Arvinas, Inc. (ARVN) 10-Year Financial Performance & Capital Metrics

ARVN •

HealthcareBiotechnologyDrug Discovery and Antibody Platforms

AboutArvinas, Inc., a clinical-stage biopharmaceutical company, engages in the discovery, development, and commercialization of therapies to degrade disease-causing proteins. Its lead product candidates include Bavdegalutamide, a proteolysis targeting chimera (PROTAC) protein degrader that is in phase I clinical trial targeting the androgen receptor (AR) protein for the treatment of men with metastatic castration-resistant prostate cancer (mCRPC); ARV-471, a PROTAC protein degrader targeting the estrogen receptor protein for the treatment of patients with metastatic ER positive/HER2 negative breast cancer; and ARV-766 an investigational orally bioavailable PROTAC protein degrader for the treatment of men with mCRPC. The company has collaborations with Pfizer Inc., Genentech, Inc., F. Hoffman-La Roche Ltd., and Bayer AG. Arvinas, Inc. was founded in 2013 and is based in New Haven, Connecticut.Show more

Revenue $263M -0.3%
EBITDA -$113M +53.5%
Net Income -$81M +59.4%
EPS (Diluted) -1.28 +53.8%
Gross Margin -151.79% -251.8%
EBITDA Margin -43.15% +53.3%
Operating Margin -45.13% +52.5%
Net Margin -30.77% +59.3%
ROE -16.23% +50.2%
ROIC -23.07% +49.4%
Debt/Equity 0.02 +13.4%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 88 (top 12%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 58.9%
✓Share count reduced 9.7% through buybacks

✗Weaknesses

✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y58.93%

3Y25.96%

TTM-0.3%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM59.38%

EPS CAGR

10Y-

5Y-

3Y-

TTM53.79%

ROCE

10Y Avg-33.56%

5Y Avg-24.87%

3Y Avg-27.48%

Latest-16.49%

Peer Comparison

Drug Discovery and Antibody Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
REGNRegeneron Pharmaceuticals, Inc.	107.56B	781.67	18.84	0.99%	31.41%	14.41%	3.79%	0.09
CTMXCytomX Therapeutics, Inc.	430.14M	5.37	14.13	36.45%	24.66%	26.09%
PRTCPureTech Health plc	405.3M	16.77	8.39	44.98%	-495.91%	-8.53%		0.05
DNAGinkgo Bioworks Holdings, Inc.	327.53M	6.75	-1.20	-25.06%	-183.81%	-61.5%		0.82
BCYCBicycle Therapeutics plc	111.38M	5.73	-1.98	30.76%	-8.85%	-40.53%		0.01
CCCCC4 Therapeutics, Inc.	261.67M	2.70	-2.13	-100%		-40.92%		0.23
MOLNMolecular Partners AG	187.84M	5.02	-2.43	-29.38%	-10.87%	-63.06%		0.02
RXRXRecursion Pharmaceuticals, Inc.	1.94B	3.67	-2.55	26.92%	-8.65%	-57.01%		0.07

