Pacific Biosciences of California (PACB) Financials

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Annual Income Statements for Pacific Biosciences of California

This table shows Pacific Biosciences of California's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-32	-74	-92	-103	-84	29	-182	-314	-307	-310	-546
Consolidated Net Income / (Loss)	-32	-74	-92	-103	-84	29	-181	-314	-307	-310	-546
Net Income / (Loss) Continuing Operations	-32	-74	-92	-103	-84	29	-181	-314	-307	-310	-546
Total Pre-Tax Income	-32	-74	-93	-103	-84	29	-275	-314	-318	-310	-546
Total Operating Income	-29	-71	-90	-101	-101	-104	-210	-307	-334	-474	-554
Total Gross Profit	53	44	35	25	35	33	59	49	53	37	46
Total Revenue	93	91	93	79	91	79	131	128	201	154	160
Operating Revenue	82	91	93	79	91	79	131	128	201	154	160
Total Cost of Revenue	39	47	59	54	56	46	72	79	148	117	114
Operating Cost of Revenue	39	47	59	54	56	46	72	79	148	116	110
Total Operating Expenses	83	115	124	126	135	137	269	356	387	512	600
Selling, General & Admin Expense	45	48	59	63	75	73	124	161	170	175	141
Research & Development Expense	60	68	65	63	60	64	113	193	187	135	97
Amortization Expense	-	-	-	-	-	-	0.00	0.00	6.16	18	365
Impairment Charge	-	-	-	-	-	-	-	0.00	0.00	185	15
Restructuring Charge	-	-	-	-	0.00	0.00	31	0.00	9.04	0.00	0.00
Other Special Charges / (Income)	-	-	-	-	0.00	0.00	1.14	2.38	15	-0.85	-19
Total Other Income / (Expense), net	-2.93	-3.13	-2.92	-2.42	16	134	-64	-7.05	16	165	7.80
Interest Expense	2.93	3.23	2.92	2.42	2.61	0.27	13	15	16	-141	6.95
Other Income / (Expense), net	-	0.10	0.00	0.00	19	134	-52	7.64	33	24	15
Income Tax Expense	-	-	-	-	0.00	0.00	-94	0.00	-11	0.32	0.32
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	0.02	-0.01	0.04	0.00	-	-	1.17	-	-	-0.20	-0.04
Basic Earnings per Share	($0.42)	($0.83)	($0.87)	($0.76)	($0.55)	$0.18	($0.89)	($1.40)	($1.21)	($1.13)	($1.82)
Weighted Average Basic Shares Outstanding	75.61M	89.15M	105.68M	135.09M	152.53M	165.19M	204.14M	224.55M	253.63M	274.49M	299.96M
Diluted Earnings per Share	($0.42)	($0.83)	($0.87)	($0.76)	($0.55)	$0.17	($0.89)	($1.40)	($1.21)	($1.59)	($1.82)
Weighted Average Diluted Shares Outstanding	75.61M	89.15M	105.68M	135.09M	152.53M	174.97M	204.14M	224.55M	253.63M	288.37M	299.96M
Weighted Average Basic & Diluted Shares Outstanding	75.61M	89.15M	105.68M	135.09M	152.53M	193.10M	221.18M	247.08M	267.95M	297.85M	302.00M
Cash Dividends to Common per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-	-	$0.00	$0.00

This table shows Pacific Biosciences of California's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-85	-79	-174	-59	1.24	-426	-42	-38	-40	-8.28	-45
Consolidated Net Income / (Loss)	-82	-78	-173	-61	2.37	-426	-42	-38	-40	-8.28	-45
Net Income / (Loss) Continuing Operations	-82	-78	-173	-61	2.37	-426	-42	-38	-40	-8.28	-45
Total Pre-Tax Income	-83	-78	-173	-61	2.69	-426	-42	-38	-40	-8.09	-45
Total Operating Income	-88	-81	-176	-64	-153	-429	-45	-39	-41	-8.36	-45
Total Gross Profit	9.57	11	5.94	10	10	-1.37	15	16	17	13	13
Total Revenue	58	39	36	40	193	37	40	38	45	37	39
Operating Revenue	58	39	36	40	193	37	40	38	45	37	39
Total Cost of Revenue	49	28	30	30	29	39	25	23	28	24	26
Operating Cost of Revenue	49	28	29	30	29	34	25	22	28	24	26
Total Operating Expenses	97	93	182	74	163	428	60	55	58	21	57
Selling, General & Admin Expense	46	44	46	44	42	40	36	31	34	31	33
Research & Development Expense	45	43	38	26	27	29	23	23	23	20	23
Amortization Expense	5.42	5.51	4.22	3.65	4.63	362	0.83	0.83	0.83	0.83	0.83
Other Operating Expenses / (Income)	-	-	-	-	-	-	0.00	-	-	15	0.00
Impairment Charge	-	0.00	93	0.00	-	15	0.00	0.00	-	0.00	0.00
Other Special Charges / (Income)	1.10	-0.07	0.00	1.17	-1.95	-19	0.00	0.00	-	-46	0.00
Total Other Income / (Expense), net	4.81	3.18	2.53	3.35	1.31	2.56	2.96	1.26	1.03	0.27	-0.07
Interest Expense	3.57	3.58	3.54	3.54	2.76	1.74	1.74	1.74	1.74	1.74	2.11
Other Income / (Expense), net	8.38	6.76	6.07	6.89	4.07	4.29	4.70	3.00	2.77	2.01	2.04
Income Tax Expense	-0.72	0.00	0.00	0.00	0.32	-0.30	0.04	0.38	0.20	0.18	0.06
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	0.53	0.22	-2.08	1.13	0.04	0.11	-0.15	-0.04	-	0.36
Basic Earnings per Share	($0.31)	($0.29)	($0.64)	($0.22)	$0.02	($1.44)	($0.14)	($0.13)	($0.11)	($0.03)	($0.14)
Weighted Average Basic Shares Outstanding	253.63M	269.58M	272.39M	272.92M	274.49M	296.86M	300.16M	300.84M	299.96M	305.82M	310.66M
Diluted Earnings per Share	($0.31)	($0.29)	($0.64)	($0.22)	($0.44)	($1.44)	($0.14)	($0.13)	($0.11)	($0.03)	($0.14)
Weighted Average Diluted Shares Outstanding	253.63M	269.58M	272.39M	272.92M	288.37M	296.86M	300.16M	300.84M	299.96M	305.82M	310.66M
Weighted Average Basic & Diluted Shares Outstanding	267.95M	272.36M	272.53M	273.86M	297.85M	300.08M	300.37M	301.91M	302.00M	310.60M	310.83M

