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ARQT logoArcutis Biotherapeutics, Inc.(ARQT)Earnings, Financials & Key Ratios

ARQT•NASDAQ
$23.42
$2.89B mkt cap·Price updated May 6, 2026
SectorHealthcareIndustryBiotechnologySub-IndustryCommercial Specialty Pharma
AboutArcutis Biotherapeutics, Inc., a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis. The company is also developing ARQ-154, a topical foam formulation of roflumilast for the treatment of seborrheic dermatitis and scalp psoriasis; ARQ-252, a selective topical janus kinase type 1 inhibitor for hand eczema and vitiligo; and ARQ-255, a topical formulation of ARQ-252 designed to reach deeper into the skin in order to treat alopecia areata. The company was formerly known as Arcutis, Inc. and changed its name to Arcutis Biotherapeutics, Inc. in October 2019. Arcutis Biotherapeutics, Inc. was incorporated in 2016 and is headquartered in Westlake Village, California.Show more
  • Revenue$376M+91.3%
  • EBITDA-$7M+94.5%
  • Net Income-$16M+88.5%
  • EPS (Diluted)-0.13+88.8%
  • Gross Margin90.24%
  • EBITDA Margin-1.82%+97.2%
  • Operating Margin-3.25%+95.0%
  • Net Margin-4.29%+94.0%
  • ROE-9.3%+91.8%
  • ROIC-5.25%+89.0%
  • Debt/Equity0.03-95.3%
  • Interest Coverage-1.01+78.6%
Technical→

ARQT Key Insights

Arcutis Biotherapeutics, Inc. (ARQT) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Company is almost debt free

✗Weaknesses

  • ✗Negative free cash flow
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗Expensive at 15.7x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

ARQT Price & Volume

Arcutis Biotherapeutics, Inc. (ARQT) stock price & volume — 10-year historical chart

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ARQT Growth Metrics

Arcutis Biotherapeutics, Inc. (ARQT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-
3 Years367.27%
TTM91.34%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM88.47%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM87.56%

Return on Capital

10 Years-66.24%
5 Years-51.69%
3 Years-39.4%
Last Year-4.28%

ARQT Recent Earnings

Arcutis Biotherapeutics, Inc. (ARQT) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 9/12 qtrs (75%)
Q1 2026Latest
Feb 25, 2026
EPS
$0.13
Est $0.03
+333.3%
Revenue
$130M
Est $113M
+14.5%
Q4 2025
Oct 28, 2025
EPS
$0.06
Est $0.10
+160.0%
Revenue
$99M
Est $111M
-10.4%
Q3 2025
Aug 6, 2025
EPS
$0.13
Est $0.18
+27.8%
Revenue
$82M
Est $81M
+1.1%
Q2 2025
May 6, 2025
EPS
$0.20
Est $0.21
+4.8%
Revenue
$66M
Est $73M
-9.4%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 25, 2026
$0.13vs $0.03+333.3%
$130Mvs $113M+14.5%
Q4 2025Oct 28, 2025
$0.06vs $0.10+160.0%
$99Mvs $111M-10.4%
Q3 2025Aug 6, 2025
$0.13vs $0.18+27.8%
$82Mvs $81M+1.1%
Q2 2025May 6, 2025
$0.20vs $0.21+4.8%
$66Mvs $73M-9.4%
Based on last 12 quarters of dataView full earnings history →

