Ginkgo Bioworks Holdings (DNA) has wrapped up FY 2025 with fourth quarter revenue of about US$33.4 million and a basic EPS loss of US$1.41, alongside a net income loss of US$80.8 million. The company has seen trailing twelve month revenue move from US$227.0 million in Q4 2024 to US$170.2 million in Q4 2025. Over the same period, trailing EPS has shifted from a loss of US$10.54 to a loss of US$5.64, indicating that the business is still absorbing heavy costs even as losses on a per share basis have narrowed. With margins still firmly in negative territory, the latest results keep attention on how quickly the company can tighten its cost base and convert its platform into more efficient revenue.

See our full analysis for Ginkgo Bioworks Holdings.

With the numbers on the table, the next step is to see how this earnings run rate lines up with the prevailing narratives about growth potential, risk, and execution around Ginkgo Bioworks.

TTM loss of US$312.8 million keeps profitability distant

• On a trailing twelve month basis to Q4 2025, Ginkgo Bioworks reported a net loss of US$312.8 million and basic EPS of US$5.64 in losses, with forecasts indicating it is not expected to reach profitability within the next three years.
• Bulls argue that aggressive cost savings and early investments could set Ginkgo up for stronger margins over time. However, the current loss level and guidance for continued unprofitability mean:
  • The five year trend of earnings improving at about 14.5% per year sits alongside a present TTM loss above US$300 million, so the scale of the gap to break even remains large.
  • Forecasts that the company will stay loss making for at least three years directly test the bullish idea of an earlier profitability inflection. This makes the timing of any margin improvement a key open point rather than a settled outcome.

Bulls who see cost cuts and automation as a springboard for a future margin lift can test that view in more detail in the 🐂 Ginkgo Bioworks Holdings Bull Case

Revenue expected to decline about 3.5% a year

• Trailing twelve month revenue has moved from US$227.0 million in Q4 2024 to US$170.2 million in Q4 2025, and revenue is expected to decline at about 3.5% per year over the next three years.
• Bears highlight that pressure on the top line is a central issue for the business, and the recent pattern supports that concern:
  • Within FY 2025, quarterly revenue moved between US$33.4 million and US$49.6 million, while TTM revenue tracked lower over the year, consistent with the expectation of a multi year revenue decline.
  • Reliance on project based work and biosecurity funding in this context aligns with the bearish view that revenue stability is still not in place, especially if contracts or funding streams change.

If you want to see how skeptics connect this revenue profile to their concerns about the business model, take a closer look at the 🐻 Ginkgo Bioworks Holdings Bear Case

P/S of 3.5x sits above peers despite ongoing losses

• The stock trades on a P/S of about 3.5x, slightly above both the peer average of 3.1x and the US Life Sciences industry at 3.4x, even though the company is loss making and revenue is expected to decline at around 3.5% per year.
• Consensus narrative points out a tension between valuation and fundamentals, and the current numbers underline that:
  • At a share price of US$10.32 compared with an analyst consensus target of US$8.67, the stock sits above the level analysts collectively point to, despite forecasts for continued losses and revenue contraction.
  • Analysts also expect Ginkgo to remain unprofitable over the next three years, so the current premium P/S multiple is being applied to a business that does not yet have a path to earnings in the forecast window.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Ginkgo Bioworks Holdings on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With sentiment clearly divided between risk and reward, this is the moment to look through the numbers yourself and decide where you stand, starting with the 1 key reward and 2 important warning signs

See What Else Is Out There

Ginkgo Bioworks is still carrying sizeable losses, facing pressure on revenue and trading at a premium P/S multiple despite expectations for continued unprofitability.

If you are uneasy about that mix of earnings risk and valuation, shift your focus to companies screened for resilience using the 72 resilient stocks with low risk scores.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.