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Ginkgo Bioworks Holdings, Inc. (DNA), nexqual.com/DNA" · informational, not investment advice.

**Price:** USD 9.99 (+2.88% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 9.71 · day 9.43–9.99 · 52w 5.37–18.22 · market cap $673M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $112M, net income -$291M (-260.0% margin), free cash flow -$175M (SEC filings).
- 1 of 80 tracked superinvestors hold DNA (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 16 Form 4 filings, $4.9M; 15 not under a Rule 10b5-1 plan ($4.9M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Sell (mean 4.00 on a 1–5 scale) (3 analysts), mean target USD 8 (range 5–11).
- Total return with dividends: 1Y -26.4% vs S&P 500 +13.4%; 5Y -98.2% vs S&P 500 +76.9%.
- Next earnings: 2026-11-05, EPS estimate USD -0.54, revenue estimate $21.5M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $314M | $478M | $251M | $227M | $170M | $112M |
| Operating income | -$1.83B | -$2.21B | -$864M | -$560M | -$315M | -$291M |
| Net income | -$1.83B | -$2.10B | -$893M | -$547M | -$313M | -$291M |
| EPS (diluted) | -$55.60 | -$50.20 | -$18.37 | -$10.54 | -$5.64 | — |
| Free cash flow | -$310M | -$304M | -$336M | -$382M | -$179M | -$175M |
| Operating margin | -582.6% | -462.4% | -343.8% | -246.5% | -185.3% | -259.9% |
| Net margin | -583.1% | -440.6% | -355.1% | -240.9% | -183.8% | -260.0% |
| Revenue growth | +309.4% | +52.2% | -47.4% | -9.7% | -25.1% | — |
| Cash + short-term investments | $1.55B | $1.32B | $944M | $562M | $423M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 6.0x · P/B 1.6x · FCF yield -25.98% · Earnings yield -43.23%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold DNA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Viking Global | Viking Global Investors | 0.10% | $35.4M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 16 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-19 | Coen Steven P. | See remarks | 766 | $8K | 1.5% | No | Too little history (no open-market trades in 2023) |
| 2026-10-19 | Canton Barry |  | 41,172 | $418K | 4.8% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-10-19 | Shetty Reshma P. | See remarks | 41,172 | $418K | 4.8% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-10-19 | Kelly Jason R | See remarks | 45,682 | $463K | 26.1% | No | Too little history (no open-market trades in 2025) |
| 2026-10-05 | Coen Steven P. | See remarks | 2,403 | $36K | 4.6% | Yes | Too little history (no open-market trades in 2023) |
| 2026-09-15 | Henry Christian O | Director | 5,000 | $35K | 20.6% | No | Too little history (no open-market trades in 2024) |
| 2026-08-24 | Coen Steven P. | See remarks | 330 | $2K | 0.6% | No | Too little history (no open-market trades in 2023) |
| 2026-07-17 | Coen Steven P. | See remarks | 752 | $6K | 1.4% | No | Too little history (no open-market trades in 2023) |
| 2026-05-22 | Coen Steven P. | See remarks | 307 | $3K | 0.6% | No | Too little history (no open-market trades in 2023) |
| 2026-04-17 | Coen Steven P. | See remarks | 324 | $3K | 0.6% | No | Too little history (no open-market trades in 2023) |
| 2026-04-13 | Coen Steven P. | See remarks | 33,171 | $213K | 40% | No | Too little history (no open-market trades in 2023) |
| 2026-04-10 | Canton Barry |  | 124,727 | $802K | 22.2% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-04-10 | Shetty Reshma P. | See remarks | 124,727 | $802K | 22.2% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-04-08…2026-04-09 | Shetty Reshma P. | See remarks | 26,271 | $175K | 7.2% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-04-08…2026-04-09 | Canton Barry |  | 26,271 | $175K | 7.2% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-04-08…2026-04-09 | Kelly Jason R | See remarks | 206,782 | $1.4M | 39.5% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Sell (mean 4.00 on a 1–5 scale), 3 analysts; mean target USD 8 (low 5, high 11).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | TD Cowen | Target raised | Hold | $9 → $11 |
| 2026-09-04 | BTIG | Reiterated | Sell | $5 |
| 2026-08-07 | TD Cowen | Downgrade | Buy → Hold | $12 → $9 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -26.4% | -98.2% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -26.5% | -55.2% |
| Volatility (annualized) | 100.5% | 97.3% |
| Max drawdown | -59.6% (Oct 2025→Mar 2026) | -99.0% (Nov 2021→Mar 2025) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 303.53 -1.39% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 89.27 -1.79% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.09 -0.35% · PRAX (Praxis Precision Medicines, Inc) USD 252.96 -2.30% · IONS (Ionis Pharmaceuticals, Inc.) USD 42.93 -2.23% · AXSM (Axsome Therapeutics, Inc.) USD 145.04 -7.07%