This table details how cash moves in and out of Pacific Biosciences of California's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-2.82	-17	-0.26	2.34	10	52	380	-138	-146	-125	7.67
Net Cash From Operating Activities	-48	-68	-68	-66	-78	20	-111	-263	-259	-206	-111
Net Cash From Continuing Operating Activities	-48	-68	-68	-66	-78	20	-111	-263	-259	-206	-111
Net Income / (Loss) Continuing Operations	-32	-74	-92	-103	-84	29	-181	-314	-307	-310	-546
Consolidated Net Income / (Loss)	-32	-74	-92	-103	-84	29	-181	-314	-307	-310	-546
Depreciation Expense	3.68	3.88	8.44	7.22	7.27	6.43	7.20	9.48	11	14	13
Amortization Expense	0.96	1.26	1.17	0.27	2.98	2.90	8.40	7.59	2.23	27	369
Non-Cash Adjustments To Reconcile Net Income	11	19	21	23	-4.85	-20	122	86	89	105	68
Changes in Operating Assets and Liabilities, net	-31	-18	-6.03	5.67	0.42	0.52	-68	-52	-55	-42	-15
Net Cash From Investing Activities	8.61	-15	-1.55	-38	62	-219	-679	116	4.60	124	115
Net Cash From Continuing Investing Activities	8.61	-15	-1.55	-38	62	-219	-679	116	4.60	124	115
Purchase of Property, Plant & Equipment	-3.01	-8.21	-10	-1.85	-2.84	-1.04	-5.93	-17	-8.84	-6.19	-2.71
Acquisitions	-	-	-	-	0.00	0.00	-320	-0.18	-0.10	0.00	-5.00
Purchase of Investments	-85	-96	-86	-122	-58	-373	-988	-443	-757	-499	-217
Sale and/or Maturity of Investments	101	89	95	86	123	155	635	576	770	629	340
Net Cash From Financing Activities	36	66	69	107	27	252	1,170	9.62	109	-43	3.43
Net Cash From Continuing Financing Activities	36	66	69	107	27	252	1,170	9.62	109	-43	3.43
Repayment of Debt	0.00	0.00	-4.50	0.00	0.00	-16	-0.61	-1.61	-9.22	-0.49	0.00
Issuance of Common Equity	36	66	73	107	8.55	234	327	11	205	7.70	3.43
Other Financing Activities, net	-	-	0.00	0.00	18	34	-52	0.00	-86	-50	0.00
Cash Interest Paid	1.79	1.80	1.69	1.40	1.40	0.49	6.93	14	16	15	8.26

This table details how cash moves in and out of Pacific Biosciences of California's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-206	-103	22	-22	-23	3.14	-4.09	1.66	6.96	-7.40	4.74
Net Cash From Operating Activities	-58	-76	-54	-45	-31	-44	-29	-19	-19	-45	-36
Net Cash From Continuing Operating Activities	-58	-76	-54	-45	-31	-44	-29	-19	-19	-45	-36
Net Income / (Loss) Continuing Operations	-82	-78	-173	-61	2.37	-426	-42	-38	-40	-8.28	-45
Consolidated Net Income / (Loss)	-82	-78	-173	-61	2.37	-426	-42	-38	-40	-8.28	-45
Depreciation Expense	2.98	3.24	3.50	4.19	2.84	5.13	2.66	2.46	2.74	2.20	2.32
Amortization Expense	5.97	4.74	7.25	8.82	5.73	366	0.65	1.02	1.45	1.57	2.50
Non-Cash Adjustments To Reconcile Net Income	23	20	115	18	-48	33	13	13	9.62	-43	10
Changes in Operating Assets and Liabilities, net	-7.36	-25	-6.33	-16	6.21	-22	-3.87	3.21	7.49	3.17	-5.99
Net Cash From Investing Activities	-67	-34	77	23	58	45	25	19	26	36	40
Net Cash From Continuing Investing Activities	-67	-34	77	23	58	45	25	19	26	36	40
Purchase of Property, Plant & Equipment	-2.02	-3.88	-1.48	0.79	-1.62	-1.39	-0.55	0.09	-0.86	-3.04	-1.56
Purchase of Investments	-203	-192	-112	-115	-80	-62	-56	-66	-33	-52	-5.10
Sale and/or Maturity of Investments	138	162	190	137	140	113	82	85	60	48	49
Other Investing Activities, net	-	-	-	-	-	0.00	-	-	-	-1.90	-2.06
Net Cash From Financing Activities	-82	6.55	-0.15	0.81	-50	1.96	-	1.47	-	1.44	0.26
Net Cash From Continuing Financing Activities	-82	6.55	-0.15	0.81	-50	1.96	-	1.47	-	1.44	0.26
Issuance of Common Equity	0.94	6.89	-	0.81	-	1.96	-	1.47	-	1.44	0.26

This table presents Pacific Biosciences of California's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	131	138	144	170	148	414	2,007	1,767	1,746	1,260	784
Total Current Assets	111	109	102	132	81	356	1,101	852	742	496	375
Cash & Equivalents	34	17	17	19	30	82	461	325	180	55	64
Restricted Cash	-	-	-	-	0.30	0.84	0.50	0.30	0.30	0.69	0.02
Short-Term Investments	49	55	46	84	19	237	584	447	452	335	216
Accounts Receivable	5.25	11	13	8.60	15	17	24	19	37	28	35
Inventories, net	11	16	23	18	13	14	25	50	57	59	49
Prepaid Expenses	12	9.98	2.25	2.83	3.07	4.87	7.39	10	17	19	11
Plant, Property, & Equipment, net	8.55	15	38	34	30	25	33	42	36	31	24
Total Noncurrent Assets	12	14	4.55	4.54	37	33	873	873	968	734	385
Goodwill	-	-	-	-	-	0.00	410	410	462	318	318
Intangible Assets	-	-	-	-	-	0.00	411	410	457	390	15
Other Noncurrent Operating Assets	7.52	9.81	0.05	0.04	33	30	48	50	46	25	50
Other Noncurrent Nonoperating Assets	4.50	4.50	4.50	4.50	4.00	3.50	4.59	2.92	2.42	1.53	1.53
Total Liabilities & Shareholders' Equity	131	138	144	170	148	414	2,007	1,767	1,746	1,260	784
Total Liabilities	58	53	58	56	93	78	1,216	1,204	1,045	754	779
Total Current Liabilities	38	34	29	27	49	39	72	263	95	66	73
Accounts Payable	4.75	8.36	9.09	6.74	8.37	3.58	11	12	15	17	21
Accrued Expenses	16	17	13	13	13	17	36	33	46	23	34
Current Deferred Revenue	18	7.13	6.32	6.54	7.61	8.72	11	30	16	14	16
Other Current Liabilities	0.24	1.68	0.61	0.79	20	8.85	13	16	18	13	2.48
Total Noncurrent Liabilities	19	19	29	29	44	40	1,144	941	950	688	706
Long-Term Debt	15	16	14	15	-	0.00	896	897	892	647	645
Noncurrent Deferred Revenue	1.31	0.02	14	14	1.95	1.57	25	1.79	5.53	5.90	3.93
Other Noncurrent Operating Liabilities	3.13	3.32	1.26	0.91	42	38	223	42	52	34	57
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	74	85	86	114	55	335	791	563	701	507	5.35
Total Preferred & Common Equity	74	85	86	114	55	335	791	563	701	507	5.35
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	74	85	86	114	55	335	791	563	701	507	5.35
Common Stock	787	872	966	1,096	1,121	1,372	2,010	2,100	2,540	2,655	2,700
Retained Earnings	-713	-788	-880	-982	-1,066	-1,037	-1,218	-1,532	-1,839	-2,149	-2,695
Accumulated Other Comprehensive Income / (Loss)	-0.01	0.01	-0.03	-0.04	0.01	0.09	-1.09	-4.77	0.22	0.42	0.46

