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Arcutis Biotherapeutics, Inc.

ARQT Healthcare Biotechnology

Arcutis Biotherapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $376.1 million, up 91.3% from fiscal 2024.

Revenue
+45.1%
EPS
+12.0%
Free cash flow
+1,171.9%
Total debt
+0.83%

Quarter to September 2026, against a year earlier

25.55 1.45 −5.37%
Market cap
$3.4B
P/E
112×
Fwd P/E
81.2×
Dividend yield
—
F-score
4/9
Altman Z
6.98
Beneish M
−1.52
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 10.52
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 2 7 6 1 7 2 1 8 2 1 3
Insider Ownership 16.41%

Capital & Financial Ratios $m

Size
Market Cap 3,390.00
Revenue ttm 508.68
Net income ttm 29.91
Free cash flow ttm 59.71
Net debt Q (150.37)
Valuation
P/E 112.46 (above 35: high)
Forward P/E 81.20 (above 35: high)
Price / sales 6.58
Forward P/S Powerpack
Price / FCF 74.87
Price / book 13.72 (above 6: high)
Financial health
Current ratio Q 2.92 (at or above 1.5: strong)
Debt / equity Q 0.45 (at or below 0.5: strong)
Interest coverage Q 3.19
Growth
Revenue growth Q +45.05% (above 0%: growing)
Operating income growth Q +10.67% (above 0%: growing)
EPS, this year +312.09% (at or above 15%: strong)
EPS, next year A +280.83% (at or above 15%: strong)
Revenue, next year A +43.22% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +9.80%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.3×, against a ten-year median of 7.8×; over the ten years it ranged from 1.8× in 2023 to 51.6× in 2023.
P/S against its own 10 years 11.74%
10-year low 10-year high
P/B against its own 10 years 81.10%
10-year low 10-year high
EV/Sales against its own 10 years 12.93%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 273 229 221 260
Receivables 26 73 146 171
Inventory 13 15 23 46
Other — — — —
330 336 411 504
2023 2024 2025 Q'26
Payables 12 14 13 8
ST’ Debt — — 1 7
Other — — — —
47 81 130 172

Compound Annual Growth %

10y 5y 3y
Sales — — 367.27%
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — (6.88%) (3.31%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.17 Actual 0.06

