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Arrowhead Pharmaceuticals, Inc. (ARWR) 10-Year Financial Performance & Capital Metrics

ARWR •
HealthcareBiotechnologyRNA and Genome Editing Developers
AboutArrowhead Pharmaceuticals, Inc. develops medicines for the treatment of intractable diseases in the United States. The company's products in pipeline includes ARO-AAT, a RNA interference (RNAi) therapeutic candidate that is in Phase II clinical trial for the treatment of liver diseases associated with alpha-1 antitrypsin deficiency; ARO-APOC3, which is in phase 2b and one phase 3 clinical trial to treat hypertriglyceridemia; ARO-ANG3 that is in Phase 2b clinical trial to reduce production of angiopoietin-like protein 3; ARO-HSD, which is in Phase 1/2a clinical trial to treat liver diseases; ARO-ENaC, which is in a Phase 1/2a clinical trial to reduce production of the epithelial sodium channel alpha subunit in the airways of the lung; ARO-C3 for the treatment of complement-mediated disease that is in Phase 1/2a clinical trial; ARO-Lung2 for the treatment of chronic obstructive pulmonary disorder; ARO-DUX4 for the treatment of facioscapulohumeral muscular dystrophy; ARO-XDH to treat uncontrolled gout; ARO-COV for the treatment of COVID-19 and other pulmonary-borne pathogens; and ARO-HIF2, which is in phase 1b clinical trial to treat clear cell renal cell carcinoma. It is also involved in the development of JNJ-3989, a subcutaneously administered RNAi therapeutic candidate to treat chronic hepatitis B virus infection; Olpasiran to reduce the production of apolipoprotein A; and ARO-AMG1 for treating genetically validated cardiovascular targets. Arrowhead Pharmaceuticals, Inc. has a license and research collaboration agreement with Janssen Pharmaceuticals, Inc. to develop ARO-JNJ1, ARO-JNJ2, and ARO-JNJ3 RNAi therapeutics for liver-expressed targets; and license and research collaboration agreement with Takeda Pharmaceuticals U.S.A., Inc. to develop RNAi therapeutic candidate as a treatment for liver disease. Arrowhead Pharmaceuticals, Inc. was incorporated in 1989 and is headquartered in Pasadena, California.Show more
  • Revenue $829M +23258.2%
  • EBITDA $122M +121.0%
  • Net Income -$2M +99.7%
  • EPS (Diluted) -0.01 +99.8%
  • Gross Margin 97.12% -2.9%
  • EBITDA Margin 14.74% +100.1%
  • Operating Margin 11.86% +100.1%
  • Net Margin -0.2% +100.0%
  • ROE -0.47% +99.8%
  • ROIC 7.18% +111.9%
  • Debt/Equity 1.66 -62.7%
  • Interest Coverage 1.10 +105.9%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓FCF machine: 18.9% free cash flow margin
  • ✓Momentum leader: RS Rating 96 (top 4%)
  • ✓Strong 5Y sales CAGR of 56.6%

✗Weaknesses

  • ✗Shares diluted 11.7% in last year
  • ✗Expensive at 16.8x book value

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

Price & Volume

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Growth Metrics

Revenue CAGR

10Y115.61%
5Y56.63%
3Y50.52%
TTM4081.77%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM131.62%

EPS CAGR

10Y-
5Y-
3Y-
TTM129.67%

ROCE

10Y Avg-32.18%
5Y Avg-31.31%
3Y Avg-32.02%
Latest8.58%

Peer Comparison

RNA and Genome Editing Developers
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
ALNYAlnylam Pharmaceuticals, Inc.44.07B332.92142.8865.19%8.45%39.76%1.06%3.76
SLXNWSilexion Therapeutics Ltd.63.6M0.030.00-132.54%
EDITEditas Medicine, Inc.205.18M2.20-0.76-58.64%-430.84%-14.85%0.26
SGMOSangamo Therapeutics, Inc.92.01M0.43-0.88-67.2%-331.28%-17.44%1.34
CAMPCAMP4 Therapeutics Corporation210.49M4.49-1.6986.29%-14.04%-133.54%0.14
SLNSilence Therapeutics plc256.95M5.44-1.7170.47%-252.16%-84.61%0.00
PEPGPepGen Inc.202.89M6.22-2.18-57.35%0.16
ARCTArcturus Therapeutics Holdings Inc.224.14M8.23-2.74-12.27%-72.48%-29.71%0.12

Compare ARWR vs Peers

Analyze head-to-head performance against top industry competitors across valuation, growth, and profitability metrics.

