Latest Ratios: P/E Ratio -7128.7x · EV/EBITDA 101.3x · ROE -0.5%. (1997–2025 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 | $12.3B | $4.6B | $2.3B | $2.9B | $3.5B | $6.5B | $4.3B | $2.8B | $1.6B | $320M | $449M |
| Enterprise Value | $12.4B | $4.8B | $3.1B | $3.1B | $3.5B | $6.3B | $4.2B | $2.6B | $1.6B | $298M | $366M |
| P/E Ratio → | -7128.69 | — | — | — | — | — | — | 40.84 | — | — | — |
| P/S Ratio | 14.77 | 5.56 | 653.40 | 11.92 | 14.33 | 46.84 | 49.29 | 16.46 | 99.33 | 10.19 | 2834.05 |
| P/B Ratio | 23.11 | 9.16 | 12.14 | 9.99 | 8.33 | 15.84 | 9.39 | 11.39 | 16.83 | 3.96 | 4.72 |
| P/FCF | 78.08 | 29.41 | — | — | — | 43.84 | — | 17.26 | — | — | — |
| P/OCF | 68.23 | 25.69 | — | — | — | 37.81 | — | 16.06 | — | — | — |
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 | — | 5.73 | 864.39 | 13.05 | 14.22 | 45.69 | 47.90 | 15.15 | 97.60 | 9.48 | 2312.12 |
| EV / EBITDA | 101.33 | 38.87 | — | — | — | — | — | 38.96 | — | — | — |
| EV / EBIT | 125.98 | 33.73 | — | — | — | — | — | 41.79 | — | — | — |
| EV / FCF | — | 30.30 | — | — | — | 42.76 | — | 15.88 | — | — | — |
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 | 100.0% | 100.0% | -423.7% | 94.8% | 95.7% | — | — | — | — | — | — |
| Operating Margin | 11.9% | 11.9% | -16927.1% | -85.2% | -73.4% | -107.8% | -105.9% | 36.3% | -346.5% | -117.8% | -51627.1% |
| Net Profit Margin | -0.2% | -0.2% | -16882.4% | -85.3% | -72.4% | -101.9% | -96.1% | 40.3% | -337.3% | -109.5% | -51614.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.5% | -0.5% | -250.7% | -58.2% | -42.6% | -32.4% | -24.0% | 40.1% | -61.8% | -39.1% | -79.9% |
| ROA | -0.1% | -0.1% | -62.9% | -28.2% | -25.1% | -22.9% | -19.4% | 29.5% | -50.5% | -29.6% | -62.8% |
| ROIC | 9.3% | 9.3% | -60.1% | -32.3% | -41.7% | -37.9% | -38.6% | 102.4% | -66.6% | -78.2% | -295.1% |
| ROCE | 8.8% | 8.8% | -70.9% | -33.8% | -32.0% | -28.5% | -25.4% | 34.8% | -60.6% | -39.4% | -74.7% |
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 | 0.73 | 0.73 | 4.46 | 1.34 | 0.20 | 0.06 | 0.05 | — | 0.02 | 0.03 | 0.03 |
| Debt / EBITDA | 3.00 | 3.00 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.28 | 3.92 | 0.95 | -0.06 | -0.39 | -0.27 | -0.91 | -0.29 | -0.28 | -0.87 |
| Net Debt / EBITDA | 1.14 | 1.14 | — | — | — | — | — | -3.38 | — | — | — |
| Debt / FCF | — | 0.89 | — | — | — | -1.08 | — | -1.38 | — | — | — |
| Interest Coverage | 1.58 | 1.58 | -17.93 | -10.27 | — | — | — | — | — | — | — |
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 | 4.86 | 4.86 | 6.74 | 3.98 | 2.92 | 2.62 | 7.92 | 2.73 | 6.37 | 3.63 | 3.53 |
| Quick Ratio | 4.86 | 4.86 | 6.74 | 3.98 | 3.07 | 2.59 | 7.82 | 2.70 | 6.27 | 3.58 | 3.48 |
| Cash Ratio | 4.70 | 4.70 | 6.60 | 3.83 | 2.71 | 2.51 | 7.76 | 2.67 | 6.19 | 3.51 | 3.33 |
| Asset Turnover | — | 0.60 | 0.00 | 0.31 | 0.35 | 0.19 | 0.17 | 0.48 | 0.14 | 0.30 | 0.00 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 3.00 | — | — | 2.12 | 27.07 | 3.51 | 1.43 | 7.40 | 0.79 | 172.90 |
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 | — | — | — | — | — | — | — | 2.4% | — | — | — |
| FCF Yield | 1.3% | 3.4% | — | — | — | 2.3% | — | 5.8% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $134M | $120M | $107M | $105M | $104M | $101M | $99M | $84M | $74M | $61M |
Liquidity exhaustion from R&D
As reported in financial statements, the company's P/S ratio of 13.40 suggests investors are pricing in significant future platform success, despite a TTM P/E of -6466.39 that highlights the absence of sustainable, recurring earnings in the current milestone-dependent business model.
