Sunday 18 October 2026 Export ARMP’s income statement to Excel — free account

Armata Pharmaceuticals, Inc.

Armata Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.9 million, down 5.22% from fiscal 2024. In the quarter to June 2026, revenue grew 15.7%, EPS grew 548.9%, free cash flow fell 18.0% and total debt rose 152.4%, each against the same quarter a year earlier.

3.37 0.28 +9.06%

Follow ARMP

Alert me

Market cap: $114.9M
P/E: 0.0×
Fwd P/E: −2.0×
Dividend yield: —
F-score: 3/9
Altman Z: −10.15
Beneish M: −12.48
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 68.49%

Capital & Financial Ratios $m

Market Cap 114.90

Revenue 5.54

Net Income (192.18)

Free Cash Flow (25.79)

Net Debt 259.56

Current Ratio 0.11

Debt/Equity (1.23)

P/E ratio 0.00

Fwd P/E (1.97)

P/S ratio 22.01

P/B ratio 0.00

Past 5Y EPS Growth —

This Y EPS Growth 61.15%

Next Y EPS Growth 22.52%

Next Y revenue growth (13.34%)

Next 5Y EPS Growth 38.99%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 28.27%

10-year low 10-year high

EV/Sales against its own 10 years 65.86%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2019	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	14	9	9	24
Receivables	3	1	0	3
Inventory	—	—	—	—
Other	—	—	—	—
	19	11	11	27

	2023	2024	2025	Q'26
Payables	6	2	2	2
ST’ Debt	—	39	—	241
Other	1	1	0	0
	16	48	9	250

Compound Annual Growth %

	10y	5y	3y
Sales	—	42.90%	(3.80%)
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	0.00%	0.00%	0.00%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1	3	—	—	—
’25	0	2	1	1	5
’24	1	—	3	1	5
’23	1	1	1	2	5
’22	1	2	1	1	6
’21	1	1	1	1	4
’20	—	0	0	1	1

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(6)	(9)	—	—	—
’25	(8)	(7)	(4)	(7)	(26)
’24	(11)	(10)	(9)	(8)	(38)
’23	(18)	(12)	(10)	(8)	(47)
’22	(4)	(8)	(10)	(10)	(32)
’21	(5)	(5)	(5)	(9)	(24)
’20	(4)	(4)	(4)	(6)	(18)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(6)	(9)	—	—	—
’25	(8)	(7)	(5)	(7)	(26)
’24	(11)	(12)	(9)	(8)	(39)
’23	(20)	(12)	(13)	(10)	(56)
’22	(4)	(9)	(12)	(10)	(35)
’21	(6)	(5)	(6)	(9)	(25)
’20	(4)	(4)	(4)	(7)	(19)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(3.16)	1.20	—	—	—
’25	(0.11)	(0.45)	(0.74)	(3.43)	(4.80)
’24	(0.69)	0.15	(0.15)	(0.23)	(0.32)
’23	(0.40)	(0.06)	(0.86)	(0.55)	(1.91)
’22	(0.30)	(0.26)	(0.24)	(0.29)	(1.08)
’21	(0.27)	(0.25)	(0.22)	(0.23)	(0.96)
’20	(0.49)	(0.26)	(0.31)	(0.36)	(1.35)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	50.40	9.38	2.10	2.45	2.52	2.82	0.83	1.07	1.80	0.90	Analyst estimates 2026–2028 Powerpack
	High	768.60	95.20	28.70	6.30	6.92	10.48	6.46	5.26	4.48	16.34
People
People	Employees	33	34	31	38	62	71	75	66	60	61
	Revenue/emp, $m	0.01	0.00	0.00	0.00	0.01	0.06	0.07	0.07	0.09	0.08
Income, $m
Income, $m	Revenue	0	0	—	—	1	4	6	5	5	5
	Gross margin, %	100.00	100.00	0.00	0.00	100.00	100.00	100.00	100.00	100.00	100.00
	EBT	(19)	(14)	(17)	(19)	(22)	(23)	(37)	(69)	(19)	(174)
	EBT margin, %	(7,459.23)	(12,295.65)	0.00	0.00	(2,695.14)	(517.55)	(670.24)	(1,524.51)	(365.60)	(3,544.03)
	Net income	(19)	(13)	(17)	(19)	(22)	(23)	(37)	(69)	(19)	(174)
	Depreciation	0	0	1	1	1	1	1	1	1	2
Per share, $
Per share, $	Revenue	3.70	0.25	0.00	0.00	0.05	0.19	0.16	0.13	0.14	0.14
	Earnings	(345.94)	(28.15)	(3.59)	(2.49)	(1.35)	(0.96)	(1.08)	(1.91)	(0.52)	(4.80)
	Cash flow	(150.87)	(20.16)	(2.28)	(1.99)	(1.11)	(0.98)	(0.95)	(1.31)	(1.04)	(0.71)
	Capex	(3.97)	(0.13)	(0.17)	(0.02)	(0.05)	(0.05)	(0.06)	(0.23)	(0.05)	(0.01)
	Free cash flow	(154.84)	(20.29)	(2.46)	(2.01)	(1.16)	(1.03)	(1.01)	(1.54)	(1.09)	(0.73)
	Book value	138.31	16.95	1.65	1.86	1.15	1.05	1.05	(0.89)	(1.33)	(6.03)
	Shares, m	0	0	5	8	16	24	34	36	36	36
Valuation, ×
Valuation, ×	P/E	0.00	0.00	—	—	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	18.55	56.07	—	—	58.03	29.52	6.85	24.69	9.98	46.41
	P/B	0.50	0.83	—	—	2.59	5.20	1.05	0.00	0.00	0.00
	EV/Sales	(3.42)	11.44	—	—	62.18	35.72	13.02	42.85	22.68	123.75
	EV/FCF	0.08	(0.14)	—	—	(2.75)	(6.42)	(2.07)	(3.49)	(3.85)	(23.07)
Cash, $m
Cash, $m	Operating cash flow	(11)	(9)	(11)	(16)	(18)	(24)	(32)	(47)	(38)	(26)
	Capex	0	0	(1)	0	(1)	(1)	(2)	(8)	(2)	(1)
	Free cash flow	(11)	(9)	(11)	(16)	(19)	(25)	(35)	(56)	(39)	(26)
Balance, $m
Balance, $m	Working capital	3	3	8	2	4	10	2	3	(37)	2
	Total debt	1	—	—	3	13	38	49	82	94	257
	Net debt	(5)	(5)	(10)	(3)	4	28	34	69	85	248
	Shareholders’ equity	10	8	8	15	19	25	36	(32)	(48)	(219)
Returns, %
Returns, %	ROA	(97.80)	(87.66)	(130.06)	(97.40)	(68.28)	(42.38)	(44.59)	(71.11)	(20.47)	(212.83)
	ROIC	(303.45)	(388.51)	0.00	(108.07)	(60.34)	(28.04)	(32.97)	(69.60)	(71.53)	(77.26)
	ROE	(216.39)	(147.11)	(216.56)	(174.80)	(132.62)	(104.65)	(120.10)	(3,439.35)	47.24	130.37

