Latest Ratios: P/E Ratio -6.1x · EV/EBITDA N/A · ROE -16.2%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $503M | $770M | $1.4B | $2.3B | $1.8B | $4.1B | $3.4B | $1.4B | $406M | — | — |
| Enterprise Value | $369M | $636M | $1.3B | $2.0B | $1.7B | $4.0B | $2.8B | $1.3B | $405M | — | — |
| P/E Ratio → | -6.09 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.91 | 2.93 | 5.23 | 29.10 | 13.85 | 76.62 | 129.64 | 31.48 | 28.37 | — | — |
| P/B Ratio | 1.17 | 1.77 | 2.45 | 3.46 | 3.22 | 5.25 | 5.23 | 5.97 | 2.97 | — | — |
| P/FCF | — | — | — | — | — | 7.40 | — | — | — | — | — |
| P/OCF | — | — | — | — | — | 7.34 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.42 | 4.89 | 25.17 | 13.27 | 74.70 | 107.08 | 31.37 | 28.30 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | 7.22 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 98.0% | 98.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -43.8% | -43.8% | -95.0% | -511.5% | -200.3% | -351.5% | -466.4% | -119.9% | -305.8% | -326.7% | -247.0% |
| Net Profit Margin | -30.8% | -30.8% | -75.5% | -467.9% | -215.0% | -356.3% | -460.6% | -163.6% | -289.6% | -317.3% | -215.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -16.2% | -16.2% | -32.6% | -60.0% | -42.0% | -26.8% | -27.5% | -38.7% | -60.6% | -198.1% | -59.7% |
| ROA | -8.9% | -8.9% | -16.6% | -28.5% | -19.8% | -16.6% | -23.4% | -28.1% | -31.2% | -45.9% | -37.8% |
| ROIC | -22.4% | -22.4% | -45.6% | -71.6% | -33.8% | -38.4% | -64.8% | -21.6% | -62.4% | — | -63.7% |
| ROCE | -16.0% | -16.0% | -26.2% | -39.7% | -23.0% | -19.0% | -25.8% | -23.2% | -38.9% | -64.4% | -59.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.02 | 0.00 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 1.26 | 0.02 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.31 | -0.16 | -0.47 | -0.13 | -0.13 | -0.91 | -0.02 | -0.01 | -124.46 | -0.19 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | -0.19 | — | — | — | -7.46 | — |
| Interest Coverage | — | — | — | — | — | -1909.00 | -1858.46 | -702.07 | -721.15 | -476.57 | -213.20 |
Net cash position: cash ($143M) exceeds total debt ($9M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.92 | 4.92 | 4.64 | 4.98 | 4.20 | 5.93 | 14.29 | 8.86 | 8.52 | 3.67 | 3.72 |
| Quick Ratio | 4.92 | 4.92 | 4.64 | 4.98 | 4.20 | 5.93 | 14.29 | 8.86 | 8.52 | 3.67 | 3.72 |
| Cash Ratio | 4.81 | 4.81 | 4.52 | 4.90 | 4.08 | 5.74 | 14.00 | 8.56 | 8.17 | 2.19 | 3.54 |
| Asset Turnover | — | 0.37 | 0.24 | 0.06 | 0.10 | 0.03 | 0.04 | 0.14 | 0.07 | 0.11 | 0.18 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 8.90 | 18.98 | 33.48 | 22.22 | 175.01 | 118.38 | 53.34 | 128.22 | 1254.11 | 77.18 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | 13.5% | — | — | — | — | — |
| Buyback Yield | 18.3% | 11.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 18.3% | 11.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $65M | $72M | $56M | $53M | $50M | $40M | $33M | $32M | $21M | $2M |
Includes 30+ ratios · 10 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ARVN stock.
Arvinas, Inc.'s current P/E ratio is -6.1x. This places it at the 50th percentile of its historical range.
Arvinas, Inc.'s return on equity (ROE) is -16.2%. The historical average is -56.2%.
Based on historical data, Arvinas, Inc. is trading at a P/E of -6.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Arvinas, Inc. has 98.0% gross margin and -43.8% operating margin.
Key Metrics
Top Statement Risk
Milestone-Driven Revenue Volatility
Metrics are mathematically derived from official filings.
Milestone-Driven Margin Volatility
Arvinas's profitability is exceptionally high but erratic, with gross margins consistently above 90% and net margins swinging from 67.8% to -83.8% over the past ten quarters, as reported in its financial statements.
The extreme margin volatility, particularly the 100% gross margin in several quarters, strongly suggests revenue is derived from high-margin intellectual property milestones or licensing fees rather than product sales. This creates a profitability profile that is structurally high but entirely dependent on the timing of large, non-recurring payments, making the net margin an unreliable indicator of sustainable earning power.
Capital Returns Driven by Lumpy Milestones
Return on equity has been highly volatile, ranging from 35.7% to -14.0% over the last ten quarters, indicating that capital returns are driven by episodic milestone recognition rather than consistent operational performance.
The sharp swing in ROE to 35.7% in 2026Q2, following several quarters of negative returns, appears directly linked to the recognition of a large milestone payment. This pattern suggests the company's ability to generate returns on its invested capital is not yet compounding from core operations but is instead a function of discrete, non-recurring events, which warrants careful monitoring of the underlying pipeline progress.
Working Capital Swings Mask Operational Reality
The cash conversion cycle is highly erratic, with days payable outstanding swinging from 196 to over 2,200 days, indicating that working capital is driven by milestone payment timing rather than operational efficiency.
The extreme volatility in DPO and the absence of a consistent CCC trend suggest that Arvinas's working capital metrics are not reflective of supplier or customer leverage in a traditional sense. Instead, they appear to be artifacts of large, irregular cash inflows and outflows associated with its milestone-based business model, making these ratios poor indicators of operational efficiency.
Strong Liquidity Masked by Cash Flow Volatility
Despite a robust current ratio of 7.91 in 2026Q2, the company's cash position has been highly volatile, ranging from $81.0M to $154.8M over the past ten quarters, suggesting liquidity is dependent on milestone timing.
The high current ratio indicates ample short-term liquidity, but the underlying cash balance is not stable. This volatility implies that the company's strong liquidity position is contingent on the receipt of milestone payments, and investors should monitor the cash balance trend to assess the sustainability of this buffer, especially given the consistent negative free cash flow.
The P/E Ratio's Misleading Signal
The negative P/E ratio of -7.17 is the most commonly misapplied metric for Arvinas, as it obscures the company's high-margin, milestone-driven profitability and is meaningless for a firm with lumpy, non-recurring revenue.
For a biotech company like Arvinas, which is not yet generating consistent operating cash flow and whose reported earnings are dominated by large, non-recurring milestone payments, the P/E ratio is a misleading valuation tool. It fails to capture the company's true value, which lies in its pipeline and partnership potential. A more appropriate metric would be a price-to-sales ratio adjusted for the recurring nature of revenue, or a discounted cash flow model focused on future pipeline milestones.