Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin-13024.8%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin-12293.1%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
C
Years to Pay Off Debt-6.4 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt$1.7B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$2.3B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
D
Price-to-Book2.94x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
F
Free Cash Flow-$109M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings-$118M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
About CRISPR Therapeutics AG
CRISPR Therapeutics AG, a gene editing company, focuses on developing gene-based medicines for serious human diseases using its Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR)/CRISPR-associated protein 9 (Cas9) platform. The company's CRISPR/Cas9 is a technology for gene editing which is the process of precisely altering specific sequences of genomic DNA. It has a portfolio of therapeutic programs across a range of disease areas, including hemoglobinopathies, CAR T cell therapies, in vivo, and type 1 diabetes, as well as develops investigational CAR T programs, including an autologous, gene-edited CAR T program targeting allogeneic chimeric antigen receptor T cell for autoimmune indications and oncology. The company's lead product candidate is CASGEVY, an ex vivo CRISPR/Cas9 gene-edited cell therapy for treating patients suffering from transfusion-dependent beta-thalassemia, severe sickle cell disease (SCD), and hemoglobinopathies in which a patient's hematopoietic stem and progenitor cells are edited to produce high levels of fetal hemoglobin in red blood cells. It also develops CAR T cell therapies, including CTX112 targeting cluster of differentiation 19 (CD19) and CTX131 targeting CD70 for oncology and autoimmune indications; CTX310 and CTX320, in vivo gene editing to address the cardiovascular disease by disrupting the validated targets angiopoietin-like protein 3 and lipoprotein; and CTX211, an allogeneic, gene-edited, hypoimmune stem cell-derived product candidate for the treatment of T1D. It has strategic partnerships with Vertex Pharmaceuticals Incorporated. CRISPR Therapeutics AG was incorporated in 2013 and is headquartered in Zug, Switzerland.
CRISPR Therapeutics AG, a gene editing company, focuses on developing gene-based medicines for serious human diseases using its Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR)/CRISPR-associated protein 9 (Cas9) platform. The company's CRISPR/Cas9 is a technology for gene editing which is the process of precisely altering specific sequences of genomic DNA. It has a portfolio of therapeutic programs across a range of disease areas, including hemoglobinopathies, CAR T cell therapies, in vivo, and type 1 diabetes, as well as develops investigational CAR T programs, including an autologous, gene-edited CAR T program targeting allogeneic chimeric antigen receptor T cell for autoimmune indications and oncology. The company's lead product candidate is CASGEVY, an ex vivo CRISPR/Cas9 gene-edited cell therapy for treating patients suffering from transfusion-dependent beta-thalassemia, severe sickle cell disease (SCD), and hemoglobinopathies in which a patient's hematopoietic stem and progenitor cells are edited to produce high levels of fetal hemoglobin in red blood cells. It also develops CAR T cell therapies, including CTX112 targeting cluster of differentiation 19 (CD19) and CTX131 targeting CD70 for oncology and autoimmune indications; CTX310 and CTX320, in vivo gene editing to address the cardiovascular disease by disrupting the validated targets angiopoietin-like protein 3 and lipoprotein; and CTX211, an allogeneic, gene-edited, hypoimmune stem cell-derived product candidate for the treatment of T1D. It has strategic partnerships with Vertex Pharmaceuticals Incorporated. CRISPR Therapeutics AG was incorporated in 2013 and is headquartered in Zug, Switzerland.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Net Income From Continuing Operation Net Minority Interest