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	6.67M	7.58M	14.32M	42.98M	25.9M	53.6M	131.4M	78.5M	263.4M	262.6M
Revenue Growth %	-	13.64%	89%	200.03%	-39.73%	106.95%	145.15%	-40.26%	235.54%	-0.3%
Cost of Goods Sold+	0	0	0	0	0	0	0	0	0	0
COGS % of Revenue	-	-	-	-	-	-	-	-	-	-
Gross Profit+	6.67M	7.58M	14.32M	42.98M	25.9M	53.6M	131.4M	78.5M	263.4M	-398.6M
Gross Margin %	100%	100%	100%	100%	100%	100%	100%	100%	100%	-151.79%
Gross Profit Growth %	-	13.64%	89%	200.03%	-39.73%	106.95%	145.15%	-40.26%	235.54%	-251.33%
Operating Expenses+	23.14M	32.34M	58.13M	94.5M	146.7M	242M	394.6M	480M	513.6M	381.1M
OpEx % of Revenue	346.95%	426.7%	405.8%	219.89%	566.41%	451.49%	300.3%	611.47%	194.99%	145.13%
Selling, General & Admin	3.2M	3.55M	12.93M	27.31M	38.3M	61.6M	79.6M	100.3M	165.4M	95.9M
SG&A % of Revenue	47.93%	46.79%	90.28%	63.54%	147.88%	114.93%	60.58%	127.77%	62.79%	36.52%
Research & Development	19.94M	28.79M	45.19M	67.19M	108.4M	180.4M	315M	379.7M	348.2M	285.2M
R&D % of Revenue	299.03%	379.91%	315.51%	156.35%	418.53%	336.57%	239.73%	483.69%	132.19%	108.61%
Other Operating Expenses	0	0	102.73K	0	0	0	0	0	0	0
Operating Income+	-16.47M	-24.76M	-43.8M	-51.52M	-120.8M	-188.4M	-263.2M	-401.5M	-250.2M	-118.5M
Operating Margin %	-246.95%	-326.7%	-305.8%	-119.89%	-466.41%	-351.49%	-200.3%	-511.47%	-94.99%	-45.13%
Operating Income Growth %	-	-50.34%	-76.9%	-17.63%	-134.45%	-55.96%	-39.7%	-52.55%	37.68%	52.64%
EBITDA+	-16.03M	-24.41M	-43.1M	-49.27M	-117.6M	-182.4M	-255M	-394.8M	-243.6M	-113.3M
EBITDA Margin %	-240.41%	-322.12%	-300.87%	-114.65%	-454.05%	-340.3%	-194.06%	-502.93%	-92.48%	-43.15%
EBITDA Growth %	-	-52.27%	-76.53%	-14.33%	-138.68%	-55.1%	-39.8%	-54.82%	38.3%	53.49%
D&A (Non-Cash Add-back)	436.33K	347.39K	706K	2.25M	3.2M	6M	8.2M	6.7M	6.6M	5.2M
EBIT	-14.37M	-24M	-41.42M	-70.21M	-120.8M	-188.4M	-263.2M	-401.5M	-250.2M	-80.5M
Net Interest Income+	360.37K	151.03K	2.41M	4.5M	3.52M	1.7M	12M	38.8M	54.8M	22M
Interest Income	427.77K	201.39K	2.47M	4.6M	3.59M	1.8M	12M	38.8M	54.8M	22M
Interest Expense	67.4K	50.36K	57.44K	100K	65K	100K	0	0	0	0
Other Income/Expense	2.03M	711.06K	2.32M	-18.79M	1.5M	-2.6M	1.6M	35.1M	51.9M	38M
Pretax Income+	-14.44M	-24.05M	-41.48M	-70.3M	-119.3M	-191M	-261.6M	-366.4M	-198.3M	-80.5M
Pretax Margin %	-216.49%	-317.32%	-289.59%	-163.58%	-460.62%	-356.34%	-199.09%	-466.75%	-75.28%	-30.65%
Income Tax+	-87.41K	0	0	0	0	0	20.9M	900K	600K	-700K
Effective Tax Rate %	99.39%	100%	100%	99.99%	100%	100%	107.99%	100.25%	100.3%	100.37%
Net Income+	-14.35M	-24.05M	-41.48M	-70.29M	-119.3M	-191M	-282.5M	-367.3M	-198.9M	-80.8M
Net Margin %	-215.18%	-317.32%	-289.59%	-163.56%	-460.62%	-356.34%	-214.99%	-467.9%	-75.51%	-30.77%
Net Income Growth %	-	-67.58%	-72.48%	-69.46%	-69.72%	-60.1%	-47.91%	-30.02%	45.85%	59.38%
Net Income (Continuing)	-14.35M	-24.05M	-41.48M	-70.3M	-119.3M	-191M	-282.5M	-367.3M	-198.9M	-104.6M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-7.56	-1.38	-1.31	-1.89	-3.02	-3.82	-5.31	-6.62	-2.77	-1.28
EPS Growth %	-	81.75%	5.07%	-44.27%	-59.79%	-26.49%	-39.01%	-24.67%	58.16%	53.79%
EPS (Basic)	-7.56	-1.38	-1.31	-1.89	-3.02	-3.82	-5.31	-6.62	-2.77	-1.28
Diluted Shares Outstanding	1.9M	20.73M	31.63M	32.93M	39.53M	50M	53.2M	55.5M	71.9M	64.9M