The valuation appears to be driven by the perceived optionality of the TRiM platform rather than traditional fundamental metrics. Investors should monitor whether this premium can be sustained if clinical milestones fail to materialize or if the company requires further dilutive equity financing to fund its pipeline.
Based on reported figures, the company's ROIC has fluctuated wildly, reaching a peak of 27.1% in 2025Q2 before collapsing to -8.6% in 2026Q2, illustrating that returns on invested capital are entirely dependent on the timing of non-recurring licensing payments rather than operational compounding.
The extreme volatility in ROIC suggests that the company is not currently compounding capital in a traditional sense. The negative trend in recent quarters implies that the heavy investment in late-stage clinical assets is currently outpacing the value generated from partner-driven milestone recognition.
According to quarterly data, the company's asset turnover remains extremely low at 0.04 in 2026Q2, reflecting a business model that lacks a physical product manufacturing base and relies instead on the sporadic recognition of intellectual property licensing milestones.
The lack of a traditional cash conversion cycle is evident, as the company does not manage inventory or standard trade receivables. This structural absence of operational efficiency metrics suggests that traditional turnover analysis is less relevant than monitoring the timing of partner-driven cash inflows.
As indicated by recent SEC filings, the debt-to-equity ratio has spiked to 2.29 in 2026Q2, suggesting that management is increasingly utilizing debt to bridge the gap between intensive R&D expenditures and the unpredictable timing of milestone-based revenue streams.
The negative interest coverage ratio of -5.92 in 2026Q2 warrants further investigation, as it indicates that the company's core operations are not generating sufficient income to cover debt service obligations. This leverage profile increases the risk of financial distress if clinical milestones are delayed.
As reported in financial statements, the 100% gross margin is a technical artifact of the licensing model that obscures the massive, ongoing R&D burn required to maintain the TRiM platform and advance late-stage clinical assets like plozasiran.
Investors frequently misapply the 100% gross margin as a sign of high profitability, when it actually masks the absence of a commercial cost structure. A more accurate assessment of the company's earning power would require adjusting for the full R&D expense as a necessary cost of production.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying ARWR stock.
Arrowhead Pharmaceuticals, Inc.'s current P/E ratio is -7128.7x. The historical average is 20.9x.
Arrowhead Pharmaceuticals, Inc.'s current EV/EBITDA is 101.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 38.9x.
Arrowhead Pharmaceuticals, Inc.'s return on equity (ROE) is -0.5%. The historical average is -76.7%.
Based on historical data, Arrowhead Pharmaceuticals, Inc. is trading at a P/E of -7128.7x. Compare with industry peers and growth rates for a complete picture.
Arrowhead Pharmaceuticals, Inc. has 100.0% gross margin and 11.9% operating margin. Operating margin between 10-20% is typical for established companies.
Arrowhead Pharmaceuticals, Inc.'s Debt/EBITDA ratio is 3.0x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.