ARQT Peer Comparison

Arcutis Biotherapeutics, Inc. (ARQT) competitors in Commercial Specialty Pharma — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
DERM logoDERMJourney Medical CorporationDirect Competitor105.83M5.18-7.19-29.11%-15.49%-45.4%1.28
NVCR logoNVCRNovoCure LimitedDirect Competitor1.81B15.88-13.028.28%-25.66%-50.82%0.85
PRGO logoPRGOPerrigo Company plcDirect Competitor1.6B11.64-1.13-2.75%-33.51%-48.56%9.06%0.01
INVA logoINVAInnoviva, Inc.Product Competitor1.69B22.656.8618.52%65.38%23.12%11.58%
DAWN logoDAWNDay One Biopharmaceuticals, Inc.Product Competitor2.22B21.53-20.7020.6%-67.85%-23.43%0.01
NKTR logoNKTRNektar TherapeuticsProduct Competitor1.65B84.16-8.65-43.89%-192.87%-356.81%0.95
HRMY logoHRMYHarmony Biosciences Holdings, Inc.Product Competitor1.87B32.3411.9321.51%18.27%18.24%18.63%0.02
VNDA logoVNDAVanda Pharmaceuticals Inc.Product Competitor436.72M7.39-1.988.72%-39.7%-18.07%0.02

Compare ARQT vs Peers

Arcutis Biotherapeutics, Inc. (ARQT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs DERM

Most directly comparable listed peer for ARQT.

Scale Benchmark

vs LLY

Larger-name benchmark to compare ARQT against a more recognizable public peer.

Peer Set

Compare Top 5

vs DERM, NVCR, PRGO, INVA

ARQT Income Statement

Arcutis Biotherapeutics, Inc. (ARQT) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue000003.69M59.61M196.54M376.07M
Revenue Growth %------1517.09%229.74%91.34%
Cost of Goods Sold00195K455K763K754K4.99M19.13M36.7M
COGS % of Revenue-----20.46%8.37%9.73%9.76%
Gross Profit
0▲ 0%
0▲ 0%
-195K▲ 0%
-455K▼ 133.3%
-763K▼ 67.7%
2.93M▲ 484.3%
54.62M▲ 1762.9%
177.41M▲ 224.8%
339.38M▲ 91.3%
Gross Margin %-----79.54%91.63%90.27%90.24%
Gross Profit Growth %----133.33%-67.69%484.27%1762.86%224.82%91.29%
Operating Expenses4.11M19.73M42.94M136.19M205.77M304.56M295.72M305.81M351.6M
OpEx % of Revenue-----8262.59%496.12%155.6%93.49%
Selling, General & Admin695K1.79M6.42M20.88M60.97M122.12M185.15M229.39M274.55M
SG&A % of Revenue-----3313.18%310.61%116.71%73.01%
Research & Development3.41M17.94M36.52M115.31M145.56M182.44M110.58M76.42M77.05M