Basic Shares Outstanding	1.9M	20.73M	31.63M	32.93M	39.53M	50M	53.2M	55.5M	71.9M	64.9M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	37.28M	65.53M	195.68M	290.88M	703.1M	1.55B	1.24B	1.28B	1.07B	700.7M
Cash & Short-Term Investments	35.56M	39.17M	187.83M	280.87M	688.6M	1.5B	1.21B	1.26B	1.04B	685.4M
Cash Only	5.09M	30.91M	3.19M	9.21M	588.4M	108.3M	81.3M	311.7M	100.5M	142.9M
Short-Term Investments	30.47M	8.26M	184.64M	271.66M	100.2M	1.39B	1.12B	949.3M	938.9M	542.5M
Accounts Receivable	1.41M	26.04M	5.03M	6.28M	8.4M	25.7M	8M	7.2M	13.7M	10.2M
Days Sales Outstanding	77.18	1.25K	128.22	53.34	118.38	175.01	22.22	33.48	18.98	14.18
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	4.5M	26.9M	12M	14.2M	5.1M
Total Non-Current Assets+	654.61K	1.32M	3.6M	10.76M	14.3M	29.1M	28.6M	24.4M	24.1M	17.2M
Property, Plant & Equipment	633.85K	1.3M	3.58M	10.73M	14.3M	16.6M	17.8M	14M	16M	13.4M
Fixed Asset Turnover	10.52x	5.83x	4.00x	4.00x	1.81x	3.23x	7.38x	5.61x	16.46x	19.60x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	20.76K	20.76K	20.76K	26.76K	0	12.5M	10.8M	10.4M	8.1M	3.8M
Total Assets+	37.94M	66.85M	199.28M	301.64M	717.4M	1.58B	1.27B	1.3B	1.09B	717.9M
Asset Turnover	0.18x	0.11x	0.07x	0.14x	0.04x	0.03x	0.10x	0.06x	0.24x	0.37x
Asset Growth %	-	76.21%	198.11%	51.36%	137.83%	120.46%	-19.78%	2.82%	-16.34%	-34.22%
Total Current Liabilities+	10.03M	17.85M	22.98M	32.81M	49.2M	261.7M	295.1M	257.1M	229.8M	142.5M
Accounts Payable	1.57M	596.53K	2.76M	4.56M	7.1M	31.3M	5.7M	17.8M	13.4M	0
Days Payables Outstanding	-	-	-	-	-	-	-	-	-	-
Short-Term Debt	141.21K	159.26K	154.46K	0	0	0	0	0	0	1.7M
Deferred Revenue (Current)	6.68M	13.55M	16.07M	19.98M	22.2M	206.2M	218.6M	163M	156.2M	71.3M
Other Current Liabilities	0	0	0	5.81M	9M	12.4M	18.7M	48M	0	69.5M
Current Ratio	3.72x	3.67x	8.52x	8.86x	14.29x	5.93x	4.20x	4.98x	4.64x	4.92x
Quick Ratio	3.72x	3.67x	8.52x	8.86x	14.29x	5.93x	4.20x	4.98x	4.64x	4.92x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	3.87M	48.75M	39.63M	42.14M	26M	538.2M	408.8M	387.5M	299.9M	141.5M
Long-Term Debt	312.57K	151.12K	2M	2M	2M	1M	1M	800K	600K	6.8M
Capital Lease Obligations	0	0	0	1.71M	1.1M	2.9M	2.7M	500K	7.3M	0
Deferred Tax Liabilities	-56.85M	-61.43M	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	56.76K	50.89K	150K	0	0	0	0	0	0	134.7M
Total Liabilities	13.91M	66.6M	62.61M	74.96M	75.2M	799.9M	703.9M	644.6M	529.7M	284M
Total Debt+	453.79K	310.39K	2.15M	4.39M	4.1M	5M	5.5M	3.2M	9.7M	8.5M
Net Debt	-4.63M	-30.6M	-1.04M	-4.82M	-584.3M	-103.3M	-75.8M	-308.5M	-90.8M	-134.4M
Debt / Equity	0.02x	1.26x	0.02x	0.02x	0.01x	0.01x	0.01x	0.00x	0.02x	0.02x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-244.34x	-491.69x	-762.57x	-515.25x	-1858.46x	-1884.00x	-	-	-	-
Total Equity+	24.03M	245.87K	136.67M	226.69M	642.2M	781.7M	564.9M	660M	561.7M	433.9M
Equity Growth %	-	-98.98%	55485.06%	65.87%	183.3%	21.72%	-27.73%	16.83%	-14.89%	-22.75%
Book Value per Share	12.66	0.01	4.32	6.88	16.24	15.63	10.62	11.89	7.81	6.69
Total Shareholders' Equity	24.03M	245.87K	136.67M	226.69M	642.2M	781.7M	564.9M	660M	561.7M	433.9M
Common Stock	947.54K	1.19M	31.24K	38.46K	0	0	100K	100K	100K	100K
