Overall Score

Revenue Model

Keros Therapeutics remains a single-product biotech with revenue tied primarily to collaboration and milestone income rather than a diversified commercial base.

The company still lacks recurring product sales, leaving revenue visibility limited and highly dependent on clinical and regulatory progress.

Profitability

TTM margins remain deeply negative, with operating margin at -6.76 and net margin at -5.54, indicating the business is still far from profitability.

Return metrics are also negative across the board, including ROA of -28.9%, ROE of -21.4%, and ROIC of -35.2%.

Financial Strength

Liquidity remains very strong, with a current ratio of 21.96 and cash ratio of 21.20, supported by cash per share of 13.01.

Balance-sheet leverage is low, with debt-to-equity of 0.06 and debt-to-assets of 0.05, though solvency remains pressured by ongoing losses.

Growth Efficiency

Operating efficiency remains poor, with asset turnover of 0.05 and working capital turnover of 0.06, reflecting limited revenue generation from the asset base.

High R&D intensity at 5.05x revenue and SG&A at 2.71x revenue continue to weigh on efficiency and cash generation.

Valuation

The stock screens as optically inexpensive on book value, with price-to-book at 0.76 and price-to-fair-value at 0.76.

However, valuation remains difficult to justify on earnings or cash flow because TTM earnings and free cash flow are negative.