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Compare Top 5

vs ALNY, IONS, CRSP, BEAM

Profit & Loss

Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025
Sales/Revenue+158.33K31.41M16.14M168.8M87.99M138.29M243.23M240.74M3.55M829.45M
Revenue Growth %-58.55%19736.49%-48.6%945.67%-47.87%57.16%75.89%-1.03%-98.52%23258.15%
Cost of Goods Sold+00000000023.93M
COGS % of Revenue---------2.88%
Gross Profit+000087.99M138.29M243.23M240.74M3.55M805.52M
Gross Margin %----100%100%100%100%100%97.12%
Gross Profit Growth %-----57.16%75.89%-1.03%-98.52%22584.31%
Operating Expenses+79.85M68.4M72.08M107.61M181.15M287.32M421.74M445.74M604.63M707.17M
OpEx % of Revenue50431.84%217.79%446.52%63.75%205.87%207.77%173.39%185.16%17027.06%85.26%
Selling, General & Admin23.59M17.5M19.11M26.56M52.28M80.98M124.43M90.93M96.82M123.94M
SG&A % of Revenue14902.07%55.72%118.38%15.73%59.41%58.56%51.16%37.77%2726.56%14.94%
Research & Development62.12M50.9M52.97M81.05M128.88M206.34M297.31M353.19M505.87M607.16M
R&D % of Revenue39232.39%162.08%328.13%48.02%146.46%149.21%122.23%146.71%14245.85%73.2%
Other Operating Expenses-5.86M0000001.62M1.94M-23.93M
Operating Income+-81.74M-37M-55.94M61.19M-93.16M-149.04M-178.51M-205M-601.08M98.35M
Operating Margin %-51627.09%-117.79%-346.52%36.25%-105.87%-107.77%-73.39%-85.16%-16927.06%11.86%
Operating Income Growth %14.83%54.74%-51.2%209.39%-252.24%-59.98%-19.77%-14.84%-193.21%116.36%
EBITDA+-78.48M-32.31M-51.24M65.63M-87.22M-140.77M-168.09M-192.51M-582.49M122.27M
EBITDA Margin %-49568.11%-102.86%-317.41%38.88%-99.12%-101.79%-69.11%-79.97%-16403.41%14.74%
EBITDA Growth %16.18%58.84%-58.6%228.09%-232.89%-61.4%-19.41%-14.53%-202.58%120.99%
D&A (Non-Cash Add-back)3.26M4.69M4.7M4.44M5.94M8.27M10.42M12.49M18.59M23.93M
EBIT-79.69M-37M-55.94M61.19M-93.16M-140.85M-172.71M-188.16M-580.11M140.89M
Net Interest Income+265.79K415.13K1.05M6.96M9.19M6.12M5.03M-3.03M-9.63M-52.07M
Interest Income265.79K415.13K1.05M6.96M9.19M6.12M5.03M15.3M22.72M37.29M
Interest Expense000000018.33M32.35M89.36M
Other Income/Expense22.12K2.62M1.49M6.96M8.61M8.19M5.8M-1.49M-11.38M-46.81M
Pretax Income+-81.72M-34.38M-54.45M68.15M-84.55M-140.85M-172.71M-206.49M-612.46M51.53M
Pretax Margin %-51613.12%-109.46%-337.3%40.37%-96.09%-101.85%-71.01%-85.78%-17247.54%6.21%
Income Tax+2.4K2.4K2.4K174K2K2K3.79M2.78M-2.77M21.42M
Effective Tax Rate %100%100.01%100%99.74%100%100%101.94%99.41%97.88%-3.16%
Net Income+-81.72M-34.38M-54.45M67.97M-84.55M-140.85M-176.06M-205.28M-599.49M-1.63M
Net Margin %-51614.63%-109.46%-337.31%40.27%-96.09%-101.85%-72.39%-85.27%-16882.37%-0.2%
Net Income Growth %11.11%57.93%-58.38%224.84%-224.39%-66.58%-25%-16.59%-192.04%99.73%
Net Income (Continuing)-81.72M-34.38M-54.45M67.97M-84.55M-140.85M-176.49M-209.28M-609.69M30.11M
Discontinued Operations0000000000
Minority Interest-555.19K-555.19K-555.19K-555.19K0019.82M15.82M5.62M37.36M
EPS (Diluted)+-1.34-0.47-0.650.69-0.84-1.36-1.67-1.92-5.00-0.01
EPS Growth %16.25%64.93%-38.3%206.15%-221.74%-61.9%-22.79%-14.97%-160.42%99.76%
EPS (Basic)-1.34-0.47-0.650.72-0.84-1.36-1.67-1.91-5.00-0.01
Diluted Shares Outstanding61.05M73.9M83.64M98.61M100.72M103.75M105.43M106.75M119.78M133.76M
Basic Shares Outstanding60.99M73.15M83.64M93.86M100.72M103.75M105.43M107.31M119.78M133.76M
Dividend Payout Ratio----------