This table presents Pacific Biosciences of California's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	1,896	1,848	1,898	1,670	1,509	1,450	861	825	803	782	752
Total Current Assets	981	936	882	677	628	584	445	413	394	370	339
Cash & Equivalents	354	209	386	77	100	78	59	55	56	56	61
Restricted Cash	0.30	0.30	0.30	0.30	0.34	0.69	0.69	0.30	0.30	0.02	0.03
Short-Term Investments	521	621	382	485	410	393	285	260	242	220	176
Accounts Receivable	30	24	30	30	32	29	32	32	31	29	31
Inventories, net	62	68	68	67	69	66	54	54	53	51	61
Prepaid Expenses	14	14	15	17	17	17	15	12	12	13	9.55
Plant, Property, & Equipment, net	41	40	40	37	35	32	25	23	22	24	27
Total Noncurrent Assets	874	872	976	956	846	834	391	389	387	388	386
Goodwill	410	410	464	462	369	369	318	318	318	318	318
Intangible Assets	410	410	462	450	443	436	18	17	16	14	13
Other Noncurrent Operating Assets	52	50	48	41	32	27	54	53	51	55	54
Other Noncurrent Nonoperating Assets	2.92	2.42	2.42	2.42	1.92	1.53	1.53	1.53	1.53	1.57	1.57
Total Liabilities & Shareholders' Equity	1,896	1,848	1,898	1,670	1,509	1,450	861	825	803	782	752
Total Liabilities	1,204	1,206	1,135	1,021	1,017	997	769	764	767	780	785
Total Current Liabilities	266	271	184	73	78	60	67	60	63	65	69
Accounts Payable	17	17	16	21	17	12	14	15	16	14	19
Accrued Expenses	19	27	35	22	22	19	29	27	29	34	30
Current Deferred Revenue	31	25	22	17	19	17	15	15	16	16	16
Other Current Liabilities	14	17	15	13	19	11	7.99	3.30	1.63	1.51	3.16
Total Noncurrent Liabilities	939	934	951	948	938	937	703	704	704	715	716
Long-Term Debt	897	892	892	893	893	893	646	646	645	644	644
Noncurrent Deferred Revenue	1.85	4.99	5.05	6.13	5.71	5.46	5.86	5.71	4.40	3.55	3.34
Other Noncurrent Operating Liabilities	40	37	54	49	40	38	50	52	54	67	69
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	692	642	764	649	493	453	92	61	36	2.37	-33
Total Preferred & Common Equity	692	642	764	649	493	453	92	61	36	2.37	-33
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	692	642	764	649	493	453	92	61	36	2.37	-33
Common Stock	2,314	2,335	2,523	2,567	2,584	2,603	2,666	2,678	2,691	2,706	2,716
Retained Earnings	-1,620	-1,690	-1,757	-1,917	-2,091	-2,151	-2,575	-2,617	-2,655	-2,704	-2,748
Accumulated Other Comprehensive Income / (Loss)	-1.92	-2.69	-1.84	-0.31	-0.52	1.55	0.38	0.27	0.42	-0.15	-0.50

