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NEKTAR THERAPEUTICS

NKTR Clue Score14
United States Fiscal year ends December CIK 0000906709
$41.17 +0.91% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $41.17 +139.08% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue165.4Operating income−112.9Net income−153.5EPS, diluted−1.10Fiscal year 2017Revenue307.7 +86.0%Operating income−59.6Net income−96.7EPS, diluted−0.62Fiscal year 2018Revenue1,193.3 +287.8%Operating income687.9Net income681.3EPS, diluted3.78Fiscal year 2019Revenue114.6 −90.4%Operating income−440.0Net income−440.7 −164.7%EPS, diluted−2.52Fiscal year 2020Revenue152.9 +33.4%Operating income−425.1Net income−444.4EPS, diluted−2.49Fiscal year 2021Revenue101.9 −33.4%Operating income−446.1Net income−523.8EPS, diluted−2.86Fiscal year 2022Revenue92.1 −9.7%Operating income−376.2Net income−368.2EPS, diluted−1.97Fiscal year 2023Revenue90.1 −2.1%Operating income−263.7Net income−276.1EPS, diluted−1.45Fiscal year 2024Revenue98.4 +9.2%Operating income−105.2Net income−119.0EPS, diluted−8.68Fiscal year 2025Revenue55.2 −43.9%Operating income−140.1Net income−164.1EPS, diluted−9.73
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 165.4 307.7 1,193.3 114.6 152.9 101.9 92.1 90.1 98.4 55.2
Growth +86.0% +287.8% −90.4% +33.4% −33.4% −9.7% −2.1% +9.2% −43.9%
Operating income −112.9 −59.6 687.9 −440.0 −425.1 −446.1 −376.2 −263.7 −105.2 −140.1
Net income −153.5 −96.7 681.3 −440.7 −444.4 −523.8 −368.2 −276.1 −119.0 −164.1
Growth −164.7%
EPS, diluted −1.10 −0.62 3.78 −2.52 −2.49 −2.86 −1.97 −1.45 −8.68 −9.73