Balance Sheet

Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025
Total Current Assets+90.5M67.9M78.77M265.25M322.37M384.6M405.3M419.52M695.47M950.64M
Cash & Short-Term Investments85.37M65.61M76.53M258.7M315.49M367.79M376.4M403.63M680.96M919.37M
Cash Only85.37M24.84M30.13M221.8M143.58M184.43M108M110.89M102.69M226.55M
Short-Term Investments040.77M46.4M36.9M171.91M183.35M268.39M292.74M578.28M692.82M
Accounts Receivable75K67.8K327.38K661.36K845.67K10.26M1.41M006.82M
Days Sales Outstanding172.90.797.41.433.5127.072.12--3
Inventory1.29M867.36K1.27M3.32M4.25M4.36M-21.61M000
Days Inventory Outstanding----------
Other Current Assets3.77M1.36M640.12K-754.57K-2.47M-2.17M41.82M7.08M4.97M13.52M
Total Non-Current Assets+37.67M36.12M32.84M84.6M200.13M325.55M286.64M346.03M444.33M499.8M
Property, Plant & Equipment15.39M15.51M13.94M23.21M47.02M66.02M168.59M335.56M431.29M426.41M
Fixed Asset Turnover0.01x2.02x1.16x7.27x1.87x2.09x1.44x0.72x0.01x1.95x
Goodwill0000000000
Intangible Assets22.16M20.46M18.76M17.06M15.36M13.66M11.96M10.26M8.56M6.86M
Long-Term Investments00044.18M137.49M245.59M105.87M000
Other Non-Current Assets122.33K141.92K141.92K144.15K265.36K272K218K210K4.48M1.39M
Total Assets+128.18M104.02M111.61M349.85M522.5M710.15M691.94M765.55M1.14B1.45B
Asset Turnover0.00x0.30x0.14x0.48x0.17x0.19x0.35x0.31x0.00x0.57x
Asset Growth %-3.09%-18.84%7.29%213.45%49.35%35.91%-2.56%10.64%48.89%27.25%
Total Current Liabilities+25.64M18.7M12.36M97.07M40.68M146.54M138.85M105.46M103.17M195.49M
Accounts Payable12.23M4.08M2.81M7.65M6.83M9.46M2.87M35.87M11.39M17.67M
Days Payables Outstanding---------269.6
Short-Term Debt194.31K208.51K223.82K01.09M2.25M2.78M10.56M6.34M40M
Deferred Revenue (Current)3.01M5.71M60077.77M19.29M111.06M74.1M866K02.4M
Other Current Liabilities6.24M5.31M5.4M6.7M5.41M14M46.86M40.2M63.45M80.43M
Current Ratio3.53x3.63x6.37x2.73x7.92x2.62x2.92x3.98x6.74x4.86x
Quick Ratio3.48x3.58x6.27x2.70x7.82x2.59x3.07x3.98x6.74x4.86x
Cash Conversion Cycle----------
Total Non-Current Liabilities+7.51M4.45M4M8.74M20.04M154.79M134.75M372.93M845.57M751.53M
Long-Term Debt2.53M2.33M2.1M0000268.33M734.54M582.28M
Capital Lease Obligations000020.04M23.3M78.8M104.61M111.03M104.11M
Deferred Tax Liabilities00000000065.14M
Other Non-Current Liabilities2.47M2.13M1.9M3.7M000000
Total Liabilities33.15M23.16M16.37M105.81M60.72M301.33M273.6M478.39M948.74M947.02M
Total Debt+2.73M2.53M2.33M021.14M25.55M81.58M383.5M851.91M837.79M
Net Debt-82.64M-22.31M-27.81M-221.8M-122.44M-158.89M-26.43M272.61M749.23M611.25M
Debt / Equity0.03x0.03x0.02x-0.05x0.06x0.20x1.34x4.46x1.66x
Debt / EBITDA---------6.85x
Net Debt / EBITDA----3.38x-----5.00x
Interest Coverage--------11.19x-18.58x1.10x
Total Equity+95.02M80.87M95.24M244.04M461.78M408.82M418.34M287.16M191.06M503.42M
Equity Growth %-13.32%-14.9%17.77%156.23%89.23%-11.47%2.33%-31.36%-33.47%163.48%
Book Value per Share1.561.091.142.474.583.943.972.691.603.76
Total Shareholders' Equity95.58M81.42M95.8M244.59M461.78M408.82M398.52M271.34M185.44M466.05M
Common Stock162.12K167.16K180.88K187.88K194.75K197K198K200K217K231K
Retained Earnings-398.44M-432.82M-487.27M-419.29M-503.84M-644.69M-820.75M-1.03B-1.63B-1.63B
Treasury Stock000000000-53.19M
Accumulated OCI7.45K33.23K-21.56K-391.62K18.43K-69K-136K-3.22M4.75M6.44M
Minority Interest-555.19K-555.19K-555.19K-555.19K0019.82M15.82M5.62M37.36M