Retained Earnings	-33.8M	-62.42M	-302.26M	-372.56M	-491.9M	-682.9M	-965.4M	-1.33B	-1.53B	-1.61B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-28.68K	-9.75K	-217.72K	107.58K	600K	-4.6M	-19.2M	-3.1M	1M	1.2M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-19.4M	5.11M	-16.12M	-40.63M	-89.76M	559.4M	-273.5M	-347.8M	-259.3M	-273.8M
Operating CF Margin %	-290.94%	67.47%	-112.52%	-94.53%	-346.55%	1043.66%	-208.14%	-443.06%	-98.44%	-104.27%
Operating CF Growth %	-	126.35%	-415.22%	-152.06%	-120.93%	723.24%	-148.89%	-27.17%	25.45%	-5.59%
Net Income	-14.35M	-24.05M	-41.48M	-70.29M	-119.33M	-191M	-282.5M	-367.3M	-198.9M	-80.8M
Depreciation & Amortization	436.33K	347.39K	706K	2.25M	4.02M	6M	8.2M	6.7M	6.6M	5.2M
Stock-Based Compensation	525.59K	245.05K	11.63M	20.07M	30.2M	57.1M	75.5M	71.6M	88.2M	44M
Deferred Taxes	-1.01M	-5.87K	193.78K	0	-395.07K	0	0	0	0	0
Other Non-Cash Items	556.42K	362.07K	266.03K	169.17K	1.69M	9M	7.9M	-14.4M	-14.6M	-242.2M
Working Capital Changes	-5.56M	28.21M	12.57M	7.17M	-5.94M	678.3M	-82.6M	-44.4M	-140.6M	0
Change in Receivables	-578.93K	-25M	22.22M	2.78M	-1M	-30.2M	14M	800K	-5.7M	4.7M
Change in Inventory	0	2.26M	-3.26M	-2.07M	6.34M	0	0	0	0	0
Change in Payables	1.2M	-969.48K	2M	1.61M	2.04M	27.9M	20.2M	17.3M	-21.2M	-1.7M
Cash from Investing+	-20.11M	20.87M	-179.67M	-93.1M	164.25M	-1.31B	242.8M	203.5M	34.7M	407.6M
Capital Expenditures	-306.67K	-1.01M	-2.83M	-6.24M	-6.45M	-4.7M	-6.8M	-2.9M	-1.8M	-1.9M
CapEx % of Revenue	4.6%	13.36%	19.76%	14.53%	24.89%	8.77%	5.17%	3.69%	0.68%	0.72%
Acquisitions	50K	0	0	86.8M	-395.07M	0	400K	0	100K	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-50K	21.88M	-176.83M	-86.8M	395.07M	0	-400K	0	0	0
Cash from Financing+	-149.74K	-161.36K	168.06M	139.74M	504.67M	278.6M	4.7M	374.7M	7.9M	-91.4M
Debt Issued (Net)	-149.74K	-161.36K	1.83M	-169.61K	0	0	0	0	-400K	0
Equity Issued (Net)	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	-91.9M
Other Financing	0	0	-3.35M	0	-20.93M	14M	0	0	0	-91.4M
Net Change in Cash	-39.67M	25.82M	-27.72M	6.02M	579.16M	-475.6M	-26M	230.4M	-216.7M	42.4M
Free Cash Flow+	-19.71M	4.1M	-18.95M	-46.87M	-96.2M	554.7M	-280.3M	-350.7M	-261.1M	-275.7M
FCF Margin %	-295.54%	54.11%	-132.28%	-109.06%	-371.45%	1034.89%	-213.32%	-446.75%	-99.13%	-104.99%
FCF Growth %	-	120.81%	-562.08%	-147.36%	-105.26%	676.58%	-150.53%	-25.12%	25.55%	-5.59%
FCF per Share	-10.39	0.20	-0.60	-1.42	-2.43	11.09	-5.27	-6.32	-3.63	-4.25
FCF Conversion (FCF/Net Income)	1.35x	-0.21x	0.39x	0.58x	0.75x	-2.93x	0.97x	0.95x	1.30x	3.39x
Interest Paid	0	0	0	0	0	100K	0	0	0	0
Taxes Paid	0	0	0	0	0	0	11.1M	11.1M	2.3M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-59.72%	-198.12%	-60.59%	-38.69%	-27.46%	-26.83%	-41.96%	-59.97%	-32.56%	-16.23%
Return on Invested Capital (ROIC)	-63.68%	-	-62.41%	-21.62%	-64.77%	-38.38%	-33.82%	-71.65%	-45.63%	-23.07%
Gross Margin	100%	100%	100%	100%	100%	100%	100%	100%	100%	-151.79%
Net Margin	-215.18%	-317.32%	-289.59%	-163.56%	-460.62%	-356.34%	-214.99%	-467.9%	-75.51%	-30.77%
Debt / Equity	0.02x	1.26x	0.02x	0.02x	0.01x	0.01x	0.01x	0.00x	0.02x	0.02x
Interest Coverage	-244.34x	-491.69x	-762.57x	-515.25x	-1858.46x	-1884.00x	-	-	-	-
FCF Conversion	1.35x	-0.21x	0.39x	0.58x	0.75x	-2.93x	0.97x	0.95x	1.30x	3.39x
Revenue Growth	-	13.64%	89%	200.03%	-39.73%	106.95%	145.15%	-40.26%	235.54%	-0.3%