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin−68.2%Net margin−92.8%Free cash flow margin−74.6%Fiscal year 2017Operating margin−19.4%Net margin−31.4%Free cash flow margin−29.3%Fiscal year 2018Operating margin57.6%Net margin57.1%Free cash flow margin59.0%Fiscal year 2019Operating margin−383.9%Net margin−384.5%Free cash flow margin−309.7%Fiscal year 2020Operating margin−278.0%Net margin−290.6%Free cash flow margin−209.6%Fiscal year 2021Operating margin−437.8%Net margin−514.0%Free cash flow margin−419.6%Fiscal year 2022Operating margin−408.6%Net margin−400.0%Free cash flow margin−336.4%Fiscal year 2023Operating margin−292.6%Net margin−306.3%Free cash flow margin−214.7%Fiscal year 2024Operating margin−106.9%Net margin−120.9%Free cash flow margin−180.0%Fiscal year 2025Operating margin−253.7%Net margin−297.1%Free cash flow margin−377.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin −68.2% −19.4% 57.6% −383.9% −278.0% −437.8% −408.6% −292.6% −106.9% −253.7%
Net margin −92.8% −31.4% 57.1% −384.5% −290.6% −514.0% −400.0% −306.3% −120.9% −297.1%
Free cash flow margin −74.6% −29.3% 59.0% −309.7% −209.6% −419.6% −336.4% −214.7% −180.0% −377.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−117.0Capital expenditure−6.4Free cash flow−123.4Fiscal year 2017Operating cash flow−80.4Capital expenditure−9.7Free cash flow−90.1Fiscal year 2018Operating cash flow718.2Capital expenditure−14.2Free cash flow704.0Fiscal year 2019Operating cash flow−328.7Capital expenditure−26.3Free cash flow−355.0 −150.4%Fiscal year 2020Operating cash flow−313.3Capital expenditure−7.3Free cash flow−320.5Fiscal year 2021Operating cash flow−412.7Capital expenditure−15.0Free cash flow−427.6Fiscal year 2022Operating cash flow−304.0Capital expenditure−5.7Free cash flow−309.7Fiscal year 2023Operating cash flow−192.6Capital expenditure−0.9Free cash flow−193.5Buybacks0.0Fiscal year 2024Operating cash flow−175.7Capital expenditure−1.5Free cash flow−177.2Buybacks−3.0Fiscal year 2025Operating cash flow−208.5Capital expenditure−0.2Free cash flow−208.7Buybacks0.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −117.0 −80.4 718.2 −328.7 −313.3 −412.7 −304.0 −192.6 −175.7 −208.5
Capital expenditure −6.4 −9.7 −14.2 −26.3 −7.3 −15.0 −5.7 −0.9 −1.5 −0.2
Free cash flow −123.4 −90.1 704.0 −355.0 −320.5 −427.6 −309.7 −193.5 −177.2 −208.7
Growth −150.4%
Buybacks n/a n/a n/a n/a n/a n/a n/a 0.0 −3.0 0.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash59.6Shareholders’ equity88.1Fiscal year 2017Cash4.8Shareholders’ equity87.8Fiscal year 2018Cash194.9Shareholders’ equity1,717.6Fiscal year 2019Cash96.4Shareholders’ equity1,405.4Fiscal year 2020Cash199.0Shareholders’ equity1,077.3Fiscal year 2021Cash25.2Shareholders’ equity679.5Fiscal year 2022Cash88.2Shareholders’ equity366.6Fiscal year 2023Cash35.3Shareholders’ equity131.0Fiscal year 2024Cash44.3Shareholders’ equity60.7Fiscal year 2025Cash15.1Shareholders’ equity89.8
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 59.6 4.8 194.9 96.4 199.0 25.2 88.2 35.3 44.3 15.1
Shareholders’ equity 88.1 87.8 1,717.6 1,405.4 1,077.3 679.5 366.6 131.0 60.7 89.8

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024† 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
165.4 307.7 1,193.3 114.6 152.9 101.9 92.1 90.1 98.4 55.2
Growth +86.0% +287.8% −90.4% +33.4% −33.4% −9.7% −2.1% +9.2% −43.9%
30.2 30.5 24.4 21.4 19.5 24.9 21.6 33.8 30.7 0.0
203.8 268.5 399.5 434.6 408.7 400.3 218.3 114.2 120.9 117.3
44.3 52.4 81.4 98.7 104.7 122.8 92.3 77.4 76.8 68.7
−112.9 −59.6 687.9 −440.0 −425.1 −446.1 −376.2 −263.7 −105.2 −140.1
Growth −164.0%
−152.6 −96.1 682.7 −440.1 −443.9 −523.3 −365.0 −276.3 −119.2 −164.2
0.9 0.6 1.4 0.6 0.5 0.6 3.2 −0.2 −0.2 −0.1
−153.5 −96.7 681.3 −440.7 −444.4 −523.8 −368.2 −276.1 −119.0 −164.1
Growth −164.7%
Per share
−1.10 −0.62 4.02 −2.52 −2.49 −2.86 −1.97 −1.45 −8.68 −9.73
−1.10 −0.62 3.78 −2.52 −2.49 −2.86 −1.97 −1.45 −8.68 −9.73
Growth −166.7%
139.6 156.0 169.6 175.0 178.6 183.3 187.1 190.0 13.7 16.9
139.6 156.0 180.1 175.0 178.6 183.3 187.1 190.0 13.7 16.9
Growth +11.7% +15.5% −2.8% +2.1% +2.6% +2.1% +1.5% −92.8% +23.0%

† The diluted share count jumps at 2024, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue shrank 18.4% a year over five years.
  • Operating margin is up 24.3 points on five years ago, at -253.7%.
  • A net loss in 9 of 10 years on file.