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Arrowhead Pharmaceuticals

ARWR Nasdaq Biotechnology Financials FY2016–FY2025

Arrowhead Pharmaceuticals' revenue rose 23258.2% to $829 million in fiscal 2025. Its operating margin was 11.9%, up from −16,927.1% a year earlier. Free cash flow was $157 million. The diluted share count rose 11.7%.

Last close · Oct 23, 2026

$58.02

0.6%
Value it Compare
Revenue Total sales reported in the income statement.
$829M
22,938.9% vs prior year
Operating margin Operating income as a share of revenue.
11.9%
16,938.9 pts
Net income Profit after all expenses, interest and tax.
−$1.6M
Free cash flow Cash from operations minus capital spending.
$157M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
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Market cap Last close times the latest diluted share count, so it is approximate.
$8.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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About these figures. Debt is Arrowhead's loan from Sixth Street, taken out in August 2024 and tagged as a credit line (its current and long-term parts); Arrowhead had no borrowings from fiscal 2019 until then, so debt is zero in those years.

What Arrowhead Pharmaceuticals does

No business description yet.

Legal name
ARROWHEAD PHARMACEUTICALS, INC.
Fiscal year ends
September 30, 2025
Latest annual report
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Accession · CIK
0000879407-25-000029
0000879407

Revenue and margins

Arrowhead Pharmaceuticals had $829M of revenue in fiscal 2025, up 23,258.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $157M in fiscal 2025, 18.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Arrowhead Pharmaceuticals returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 11.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Arrowhead Pharmaceuticals yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of $665M and divides by 133.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Arrowhead Pharmaceuticals can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $311M$108M$404M$681M$919M
Debt incl. finance leases $0.0M$0.0M$0.0M$393M$255M
Net debt / EBITDA ————−5.5x
Debt / equity 0.0x0.0x0.0x2.1x0.6x
Interest coverage ——−11.2x−18.6x1.1x
Current ratio 2.6x2.9x4.0x6.7x4.9x
Quick ratio 2.6x2.9x4.0x6.7x4.9x
Total assets $710M$692M$766M$1.1B$1.4B
Total liabilities $301M$274M$478M$949M$882M
Shareholders' equity $409M$399M$271M$185M$466M
Net debt (− = net cash) −$311M−$108M−$404M−$288M−$665M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$15.2M

8 insiders

Of sales under plans

92%

$14.0M

DateInsiderTradeSharesPriceValueFiling
Aug 18, 2026 Adeoye Y OlukotunDirector Sold 2,000 $86.96 $0.2M Form 4
Aug 18, 2026 Michael S PerryDirector Sold 11,600 $87.30 $1.0M Form 4
May 12, 2026 Hongbo LuDirector Sold plan 2,970 $76.88 $0.2M Form 4
Apr 23, 2026 James C HamiltonChief Medical Officer Sold plan 10,000 $75.00 $0.8M Form 4
Apr 22, 2026 Daniel Joseph ApelChief Financial Officer Sold plan 13,095 $71.35 $0.9M Form 4
Mar 5, 2026 James C HamiltonChief Medical Officer Sold plan 10,000 $64.19 $0.6M Form 4
Jan 5, 2026 James C HamiltonChief Medical Officer Sold plan 40,164 $63.11 $2.5M Form 4
Jan 5, 2026 Patrick O'BrienCOO Sold plan 49,493 $63.11 $3.1M Form 4
Jan 2, 2026 Christopher Richard AnzaloneChief Executive Officer, Director Sold plan 13,187 $66.10 $0.9M Form 4
Dec 29, 2025 Christopher Richard AnzaloneChief Executive Officer, Director Sold plan 51,726 $69.13 $3.6M Form 4
Dec 26, 2025 Mauro FerrariDirector Sold plan 7,530 $70.00 $0.5M Form 4
Dec 22, 2025 Christopher Richard AnzaloneChief Executive Officer, Director Sold plan 12,586 $68.44 $0.9M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✕
Cash from operations is positive ✕ ✕ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✓
F-score 3 / 82 / 85 / 8
Accruals ratio −7.1%−14.3%−14.4%
Altman Z'' −2.87−4.570.82