This table displays calculated financial ratios and metrics derived from Pacific Biosciences of California's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	77,041,008.00	92,646,752.00	116,249,978.00	148,901,892.00	153,033,732.00	180,212,604.00	220,598,363.00	-	-	-	301,907,431.00
DEI Adjusted Shares Outstanding	77,041,008.00	92,646,752.00	116,249,978.00	148,901,892.00	153,033,732.00	180,212,604.00	220,598,363.00	-	-	-	301,907,431.00
DEI Earnings Per Adjusted Shares Outstanding	-0.41	-0.80	-0.79	-0.69	-0.55	0.16	-0.83	-	-	-	-1.81
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	53.12%	-2.23%	3.04%	-15.88%	15.60%	-13.20%	65.43%	-1.69%	56.29%	53.61%	3.89%
EBITDA Growth	57.64%	-169.43%	-21.45%	-16.63%	23.77%	154.71%	-732.75%	-14.48%	-1.98%	-42.39%	61.71%
EBIT Growth	53.65%	-144.19%	-26.21%	-12.48%	19.27%	136.39%	-984.20%	-14.19%	-0.74%	-49.29%	-19.66%
NOPAT Growth	53.65%	-144.54%	-26.02%	-12.48%	0.44%	-48.31%	-41.12%	-45.98%	-8.88%	-41.81%	-16.77%
Net Income Growth	52.09%	-134.65%	-23.95%	-11.25%	17.97%	134.95%	-716.34%	-73.40%	2.39%	-1.02%	-76.34%
EPS Growth	55.32%	-97.62%	-4.82%	12.64%	27.63%	130.91%	-623.53%	-57.30%	13.57%	-31.41%	-14.47%
Operating Cash Flow Growth	6.95%	-41.85%	0.61%	1.61%	-17.89%	124.90%	-670.07%	-136.74%	1.53%	20.49%	46.03%
Free Cash Flow Firm Growth	-31.09%	-32.89%	2.11%	15.13%	16.88%	-130.26%	-570.55%	43.87%	22.19%	60.12%	103.39%
Invested Capital Growth	105.30%	1,314.20%	33.22%	-32.44%	-93.06%	712.98%	5,066.21%	34.28%	12.06%	-20.58%	-51.48%
Revenue Q/Q Growth	26.40%	-10.43%	-0.84%	-6.44%	10.19%	-1.00%	7.30%	-6.33%	18.29%	77.90%	-48.15%
EBITDA Q/Q Growth	40.89%	-33.29%	-2.65%	-12.58%	31.50%	209.49%	-127.88%	-6.06%	11.64%	-20.64%	40.33%
EBIT Q/Q Growth	36.62%	-30.70%	-3.05%	-11.11%	28.02%	165.49%	-115.65%	-5.19%	9.65%	-18.33%	17.01%
NOPAT Q/Q Growth	36.62%	-30.89%	-3.05%	-11.11%	11.22%	-51.66%	-23.98%	-7.87%	-0.14%	-16.02%	16.80%
Net Income Q/Q Growth	35.66%	-31.05%	-1.91%	-10.85%	26.74%	164.45%	-390.34%	-5.03%	0.77%	21.41%	-8.49%
EPS Q/Q Growth	37.31%	-29.69%	4.40%	-5.56%	26.67%	160.71%	-584.62%	-4.48%	4.72%	-8.90%	15.35%
Operating Cash Flow Q/Q Growth	23.42%	-21.86%	-12.12%	1.80%	1.02%	25.13%	-18.61%	-12.31%	1.15%	11.55%	9.43%
Free Cash Flow Firm Q/Q Growth	11.79%	-14.14%	-9.69%	4.97%	24.89%	-525.40%	9.45%	-85.99%	36.30%	24.27%	-82.56%
Invested Capital Q/Q Growth	162.91%	7.31%	23.04%	-15.96%	-88.63%	114.95%	-2.18%	24.88%	-2.24%	-12.71%	-2.91%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	57.61%	48.68%	37.08%	31.92%	38.04%	41.28%	45.10%	38.22%	26.32%	12.10%	28.61%
EBITDA Margin	-26.41%	-72.77%	-85.77%	-118.93%	-78.42%	49.43%	-189.06%	-220.17%	-143.67%	-133.18%	-98.16%
Operating Margin	-31.40%	-78.54%	-96.06%	-128.44%	-110.62%	-132.31%	-161.24%	-239.43%	-166.80%	-153.98%	-346.15%
EBIT Margin	-31.40%	-78.42%	-96.06%	-128.44%	-89.69%	37.61%	-201.01%	-233.48%	-150.50%	-146.26%	-336.93%
Profit (Net Income) Margin	-34.16%	-81.99%	-98.63%	-130.44%	-92.57%	37.27%	-138.85%	-244.92%	-152.97%	-100.59%	-341.47%
Tax Burden Percent	98.86%	100.00%	99.44%	99.18%	100.00%	100.00%	65.93%	100.00%	96.41%	100.10%	100.06%
Interest Burden Percent	110.04%	104.55%	103.25%	102.40%	103.20%	99.10%	104.78%	104.90%	105.43%	68.70%	101.29%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-383.42%	-221.84%	-260.70%	-601.96%	-1,506.39%	-45.33%	-28.79%	-25.79%	-38.58%	-68.52%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-346.34%	-170.41%	-217.02%	-583.07%	-1,577.45%	-31.10%	-170.71%	-52.13%	-29.94%	-119.74%
Return on Net Nonoperating Assets (RNNOA)	0.00%	289.39%	113.87%	158.22%	502.38%	1,521.45%	13.16%	-17.63%	-22.73%	-12.73%	-144.93%
Return on Equity (ROE)	-49.34%	-94.02%	-107.97%	-102.48%	-99.58%	15.06%	-32.18%	-46.42%	-48.53%	-51.30%	-213.45%
Cash Return on Invested Capital (CROIC)	-3,173.45%	-557.00%	-250.32%	-221.98%	-427.93%	-1,662.57%	-237.74%	-58.06%	-37.17%	-15.63%	0.81%
Operating Return on Assets (OROA)	-22.81%	-52.89%	-63.68%	-64.25%	-51.23%	10.56%	-21.67%	-15.87%	-17.18%	-29.97%	-52.74%
Return on Assets (ROA)	-24.81%	-55.30%	-65.39%	-65.25%	-52.87%	10.46%	-14.97%	-16.65%	-17.46%	-20.61%	-53.45%
Return on Common Equity (ROCE)	-49.34%	-94.02%	-107.97%	-102.48%	-99.58%	15.06%	-32.18%	-46.42%	-48.53%	-51.30%	-213.45%
Return on Equity Simple (ROE_SIMPLE)	-43.10%	-87.84%	-107.07%	-89.92%	-153.20%	8.76%	-22.91%	-55.83%	-43.74%	-61.16%	0.00%
Net Operating Profit after Tax (NOPAT)	-20	-50	-63	-71	-70	-104	-147	-215	-234	-332	-388
NOPAT Margin	-21.98%	-54.98%	-67.24%	-89.91%	-77.44%	-132.31%	-112.87%	-167.60%	-116.76%	-107.79%	-242.31%
Net Nonoperating Expense Percent (NNEP)	-14.20%	-37.07%	-51.42%	-43.68%	-18.89%	71.06%	-14.23%	141.92%	26.34%	-8.64%	51.21%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-13.18%	-14.69%	-28.77%	-59.58%
Cost of Revenue to Revenue	42.39%	51.32%	62.92%	68.08%	61.96%	58.72%	54.90%	61.78%	73.68%	37.90%	71.39%
SG&A Expenses to Revenue	48.70%	52.68%	63.25%	80.75%	83.06%	92.28%	95.10%	125.37%	84.69%	56.82%	88.43%
R&D to Revenue	65.14%	74.54%	69.89%	79.61%	65.61%	81.32%	86.50%	150.42%	93.34%	43.80%	60.82%
Operating Expenses to Revenue	89.01%	127.22%	133.14%	160.36%	148.66%	173.59%	206.34%	277.65%	193.12%	166.09%	374.76%
Earnings before Interest and Taxes (EBIT)	-29	-71	-90	-101	-82	30	-262	-300	-302	-451	-539
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-25	-66	-80	-94	-71	39	-247	-282	-288	-410	-157
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	13.76	4.16	3.56	9.66	14.32	13.93	5.71	3.29	3.74	0.99	105.55
Price to Tangible Book Value (P/TBV)	13.76	4.16	3.56	9.66	14.32	13.93	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	10.90	3.88	3.28	14.01	8.65	59.25	34.58	14.42	13.08	1.63	3.53
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	158.99	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.63%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	549.61	12.19	7.96	46.38	485.64	352.89	6.85	2.51	3.01	0.99	2.52
Enterprise Value to Revenue (EV/Rev)	10.18	3.27	2.76	12.90	8.11	55.20	33.44	16.72	14.38	2.46	5.82
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	111.68	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	146.78	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	223.30	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	204.07
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.20	0.19	0.16	0.13	0.00	0.00	1.13	1.90	1.27	1.28	120.65
Long-Term Debt to Equity	0.20	0.19	0.16	0.13	0.00	0.00	1.13	1.59	1.27	1.28	120.65
Financial Leverage	-1.24	-0.84	-0.67	-0.73	-0.86	-0.96	-0.42	0.10	0.44	0.43	1.21
Leverage Ratio	1.99	1.70	1.65	1.57	1.88	1.44	2.15	2.79	2.78	2.49	3.99
Compound Leverage Factor	2.19	1.78	1.70	1.61	1.94	1.43	2.25	2.92	2.93	1.71	4.05
Debt to Total Capital	16.89%	15.98%	13.67%	11.39%	0.00%	0.00%	53.11%	65.50%	55.99%	56.10%	99.18%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.55%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	16.89%	15.98%	13.67%	11.39%	0.00%	0.00%	53.11%	54.95%	55.99%	56.10%	99.18%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	83.11%	84.02%	86.33%	88.61%	100.00%	100.00%	46.89%	34.50%	44.01%	43.90%	0.82%
Debt to EBITDA	-0.61	-0.24	-0.17	-0.16	0.00	0.00	-3.63	-3.78	-3.10	-1.58	-4.11
Net Debt to EBITDA	2.75	0.85	0.61	0.94	0.00	0.00	0.60	-1.05	-0.90	-0.63	-2.33
Long-Term Debt to EBITDA	-0.61	-0.24	-0.17	-0.16	0.00	0.00	-3.63	-3.17	-3.10	-1.58	-4.11
Debt to NOPAT	-0.73	-0.32	-0.22	-0.21	0.00	0.00	-6.08	-4.97	-3.81	-1.95	-1.66
Net Debt to NOPAT	3.30	1.12	0.78	1.24	0.00	0.00	1.01	-1.38	-1.11	-0.77	-0.94
Long-Term Debt to NOPAT	-0.73	-0.32	-0.22	-0.21	0.00	0.00	-6.08	-4.17	-3.81	-1.95	-1.66
Altman Z-Score	3.56	-4.42	-6.17	2.93	-5.96	33.58	1.63	-0.38	0.02	-2.51	-5.98
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.90	3.23	3.55	4.90	1.65	9.24	15.36	3.24	7.81	7.48	5.15
Quick Ratio	2.29	2.47	2.66	4.13	1.31	8.72	14.90	3.00	7.03	6.30	4.32
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-55	-72	-71	-60	-50	-115	-773	-434	-337	-135	4.56
Operating Cash Flow to CapEx	-1,610.80%	-828.71%	-649.71%	-3,583.06%	-2,761.35%	1,877.09%	-1,874.56%	-1,571.41%	-2,930.83%	-3,329.96%	-4,097.61%
Free Cash Flow to Firm to Interest Expense	-18.63	-22.40	-24.28	-24.84	-19.16	-431.49	-61.65	-29.52	-20.60	-10.03	0.66
Operating Cash Flow to Interest Expense	-16.37	-21.00	-23.11	-27.42	-29.99	73.04	-8.87	-17.92	-15.83	-15.36	-15.99
