ARQT Nasdaq Pharmaceutical Preparations Financials FY2018βFY2025
Arcutis Biotherapeutics, Inc. had $376M of revenue in fiscal 2025, up 91.3% on the year before.
Last close Β· Oct 23, 2026
$31.20
3.1%Hi! I read Arcutis Biotherapeutics, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+91.3%
Yes. Sales grew 91.3% last year.
Does it make a profit?
β4.3%
No. It lost money last year.
Does profit turn into cash?
β1.7%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 9
Mixed. It passes 4 of 9 health tests.
How is the share priced?
141.8x
One share costs 141.8 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Arcutis Biotherapeutics, Inc. had $376M of revenue in fiscal 2025, up 91.3% on the year before. Its operating margin was β3.3%, up 62.1Β pts: of every 100 in sales, about β3 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Arcutis Biotherapeutics, Inc. lost $16.1M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$6.3M in fiscal 2025, β1.7% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $16.3M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$16.3M
11 insiders
Of sales under plans
79%
$12.9M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | Howard G. WelgusDirector | Sold plan | 4,728 | $26.93 | $0.1M | Form 4 |
| Sep 16, 2026 | Masaru MatsudaSee Remarks | Sold plan | 3,674 | $25.00 | $0.1M | Form 4 |
| Sep 15, 2026 | Howard G. WelgusDirector | Sold plan | 4,730 | $24.18 | $0.1M | Form 4 |
| Sep 8, 2026 | Masaru MatsudaSee Remarks | Sold plan | 9,989 | $25.03 | $0.3M | Form 4 |
| Aug 27, 2026 | Terrie CurranDirector | Sold | 38,200 | $25.03 | $1.0M | Form 4 |
| Aug 20, 2026 | Terrie CurranDirector | Sold | 1,072 | $26.04 | $0.0M | Form 4 |
| Aug 19, 2026 | Patrick BurnettSee Remarks | Sold | 1,697 | $27.00 | $0.0M | Form 4 |
| Aug 17, 2026 | Howard G. WelgusDirector | Sold plan | 4,730 | $26.18 | $0.1M | Form 4 |
| Aug 12, 2026 | Patrick BurnettSee Remarks | Sold | 6,700 | $26.08 | $0.2M | Form 4 |
| Aug 11, 2026 | Patrick BurnettSee Remarks | Sold | 8,300 | $26.52 | $0.2M | Form 4 |
| Aug 3, 2026 | Masaru MatsudaSee Remarks | Sold plan | 1,230 | $26.12 | $0.0M | Form 4 |
| Aug 3, 2026 | Todd WatanabeSee Remarks, Director | Sold plan | 4,375 | $26.12 | $0.1M | Form 4 |
| Aug 3, 2026 | Patrick BurnettSee Remarks | Sold plan | 955 | $26.12 | $0.0M | Form 4 |
| Jul 15, 2026 | Howard G. WelgusDirector | Sold plan | 4,730 | $26.91 | $0.1M | Form 4 |
| Jun 17, 2026 | Howard G. WelgusDirector | Sold plan | 635 | $25.67 | $0.0M | Form 4 |
| Jun 15, 2026 | Howard G. WelgusDirector | Sold plan | 4,096 | $24.41 | $0.1M | Form 4 |
| Jun 15, 2026 | Sue-Jean LinDirector | Sold plan | 4,946 | $24.38 | $0.1M | Form 4 |
| May 11, 2026 | Latha VairavanSVP Chief Financial Officer | Sold plan | 435 | $21.05 | $0.0M | Form 4 |
| May 11, 2026 | Patrick BurnettSee Remarks | Sold plan | 222 | $21.05 | $0.0M | Form 4 |
| May 4, 2026 | Todd WatanabeSee Remarks, Director | Sold plan | 3,172 | $23.61 | $0.1M | Form 4 |
| May 4, 2026 | Masaru MatsudaSee Remarks | Sold plan | 8,256 | $23.31 | $0.2M | Form 4 |
| May 4, 2026 | Patrick BurnettSee Remarks | Sold plan | 684 | $23.61 | $0.0M | Form 4 |
