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Kiniksa Pharmaceuticals International

KNSA on Nasdaq. Kiniksa Pharmaceuticals International, sells ARCALYST, a drug for inflammatory diseases, to patients. Market value $1.1bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
3.0%fair

For every $100 of what the whole company costs, it produced $3.00 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
59.0×full

You pay 59.0 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
-6.0%five-year median

Each dollar kept in the business earns -6 cents a year. Above 10 is good.

Quality score: 56 of 100. Price score: 24 of 100. Our list needs 70 on quality and 60 on price.

$77.09 a share, 119% above its 1-year low

Over the past year the price has ranged from $35.20 to $82.94.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
0.0
0.0
0.0
0.1
0.2
2021202220232024202512 monthsto Jun '26
Revenue
$39m$220m$270m$423m$678m
Operating margin
-406.4%4.4%-9.3%-10.8%11.4%
Debt to equity
0.000.000.000.000.00
Shares outstanding
0.07bn0.07bn0.07bn0.07bn0.08bn

Health checks

  • Free cash flow positive4 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)7 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • Debt0.00× equity
  • Revenue growth, five yearsStrong, 104.8% a year
  • Buying back its own sharesNo, 15% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $244 million last quarter, up 55% on a year ago.
  • Profit: $25 million, up 43% on a year ago.
  • It keeps 12 cents of each $1 of sales as operating profit, up from 1 cents a year earlier.
  • Spare cash over the past 12 months: $183 million, up from $66 million.
  • 7% more shares than a year ago. Each share owns a bit less of the company.
  • It has $176 million more cash than debt, down from $192 million a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$112m
December 2024$123m
March 2025$138m
June 2025$157m
September 2025$181m
December 2025$202m
March 2026$214m
June 2026$244m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$13m
December 2024-$9m
March 2025$9m
June 2025$18m
September 2025$18m
December 2025$14m
March 2026$23m
June 2026$25m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
24 February 2026
Next quarterly (estimated, 10-Q)
27 October 2026

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 267 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

  • FMR LLC
    Passive investor
    at least 14.8%+4.2 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • at least 7.4%−1.9 pts
    (filed with 1 related holder)
    Since 31 December 2025
  • Julian C. Baker
    Passive investor
    at least 7.0%
    (filed with 4 related holders)
    Since 21 May 2026
    What they said

    Item 4 of Schedule 13D is supplemented and amended, as the case may be, as follows: On May 21, 2026, Kiniksa Pharmaceuticals International, plc (the "Issuer") and the Adviser on behalf of the Funds entered into a Deed of Waiver (the "Deed") according to which the Adviser on…

    Read the filing
  • BlackRock, Inc.
    Passive investor
    5.5%+4.5 pts
    Since 30 June 2026
  • at least 5.2%
    (filed with 5 related holders)
    Since 28 March 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026
  • Sold down below 5%
    Since 31 December 2024

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 8 sold $60m, $60m of it under preset trading plans.

  • Megna Michael R
    CHIEF ACCOUNTING OFFICER
    Sold
    under a preset trading plan
    Date
    3 September 2026
    Shares
    4,600
    Price
    $80.30
    Value
    $369,380
  • Cole G Bradley
    Director
    Sold
    Date
    29 July 2026
    Shares
    3,673
    Price
    $81.43
    Value
    $299,092
  • Paolini John F.
    CHIEF MEDICAL OFFICER
    Sold
    under a preset trading plan
    Date
    1 May 2026
    Shares
    58,424
    Price
    $53.71
    Value
    $3m
  • Patel Sanj K
    CHAIRMAN & CEO, Director
    Sold
    under a preset trading plan
    Date
    1 May 2026
    Shares
    48,565
    Price
    $54.02
    Value
    $3m
  • Patel Sanj K
    CHAIRMAN & CEO, Director
    Sold
    under a preset trading plan
    Date
    30 April 2026
    Shares
    2,141
    Price
    $54.01
    Value
    $115,635
  • Patel Sanj K
    CHAIRMAN & CEO, Director
    Sold
    under a preset trading plan
    Date
    29 April 2026
    Shares
    22,544
    Price
    $54.01
    Value
    $1m
  • Patel Sanj K
    CHAIRMAN & CEO, Director
    Sold
    under a preset trading plan
    Date
    28 April 2026
    Shares
    483,654
    Price
    $51.86
    Value
    $25m
  • Quart Barry D
    Director
    Sold
    under a preset trading plan
    Date
    28 April 2026
    Shares
    13,099
    Price
    $50.10
    Value
    $656,260
  • Moat Ross
    CHIEF OPERATING OFFICER
    Sold
    under a preset trading plan
    Date
    9 April 2026
    Shares
    1,703
    Price
    $46.69
    Value
    $79,513
  • Megna Michael R
    CHIEF ACCOUNTING OFFICER
    Sold
    under a preset trading plan
    Date
    9 April 2026
    Shares
    6,625
    Price
    $46.69
    Value
    $309,321

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 28 Jul 2026 and 5 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It isn't cheap on profits: 59.0× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.