R&D % of Revenue-----4949.4%185.51%38.88%20.49%
Other Operating Expenses0000173K0000
Operating Income
-4.11M▲ 0%
-19.73M▼ 380.6%
-43.13M▼ 118.6%
-136.65M▼ 216.8%
-206.53M▼ 51.1%
-301.63M▼ 46.0%
-241.1M▲ 20.1%
-128.4M▲ 46.7%
-12.23M▲ 90.5%
Operating Margin %------8183.04%-404.49%-65.33%-3.25%
Operating Income Growth %--380.64%-118.56%-216.81%-51.14%-46.05%20.07%46.75%90.48%
EBITDA00-42.94M-136.19M-205.77M-300.37M-239.22M-125.8M-6.86M
EBITDA Margin %------8149.05%-401.34%-64.01%-1.82%
EBITDA Growth %----217.19%-51.09%-45.98%20.36%47.41%94.55%
D&A (Non-Cash Add-back)4.11M19.73M195K455K763K1.25M1.88M2.6M5.37M
EBIT-4.98M-19.25M-42M-135.68M-206.36M-295.81M-229.31M-112.22M-12.23M
Net Interest Income001.14M967K173K-15.65M-29.71M-27.17M-12.08M
Interest Income001.14M967K173K0000
Interest Expense0000015.65M29.71M27.17M12.08M
Other Income/Expense-872K480K1.14M967K173K-9.83M-17.93M-10.99M-2.74M
Pretax Income
-4.98M▲ 0%
-19.25M▼ 286.8%
-42M▼ 118.1%
-135.68M▼ 223.1%
-206.36M▼ 52.1%
-311.46M▼ 50.9%
-259.03M▲ 16.8%
-139.39M▲ 46.2%
-14.97M▲ 89.3%
Pretax Margin %------8449.76%-434.57%-70.92%-3.98%
Income Tax0000003.11M647K1.17M
Effective Tax Rate %0%0%0%0%0%0%-1.2%-0.46%-7.82%
Net Income
-4.98M▲ 0%
-19.25M▼ 286.8%
-42M▼ 118.1%
-135.68M▼ 223.1%
-206.36M▼ 52.1%
-311.46M▼ 50.9%
-262.14M▲ 15.8%
-140.04M▲ 46.6%
-16.14M▲ 88.5%
Net Margin %------8449.76%-439.79%-71.25%-4.29%
Net Income Growth %--286.8%-118.1%-223.07%-52.09%-50.93%15.83%46.58%88.47%
Net Income (Continuing)-4.98M-19.25M-42M-135.68M-206.36M-311.46M-262.14M-140.04M-16.14M
Discontinued Operations000000000
Minority Interest000000000
EPS (Diluted)
-4.71▲ 0%
-0.53▲ 88.7%
-1.10▼ 107.5%
-3.80▼ 245.5%
-4.17▼ 9.7%
-5.66▼ 35.7%
-3.78▲ 33.2%
-1.16▲ 69.3%
-0.13▲ 88.8%
EPS Growth %-88.75%-107.55%-245.45%-9.74%-35.73%33.22%69.31%88.79%
EPS (Basic)-4.71-0.53-1.10-3.80-4.17-5.66-3.78-1.16-0.13
Diluted Shares Outstanding1.06M36.24M38.09M35.67M49.41M55.03M69.31M120.96M127.23M
Basic Shares Outstanding1.06M36.24M38.09M35.67M49.41M55.03M69.31M120.96M127.23M
Dividend Payout Ratio---------