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Arvinas, Inc. (ARVN) 10-Year Financial Performance & Capital Metrics

ARVN •

HealthcareBiotechnologyDrug Discovery and Antibody Platforms

Revenue $263M -0.3%
EBITDA -$113M +53.5%
Net Income -$81M +59.4%
EPS (Diluted) -1.28 +53.8%
Gross Margin -151.79% -251.8%
EBITDA Margin -43.15% +53.3%
Operating Margin -45.13% +52.5%
Net Margin -30.77% +59.3%
ROE -16.23% +50.2%
ROIC -23.07% +49.4%
Debt/Equity 0.02 +13.4%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 88 (top 12%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 58.9%
✓Share count reduced 9.7% through buybacks

✗Weaknesses

✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y58.93%

3Y25.96%

TTM-0.3%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM59.38%

EPS CAGR

10Y-

5Y-

3Y-

TTM53.79%

ROCE

10Y Avg-33.56%

5Y Avg-24.87%

3Y Avg-27.48%

Latest-16.49%

Peer Comparison

Drug Discovery and Antibody Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
REGNRegeneron Pharmaceuticals, Inc.	107.56B	781.67	18.84	0.99%	31.41%	14.41%	3.79%	0.09
CTMXCytomX Therapeutics, Inc.	430.14M	5.37	14.13	36.45%	24.66%	26.09%
PRTCPureTech Health plc	405.3M	16.77	8.39	44.98%	-495.91%	-8.53%		0.05
DNAGinkgo Bioworks Holdings, Inc.	327.53M	6.75	-1.20	-25.06%	-183.81%	-61.5%		0.82
BCYCBicycle Therapeutics plc	111.38M	5.73	-1.98	30.76%	-8.85%	-40.53%		0.01
CCCCC4 Therapeutics, Inc.	261.67M	2.70	-2.13	-100%		-40.92%		0.23
MOLNMolecular Partners AG	187.84M	5.02	-2.43	-29.38%	-10.87%	-63.06%		0.02
RXRXRecursion Pharmaceuticals, Inc.	1.94B	3.67	-2.55	26.92%	-8.65%	-57.01%		0.07