-122,931
-130,613
Reconciled Depreciation
4,319
5,661
Reconciled Cost Of Revenue
45,949
53,703
EBITDA
-125,929
-149,103
EBIT
-130,248
-154,764
Normalized Income
-122,931
-130,613
Net Income From Continuing And Discontinued Operation
-122,931
-130,613
Total Expenses
131,248
154,764
Total Operating Income As Reported
-130,248
-154,764
Diluted Average Shares
96,051
95,269
Basic Average Shares
96,051
95,269
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
-122,931
-130,613
Net Income Common Stockholders
-122,931
-130,613
Net Income
-122,931
-130,613
Net Income Including Noncontrolling Interests
-122,931
-130,613
Net Income Continuous Operations
-122,931
-130,613
Tax Provision
839
614
Pretax Income
-122,092
-129,999
Other Income Expense
8,156
24,765
Other Non Operating Income Expenses
8,156
24,765
Operating Income
-130,248
-154,764
Operating Expense
85,299
101,061
Other Operating Expenses
-458
-864
Research And Development
68,574
83,526
Selling General And Administration
17,183
18,399
General And Administrative Expense
17,183
18,399
Other Gand A
17,183
18,399
Gross Profit
-44,949
-53,703
Cost Of Revenue
45,949
53,703
Total Revenue
1,000
0
Operating Revenue
1,000
0
Balance Sheet
2026
2025
2024
Treasury Shares Number
115
115
Ordinary Shares Number
96,386
95,894
Share Issued
96,501
96,010
Net Debt
162,162
Total Debt
787,642
206,746
Tangible Book Value
1,814,556
1,921,813
Invested Capital
2,400,026
1,921,813
Working Capital
2,312,076
1,836,551
Net Tangible Assets
1,814,556
1,921,813
Capital Lease Obligations
202,172
206,746
Common Stock Equity
1,814,556
1,921,813
Total Capitalization
2,400,026
1,921,813
Total Equity Gross Minority Interest
1,814,556
1,921,813
Stockholders Equity
1,814,556
1,921,813
Gains Losses Not Affecting Retained Earnings
-1,941
4,821
Other Equity Adjustments
-1,941
4,821
Treasury Stock
60
60
Retained Earnings
-2,070,482
-1,947,551
Additional Paid In Capital
3,883,924
3,861,516
Capital Stock
3,115
3,087
Common Stock
3,115
3,087
Total Liabilities Net Minority Interest
911,264
343,430
Total Non Current Liabilities Net Minority Interest
774,978
194,310
Other Non Current Liabilities
5,948
6,142
Non Current Deferred Liabilities
0
12,323
Non Current Deferred Revenue
0
12,323
Long Term Debt And Capital Lease Obligation
769,030
188,168
Long Term Capital Lease Obligation
183,560
188,168
Long Term Debt
585,470
Current Liabilities
136,286
149,120
Other Current Liabilities
13,113
13,113
10,417
Current Deferred Liabilities
15,344
15,771
Current Deferred Revenue
15,344
15,771
Current Debt And Capital Lease Obligation
18,612
18,578
Current Capital Lease Obligation
18,612
18,578
Payables And Accrued Expenses
89,217
101,658
Current Accrued Expenses
74,932
89,407
Payables
14,285
12,251
Total Tax Payable
638
1,113
Accounts Payable
13,647
11,138
Total Assets
2,725,820
2,265,243
Total Non Current Assets
277,458
279,572
Other Non Current Assets
36,612
31,997
Investments And Advances
0
Investmentin Financial Assets
0
Available For Sale Securities
Net PPE
240,846
247,575
Accumulated Depreciation
-95,342
-91,052
Gross PPE
336,188
338,627
Leases
146,667
146,667
Construction In Progress
4,024
3,955
Other Properties
172,791
175,299
Machinery Furniture Equipment
12,706
12,706
Current Assets
2,448,362
1,985,671
Other Current Assets
6,577
9,843
Receivables
0
25,000
Accounts Receivable
0
25,000
Cash Cash Equivalents And Short Term Investments
2,441,785
1,975,828
Other Short Term Investments
2,018,477
1,628,269
Cash And Cash Equivalents
423,308
347,559
Cash Flow
2026
2025
2024
Free Cash Flow
-109,401
-93,070
Issuance Of Capital Stock
600,000
111,491
Capital Expenditure
-504
-517
End Cash Position
431,314
359,078
Beginning Cash Position
359,078
298,017
Effect Of Exchange Rate Changes
-32
1
Changes In Cash
72,268
61,060
Financing Cash Flow
591,908
116,414
Cash Flow From Continuing Financing Activities
591,908
116,414