| May 4, 2026 | Latha VairavanSVP Chief Financial Officer | Sold plan | 1,341 | $23.61 | $0.0M | Form 4 |
| May 1, 2026 | Howard G. WelgusDirector | Sold plan | 7,144 | $22.99 | $0.2M | Form 4 |
| Apr 1, 2026 | Howard G. WelgusDirector | Sold plan | 10,000 | $23.88 | $0.2M | Form 4 |
| Mar 2, 2026 | Keith R LeonardDirector | Sold plan | 39,272 | $25.39 | $1.0M | Form 4 |
| Mar 2, 2026 | Howard G. WelgusDirector | Sold plan | 10,000 | $25.65 | $0.3M | Form 4 |
| Mar 2, 2026 | Masaru MatsudaSee Remarks | Sold plan | 8,733 | $25.30 | $0.2M | Form 4 |
| Mar 2, 2026 | Todd WatanabeSee Remarks, Director | Sold plan | 37,349 | $25.18 | $0.9M | Form 4 |
| Mar 2, 2026 | Latha VairavanSVP Chief Financial Officer | Sold plan | 2,853 | $25.18 | $0.1M | Form 4 |
| Mar 2, 2026 | Patrick BurnettSee Remarks | Sold plan | 6,287 | $25.18 | $0.2M | Form 4 |
| Mar 2, 2026 | Larry Todd EdwardsSee Remarks | Sold plan | 3,687 | $25.18 | $0.1M | Form 4 |
| Feb 27, 2026 | Masaru MatsudaSee Remarks | Sold plan | 3,325 | $27.95 | $0.1M | Form 4 |
| Feb 4, 2026 | Patrick BurnettSee Remarks | Sold plan | 9,794 | $25.81 | $0.3M | Form 4 |
| Feb 2, 2026 | Masaru MatsudaSee Remarks | Sold plan | 40,638 | $25.28 | $1.0M | Form 4 |
| Feb 2, 2026 | Howard G. WelgusDirector | Sold plan | 10,000 | $25.05 | $0.3M | Form 4 |
| Feb 2, 2026 | Latha VairavanSVP Chief Financial Officer | Sold plan | 1,320 | $25.50 | $0.0M | Form 4 |
| Feb 2, 2026 | Todd WatanabeSee Remarks, Director | Sold plan | 19,833 | $25.50 | $0.5M | Form 4 |
| Feb 2, 2026 | Larry Todd EdwardsSee Remarks | Sold plan | 2,052 | $25.50 | $0.1M | Form 4 |
| Feb 2, 2026 | Patrick BurnettSee Remarks | Sold plan | 3,675 | $25.50 | $0.1M | Form 4 |
| Jan 5, 2026 | Patrick BurnettSee Remarks | Sold plan | 2,490 | $28.98 | $0.1M | Form 4 |
| Jan 2, 2026 | Howard G. WelgusDirector | Sold plan | 10,000 | $28.96 | $0.3M | Form 4 |
| Dec 31, 2025 | Patrick BurnettSee Remarks | Sold plan | 1,697 | $29.21 | $0.0M | Form 4 |
| Dec 15, 2025 | Patrick BurnettSee Remarks | Sold plan | 11,500 | $28.94 | $0.3M | Form 4 |
| Dec 1, 2025 | Masaru MatsudaSee Remarks | Sold plan | 1,657 | $30.23 | $0.1M | Form 4 |
| Dec 1, 2025 | Howard G. WelgusDirector | Sold plan | 10,000 | $30.21 | $0.3M | Form 4 |
| Nov 24, 2025 | Sue-Jean LinDirector | Sold | 25,272 | $30.78 | $0.8M | Form 4 |
| Nov 24, 2025 | Todd WatanabeSee Remarks, Director | Sold plan | 48,945 | $30.36 | $1.5M | Form 4 |
| Nov 21, 2025 | Todd WatanabeSee Remarks, Director | Sold plan | 1,055 | $30.00 | $0.0M | Form 4 |
| Nov 20, 2025 | Halley E GilbertDirector | Sold | 16,532 | $27.55 | $0.5M | Form 4 |
| Nov 19, 2025 | Masaru MatsudaSee Remarks | Sold plan | 2,550 | $28.29 | $0.1M | Form 4 |
| Nov 13, 2025 | Neha KrishnamohanDirector | Sold plan | 40,504 | $23.20 | $0.9M | Form 4 |
| Nov 6, 2025 | Larry Todd EdwardsSee Remarks | Sold | 29,131 | $25.16 | $0.7M | Form 4 |
| Nov 6, 2025 | Patrick BurnettSee Remarks | Sold plan | 17,250 | $24.18 | $0.4M | Form 4 |
| Nov 5, 2025 | Patrick BurnettSee Remarks | Sold plan | 3,864 | $23.72 | $0.1M | Form 4 |
| Nov 3, 2025 | Howard G. WelgusDirector | Sold plan | 10,000 | $25.27 | $0.3M | Form 4 |