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	6.67M	7.58M	14.32M	42.98M	25.9M	53.6M	131.4M	78.5M	263.4M	262.6M
Revenue Growth %	-	13.64%	89%	200.03%	-39.73%	106.95%	145.15%	-40.26%	235.54%	-0.3%
Cost of Goods Sold+	0	0	0	0	0	0	0	0	0	0
COGS % of Revenue	-	-	-	-	-	-	-	-	-	-
Gross Profit+	6.67M	7.58M	14.32M	42.98M	25.9M	53.6M	131.4M	78.5M	263.4M	-398.6M
Gross Margin %	100%	100%	100%	100%	100%	100%	100%	100%	100%	-151.79%
Gross Profit Growth %	-	13.64%	89%	200.03%	-39.73%	106.95%	145.15%	-40.26%	235.54%	-251.33%
Operating Expenses+	23.14M	32.34M	58.13M	94.5M	146.7M	242M	394.6M	480M	513.6M	381.1M
OpEx % of Revenue	346.95%	426.7%	405.8%	219.89%	566.41%	451.49%	300.3%	611.47%	194.99%	145.13%
Selling, General & Admin	3.2M	3.55M	12.93M	27.31M	38.3M	61.6M	79.6M	100.3M	165.4M	95.9M
SG&A % of Revenue	47.93%	46.79%	90.28%	63.54%	147.88%	114.93%	60.58%	127.77%	62.79%	36.52%
Research & Development	19.94M	28.79M	45.19M	67.19M	108.4M	180.4M	315M	379.7M	348.2M	285.2M
R&D % of Revenue	299.03%	379.91%	315.51%	156.35%	418.53%	336.57%	239.73%	483.69%	132.19%	108.61%
Other Operating Expenses	0	0	102.73K	0	0	0	0	0	0	0
Operating Income+	-16.47M	-24.76M	-43.8M	-51.52M	-120.8M	-188.4M	-263.2M	-401.5M	-250.2M	-118.5M
Operating Margin %	-246.95%	-326.7%	-305.8%	-119.89%	-466.41%	-351.49%	-200.3%	-511.47%	-94.99%	-45.13%
Operating Income Growth %	-	-50.34%	-76.9%	-17.63%	-134.45%	-55.96%	-39.7%	-52.55%	37.68%	52.64%
EBITDA+	-16.03M	-24.41M	-43.1M	-49.27M	-117.6M	-182.4M	-255M	-394.8M	-243.6M	-113.3M
EBITDA Margin %	-240.41%	-322.12%	-300.87%	-114.65%	-454.05%	-340.3%	-194.06%	-502.93%	-92.48%	-43.15%
EBITDA Growth %	-	-52.27%	-76.53%	-14.33%	-138.68%	-55.1%	-39.8%	-54.82%	38.3%	53.49%
D&A (Non-Cash Add-back)	436.33K	347.39K	706K	2.25M	3.2M	6M	8.2M	6.7M	6.6M	5.2M
EBIT	-14.37M	-24M	-41.42M	-70.21M	-120.8M	-188.4M	-263.2M	-401.5M	-250.2M	-80.5M
Net Interest Income+	360.37K	151.03K	2.41M	4.5M	3.52M	1.7M	12M	38.8M	54.8M	22M
Interest Income	427.77K	201.39K	2.47M	4.6M	3.59M	1.8M	12M	38.8M	54.8M	22M
Interest Expense	67.4K	50.36K	57.44K	100K	65K	100K	0	0	0	0
Other Income/Expense	2.03M	711.06K	2.32M	-18.79M	1.5M	-2.6M	1.6M	35.1M	51.9M	38M
Pretax Income+	-14.44M	-24.05M	-41.48M	-70.3M	-119.3M	-191M	-261.6M	-366.4M	-198.3M	-80.5M
Pretax Margin %	-216.49%	-317.32%	-289.59%	-163.58%	-460.62%	-356.34%	-199.09%	-466.75%	-75.28%	-30.65%
Income Tax+	-87.41K	0	0	0	0	0	20.9M	900K	600K	-700K
Effective Tax Rate %	99.39%	100%	100%	99.99%	100%	100%	107.99%	100.25%	100.3%	100.37%
Net Income+	-14.35M	-24.05M	-41.48M	-70.29M	-119.3M	-191M	-282.5M	-367.3M	-198.9M	-80.8M
Net Margin %	-215.18%	-317.32%	-289.59%	-163.56%	-460.62%	-356.34%	-214.99%	-467.9%	-75.51%	-30.77%
Net Income Growth %	-	-67.58%	-72.48%	-69.46%	-69.72%	-60.1%	-47.91%	-30.02%	45.85%	59.38%
Net Income (Continuing)	-14.35M	-24.05M	-41.48M	-70.3M	-119.3M	-191M	-282.5M	-367.3M	-198.9M	-104.6M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-7.56	-1.38	-1.31	-1.89	-3.02	-3.82	-5.31	-6.62	-2.77	-1.28
EPS Growth %	-	81.75%	5.07%	-44.27%	-59.79%	-26.49%	-39.01%	-24.67%	58.16%	53.79%
EPS (Basic)	-7.56	-1.38	-1.31	-1.89	-3.02	-3.82	-5.31	-6.62	-2.77	-1.28
Diluted Shares Outstanding	1.9M	20.73M	31.63M	32.93M	39.53M	50M	53.2M	55.5M	71.9M	64.9M
Basic Shares Outstanding	1.9M	20.73M	31.63M	32.93M	39.53M	50M	53.2M	55.5M	71.9M	64.9M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	37.28M	65.53M	195.68M	290.88M	703.1M	1.55B	1.24B	1.28B	1.07B	700.7M
