Latest Ratios: P/E Ratio -6.7x · 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 | $554M | $770M | $1.4B | $2.3B | $1.8B | $4.1B | $3.4B | $1.4B | $406M | — | — |
| Enterprise Value | $420M | $636M | $1.3B | $2.0B | $1.7B | $4.0B | $2.8B | $1.3B | $405M | — | — |
| P/E Ratio → | -6.71 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.11 | 2.93 | 5.23 | 29.10 | 13.85 | 76.62 | 129.64 | 31.48 | 28.37 | — | — |
| P/B Ratio | 1.29 | 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 | — | — | — | — | — | -1884.00 | -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 | 16.6% | 11.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 16.6% | 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 |
Clinical trial funding dependency
Based on reported figures, Arvinas trades at a P/S ratio of 1.97, which appears to reflect a platform premium rather than current earnings, as the company lacks a positive P/E and remains heavily dependent on milestone-based revenue rather than recurring commercial product sales or consistent service-based income.
The current valuation suggests that investors are pricing in the long-term potential of the PROTAC platform rather than the immediate financial performance. Given the lack of positive earnings and the reliance on sporadic partnership milestones, traditional valuation multiples like P/E are effectively meaningless, warranting a focus on the NPV of the clinical pipeline instead.
As reported in financial statements, Arvinas has struggled with negative ROIC, which reached -15.5% in 2026Q1, indicating that the company is currently destroying rather than compounding invested capital as it continues to fund high-cost clinical trials without a corresponding stream of commercial revenue to offset R&D expenditures.
The persistent negative return on capital is a direct consequence of the company's clinical-stage status, where massive R&D outlays are required to advance the pipeline. Investors should monitor whether the company can achieve a positive ROIC inflection point as its lead programs move toward potential commercialization, though this remains speculative at this stage.
According to recent SEC filings, Arvinas's asset turnover ratio remains extremely low at 0.02, highlighting the company's lack of commercial product volume and its reliance on the timing of milestone payments, which creates significant, unpredictable swings in working capital efficiency and overall operational liquidity.
The erratic nature of the company's DSO and DPO metrics suggests that working capital management is secondary to the primary objective of clinical development. The lack of a stable cash conversion cycle is typical for a pre-revenue biotech, but it underscores the operational risk inherent in relying on external partners for cash flow.
Based on the most recent 2026Q1 filings, Arvinas maintains a current ratio of 5.44, yet the absolute cash position has declined significantly, suggesting that the company's liquidity, while technically adequate, is under increasing pressure as it approaches critical, capital-intensive milestones in its late-stage oncology programs.
While the current ratio appears healthy on the surface, it masks the reality of a rapidly depleting cash runway. The company's reliance on milestone-based liquidity means that any delay in clinical trial progress could necessitate dilutive equity raises to maintain operations, a risk that investors should monitor closely.
The most commonly misapplied metric for Arvinas is the gross margin, which, at 98.02%, is an accounting artifact of collaboration revenue that obscures the true, high-cost nature of the company's R&D-intensive business model and fails to reflect the actual economic cost of developing its proprietary PROTAC platform.
Investors often mistake high gross margins for operational efficiency, but in this context, they merely reflect the absence of manufacturing-related COGS. A more appropriate metric for assessing the company's health would be the cash burn rate relative to the remaining clinical runway, rather than traditional profitability ratios which are distorted by milestone accounting.
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Quick answers to the most common questions about buying ARVN stock.
Arvinas, Inc.'s current P/E ratio is -6.7x. 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 -6.7x. 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.