ARQT Balance Sheet

Arcutis Biotherapeutics, Inc. (ARQT) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets3.82M51.1M106.47M292.83M402.77M437.41M330.43M335.82M411.23M
Cash & Short-Term Investments3.42M50.94M101.27M284.44M388.6M409.59M271.86M227.96M220.98M
Cash Only3.42M39.39M63.34M65.08M97.99M53.64M88.4M71.33M42.91M
Short-Term Investments011.55M37.93M219.36M290.61M355.95M183.46M156.62M178.07M
Accounts Receivable000510K362K8.46M25.81M73.07M146.23M
Days Sales Outstanding-----837.54158.03135.69141.92
Inventory000007.51M13.13M14.53M22.63M
Days Inventory Outstanding-----3.64K961.28277.18225.14
Other Current Assets001.89M1.54M7.66M4.46M9.53M8.82M21.39M
Total Non-Current Assets00538K5.44M5.38M11.87M10.93M13.07M21.74M
Property, Plant & Equipment00491K5.37M5.3M4.6M3.9M2.99M5.51M
Fixed Asset Turnover-----0.80x15.28x65.65x68.25x
Goodwill000000000
Intangible Assets000007.19M6.44M9.48M14.81M
Long-Term Investments000000000
Other Non-Current Assets0047K78K78K78K596K596K1.42M
Total Assets
3.82M▲ 0%
51.1M▲ 1238.0%
107.01M▲ 109.4%
298.27M▲ 178.7%
408.15M▲ 36.8%
449.27M▲ 10.1%
341.37M▼ 24.0%
348.89M▲ 2.2%
432.97M▲ 24.1%
Asset Turnover-----0.01x0.17x0.56x0.87x
Asset Growth %-1237.99%109.42%178.72%36.84%10.08%-24.02%2.2%24.1%
Total Current Liabilities692K2.67M5.24M22.6M33.33M37.81M46.67M81.01M129.84M
Accounts Payable537K1.8M1.41M7.14M7.35M8.83M11.99M14.22M12.53M
Days Payables Outstanding--2.63K5.73K3.52K4.27K877.7271.35124.61
Short-Term Debt0000433K657K001M
Deferred Revenue (Current)000000000
Other Current Liabilities0116K225K176K16.41M13.67M19.07M20.75M116.31M
Current Ratio5.52x19.12x20.33x12.96x12.09x11.57x7.08x4.15x3.17x
Quick Ratio5.52x19.12x20.33x12.96x12.09x11.37x6.80x3.97x2.99x
Cash Conversion Cycle-----201.94241.61141.53242.45
Total Non-Current Liabilities8.12M72.41M313K5.05M77.15M201.89M206.03M110.33M113.66M
Long-Term Debt966K00072.35M197.77M201.8M107.2M5.27M
Capital Lease Obligations00129K4.96M4.77M4.12M3.38M2.56M0
Deferred Tax Liabilities000000000
Other Non-Current Liabilities7.15M72.41M184K82K25K0849K570K108.39M
Total Liabilities8.81M75.08M5.55M27.65M110.47M239.69M252.7M191.35M243.49M
Total Debt966K0307K4.96M77.56M202.54M205.92M110.58M6.27M
Net Debt-2.45M-39.39M-63.03M-60.12M-20.43M148.9M117.52M39.25M-36.64M
Debt / Equity--0.00x0.02x0.26x0.97x2.32x0.70x0.03x
Debt / EBITDA---------
Net Debt / EBITDA---------
Interest Coverage------19.27x-8.11x-4.73x-1.01x
Total Equity
-4.99M▲ 0%
-23.99M▼ 380.4%
101.46M▲ 523.0%
270.62M▲ 166.7%
297.68M▲ 10.0%
209.58M▼ 29.6%
88.67M▼ 57.7%
157.54M▲ 77.7%
189.48M▲ 20.3%
Equity Growth %--380.41%522.99%166.72%10%-29.59%-57.69%77.68%20.27%
Book Value per Share-4.73-0.662.667.596.033.811.281.301.49
Total Shareholders' Equity-4.99M-23.99M101.46M270.62M297.68M209.58M88.67M157.54M189.48M
Common Stock0004K5K6K9K12K12K
Retained Earnings-5.02M-24.28M-66.27M-201.95M-408.31M-719.76M-981.9M-1.12B-1.14B
Treasury Stock000000000
Accumulated OCI00-1K-2K-255K-1.09M4K-7K-44K
Minority Interest000000000