Net Other Financing Charges
-14,250
Proceeds From Stock Option Exercised
6,158
4,923
Net Preferred Stock Issuance
600,000
Preferred Stock Issuance
600,000
Net Common Stock Issuance
111,491
14,959
Common Stock Issuance
111,491
14,959
Investing Cash Flow
-410,743
37,199
Cash Flow From Continuing Investing Activities
-410,743
37,199
Net Investment Purchase And Sale
-410,239
37,716
Sale Of Investment
340,465
300,689
Purchase Of Investment
-750,704
-262,973
Net PPE Purchase And Sale
-504
-517
Purchase Of PPE
-504
-517
Operating Cash Flow
-108,897
-92,553
Cash Flow From Continuing Operating Activities
-108,897
-92,553
Change In Working Capital
-15,409
22,637
Change In Other Working Capital
-1,948
810
Change In Other Current Liabilities
-199
13,554
Change In Payables And Accrued Expense
-13,015
4,421
Change In Prepaid Assets
-247
3,852
Change In Receivables
0
0
Changes In Account Receivables
0
0
Other Non Cash Items
8,800
-8,314
Stock Based Compensation
16,324
18,076
Depreciation Amortization Depletion
4,319
5,661
Depreciation And Amortization
4,319
5,661
Depreciation
4,302
Net Income From Continuing Operations
-122,931
-130,613
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Gross Margin
Prior year: -$58M▲ -4494.9%
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: -$148M▲ -13024.8%
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: -$136M▲ -12293.1%
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
❌ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$1M/qtr (≈$4M ann.)
vs > $1.5B annualised revenue
✅ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
17.96x current ratio
vs ≥ 2.0x
❌ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
-$109M
vs Positive
Operating Cash Flow
-$109M
Latest quarter · Buffett's cash reality check
ROIC
-4.0%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
2.9x
Net Assets: $1.8B
Asset Context — Biotechnology
R&D costs are expensed immediately under GAAP rather than capitalised as assets, meaning a pharma/biotech company's most valuable assets (drug pipeline, patents) are largely invisible on the balance sheet. Net Assets significantly understates true economic value. Pipeline depth and revenue diversification matter more.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
5.91%
Moderate — some alignment with shareholders
Return on Equity (ROE)
-6.8%
Weak — poor returns on equity
Return on Assets (ROA)
-4.5%
Poor — assets are not generating adequate returns
Debt Trend YoY
+281.0% YoY
Debt is growing — management is leveraging up
Leadership Team
Samarth Kulkarni Ph.
CEO & Chairman
Age 47
Pay: $1,434,715
Raju Yashaswi Prasad Ph.
Chief Financial Officer
Age 41
Pay: $779,557
Shaun Foy CFA
Co-Founder
Emmanuelle Marie Charpentier Ph.
Co-Founder & Scientific Advisory Board Member
Craig Mello Ph.
Scientific Founder & Advisory Board Member
Top Institutional Holders
Institution
% Owned
Shares
ARK Investment Management, LLC
11.73%
11,313,623
Blackrock Inc.
7.96%
7,680,073
Orbis Allan Gray Ltd
6.33%
6,106,011
Capital World Investors
4.90%
4,725,037
State Street Corporation
4.13%
3,982,500
GSK plc
3.34%
3,220,627
T. Rowe Price Investment Management, Inc.
3.06%
2,952,595
Geode Capital Management, LLC
2.46%
2,377,164
⚠️Short interest exceeds 20% — heavy bearish bets
Risk Analysis
Beta (Market Risk)
1.70
High volatility — moves more than the market
Short Interest
25.7% of float
Heavy short selling — market has significant bearish bets
Debt-to-Equity
0.43x
Conservative balance sheet — low financial risk
Current Ratio
17.96x
Strong liquidity — Graham approved
52-Week Price Range
Low: $43.23Current: $54.09High: $78.48
Currently at 31% of 52-week range
CRISPR Therapeutics AG (CRSP) fundamental analysis — Overall grade F based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: -4,494.9%. Operating margin: -13,024.8%. Net margin: -12,293.1%. Market cap: $5.3B. Sector: Healthcare. Industry: Biotechnology. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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