Operating Cash Flow Less CapEx to Interest Expense	-17.38	-23.54	-26.67	-28.18	-31.08	69.15	-9.35	-19.06	-16.37	-15.83	-16.38
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.73	0.67	0.66	0.50	0.57	0.28	0.11	0.07	0.11	0.20	0.16
Accounts Receivable Turnover	21.45	10.89	7.52	7.14	7.62	4.92	6.35	5.96	7.24	9.61	5.08
Inventory Turnover	3.53	3.50	3.04	2.61	3.61	3.36	3.69	2.11	2.76	2.02	2.11
Fixed Asset Turnover	12.25	7.85	3.56	2.18	2.83	2.87	4.55	3.46	5.14	9.20	5.86
Accounts Payable Turnover	7.60	7.10	6.74	6.76	7.46	7.76	9.83	6.88	10.91	7.38	6.11
Days Sales Outstanding (DSO)	17.02	33.53	48.53	51.13	47.91	74.26	57.44	61.20	50.42	38.00	71.83
Days Inventory Outstanding (DIO)	103.43	104.23	120.09	139.59	101.08	108.50	98.90	172.63	132.24	180.47	172.62
Days Payable Outstanding (DPO)	48.06	51.39	54.16	53.97	48.95	47.06	37.14	53.02	33.46	49.49	59.69
Cash Conversion Cycle (CCC)	72.39	86.38	114.46	136.75	100.04	135.70	119.20	180.81	149.20	168.98	184.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1.72	24	32	22	1.52	12	638	856	959	762	370
Invested Capital Turnover	-6.05	6.97	3.30	2.90	7.77	11.39	0.40	0.17	0.22	0.36	0.28
Increase / (Decrease) in Invested Capital	34	23	8.07	-11	-20	11	625	219	103	-197	-392
Enterprise Value (EV)	944	296	258	1,014	737	4,355	4,365	2,146	2,884	758	930
Market Capitalization	1,012	352	307	1,102	787	4,675	4,513	1,850	2,624	501	565
Book Value per Share	$0.95	$0.91	$0.74	$0.77	$0.36	$1.86	$3.59	$2.49	$2.62	$1.85	$0.02
Tangible Book Value per Share	$0.95	$0.91	$0.74	$0.77	$0.36	$1.86	($0.14)	($1.14)	($0.81)	($0.73)	($1.08)
Total Capital	88	101	100	129	55	335	1,687	1,632	1,594	1,154	651
Total Debt	15	16	14	15	0.00	0.00	896	1,069	892	647	645
Total Long-Term Debt	15	16	14	15	0.00	0.00	896	897	892	647	645
Net Debt	-67	-56	-49	-88	-49	-320	-149	296	261	257	366
Capital Expenditures (CapEx)	2.97	8.20	10	1.85	2.84	1.04	5.93	17	8.84	6.19	2.71
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-9.91	3.26	10	2.42	-18	-2.57	-15	-12	15	39	23
Debt-free Net Working Capital (DFNWC)	72	75	73	105	32	317	1,029	761	647	429	302
Net Working Capital (NWC)	72	75	73	105	32	317	1,029	589	647	429	302
Net Nonoperating Expense (NNE)	11	25	29	32	14	-134	34	99	73	-22	159
Net Nonoperating Obligations (NNO)	-72	-60	-54	-92	-53	-323	-153	293	258	255	364
Total Depreciation and Amortization (D&A)	4.63	5.13	9.61	7.48	10	9.33	16	17	14	40	382
Debt-free, Cash-free Net Working Capital to Revenue	-10.68%	3.59%	10.82%	3.08%	-19.26%	-3.25%	-11.86%	-9.19%	7.63%	12.58%	14.18%
Debt-free Net Working Capital to Revenue	77.99%	82.94%	78.08%	133.26%	35.09%	401.92%	788.75%	592.99%	322.67%	139.40%	188.88%
Net Working Capital to Revenue	77.99%	82.94%	78.08%	133.26%	35.09%	401.92%	788.75%	458.86%	322.67%	139.40%	188.88%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.42)	($0.83)	($0.87)	($0.76)	($0.55)	$0.18	($0.89)	($1.40)	($1.21)	($1.13)	($1.82)
Adjusted Weighted Average Basic Shares Outstanding	85.73M	0.00	130.69M	150.96M	153.14M	165.19M	204.14M	224.55M	253.63M	274.49M	299.96M
Adjusted Diluted Earnings per Share	($0.42)	($0.83)	($0.87)	($0.76)	($0.55)	$0.17	($0.89)	($1.40)	($1.21)	($1.59)	($1.82)
Adjusted Weighted Average Diluted Shares Outstanding	85.73M	0.00	130.69M	150.96M	153.14M	174.97M	204.14M	224.55M	253.63M	288.37M	299.96M
Adjusted Basic & Diluted Earnings per Share	($0.42)	($0.83)	($0.87)	($0.76)	($0.55)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	75.61M	89.15M	105.68M	135.09M	152.53M	193.10M	221.18M	247.08M	267.95M	297.85M	302.00M
Normalized Net Operating Profit after Tax (NOPAT)	-20	-50	-63	-71	-70	-73	-125	-213	-217	-203	-390
Normalized NOPAT Margin	-21.98%	-54.98%	-67.24%	-89.91%	-77.44%	-92.62%	-95.56%	-166.30%	-108.35%	-66.05%	-243.93%
Pre Tax Income Margin	-34.55%	-81.99%	-99.18%	-131.52%	-92.57%	37.27%	-210.61%	-244.92%	-158.67%	-100.49%	-341.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-9.96	-22.00	-30.74	-41.68	-31.22	111.12	-20.94	-20.39	-18.43	-33.59	-77.52
NOPAT to Interest Expense	-6.97	-15.42	-21.52	-29.17	-26.96	-390.96	-11.76	-14.64	-14.30	-24.76	-55.75
EBIT Less CapEx to Interest Expense	-10.97	-24.53	-34.30	-42.44	-32.31	107.23	-21.41	-21.53	-18.97	-34.05	-77.91
NOPAT Less CapEx to Interest Expense	-7.99	-17.96	-25.07	-29.94	-28.04	-394.85	-12.23	-15.78	-14.84	-25.22	-56.14
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Pacific Biosciences of California's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	297,852,228.00	300,084,685.00	300,370,611.00	301,907,431.00	301,998,292.00	310,601,688.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	297,852,228.00	300,084,685.00	300,370,611.00	301,907,431.00	301,998,292.00	310,601,688.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-1.43	-0.14	-0.13	-0.13	-0.03	-0.15
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	113.35%	-0.23%	-24.30%	-28.23%	231.13%	-4.27%	10.42%	-3.82%	13.82%	0.07%	-1.91%
EBITDA Growth	16.26%	18.78%	-151.07%	39.07%	-99.94%	19.59%	76.83%	26.66%	75.61%	95.19%	-11.48%
EBIT Growth	9.09%	11.59%	-164.26%	22.71%	-88.17%	-469.20%	76.35%	37.26%	74.20%	98.50%	-6.02%
NOPAT Growth	-0.53%	10.84%	-140.31%	22.32%	-120.34%	-427.19%	74.49%	39.33%	78.64%	98.05%	0.54%
Net Income Growth	2.80%	11.18%	-148.19%	9.19%	102.89%	-445.01%	75.81%	37.42%	-1,802.70%	98.06%	-6.70%
EPS Growth	16.22%	19.44%	-128.57%	15.38%	-41.94%	-396.55%	78.13%	40.91%	75.00%	97.92%	0.00%
Operating Cash Flow Growth	4.96%	20.07%	-30.00%	30.25%	46.75%	41.79%	45.86%	58.85%	37.78%	-1.44%	-21.13%
Free Cash Flow Firm Growth	41.13%	53.23%	58.52%	118.01%	137.95%	304.89%	513.37%	630.20%	482.01%	-93.75%	-102.78%
Invested Capital Growth	12.06%	9.13%	-1.58%	-11.06%	-20.58%	-59.82%	-55.20%	-56.38%	-51.48%	-6.01%	-4.78%
Revenue Q/Q Growth	4.79%	-33.50%	-7.21%	10.98%	383.49%	-5.28%	7.03%	-3.33%	16.14%	-16.73%	4.92%
EBITDA Q/Q Growth	3.16%	5.12%	-138.71%	72.22%	-217.79%	61.85%	31.21%	12.08%	-5.68%	92.47%	-1,365.15%
EBIT Q/Q Growth	-7.00%	5.76%	-127.57%	66.32%	-160.48%	-185.06%	90.54%	10.66%	-7.11%	83.47%	-570.34%
NOPAT Q/Q Growth	-6.13%	7.07%	-116.13%	63.56%	-201.05%	-122.36%	89.54%	13.32%	-5.97%	79.71%	-433.80%
Net Income Q/Q Growth	-22.65%	4.68%	-121.70%	64.96%	103.90%	-18,070.27%	90.16%	9.37%	-6.24%	79.50%	-440.68%
EPS Q/Q Growth	-19.23%	6.45%	-120.69%	65.63%	-100.00%	-227.27%	90.28%	7.14%	15.38%	72.73%	-366.67%
Operating Cash Flow Q/Q Growth	11.69%	-31.48%	28.30%	16.22%	32.58%	-43.74%	33.32%	36.32%	-1.94%	-134.36%	20.38%
Free Cash Flow Firm Q/Q Growth	53.46%	15.72%	21.38%	158.39%	-1.93%	355.06%	58.62%	3.15%	-21.83%	-95.12%	-170.49%
Invested Capital Q/Q Growth	-2.24%	1.83%	-10.59%	-0.07%	-12.71%	-48.48%	-0.30%	-2.71%	-2.91%	-0.20%	1.01%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.40%	29.07%	16.49%	25.03%	5.21%	-3.69%	36.93%	41.36%	37.11%	34.54%	32.40%
EBITDA Margin	-120.32%	-171.66%	-441.59%	-110.54%	-72.65%	-144.18%	-92.67%	-84.28%	-76.69%	-6.93%	-96.80%
Operating Margin	-150.02%	-209.64%	-488.28%	-160.32%	-79.19%	-1,154.51%	-112.79%	-101.13%	-92.28%	-22.48%	-114.36%
EBIT Margin	-135.66%	-192.23%	-471.43%	-143.09%	-77.09%	-1,142.95%	-100.98%	-93.33%	-86.08%	-17.08%	-109.14%
Profit (Net Income) Margin	-140.55%	-201.44%	-481.27%	-151.94%	1.23%	-1,146.81%	-105.44%	-98.85%	-90.43%	-22.26%	-114.70%
Tax Burden Percent	99.13%	100.00%	100.00%	100.00%	88.24%	99.93%	100.08%	101.02%	100.50%	102.27%	100.13%
Interest Burden Percent	104.51%	104.79%	102.09%	106.19%	-1.80%	100.41%	104.33%	104.85%	104.53%	127.40%	104.96%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	11.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-23.20%	-31.42%	-73.32%	-20.96%	-25.01%	-179.82%	-38.72%	-34.85%	-18.27%	-6.61%	-33.38%
ROIC Less NNEP Spread (ROIC-NNEP)	-30.72%	-39.42%	-89.36%	-25.94%	28.51%	-219.84%	-41.68%	-37.67%	-21.99%	-7.34%	-37.05%
Return on Net Nonoperating Assets (RNNOA)	-13.40%	-15.61%	-49.32%	-13.59%	12.12%	-186.64%	-53.45%	-58.87%	-26.62%	-52.12%	-964.06%
Return on Equity (ROE)	-36.59%	-47.03%	-122.64%	-34.55%	-12.89%	-366.46%	-92.17%	-93.72%	-44.88%	-58.73%	-997.44%
Cash Return on Invested Capital (CROIC)	-37.17%	-33.00%	-32.37%	-19.16%	-15.63%	1.33%	-0.24%	4.17%	0.81%	-18.31%	-19.48%
Operating Return on Assets (OROA)	-15.49%	-21.61%	-53.05%	-14.80%	-15.80%	-137.62%	-26.82%	-25.57%	-13.47%	-3.33%	-22.04%
Return on Assets (ROA)	-16.04%	-22.64%	-54.15%	-15.71%	0.25%	-138.08%	-28.01%	-27.08%	-14.15%	-4.34%	-23.16%
