Arrowhead Pharmaceuticals vs Krystal Biotech
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The short version
- Arrowhead Pharmaceuticals is the larger business, with $829M of revenue in fiscal 2025 against $389M for Krystal Biotech, about 2.1 times as much.
- Arrowhead Pharmaceuticals grew revenue faster (23,258.2%, against 33.9%).
- Krystal Biotech kept more of each dollar of sales as operating profit (41.5% operating margin, against 11.9%).
- Krystal Biotech turned more of its sales into free cash flow (48.6% FCF margin, against 18.9%).
| Latest fiscal year | ARWR Β· FY25 | KRYS Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.3B | $9.6B |
| Revenue | $829M | $389M |
| Free cash flow | $157M | $189M |
| Net income | β$1.6M | $205M |
| Growth | ||
| Revenue growth | 23,258.2% | 33.9% |
| 5-year growth | 56.6% | β |
| Share count change | 11.7% | 0.7% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | 11.9% | 41.5% |
| Net margin | β0.2% | 52.6% |
| FCF margin | 18.9% | 48.6% |
| Return on capital | β | 43.6% |
| Return on equity | β0.5% | 18.9% |
| Balance sheet | ||
| Net debt | β$665M | β$828M |
| Net debt / EBITDA | β5.5x | β5.0x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | β | 39.0x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
ARWR $0.2M
KRYS β
FY17
ARWR $31.4M
KRYS β
FY18
ARWR $16.1M
KRYS β
FY19
ARWR $169M
KRYS β
FY20
ARWR $88.0M
KRYS β
FY21
ARWR $138M
KRYS $0.0M
FY22
ARWR $243M
KRYS $0.0M
FY23
ARWR $241M
KRYS $50.7M
FY24
ARWR $3.6M
KRYS $291M
FY25
ARWR $829M
KRYS $389M
ARWR
KRYS
Operating margin
FY16
ARWR β51,627.1%
KRYS β
FY17
ARWR β117.8%
KRYS β
FY18
ARWR β346.5%
KRYS β
FY19
ARWR 36.3%
KRYS β
FY20
ARWR β105.9%
KRYS β
FY21
ARWR β107.8%
KRYS β
FY22
ARWR β73.4%
KRYS β
FY23
ARWR β85.2%
KRYS β216.2%
FY24
ARWR β16,927.1%
KRYS 22.6%
FY25
ARWR 11.9%
KRYS 41.5%
ARWR
KRYS
Free cash flow
FY16
ARWR β$68.3M
KRYS β$1.3M
FY17
ARWR β$31.9M
KRYS β$4.1M
FY18
ARWR β$48.6M
KRYS β$11.7M
FY19
ARWR $161M
KRYS β$25.1M
FY20
ARWR β$108M
KRYS β$40.9M
FY21
ARWR $148M
KRYS β$116M
FY22
ARWR β$189M
KRYS β$154M
FY23
ARWR β$331M
KRYS β$101M
FY24
ARWR β$604M
KRYS $119M
FY25
ARWR $157M
KRYS $189M
ARWR
KRYS
Return on capital
FY16
ARWR β
KRYS β
FY17
ARWR β82.4%
KRYS β
FY18
ARWR β70.2%
KRYS β
FY19
ARWR 136.1%
KRYS β
FY20
ARWR β57.6%
KRYS β
FY21
ARWR β71.2%
KRYS β61.2%
FY22
ARWR β69.1%
KRYS β76.9%
FY23
ARWR β167.1%
KRYS β47.7%
FY24
ARWR β
KRYS 20.7%
FY25
ARWR β
KRYS 43.6%
ARWR
KRYS
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.