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Arrowhead Pharmaceuticals ARWR $8.3B 23,258.2% 11.9% 18.9% — — 5
Harmony Biosciences HRMY $2.1B 21.5% 24.0% 40.1% 48.9% 11.7x 5 Compare →
Repligen RGEN — 16.4% 7.5% 12.7% 2.4% — — Compare →
ADMA Biologics ADMA $2.5B 19.6% 37.5% 5.5% 39.5% 15.3x 5 Compare →
Halozyme HALO $15.2B 37.6% 33.6% 46.2% 19.2% 36.6x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $0.2M $31.4M $16.1M $169M $88.0M $138M $243M $241M $3.6M $829M
Research and development $62.1M $50.9M $53.0M $81.0M $129M $206M $297M $353M $506M $607M
Operating income −$81.7M −$37.0M −$55.9M $61.2M −$93.2M −$149M −$179M −$205M −$601M $98.3M
Interest expense $0.0M $0.2M $0.2M $0.0M $0.0M $0.0M $0.0M $18.3M $32.4M $89.4M
Pretax income −$81.7M −$34.4M −$54.4M $68.1M −$84.6M −$141M −$173M −$207M −$613M $51.5M
Income tax $0.0M $0.0M $0.0M $0.2M $0.0M $0.0M $3.8M $2.8M −$2.8M $21.4M
Net income −$81.7M −$34.4M −$54.5M $68.0M −$84.6M −$141M −$176M −$205M −$600M −$1.6M
Diluted EPS −$1.34 −$0.47 −$0.65 $0.69 −$0.84 −$1.36 −$1.67 −$1.92 −$5.00 −$0.01
Diluted shares 0.06B 0.07B 0.08B 0.10B 0.10B 0.10B 0.11B 0.11B 0.12B 0.13B
Cash flow
Cash from operations −$64.4M −$23.9M −$47.2M $173M −$95.8M $171M −$136M −$154M −$463M $180M
Capital expenditure $3.9M $7.9M $1.4M $12.0M $12.0M $23.6M $52.8M $177M $142M $22.7M
Free cash flow −$68.3M −$31.9M −$48.6M $161M −$108M $148M −$189M −$331M −$604M $157M
Depreciation and amortization $3.3M $3.0M $3.0M $2.7M $4.2M $6.6M $8.7M $10.7M $16.9M $22.2M
Stock-based compensation $11.6M $7.9M $8.5M $12.4M $43.4M $76.7M $121M $78.1M $74.0M $63.4M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $85.4M $24.8M $30.1M $222M $229M $311M $108M $404M $681M $919M
Total debt $2.7M $2.5M $2.3M $0.0M $0.0M $0.0M $0.0M $0.0M $393M $255M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $90.5M $67.9M $78.8M $265M $322M $385M $405M $417M $696M $951M
Current liabilities $25.6M $18.7M $12.4M $97.1M $40.7M $147M $139M $106M $103M $196M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $15.4M $15.5M $13.9M $23.2M $30.9M $48.7M $110M $290M $386M $383M
Total assets $128M $104M $112M $350M $523M $710M $692M $766M $1.1B $1.4B
Total liabilities $33.2M $23.2M $16.4M $106M $60.7M $301M $274M $478M $949M $882M
Shareholders' equity $95.6M $81.4M $95.8M $245M $462M $409M $399M $271M $185M $466M
Margins
Operating margin −51,627.1% −117.8% −346.5% 36.3% −105.9% −107.8% −73.4% −85.2% −16,927.1% 11.9%
EBITDA margin −49,568.1% −108.3% −327.9% 37.9% −101.1% −103.0% −69.8% −80.7% −16,451.1% 14.5%
Net margin −51,614.6% −109.5% −337.3% 40.3% −96.1% −101.9% −72.4% −85.3% −16,882.4% −0.2%
FCF margin −43,129.2% −101.4% −301.4% 95.4% −122.5% 106.8% −77.7% −137.3% −17,018.3% 18.9%
Returns
Return on capital — −82.4% −70.2% 136.1% −57.6% −71.2% −69.1% −167.1% — —
Return on capital employed −74.7% −39.4% −60.6% 34.8% −25.4% −28.5% −32.0% −33.8% −70.9% 8.8%
Return on equity −79.4% −38.9% −61.5% 39.9% −23.9% −32.4% −43.6% −61.3% −262.5% −0.5%
Return on assets −62.8% −29.6% −50.5% 29.5% −19.4% −22.9% −25.1% −28.2% −62.9% −0.1%
Growth
Revenue growth −58.6% 19,736.5% −48.6% 945.7% −47.9% 57.2% 75.9% −1.0% −98.5% 23,258.2%
Net income growth — — — — −224.4% — — — — —
EPS growth — — — — −221.7% — — — — —
FCF growth — — — — −166.9% — −227.9% — — —
Share count change 6.4% 21.0% 13.2% 17.9% 2.1% 3.0% 1.6% 1.3% 12.2% 11.7%
Financial health
Net debt / EBITDA — — — −3.5x — — — — — −5.5x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 2.1x 0.6x
Interest coverage −7,242.2x −197.2x −322.6x 2,266.3x — — — −11.2x −18.6x 1.1x
Current ratio 3.5x 3.6x 6.4x 2.7x 7.9x 2.6x 2.9x 4.0x 6.7x 4.9x
Quick ratio 3.5x 3.6x 6.4x 2.7x 7.9x 2.6x 2.9x 4.0x 6.7x 4.9x
Capital allocation
Capex / revenue 2,438.1% 25.2% 8.8% 7.1% 13.6% 17.0% 21.7% 73.4% 3,983.9% 2.7%
Stock comp / revenue 7,323.7% 25.1% 52.4% 7.3% 49.3% 55.4% 49.7% 32.5% 2,083.0% 7.6%
Payouts / FCF — — — 0.0% — 0.0% — — — 0.0%
Quality scores
Piotroski F-score 1.0 4.0 3.0 6.0 1.0 3.0 4.0 3.0 2.0 5.0
Altman Z'' −8.1 −9.2 −7.6 2.8 7.2 −0.8 −1.5 −2.9 −4.6 0.8
Accruals ratio −13.3% −9.0% −6.7% −45.5% 2.6% −50.7% −5.7% −7.1% −14.3% −14.4%

Source: SEC EDGAR XBRL filings (CIK 0000879407). Data updated October 14, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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