Return on Common Equity (ROCE)	-36.59%	-47.03%	-122.64%	-34.55%	-12.89%	-366.46%	-92.17%	-93.72%	-44.88%	-58.73%	-997.44%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-45.75%	-81.26%	-87.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-61	-57	-123	-45	-135	-300	-31	-27	-29	-5.85	-31
NOPAT Margin	-105.02%	-146.75%	-341.80%	-112.23%	-69.88%	-808.15%	-78.95%	-70.79%	-64.59%	-15.73%	-80.05%
Net Nonoperating Expense Percent (NNEP)	7.52%	7.99%	16.04%	4.98%	-53.52%	40.02%	2.96%	2.82%	3.72%	0.73%	3.67%
Return On Investment Capital (ROIC_SIMPLE)	-3.85%	-	-	-	-11.70%	-40.69%	-4.44%	-3.99%	-4.43%	-0.90%	-5.11%
Cost of Revenue to Revenue	83.60%	70.93%	83.51%	74.97%	15.09%	103.69%	63.07%	58.64%	62.89%	65.46%	67.60%
SG&A Expenses to Revenue	78.82%	112.74%	127.39%	109.46%	21.55%	108.12%	90.97%	80.90%	76.27%	83.79%	85.61%
R&D to Revenue	76.33%	111.97%	106.86%	63.84%	14.21%	78.20%	56.65%	59.43%	51.25%	52.74%	59.02%
Operating Expenses to Revenue	166.42%	238.71%	504.77%	185.36%	84.40%	1,150.82%	149.72%	142.50%	129.38%	57.02%	146.76%
Earnings before Interest and Taxes (EBIT)	-79	-75	-170	-57	-149	-425	-40	-36	-38	-6.35	-43
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-70	-67	-159	-44	-140	-54	-37	-32	-34	-2.58	-38
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.74	1.55	0.76	1.02	0.99	3.84	6.05	10.65	105.55	168.49	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	13.08	5.01	1.98	2.68	1.63	2.31	1.20	1.25	3.53	2.49	3.28
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.01	1.37	0.87	1.01	0.99	1.67	1.80	1.92	2.52	2.08	2.49
Enterprise Value to Revenue (EV/Rev)	14.38	6.66	4.00	5.11	2.46	4.29	2.27	2.37	5.82	4.79	5.83
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	71.96	0.00	27.94	204.07	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.27	1.38	1.81	1.97	1.28	7.05	10.51	17.88	120.65	272.23	-19.40
Long-Term Debt to Equity	1.27	1.38	1.81	1.97	1.28	7.05	10.51	17.88	120.65	272.23	-19.40
Financial Leverage	0.44	0.40	0.55	0.52	0.43	0.85	1.28	1.56	1.21	7.10	26.02
Leverage Ratio	2.78	2.66	2.96	2.75	2.49	3.42	4.21	4.61	3.99	17.48	55.78
Compound Leverage Factor	2.90	2.79	3.02	2.92	-0.04	3.43	4.40	4.83	4.17	22.27	58.55
Debt to Total Capital	55.99%	57.90%	64.44%	66.34%	56.10%	87.58%	91.31%	94.70%	99.18%	99.63%	105.43%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	55.99%	57.90%	64.44%	66.34%	56.10%	87.58%	91.31%	94.70%	99.18%	99.63%	105.43%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	44.01%	42.10%	35.56%	33.66%	43.90%	12.42%	8.69%	5.30%	0.82%	0.37%	-5.43%
Debt to EBITDA	-3.10	-3.27	-2.42	-2.63	-1.58	-1.63	-2.35	-2.45	-4.11	-6.07	-5.86
Net Debt to EBITDA	-0.90	-1.21	-1.04	-1.24	-0.63	-0.76	-1.21	-1.32	-2.33	-3.47	-3.71
Long-Term Debt to EBITDA	-3.10	-3.27	-2.42	-2.63	-1.58	-1.63	-2.35	-2.45	-4.11	-6.07	-5.86
Debt to NOPAT	-3.81	-3.93	-2.99	-3.12	-1.95	-1.12	-1.34	-1.38	-1.66	-6.90	-6.92
Net Debt to NOPAT	-1.11	-1.45	-1.28	-1.47	-0.77	-0.53	-0.69	-0.74	-0.94	-3.95	-4.37
Long-Term Debt to NOPAT	-3.81	-3.93	-2.99	-3.12	-1.95	-1.12	-1.34	-1.38	-1.66	-6.90	-6.92
Altman Z-Score	0.44	-0.61	-1.53	-1.38	-1.72	-4.84	-3.42	-3.60	-3.87	-3.89	-4.26
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	7.81	9.28	8.01	9.74	7.48	6.68	6.92	6.24	5.15	5.65	4.92
Quick Ratio	7.03	8.12	6.92	8.34	6.30	5.63	5.81	5.21	4.32	4.67	3.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-165	-139	-109	64	62	284	451	465	363	18	-13
Operating Cash Flow to CapEx	-2,843.87%	-1,951.07%	-3,668.90%	0.00%	-1,895.49%	-3,171.78%	-5,341.27%	0.00%	-2,214.75%	0.00%	-2,288.30%
Free Cash Flow to Firm to Interest Expense	-46.08	-38.79	-30.78	18.00	22.65	163.59	259.33	267.35	208.86	10.20	-5.93
Operating Cash Flow to Interest Expense	-16.12	-21.17	-15.32	-12.85	-11.12	-25.36	-16.90	-10.76	-10.96	-25.68	-16.86
Operating Cash Flow Less CapEx to Interest Expense	-16.69	-22.25	-15.74	-12.63	-11.70	-26.16	-17.22	-10.71	-11.45	1.30	-17.60
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.11	0.11	0.10	0.20	0.12	0.27	0.27	0.16	0.19	0.20
Accounts Receivable Turnover	7.24	6.69	6.69	5.78	9.61	4.92	9.59	10.29	5.08	5.25	5.03
Inventory Turnover	2.76	2.26	2.12	2.04	2.02	2.11	2.00	1.94	2.11	1.91	1.76
Fixed Asset Turnover	5.14	5.13	5.02	4.79	9.20	4.91	10.69	11.41	5.86	6.51	6.36
Accounts Payable Turnover	10.91	7.61	8.48	9.68	7.38	7.29	7.54	8.11	6.11	7.24	5.91
Days Sales Outstanding (DSO)	50.42	54.55	54.56	63.10	38.00	74.23	38.07	35.48	71.83	69.56	72.60
Days Inventory Outstanding (DIO)	132.24	161.48	172.40	179.34	180.47	173.39	182.05	188.16	172.62	191.61	206.99
Days Payable Outstanding (DPO)	33.46	47.95	43.04	37.70	49.49	50.07	48.39	44.99	59.69	50.43	61.74
Cash Conversion Cycle (CCC)	149.20	168.08	183.93	204.74	168.98	197.55	171.73	178.66	184.75	210.73	217.85
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	959	977	873	873	762	393	391	381	370	369	373
Invested Capital Turnover	0.22	0.21	0.21	0.19	0.36	0.22	0.49	0.49	0.28	0.42	0.42
Increase / (Decrease) in Invested Capital	103	82	-14	-109	-197	-584	-482	-492	-392	-24	-19
Enterprise Value (EV)	2,884	1,335	756	885	758	654	704	731	930	767	929
Market Capitalization	2,624	1,005	373	463	501	351	372	384	565	399	522
Book Value per Share	$2.62	$2.42	$1.81	$1.66	$1.85	$0.31	$0.20	$0.12	$0.02	$0.01	($0.11)
Tangible Book Value per Share	($0.81)	($0.98)	($1.17)	($1.29)	($0.73)	($0.82)	($0.91)	($0.99)	($1.08)	($1.09)	($1.17)
Total Capital	1,594	1,542	1,386	1,346	1,154	738	708	681	651	646	611
Total Debt	892	893	893	893	647	646	646	645	645	644	644
Total Long-Term Debt	892	893	893	893	647	646	646	645	645	644	644
Net Debt	261	330	383	421	257	302	331	346	366	368	407
Capital Expenditures (CapEx)	2.02	3.88	1.48	-0.79	1.62	1.39	0.55	-0.09	0.86	-47	1.56
Debt-free, Cash-free Net Working Capital (DFCFNWC)	15	42	40	52	39	35	39	32	23	28	33
Debt-free Net Working Capital (DFNWC)	647	604	550	524	429	378	354	331	302	304	270
Net Working Capital (NWC)	647	604	550	524	429	378	354	331	302	304	270
Net Nonoperating Expense (NNE)	21	21	50	16	-137	126	11	11	12	2.43	14
Net Nonoperating Obligations (NNO)	258	328	381	420	255	301	330	345	364	367	406
Total Depreciation and Amortization (D&A)	8.95	7.98	11	13	8.57	371	3.31	3.48	4.19	3.77	4.82
Debt-free, Cash-free Net Working Capital to Revenue	7.63%	20.88%	20.97%	30.26%	12.58%	22.66%	12.45%	10.39%	14.18%	17.61%	20.67%
Debt-free Net Working Capital to Revenue	322.67%	301.39%	291.07%	302.77%	139.40%	248.31%	114.03%	107.27%	188.88%	190.07%	169.42%
Net Working Capital to Revenue	322.67%	301.39%	291.07%	302.77%	139.40%	248.31%	114.03%	107.27%	188.88%	190.07%	169.42%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.31)	($0.29)	($0.64)	($0.22)	$0.02	($1.44)	($0.14)	($0.13)	($0.11)	($0.03)	($0.14)
Adjusted Weighted Average Basic Shares Outstanding	253.63M	269.58M	272.39M	272.92M	274.49M	296.86M	300.16M	300.84M	299.96M	305.82M	310.66M
Adjusted Diluted Earnings per Share	($0.31)	($0.29)	($0.64)	($0.22)	($0.44)	($1.44)	($0.14)	($0.13)	($0.11)	($0.03)	($0.14)
Adjusted Weighted Average Diluted Shares Outstanding	253.63M	269.58M	272.39M	272.92M	288.37M	296.86M	300.16M	300.84M	299.96M	305.82M	310.66M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	267.95M	272.36M	272.53M	273.86M	297.85M	300.08M	300.37M	301.91M	302.00M	310.60M	310.83M
Normalized Net Operating Profit after Tax (NOPAT)	-61	-57	-58	-44	-137	-303	-31	-27	-29	-38	-31
Normalized NOPAT Margin	-103.70%	-146.88%	-160.64%	-110.18%	-70.77%	-815.13%	-78.95%	-70.79%	-64.59%	-101.96%	-80.05%
Pre Tax Income Margin	-141.78%	-201.44%	-481.27%	-151.94%	1.39%	-1,147.62%	-105.35%	-97.86%	-89.97%	-21.76%	-114.55%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-22.17	-20.87	-47.93	-16.16	-54.03	-244.47	-23.11	-20.63	-22.09	-3.65	-20.18
NOPAT to Interest Expense	-17.16	-15.93	-34.75	-12.68	-48.98	-172.86	-18.07	-15.65	-16.57	-3.36	-14.80
EBIT Less CapEx to Interest Expense	-22.74	-21.95	-48.35	-15.94	-54.62	-245.27	-23.42	-20.58	-22.58	23.34	-20.91
NOPAT Less CapEx to Interest Expense	-17.73	-17.02	-35.17	-12.46	-49.56	-173.66	-18.38	-15.60	-17.07	23.62	-15.54
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Pacific Biosciences of California’s recent results show some improvement in liquidity management and sequential revenue growth, but the company remains unprofitable and continues to consume cash. The longer-term trend is challenging: quarterly revenue has generally remained in the $37 million to $45 million range since early 2025, while operating losses and accumulated deficits have kept shareholder equity under pressure.