Cash & Short-Term Investments	35.56M	39.17M	187.83M	280.87M	688.6M	1.5B	1.21B	1.26B	1.04B	685.4M
Cash Only	5.09M	30.91M	3.19M	9.21M	588.4M	108.3M	81.3M	311.7M	100.5M	142.9M
Short-Term Investments	30.47M	8.26M	184.64M	271.66M	100.2M	1.39B	1.12B	949.3M	938.9M	542.5M
Accounts Receivable	1.41M	26.04M	5.03M	6.28M	8.4M	25.7M	8M	7.2M	13.7M	10.2M
Days Sales Outstanding	77.18	1.25K	128.22	53.34	118.38	175.01	22.22	33.48	18.98	14.18
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	4.5M	26.9M	12M	14.2M	5.1M
Total Non-Current Assets+	654.61K	1.32M	3.6M	10.76M	14.3M	29.1M	28.6M	24.4M	24.1M	17.2M
Property, Plant & Equipment	633.85K	1.3M	3.58M	10.73M	14.3M	16.6M	17.8M	14M	16M	13.4M
Fixed Asset Turnover	10.52x	5.83x	4.00x	4.00x	1.81x	3.23x	7.38x	5.61x	16.46x	19.60x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	20.76K	20.76K	20.76K	26.76K	0	12.5M	10.8M	10.4M	8.1M	3.8M
Total Assets+	37.94M	66.85M	199.28M	301.64M	717.4M	1.58B	1.27B	1.3B	1.09B	717.9M
Asset Turnover	0.18x	0.11x	0.07x	0.14x	0.04x	0.03x	0.10x	0.06x	0.24x	0.37x
Asset Growth %	-	76.21%	198.11%	51.36%	137.83%	120.46%	-19.78%	2.82%	-16.34%	-34.22%
Total Current Liabilities+	10.03M	17.85M	22.98M	32.81M	49.2M	261.7M	295.1M	257.1M	229.8M	142.5M
Accounts Payable	1.57M	596.53K	2.76M	4.56M	7.1M	31.3M	5.7M	17.8M	13.4M	0
Days Payables Outstanding	-	-	-	-	-	-	-	-	-	-
Short-Term Debt	141.21K	159.26K	154.46K	0	0	0	0	0	0	1.7M
Deferred Revenue (Current)	6.68M	13.55M	16.07M	19.98M	22.2M	206.2M	218.6M	163M	156.2M	71.3M
Other Current Liabilities	0	0	0	5.81M	9M	12.4M	18.7M	48M	0	69.5M
Current Ratio	3.72x	3.67x	8.52x	8.86x	14.29x	5.93x	4.20x	4.98x	4.64x	4.92x
Quick Ratio	3.72x	3.67x	8.52x	8.86x	14.29x	5.93x	4.20x	4.98x	4.64x	4.92x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	3.87M	48.75M	39.63M	42.14M	26M	538.2M	408.8M	387.5M	299.9M	141.5M
Long-Term Debt	312.57K	151.12K	2M	2M	2M	1M	1M	800K	600K	6.8M
Capital Lease Obligations	0	0	0	1.71M	1.1M	2.9M	2.7M	500K	7.3M	0
Deferred Tax Liabilities	-56.85M	-61.43M	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	56.76K	50.89K	150K	0	0	0	0	0	0	134.7M
Total Liabilities	13.91M	66.6M	62.61M	74.96M	75.2M	799.9M	703.9M	644.6M	529.7M	284M
Total Debt+	453.79K	310.39K	2.15M	4.39M	4.1M	5M	5.5M	3.2M	9.7M	8.5M
Net Debt	-4.63M	-30.6M	-1.04M	-4.82M	-584.3M	-103.3M	-75.8M	-308.5M	-90.8M	-134.4M
Debt / Equity	0.02x	1.26x	0.02x	0.02x	0.01x	0.01x	0.01x	0.00x	0.02x	0.02x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-244.34x	-491.69x	-762.57x	-515.25x	-1858.46x	-1884.00x	-	-	-	-
Total Equity+	24.03M	245.87K	136.67M	226.69M	642.2M	781.7M	564.9M	660M	561.7M	433.9M
Equity Growth %	-	-98.98%	55485.06%	65.87%	183.3%	21.72%	-27.73%	16.83%	-14.89%	-22.75%
Book Value per Share	12.66	0.01	4.32	6.88	16.24	15.63	10.62	11.89	7.81	6.69
Total Shareholders' Equity	24.03M	245.87K	136.67M	226.69M	642.2M	781.7M	564.9M	660M	561.7M	433.9M
Common Stock	947.54K	1.19M	31.24K	38.46K	0	0	100K	100K	100K	100K
Retained Earnings	-33.8M	-62.42M	-302.26M	-372.56M	-491.9M	-682.9M	-965.4M	-1.33B	-1.53B	-1.61B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-28.68K	-9.75K	-217.72K	107.58K	600K	-4.6M	-19.2M	-3.1M	1M	1.2M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-19.4M	5.11M	-16.12M	-40.63M	-89.76M	559.4M	-273.5M	-347.8M	-259.3M	-273.8M
Operating CF Margin %	-290.94%	67.47%	-112.52%	-94.53%	-346.55%	1043.66%	-208.14%	-443.06%	-98.44%	-104.27%
