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1. Company Snapshot

1.a. Company Description

Ginkgo Bioworks Holdings, Inc., together with its subsidiaries, develops platform for cell programming.Its platform is used to program cells to enable biological production of products, such as novel therapeutics, food ingredients, and chemicals derived from petroleum.The company serves various end markets, including specialty chemicals, agriculture, food, consumer products, and pharmaceuticals.


Ginkgo Bioworks has a partnership with Selecta Biosciences, Inc.to develop ImmTOR technology platform.Ginkgo Bioworks Holdings, Inc.


was founded in 2008 and is headquartered in Boston, Massachusetts.

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1.b. Last Insights on DNA

Ginkgo Bioworks Holdings, Inc.'s recent performance was negatively driven by a wider-than-expected Q4 loss of $1.82 per share, compared to the consensus estimate of a loss of $1.45. The company's struggle to achieve profitability and slow revenue growth are major concerns. Additionally, the divestiture of the CertainT platform, a strategic decision to focus on genetic medicines, may impact future revenue. The company's workforce reduction of 20% and exit of the DNA Tagging and Security Products and Services Business Segment also raise red flags. These factors indicate a challenging business environment for Ginkgo Bioworks Holdings, Inc.

1.c. Company Highlights

2. Ginkgo Bioworks' Q3 2025 Earnings: A Deeper Dive into Financials and Future Prospects

Ginkgo Bioworks reported a Cell Engineering revenue of $29 million for Q3 2025, representing a 61% decline from the previous year. However, excluding non-cash revenue, the decline was more modest at 11%. The Biosecurity segment generated $9 million in revenue with a segment gross margin of 19%. The net loss includes non-cash and other non-recurring items, making adjusted EBITDA a more indicative measure of profitability. The actual EPS came out at '-1.45', missing estimates at '-1.24'. Analysts estimate next year's revenue growth at 9.6%.

Publication Date: Nov -18

📋 Highlights
  • Cash Position:: $462 million in cash and equivalents with no bank debt.
  • Cell Engineering Revenue:: $29 million (Q3 2025), down 61% YoY; -11% excluding noncash revenue.
  • BARDA Partnership:: $22 million awarded for monoclonal antibody manufacturing in Research Solutions.
  • Future Revenue Mix:: Tools business to dominate 80-20 by 2030, with services as remainder.
  • R&D Cost Reduction:: AI/robotics platform aims to shift costs from labor to reagents, slashing R&D expenses.

Financial Performance and Key Metrics

The company's cash and cash equivalents stood at $462 million with no bank debt, indicating a stable financial position. Ginkgo achieved a significant reduction in quarterly cash burn over the last year. The current valuation metrics show a 'P/S Ratio' of 2.35 and an 'EV/EBITDA' of -2.13, suggesting that the market is pricing in a certain level of growth.

Strategic Review and AI Impact

Jason Kelly, Co-Founder and CEO, discussed the impact of AI models on biotechnology, highlighting two significant areas where Ginkgo is well-positioned to sell tools. He emphasized the need for robotic infrastructure to compete with China in biotechnology and showcased Ginkgo's reconfigurable automation carts (RACs). The company is building a community in using AI to speak biology through its Ginkgo data point service and is releasing data sets for free to help build the community of AI/ML experts working with biological data.

Research Solutions and Partnerships

Ginkgo's Research Solutions business remains a significant focus, with a recent $22 million award from BARDA for manufacturing monoclonal antibodies. The company is expanding its partnership with Bayer in the agricultural sector, working on engineering microbes for fertilizer production, which has the potential to replace the Haber-Bosch process, a significant source of greenhouse gas emissions.

Future Prospects and Valuation

Jason Kelly predicted that the tools business would dominate the revenue mix by 2030, accounting for 80-20 of the revenue mix, with the services side making up the remainder. The current valuation metrics, including a 'P/S Ratio' of 2.35, suggest that the market is pricing in a certain level of growth. With the company's expanding partnerships and growing pipeline, it remains to be seen whether Ginkgo can meet these expectations.