| Nov 3, 2025 | Latha VairavanSVP Chief Financial Officer | Sold plan | 88 | $24.72 | $0.0M | Form 4 |
| Nov 3, 2025 | Todd WatanabeSee Remarks, Director | Sold plan | 11,547 | $24.71 | $0.3M | Form 4 |
| Nov 3, 2025 | Masaru MatsudaSee Remarks | Sold plan | 7,208 | $24.71 | $0.2M | Form 4 |
| Nov 3, 2025 | Patrick BurnettSee Remarks | Sold plan | 2,622 | $24.71 | $0.1M | Form 4 |
| Oct 28, 2025 | Todd WatanabeSee Remarks, Director | Sold plan | 40,000 | $25.03 | $1.0M | Form 4 |
| Oct 2, 2025 | Todd WatanabeSee Remarks, Director | Sold plan | 20,739 | $20.04 | $0.4M | Form 4 |
| Oct 2, 2025 | Larry Todd EdwardsSee Remarks | Sold plan | 4,504 | $20.04 | $0.1M | Form 4 |
| Oct 1, 2025 | Todd WatanabeSee Remarks, Director | Sold plan | 24,261 | $19.33 | $0.5M | Form 4 |
| Oct 1, 2025 | Howard G. WelgusDirector | Sold plan | 10,000 | $18.92 | $0.2M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Arcutis Biotherapeutics, Inc. has $112M more cash than debt.
Cash, debt and the ratios that show how comfortably Arcutis Biotherapeutics, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $387M | $410M | $272M | $228M | $221M |
| Debt incl. finance leases | $72.4M | $198M | $202M | $107M | $109M |
| Debt / equity | 0.2x | 0.9x | 2.3x | 0.7x | 0.6x |
| Interest coverage | β | β19.3x | β8.1x | β4.7x | β1.0x |
| Current ratio | 12.1x | 11.6x | 7.1x | 4.1x | 3.2x |
| Quick ratio | 12.1x | 11.4x | 6.8x | 4.0x | 3.0x |
| Total assets | $408M | $449M | $341M | $349M | $433M |
| Total liabilities | $110M | $240M | $253M | $191M | $243M |
| Shareholders' equity | $298M | $210M | $88.7M | $158M | $189M |
| Net debt (β = net cash) | β$315M | β$212M | β$70.1M | β$121M | β$112M |
KIRA Β· Its return on capital was β12.5%: every 100 invested in the business earned about β12 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Arcutis Biotherapeutics, Inc. passes 4 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 4 | β / 6 | 1 / 8 | 2 / 8 | 3 / 9 | 4 / 9 | 4 / 9 |
| Accruals ratio | β | 0.8% | β11.2% | β9.0% | β12.5% | β3.8% | β8.1% | β2.7% |
| Altman Z'' | β | β10.82 | 10.93 | 2.11 | β2.98 | β8.30 | β7.30 | β3.68 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | β | β | $0.0M | $0.0M | $3.7M | $59.6M | $197M | $376M |
| Gross profit | β | β | β | $0.0M | $2.9M | $54.6M | $177M | $339M |
| Research and development | $17.9M | $36.5M | $115M | $146M | $182M | $111M | $76.4M | $77.1M |
| Operating income | β$19.7M | β$43.1M | β$137M | β$207M | β$302M | β$241M | β$128M | β$12.2M |
| Interest expense | β | β | $0.0M | $0.0M | $15.7M | $29.7M | $27.2M | $12.1M |
| Pretax income | β | β | β | β$206M | β$311M | β$256M | β$130M | β$8.2M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $3.1M | $0.6M | $1.2M |
| Net income | β$19.3M | β$42.0M | β$136M | β$206M | β$311M | β$262M | β$140M | β$16.1M |
| Diluted EPS | β$15.53 | β$22.78 | β$3.80 | β$4.18 | β$5.66 | β$3.78 | β$1.16 | β$0.13 |
| Diluted shares | 0.00B | 0.00B | 0.04B | 0.05B | 0.06B | 0.07B | 0.12B | 0.13B |
| Cash flow | ||||||||
| Cash from operations | β$14.1M | β$42.8M | β$113M | β$175M | β$258M | β$247M | β$112M | β$5.6M |