ARQT Cash Flow Statement

Arcutis Biotherapeutics, Inc. (ARQT) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations-3.77M-14.09M-42.84M-113.03M-174.63M-257.71M-247.06M-112.16M-5.63M
Operating CF Margin %------6991.73%-414.48%-57.07%-1.5%
Operating CF Growth %--273.11%-204.12%-163.87%-54.49%-47.58%4.14%54.6%94.98%
Net Income-4.98M-19.25M-42M-135.68M-206.36M-311.46M-262.14M-140.04M-16.14M
Depreciation & Amortization0068K122K454K934K1.52M2.6M4.67M
Stock-Based Compensation27K151K824K7.94M23.89M32.68M38.81M41.73M40.36M
Deferred Taxes000114K3.45M0000
Other Non-Cash Items897K2.91M-227K333K309K30.3M-1.75M-1.37M-34.52M
Working Capital Changes279K2.11M-1.5M14.13M3.62M-10.18M-23.5M-15.08M0
Change in Receivables00000-8.46M-17.35M-47.26M-73.16M
Change in Inventory00000-7.51M-5.62M-400K-7.33M
Change in Payables537K1.26M-458K5.67M245K1.56M3.15M2.23M-1.69M
Cash from Investing0-11.53M-26.32M-181.82M-75.95M-87.2M180.23M28.82M-30.25M
Capital Expenditures00-295K-321K-995K-23.28M-428K-143K-686K
CapEx % of Revenue-----631.66%0.72%0.07%0.18%
Acquisitions000181.5M74.96M22.95M000
Investments---------
Other Investing0-11.53M0-181.5M-74.96M-22.95M0-5M-10M
Cash from Financing7.12M61.59M93.1M298.14M281.95M301.8M101.32M66.2M6.97M
Debt Issued (Net)50K00073.99M125M0-100M0
Equity Issued (Net)01000K1000K1000K1000K1000K1000K1000K0
Dividends Paid000000000
Share Repurchases000000000
Other Financing7.07M386K-1.14M1.14M470K751K2.42M4.52M6.97M
Net Change in Cash
3.34M▲ 0%
35.98M▲ 975.8%
23.94M▼ 33.5%
3.29M▼ 86.3%
31.37M▲ 854.0%
-43.12M▼ 237.5%
34.45M▲ 179.9%
-17.37M▼ 150.4%
-28.74M▼ 65.4%
Free Cash Flow
-3.77M▲ 0%
-14.09M▼ 273.1%
-43.13M▼ 206.2%
-113.35M▼ 162.8%
-175.62M▼ 54.9%
-281M▼ 60.0%
-247.49M▲ 11.9%
-112.3M▲ 54.6%
-6.31M▲ 94.4%
FCF Margin %------7623.39%-415.2%-57.14%-1.68%
FCF Growth %--273.11%-206.22%-162.81%-54.93%-60%11.93%54.62%94.38%
FCF per Share-3.57-0.39-1.13-3.18-3.55-5.11-3.57-0.93-0.05
FCF Conversion (FCF/Net Income)0.76x0.73x1.02x0.83x0.85x0.83x0.94x0.80x0.35x
Interest Paid000000000
Taxes Paid000000000

ARQT Key Ratios

Arcutis Biotherapeutics, Inc. (ARQT) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025
Return on Equity (ROE)---108.41%-72.93%-72.62%-122.8%-175.79%-113.76%-9.3%
Return on Invested Capital (ROIC)----82.34%-63.52%-71.17%-64.05%-47.79%-5.25%
Gross Margin-----79.54%91.63%90.27%90.24%
Net Margin------8449.76%-439.79%-71.25%-4.29%
Debt / Equity--0.00x0.02x0.26x0.97x2.32x0.70x0.03x
Interest Coverage------19.27x-8.11x-4.73x-1.01x
FCF Conversion0.76x0.73x1.02x0.83x0.85x0.83x0.94x0.80x0.35x
Revenue Growth------1517.09%229.74%91.34%

ARQT SEC Filings & Documents

Arcutis Biotherapeutics, Inc. (ARQT) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Feb 25, 2026·SEC

Material company update

Dec 8, 2025·SEC

Material company update

Oct 28, 2025·SEC

10-K Annual Reports

3
FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 25, 2025·SEC

FY 2024

Feb 27, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Oct 28, 2025·SEC

FY 2025

Aug 6, 2025·SEC

FY 2025

May 6, 2025·SEC

ARQT Frequently Asked Questions

Arcutis Biotherapeutics, Inc. (ARQT) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Arcutis Biotherapeutics, Inc. (ARQT) reported $376.1M in revenue for fiscal year 2025.

Arcutis Biotherapeutics, Inc. (ARQT) grew revenue by 91.3% over the past year. This is strong growth.

Arcutis Biotherapeutics, Inc. (ARQT) reported a net loss of $16.1M for fiscal year 2025.

Dividend & Returns

Arcutis Biotherapeutics, Inc. (ARQT) has a return on equity (ROE) of -9.3%. Negative ROE indicates the company is unprofitable.

Arcutis Biotherapeutics, Inc. (ARQT) had negative free cash flow of $6.3M in fiscal year 2025, likely due to heavy capital investments.

Explore More ARQT

Arcutis Biotherapeutics, Inc. (ARQT) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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