Operating CF Growth %	-	126.35%	-415.22%	-152.06%	-120.93%	723.24%	-148.89%	-27.17%	25.45%	-5.59%
Net Income	-14.35M	-24.05M	-41.48M	-70.29M	-119.33M	-191M	-282.5M	-367.3M	-198.9M	-80.8M
Depreciation & Amortization	436.33K	347.39K	706K	2.25M	4.02M	6M	8.2M	6.7M	6.6M	5.2M
Stock-Based Compensation	525.59K	245.05K	11.63M	20.07M	30.2M	57.1M	75.5M	71.6M	88.2M	44M
Deferred Taxes	-1.01M	-5.87K	193.78K	0	-395.07K	0	0	0	0	0
Other Non-Cash Items	556.42K	362.07K	266.03K	169.17K	1.69M	9M	7.9M	-14.4M	-14.6M	-242.2M
Working Capital Changes	-5.56M	28.21M	12.57M	7.17M	-5.94M	678.3M	-82.6M	-44.4M	-140.6M	0
Change in Receivables	-578.93K	-25M	22.22M	2.78M	-1M	-30.2M	14M	800K	-5.7M	4.7M
Change in Inventory	0	2.26M	-3.26M	-2.07M	6.34M	0	0	0	0	0
Change in Payables	1.2M	-969.48K	2M	1.61M	2.04M	27.9M	20.2M	17.3M	-21.2M	-1.7M
Cash from Investing+	-20.11M	20.87M	-179.67M	-93.1M	164.25M	-1.31B	242.8M	203.5M	34.7M	407.6M
Capital Expenditures	-306.67K	-1.01M	-2.83M	-6.24M	-6.45M	-4.7M	-6.8M	-2.9M	-1.8M	-1.9M
CapEx % of Revenue	4.6%	13.36%	19.76%	14.53%	24.89%	8.77%	5.17%	3.69%	0.68%	0.72%
Acquisitions	50K	0	0	86.8M	-395.07M	0	400K	0	100K	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-50K	21.88M	-176.83M	-86.8M	395.07M	0	-400K	0	0	0
Cash from Financing+	-149.74K	-161.36K	168.06M	139.74M	504.67M	278.6M	4.7M	374.7M	7.9M	-91.4M
Debt Issued (Net)	-149.74K	-161.36K	1.83M	-169.61K	0	0	0	0	-400K	0
Equity Issued (Net)	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	-91.9M
Other Financing	0	0	-3.35M	0	-20.93M	14M	0	0	0	-91.4M
Net Change in Cash	-39.67M	25.82M	-27.72M	6.02M	579.16M	-475.6M	-26M	230.4M	-216.7M	42.4M
Free Cash Flow+	-19.71M	4.1M	-18.95M	-46.87M	-96.2M	554.7M	-280.3M	-350.7M	-261.1M	-275.7M
FCF Margin %	-295.54%	54.11%	-132.28%	-109.06%	-371.45%	1034.89%	-213.32%	-446.75%	-99.13%	-104.99%
FCF Growth %	-	120.81%	-562.08%	-147.36%	-105.26%	676.58%	-150.53%	-25.12%	25.55%	-5.59%
FCF per Share	-10.39	0.20	-0.60	-1.42	-2.43	11.09	-5.27	-6.32	-3.63	-4.25
FCF Conversion (FCF/Net Income)	1.35x	-0.21x	0.39x	0.58x	0.75x	-2.93x	0.97x	0.95x	1.30x	3.39x
Interest Paid	0	0	0	0	0	100K	0	0	0	0
Taxes Paid	0	0	0	0	0	0	11.1M	11.1M	2.3M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-59.72%	-198.12%	-60.59%	-38.69%	-27.46%	-26.83%	-41.96%	-59.97%	-32.56%	-16.23%
Return on Invested Capital (ROIC)	-63.68%	-	-62.41%	-21.62%	-64.77%	-38.38%	-33.82%	-71.65%	-45.63%	-23.07%
Gross Margin	100%	100%	100%	100%	100%	100%	100%	100%	100%	-151.79%
Net Margin	-215.18%	-317.32%	-289.59%	-163.56%	-460.62%	-356.34%	-214.99%	-467.9%	-75.51%	-30.77%
Debt / Equity	0.02x	1.26x	0.02x	0.02x	0.01x	0.01x	0.01x	0.00x	0.02x	0.02x
Interest Coverage	-244.34x	-491.69x	-762.57x	-515.25x	-1858.46x	-1884.00x	-	-	-	-
FCF Conversion	1.35x	-0.21x	0.39x	0.58x	0.75x	-2.93x	0.97x	0.95x	1.30x	3.39x
Revenue Growth	-	13.64%	89%	200.03%	-39.73%	106.95%	145.15%	-40.26%	235.54%	-0.3%

Arvinas, Inc. (ARVN) 10-Year Financial Performance & Capital Metrics

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Arvinas, Inc. (ARVN) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare ARVN vs Peers

vs REGN

vs CNTA

Compare Top 5

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Deep Dive Analysis

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Dividend History

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