3. NewsRoom

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STRM.BIO Awarded ARPA-H Contract to Advance Megakaryocyte-Derived Vesicle Platform for In Vivo Cell Engineering and Gene Therapy

Dec -03

Source: prnewswire.com

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Ginkgo Bioworks Partners on Illinois-Led Team to Develop Innovative New Treatments for Oral Health

Nov -18

Source: prnewswire.com

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Ginkgo Bioworks: Not There Yet

Nov -11

Source: seekingalpha.com

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Ginkgo Bioworks Holdings, Inc. (DNA) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

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Ginkgo Bioworks Reports Third Quarter 2025 Financial Results

Nov -06

Source: prnewswire.com

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New environmental DNA test could help rare hammerhead sharks fight extinction

Nov -05

Source: prnewswire.com

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Altamira Therapeutics Announces Successful Nanoparticle-Based Delivery of DNA Molecules

Nov -03

Source: accessnewswire.com

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Ginkgo Bioworks Awarded Project Agreement through BARDA's BioMaP-Consortium

Nov -03

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (20.60%)

6. Segments

Cell Engineering

Expected Growth: 24.5%

Increasing demand for sustainable biofuels, growing need for novel pharmaceuticals, and advancements in genetic engineering are driving the growth of cell engineering market. Ginkgo Bioworks' innovative approach to designing biological pathways and circuits is expected to revolutionize the industry.

Biosecurity

Expected Growth: 15.4%

Growing concern for biosecurity, increasing adoption of synthetic biology, and rising investments in biotech research drive the growth of Ginkgo Bioworks' biosecurity segment, ensuring safe and responsible biotechnology development.

7. Detailed Products

Foundry

A platform that enables the design, construction, and testing of microbial strains at scale

Bioworks

A suite of software and laboratory tools that enable the design, construction, and testing of genetic circuits

Biosecurity

A platform that provides biosecurity solutions to detect and prevent biological threats

Ginkgo Creative

A platform that enables the design and development of novel biological products, such as fragrances, flavors, and cosmetics

Ginkgo Enzyme

A platform that enables the design and development of novel enzymes for various industrial applications

8. Ginkgo Bioworks Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Ginkgo Bioworks Holdings, Inc. operates in a niche market with limited substitutes, but the threat of substitutes is moderate due to the presence of alternative biotechnology companies.

Bargaining Power Of Customers

Ginkgo Bioworks Holdings, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's unique offerings and expertise in biotechnology give it an upper hand in negotiations.

Bargaining Power Of Suppliers

Ginkgo Bioworks Holdings, Inc. relies on a few key suppliers for critical components, which gives them some bargaining power. However, the company's scale and reputation help mitigate this risk.

Threat Of New Entrants

The biotechnology industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This makes it difficult for new entrants to compete with established players like Ginkgo Bioworks Holdings, Inc.

Intensity Of Rivalry

The biotechnology industry is highly competitive, with many established players competing for market share. Ginkgo Bioworks Holdings, Inc. faces intense competition from companies like Zymergen and Amyris.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 18.06%
Debt Cost 3.95%
Equity Weight 81.94%
Equity Cost 11.06%
WACC 9.78%
Leverage 22.04%

11. Quality Control: Ginkgo Bioworks Holdings, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Ginkgo Bioworks

A-Score: 4.3/10

Value: 7.8

Growth: 3.3

Quality: 4.3

Yield: 0.0

Momentum: 9.5

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Aadi Bioscience

A-Score: 3.9/10

Value: 8.0

Growth: 5.4

Quality: 4.5

Yield: 0.0

Momentum: 3.5

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
MeiraGTx

A-Score: 3.8/10

Value: 6.0

Growth: 2.6

Quality: 2.6

Yield: 0.0

Momentum: 9.5

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Foghorn Therapeutics

A-Score: 3.8/10

Value: 8.0

Growth: 5.4

Quality: 6.0

Yield: 0.0

Momentum: 2.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Relay Therapeutics

A-Score: 3.6/10

Value: 6.8

Growth: 6.9

Quality: 3.8

Yield: 0.0

Momentum: 2.5

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Sutro Biopharma

A-Score: 3.0/10

Value: 9.4

Growth: 2.3

Quality: 4.9

Yield: 0.0

Momentum: 0.5

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

9.25$

Current Price

9.25$

Potential

-0.00%

Expected Cash-Flows