Revenue improved sequentially. Q2 2026 revenue rose to $39.0 million from $37.2 million in Q1 2026, a 4.9% increase. Accounts receivable also increased modestly to $31.1 million, which may reflect higher sales activity.
Cash and short-term investments remain a meaningful liquidity resource. PACB ended Q2 2026 with approximately $237.0 million in cash, restricted cash and short-term investments, including $175.9 million of short-term investments. This provides flexibility to fund operations in the near term.
Quarterly operating cash burn improved from the prior quarter. Cash used in operating activities declined to $35.6 million in Q2 2026 from $44.7 million in Q1 2026. The improvement was partly supported by lower net losses and changes in working capital.
The company generated positive investing cash flow in recent quarters. PACB reported $40.1 million of investing cash flow in Q2 2026, primarily from investment maturities and sales. This helped offset operating cash consumption and produced a $4.7 million increase in cash during the quarter.
Gross margins remain positive but volatile. Q2 2026 gross profit was $12.6 million, equal to a margin of approximately 32.4%. That was below the 37.0% margin in Q2 2025 and the 42.0% margin in Q1 2026, indicating that cost controls and product mix remain important factors.
Research and development spending is increasing. R&D expense rose to $23.0 million in Q2 2026 from $19.6 million in Q1 and $22.5 million in Q2 2025. Higher investment could support future product growth, but it also increases the amount of revenue PACB needs to reach profitability.
Operating losses remain substantial. PACB posted a $44.6 million operating loss and a $45.1 million net loss attributable to common shareholders in Q2 2026. The quarterly loss was significantly worse than the $8.3 million net loss reported in Q1 2026, although Q1 benefited from sizable special income and expense adjustments.
Cash flow remains dependent on the balance sheet rather than the business generating cash. Operating cash flow has been negative in every listed quarter from Q3 2022 through Q2 2026. PACB used $80.3 million in operating cash during the first half of 2026, making continued investment sales or additional financing important if the burn rate persists.
Leverage is high relative to the company’s operating performance. Long-term debt stood at $644.3 million at the end of Q2 2026, compared with just $61.0 million of cash and $175.9 million of short-term investments. Interest expense was $2.1 million in Q2, adding to the company’s recurring losses.
Shareholder equity turned negative and dilution is continuing. Total equity declined from positive $2.4 million in Q1 2026 to negative $33.2 million in Q2. Retained earnings were negative $2.75 billion, while weighted-average shares outstanding increased to 310.7 million in Q2 2026 from 300.2 million in Q2 2025. The combination of accumulated losses and a rising share count creates additional risk for existing investors.

