Nektar Therapeutics (NKTR) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Nektar Therapeutics

NasdaqCM•Healthcare•Biotechnology

$67.38+0.74(0.01%)Pre-market

Market Cap

$2.26B

P/S

41.4x

P/B

2.5x

Nektar Therapeutics, a biopharmaceutical company, focuses on discovering and developing medicines in the field of immunotherapy in the United States and internationally. It develops rezpegaldesleukin, which is in Phase 2b to treat underlying immune system imbalance in people with autoimmune disorders and inflammatory diseases; NKTR-0165 to treat ulcerative colitis, vitiligo, and multiple sclerosis; NKTR-0166 to treat autoimmune disease; NKTR-422 to treat fibrotic diseases; and NKTR-255 to treat solid tumors and large b-cell lymphoma. It has collaboration agreements with Takeda Pharmaceutical Company Ltd.; AstraZeneca AB; UCB Pharma; F. Hoffmann-La Roche Ltd; Bausch Health Companies Inc.; Pfizer Inc.; UCB Pharma (Biogen); Bristol-Myers Squibb Company; and Merck KGaA. The company was incorporated in 1990 and is headquartered in San Francisco, California.

How this company scores

WeakMetricSide Score: 25/100

Strongest: Balance Sheet & Red Flags (15/25); weakest: Profitability (0/25).

Profitability0/25

Growth2/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality8/25

Strengths

Interest easily coveredCash-backed earningsNet cash position

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 41.4x5y range 1.8x – 49.3x

Currently above its 20-quarter median.

P/B · 2.5x5y range 0.8x – 19.7x

Currently near its 19-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $2.26B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $54.59M
Q. Revenue: $10.13M
TTM EBITDA: $-140.04M
TTM Op. Income: $-140.73M
Q. Op. Income: $-42.34M
TTM Net Income: $-157.13M
Q. Net Income: $-40.62M
EPS: $-1.23
Shares Out.: $33.05M

$54.59M in TTM revenue declined 27.2% YoY, reaching $10.13M last quarter. TTM EBITDA of $-140.04M and TTM operating income of $-140.73M show growth is flowing through to the bottom line. However, net income is negative at $157.13M — growth is not yet reaching the bottom line. Over the past year, TTM revenue is down 27% — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -416.4%
Op. Margin: -417.9%
Net Margin: -401.0%

Op. margin of -417.9% is down 93.7% YoY — costs are rising relative to revenue. Net margin at -401.0% Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 41.4x
P/B Ratio: 2.5x

P/S of 41.4x and P/B of 2.5x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.10B
Cash: $39.27M
Long-Term Debt: N/A
Book Value: $903.12M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-75.77M
TTM Free Cash Flow: $-234.03M
FCF Margin: -428.7%
FCF / Net Income: 1.5

TTM FCF of $-234.03M on $-75.77M in operating cash flow. The FCF / Net Income ratio of 1.5x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is down 26% — a weakening trend.