| Capital expenditure | $0.0M | $0.3M | $0.3M | $1.0M | $0.3M | $0.4M | $0.1M | $0.7M |
| Free cash flow | β$14.1M | β$43.1M | β$113M | β$176M | β$258M | β$247M | β$112M | β$6.3M |
| Depreciation and amortization | $0.0M | $0.1M | $0.1M | $0.5M | $0.6M | $0.8M | $0.6M | $0.7M |
| Stock-based compensation | $0.2M | $0.8M | $7.9M | $23.9M | $32.7M | $38.8M | $41.7M | $40.4M |
| Balance sheet | ||||||||
| Cash and short-term investments | $39.4M | $101M | $284M | $387M | $410M | $272M | $228M | $221M |
| Total debt | β | β | $0.0M | $72.4M | $198M | $202M | $107M | $109M |
| Current assets | β | $106M | $293M | $403M | $437M | $330M | $336M | $411M |
| Current liabilities | β | $5.2M | $22.6M | $33.3M | $37.8M | $46.7M | $81.0M | $130M |
| Inventory | β | β | β | $0.0M | $7.5M | $13.1M | $14.5M | $22.6M |
| Property and equipment, net | β | $0.2M | $2.0M | $2.3M | $1.9M | $1.5M | $1.0M | $1.0M |
| Intangible assets | β | β | β | $0.0M | $7.2M | $6.4M | $9.5M | $14.8M |
| Total assets | β | $107M | $298M | $408M | $449M | $341M | $349M | $433M |
| Total liabilities | β | $5.6M | $27.6M | $110M | $240M | $253M | $191M | $243M |
| Preferred stock | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | β |
| Shareholders' equity | β$24.0M | β$65.0M | $271M | $298M | $210M | $88.7M | $158M | $189M |
| Margins | ||||||||
| Gross margin | β | β | β | β | 79.5% | 91.6% | 90.3% | 90.2% |
| Operating margin | β | β | β | β | β8,183.0% | β404.5% | β65.3% | β3.3% |
| EBITDA margin | β | β | β | β | β8,166.2% | β403.1% | β65.0% | β3.1% |
| Net margin | β | β | β | β | β8,449.8% | β439.8% | β71.3% | β4.3% |
| FCF margin | β | β | β | β | β7,000.8% | β415.2% | β57.1% | β1.7% |
| Returns | ||||||||
| Return on capital | β | β | β | β | β | β1,023.6% | β275.7% | β12.5% |
| Return on capital employed | β | β42.4% | β49.6% | β55.1% | β73.3% | β81.8% | β47.9% | β4.0% |
| Return on equity | β | β | β132.0% | β72.6% | β122.8% | β175.8% | β113.8% | β9.3% |
| Return on assets | β | β39.2% | β67.0% | β58.4% | β72.6% | β66.3% | β40.6% | β4.1% |
| Return on tangible equity | β | β | β50.1% | β69.3% | β153.9% | β318.8% | β94.6% | β9.2% |
| Growth | ||||||||
| Revenue growth | β | β | β | β | β | 1,517.1% | 229.7% | 91.3% |
| Share count change | β | 48.7% | 1,835.1% | 38.5% | 11.4% | 25.9% | 74.5% | 5.2% |
| Financial health | ||||||||
| Debt / equity | β | β | 0.0x | 0.2x | 0.9x | 2.3x | 0.7x | 0.6x |
| Interest coverage | β | β | β | β | β19.3x | β8.1x | β4.7x | β1.0x |
| Current ratio | β | 20.3x | 13.0x | 12.1x | 11.6x | 7.1x | 4.1x | 3.2x |
| Quick ratio | β | 20.3x | 13.0x | 12.1x | 11.4x | 6.8x | 4.0x | 3.0x |
| Capital allocation | ||||||||
| Capex / revenue | β | β | β | β | 9.0% | 0.7% | 0.1% | 0.2% |
| Stock comp / revenue | β | β | β | β | 886.7% | 65.1% | 21.2% | 10.7% |
| Quality scores | ||||||||
| Piotroski F-score | β | β | β | 1.0 | 2.0 | 3.0 | 4.0 | 4.0 |
| Altman Z'' | β | β10.8 | 10.9 | 2.1 | β3.0 | β8.3 | β7.3 | β3.7 |
| Accruals ratio | β | 0.8% | β11.2% | β9.0% | β12.5% | β3.8% | β8.1% | β2.7% |
Source: SEC EDGAR XBRL filings (CIK 0001787306). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