Cash Flow

Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025
Cash from Operations+-64.43M-23.94M-47.22M173.03M-95.39M171.22M-136.13M-153.89M-462.85M179.55M
Operating CF Margin %-40691.13%-76.22%-292.54%102.51%-108.41%123.82%-55.97%-63.93%-13034.38%21.65%
Operating CF Growth %1.95%62.84%-97.27%466.42%-155.13%279.5%-179.5%-13.05%-200.77%138.79%
Net Income-81.72M-34.38M-54.45M67.97M-84.55M-140.85M-176.49M-209.28M-609.69M30.11M
Depreciation & Amortization3.26M4.69M4.7M4.44M5.94M8.27M10.42M12.49M18.59M23.93M
Stock-Based Compensation11.6M7.89M8.45M12.39M43.38M76.67M120.89M78.13M73.97M63.37M
Deferred Taxes2.35M-890.36K-432.14K0000000
Other Non-Cash Items-5.63M-43.52K383.07K1.07M525.29K266K7.34M16.31M29.19M80.38M
Working Capital Changes5.72M-1.21M-5.88M87.16M-60.69M226.87M-98.29M-51.55M25.09M-18.23M
Change in Receivables-75K7.2K-259.58K-333.99K-184.31K-9.41M8.85M1.41M0-56.97M
Change in Inventory-1.89M2.41M1.34M-1.26M1.6M9.16M0000
Change in Payables2.55M-3.51M-1.27M4.84M-821.01K2.63M-6.59M33M-5.54M6.29M
Cash from Investing+13.45M-48.64M-7.43M-47.75M-240.78M-141.68M-5.42M-96.16M-420.07M-129.29M
Capital Expenditures-3.86M-7.92M-1.42M-12M-11.95M-23.57M-52.78M-176.74M-141.47M-22.67M
CapEx % of Revenue2438.05%25.21%8.8%7.11%13.58%17.04%21.7%73.42%3983.92%2.73%
Acquisitions007.43B47.75B240.78B141.68M-47.36M-80.58M00
Investments----------
Other Investing17.31M-40.73M-7.43B-47.75B-240.78B-141.68M47.36M80.58M00
Cash from Financing+55.13M12.06M59.95M66.38M257.95M11.3M65.19M253.05M870.52M74.01M
Debt Issued (Net)-217.55K-197.79K-208.51K-2.42M000250M392M-196.37M
Equity Issued (Net)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Dividends Paid0000000000
Share Repurchases0000000000
Other Financing3.12M-166.02K3.58M8.28M0060M049.26M0
Net Change in Cash4.15M-60.53M5.29M191.67M-78.22M40.85M-76.43M2.89M-8.21M124.26M
Free Cash Flow+-68.29M-31.86M-48.64M161.03M-107.34M147.66M-188.91M-330.63M-604.32M156.89M
FCF Margin %-43129.18%-101.43%-301.35%95.4%-121.99%106.78%-77.67%-137.34%-17018.3%18.91%
FCF Growth %-0.9%53.35%-52.7%431.04%-166.66%237.56%-227.94%-75.02%-82.78%125.96%
FCF per Share-1.12-0.43-0.581.63-1.071.42-1.79-3.10-5.051.17
FCF Conversion (FCF/Net Income)0.79x0.70x0.87x2.55x1.13x-1.22x0.77x0.75x0.77x-110.09x
Interest Paid11.29K187.65K173.38K27K000000
Taxes Paid2.4K2.4K2.4K302K02K2K03.74M0

Key Ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-79.87%-39.09%-61.84%40.07%-23.96%-32.36%-42.57%-58.19%-250.72%-0.47%
Return on Invested Capital (ROIC)-295.09%-78.22%-66.59%102.37%-38.65%-37.94%-41.72%-32.31%-60.11%7.18%
Gross Margin----100%100%100%100%100%97.12%
Net Margin-51614.63%-109.46%-337.31%40.27%-96.09%-101.85%-72.39%-85.27%-16882.37%-0.2%
Debt / Equity0.03x0.03x0.02x-0.05x0.06x0.20x1.34x4.46x1.66x
Interest Coverage--------11.19x-18.58x1.10x
FCF Conversion0.79x0.70x0.87x2.55x1.13x-1.22x0.77x0.75x0.77x-110.09x
Revenue Growth-58.55%19736.49%-48.6%945.67%-47.87%57.16%75.89%-1.03%-98.52%23258.15%

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