Overall, PACB’s liquidity provides some near-term support, but the financial statements show a company that still needs to reduce operating losses and achieve positive operating cash flow. Investors should closely monitor revenue growth, gross-margin recovery, quarterly cash burn, debt obligations and further equity issuance.

10/13/26 06:56 AM ETAI Generated. May Contain Errors.

Pacific Biosciences of California Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Pacific Biosciences of California's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Pacific Biosciences of California's net income appears to be on a downward trend, with a most recent value of -$546.38 million in 2025, falling from -$31.70 million in 2015. The previous period was -$309.85 million in 2024. See Pacific Biosciences of California's forecast for analyst expectations on what's next for the company.

Pacific Biosciences of California's total operating income in 2025 was -$553.86 million, based on the following breakdown:

Total Gross Profit: $45.78 million
Total Operating Expenses: $599.64 million

Over the last 10 years, Pacific Biosciences of California's total revenue changed from $92.78 million in 2015 to $160.01 million in 2025, a change of 72.5%.

In the past 13 quarters, Pacific Biosciences of California's cash and equivalents has ranged from $54.80 million in Q2 2025 to $385.65 million in Q3 2023, and is currently $61.00 million as of their latest financial filing in Q2 2026.

Pacific Biosciences of California had total debt of $645.38 million at the end of 2025, a 0.3% decrease from 2024, and a 4,217.5% increase since 2015.

Over the last 10 years, Pacific Biosciences of California's book value per share changed from 0.95 in 2015 to 0.02 in 2025, a change of -98.1%.

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Financial statements for NASDAQ:PACB last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Pacific Biosciences of California (PACB) Financials

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Pacific Biosciences of California (PACB) Financials

Annual Income Statements for Pacific Biosciences of California

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Quarterly Cash Flow Statements for Pacific Biosciences of California

Annual Balance Sheets for Pacific Biosciences of California

Quarterly Balance Sheets for Pacific Biosciences of California

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Quarterly Metrics And Ratios for Pacific Biosciences of California

Financials Breakdown Chart

Key Financial Trends

Pacific Biosciences of California Financials - Frequently Asked Questions

When does Pacific Biosciences of California's financial year end?

How has Pacific Biosciences of California's net income changed over the last 10 years?

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How has Pacific Biosciences of California's revenue changed over the last 10 years?

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