## More
Full page: https://nexqual.com/DNA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DNA's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1830214/000162828026012346/dna-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | THERMO FISHER SCIENTIFIC INC. (TMO) | "In particular, we rely on Twist for custom DNA synthesis and Thermo Fisher Scientific Inc. and others for certain instruments and consumables." |
| Partner | Alphabet (Google) (GOOGL) | "Because of our access to large amounts of data, which is critical to efficiently leverage AI, Ginkgo is well-positioned to build superior foundational models and from there, build fine-tuned models designed to cater to o…" |
| Partner | SYNLOGIC, INC. (SYBX) | "The Company has also partnered with existing entities, including Genomatica, Inc. ("Genomatica") and Synlogic, Inc. ("Synlogic") (collectively, "Legacy Structured Partnerships") with complementary assets for synthetic bi…" |

Other companies that name DNA in their own reports (relationship from DNA's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | XWELL, Inc. (XWEL) | 10-K 2026-04-01 | "As of December 31, 2023, the Company closed all XpresCheck locations and XpresTest no longer provides diagnostic testing services XpresTest began conducting bio surveillance monitoring with the Center…" |
| partner | AGENUS INC (AGEN) | 10-K 2026-03-16 | "In January 2019, we announced that the Bill & Melinda Gates Foundation awarded us a grant to develop an alternative, plant cell culture-based manufacturing process to ensure the continuous future supp…" |
| partner | SYNLOGIC, INC. (SYBX) | 10-K 2026-03-12 | "Other charges relating to the restructuring include a $5.2 million charge to impairment for prepaid research and development in relation to the Ginkgo collaboration (See Note 11, Collaboration Agreeme…" |

## Revenue by product line (quarter ended 2025-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Cell Engineering | $29.4M | 75.6% | -60.9% |
| Biosecurity | $9.5M | 24.4% | -32.2% |
| Total revenue | $38.8M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 15% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Company outlook (8-K filed 2026-08-05)

- "Outlook • Ginkgo reaffirms expected total cash burn of ($150)-($125) million in 2026."
- "The presentation will include an overview of the second quarter 2026, recent business updates, a discussion on Ginkgo's outlook, as well as a moderated question and answer session."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.54 | $0.00 | — | $21.5M | 2 |
| Next quarter (ends 2026-12-31) | $-0.82 | $0.00 | — | $23.8M | 1 |
| Current fiscal year (ends 2026-12-31) | $-2.93 | $-3.42 | -14.3% | $85.1M | 2 |
| Next fiscal year (ends 2027-12-31) | $-2.90 | $-3.21 | -9.7% | $96.2M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±28.0%; last 8 reports averaged ±13.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 127.5% | ±28.0% |
| 2026-12-18 | 56 | 106.8% | ±33.0% |
| 2027-01-15 | 84 | 100.2% | ±37.8% |
| 2027-03-19 | 147 | 106.9% | ±52.6% |
| 2027-05-21 | 210 | 106.7% | ±61.8% |
| 2027-06-17 | 237 | 104.1% | ±63.8% |
| 2027-08-20 | 301 | 107.7% | ±73.6% |
| 2027-11-19 | 392 | 113.1% | ±86.1% |