Latest Ratios: P/E Ratio -44.1x · 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 | $414M | $770M | $1.4B | $2.3B | $1.8B | $4.1B | $3.4B | $1.4B | $406M | — | — |
| Enterprise Value | $280M | $636M | $1.3B | $2.0B | $1.7B | $4.0B | $2.8B | $1.3B | $405M | — | — |
| P/E Ratio → | -44.12 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.50 | 2.93 | 5.23 | 29.10 | 13.85 | 76.62 | 129.64 | 31.48 | 28.37 | — | — |
| P/B Ratio | 0.96 | 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 | 22.2% | 11.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 22.2% | 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
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Quick answers to the most common questions about buying ARVN stock.
Arvinas, Inc.'s current P/E ratio is -44.1x. 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 -44.1x. 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
Lumpy collaboration revenue dependence
Metrics are mathematically derived from official filings.
Multiples Reflect Pipeline Optionality Not Earnings
With a trailing P/E of -5.01 and forward P/E of 90.03 against a P/B of 0.96, ARVN's market price appears to rest on pipeline value rather than current earnings power, as reflected in the reported multiples.
The negative trailing P/E reflects losses in most reported quarters, so the stock cannot be meaningfully compared to peers on earnings. The forward P/E of 90.03 implies that investors expect a sharp earnings recovery, which the quarterly record of mostly negative operating income does not yet demonstrate. A P/B near 1.0 suggests the market values the equity close to its book value, which may indicate skepticism about the durability of the asset base rather than a clear discount.
Peak Quarter Obscures Persistent Operating Losses
Based on reported quarterly figures, operating margin swung from 65.7% in 2026Q2 to negative in most other periods, including -118.2% in 2026Q3, indicating that a single collaboration-driven quarter dominates the profitability profile.
Gross margins near 100% are not informative here because revenue is largely collaboration-based and R&D costs sit below gross profit. The operating margin trend suggests earning power is driven by milestone timing rather than a stable cost structure. Investors should treat the 2026Q2 result as potentially non-recurring when assessing run-rate profitability.
Returns Oscillate Around Zero Without Compounding
ROIC has moved between roughly -15.5% and 31.4% across the ten reported quarters, with the positive readings concentrated in a single period, suggesting returns are episodic rather than compounding.
Negative ROIC in most quarters indicates capital invested in pipeline programs has not generated sustained economic returns. The lone positive quarter in 2026Q2 appears driven by collaboration revenue rather than improving capital efficiency. Shrinking total assets amid these results suggest the capital base is being consumed rather than redeployed productively.
Liquidity Ample But Cash Trending Lower
A current ratio of 8.39 in 2026Q3 indicates strong short-term coverage, but reported cash of $88.0M against persistent operating cash burn suggests the liquidity cushion is being drawn down over time.
The high current ratio is supported by minimal reported debt and a largely liquid asset base, which provides near-term flexibility. However, the trend of declining cash alongside negative free cash flow in most quarters warrants monitoring of runway. Liquidity ratios alone may overstate resilience if collaboration receivables or milestone timing do not convert to cash as expected.
Misapplied Ratio: Current Ratio Overstates Safety
The current ratio is the metric most often misapplied to a clinical-stage biotech like ARVN, as it treats all current assets as equally available despite cash burn and uncertain milestone receipts.
A current ratio of 8.39 appears to signal strength, but it obscures the composition of current assets and the rate at which they are consumed by R&D spending. A more informative alternative is cash runway, calculated as cash and equivalents divided by average quarterly operating cash burn, which better reflects how long the company can fund operations. Investors should also monitor the timing of collaboration receivables, since headline liquidity may overstate usable resources.