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
NRXP NRx Pharmaceuticals, Inc.	$117.3M	— (loss-making)	— (loss-making)	—	n/m	−142.60% (below 0%: shrinking)	38.69%	(590.83%)	Compare
HURA TuHURA Biosciences, Inc.	$116.6M	— (loss-making)	—	—	n/m	−70.46% (below 0%: shrinking)	0.00%	0.00%	Compare
NERV Minerva Neurosciences, Inc	$115.6M	— (loss-making)	— (loss-making)	—	n/m	−553.48% (below 0%: shrinking)	0.00%	0.00%	Compare
ARMP Armata Pharmaceuticals, Inc.	$114.9M	— (loss-making)	— (loss-making)	+15.72% (above 0%: growing)	n/m	−17.98% (below 0%: shrinking)	100.00%	(410.84%)
ENGN enGene Therapeutics Inc	$114.6M	— (loss-making)	—	—	n/m	+28.07% (above 0%: growing)	—	0.00%	Compare
SEER Seer, Inc.	$113.0M	— (loss-making)	— (loss-making)	−23.43% (below 0%: shrinking)	n/m	+36.73% (above 0%: growing)	48.55%	(542.91%)	Compare
FHTX Foghorn Therapeutics Inc.	$112.2M	— (loss-making)	— (loss-making)	+112.68% (above 0%: growing)	n/m	+14.88% (above 0%: growing)	100.00%	(54.78%)	Compare
GNLX Genelux Corporation	$112.2M	— (loss-making)	— (loss-making)	—	n/m	−11.18% (below 0%: shrinking)	100.00%	0.00%	Compare
LENZ LENZ Therapeutics, Inc.	$112.2M	— (loss-making)	— (loss-making)	+9.72% (above 0%: growing)	n/m	−229.66% (below 0%: shrinking)	94.90%	(622.89%)	Compare
Median of peers	$113.8M	—	—	+9.72%	—	−40.82%	48.55%	(27.39%)

All 614 Biotechnology stocks →

Armata Pharmaceuticals, Inc. (ARMP) key facts

Concern: Armata Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.9 million, down 5.22% from fiscal 2024.
Armata Pharmaceuticals, Inc. (ARMP) is a Biotechnology company in the Healthcare sector, listed on NYSE American.
As of October 16, 2026, ARMP traded at $3.37, a market capitalization of $114.9 million.
Return on equity was 130.4% and debt-to-equity -1.23.
Its Piotroski F-score is 3 out of 9 and its Altman Z-score is −10.15 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.