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.03 0.13 Beat by 0.10
Q1 FY26 −0.02 −0.09 Miss by 0.07
Q2 FY26 0.09 0.11 Beat by 0.02
Q3 FY26 0.17 0.06 Miss by 0.11
Q4 FY26 0.22 — Reports 24 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.09) 0.11 0.06 — —
’25 (0.20) (0.13) 0.06 0.13 (0.13)
’24 (0.32) (0.42) (0.33) (0.09) (1.16)
’23 (1.31) (1.16) (0.73) (0.72) (3.78)
’22 (1.27) (1.31) (1.89) (1.18) (5.66)
’21 (0.76) (0.84) (1.14) (1.42) (4.18)
’20 (1.15) (0.94) (1.01) (0.79) (3.80)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 105 130 144 — —
’25 66 82 99 130 376
’24 50 31 45 71 197
’23 3 5 38 14 60
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2 13 19 — —
’25 (30) 0 (2) 26 (6)
’24 (32) (45) (35) (1) (112)
’23 (80) (66) (44) (56) (247)
’22 (57) (62) (68) (71) (258)
’21 (46) (36) (41) (52) (175)
’20 (21) (26) (34) (33) (113)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 2 12 19 — —
’25 (31) (10) (2) 26 (16)
’24 (32) (45) (35) (6) (117)
’23 (80) (67) (44) (56) (247)
’22 (57) (62) (91) (71) (281)
’21 (47) (36) (41) (52) (176)
’20 (21) (26) (34) (33) (113)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — — — — — 4 60 197 376 509 +367.3% 539 696 846 +31.0%
Gross margin, % — — — 0.00 0.00 0.00 79.54 91.63 90.27 90.24 91.18 +90.2 pt
EBT — (5) (19) (42) (136) (206) (311) (259) (139) (15) 31 +14.8%
EBT margin, % — 0.00 0.00 0.00 0.00 0.00 (8,449.76) (434.57) (70.92) (3.98) 6.06 (4.0) pt
Net income — (5) (19) (42) (136) (206) (311) (262) (140) (16) 30 +15.8%
Per share, $
Per share, $ Revenue — 0.00 0.00 0.00 0.00 0.00 0.07 0.86 1.62 2.96 3.88 n/m
Earnings — (7.16) (15.53) (22.78) (3.80) (4.18) (5.66) (3.78) (1.16) (0.13) 0.23 (39.4%)
Cash flow — (5.43) (11.36) (23.24) (3.17) (3.53) (4.68) (3.56) (0.93) (0.04) 0.46 (45.2%)
Capex — 0.00 0.00 (0.16) (0.01) (0.02) (0.42) (0.01) (0.04) (0.08) 0.00 n/m
Free cash flow — (5.43) (11.36) (23.40) (3.18) (3.55) (5.11) (3.57) (0.97) (0.13) 0.46 (37.4%)
Book value — 0.00 (19.35) (35.28) 7.59 6.03 3.81 1.28 1.30 1.49 1.86 n/m
Shares, m — 1 1 2 36 49 55 69 121 127 130 +91.8%
Valuation, ×
Valuation, × P/E — — — — — — 0.00 0.00 0.00 0.00 112.46 0.0
P/S — — — — — — 0.00 3.99 8.57 9.82 6.58 5.6
P/B — — — — — — 3.88 2.68 10.70 19.50 13.72 9.2
EV/Sales — — — — — — 0.00 2.81 8.46 9.53 6.28 5.2
EV/FCF — — — — — — (2.20) (0.68) (13.32) (168.11) 71.51 (46.1)
Cash, $m
Cash, $m Operating cash flow — (4) (14) (43) (113) (175) (258) (247) (112) (6) 60 +5.1%
Capex — — — 0 0 (1) (23) 0 (5) (11) 0 +81.9%
Free cash flow — (4) (14) (43) (113) (176) (281) (247) (117) (16) 60 +20.1%
Balance, $m
Balance, $m Working capital — 3 48 101 270 369 400 284 255 281 331 +75.5%
Net debt — (3) (51) (101) (281) (316) (212) (71) (121) (112) (150) +54.7%
Shareholders’ equity — — (24) (65) 271 298 210 89 158 189 244 n/m
Returns, %
Returns, % ROA — (18.13) (75.36) (53.12) (66.96) (58.42) (72.65) (66.31) (40.58) (4.13) 6.68 +14.0 pt
ROIC — 0.00 0.00 0.00 0.00 0.00 0.00 (852.31) (221.85) (9.91) 23.48 (9.9) pt
ROE — 34.35 132.88 94.36 (131.99) (72.62) (122.80) (175.79) (113.76) (9.30) 14.88 (43.6) pt
People
People Employees — — 29 29 54 147 268 296 342 354 — +43.0%
Revenue/emp, $m — — 0.00 0.00 0.00 0.00 0.01 0.20 0.57 1.06 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Arcutis Biotherapeutics, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DNTH Dianthus Therapeutics, Inc. $4.6B — (loss-making) — (loss-making) +205.56% (above 0%: growing) n/m −65.91% (below 0%: shrinking) 100.00% (4,832.40%) Compare
LEGN Legend Biotech Corporation Sponsored ADR $4.4B — (loss-making) — (loss-making) +51.90% (above 0%: growing) n/m −26.79% (below 0%: shrinking) 64.54% 14.37% Compare
EWTX Edgewise Therapeutics, Inc. $4.2B — (loss-making) — — n/m −30.24% (below 0%: shrinking) 0.00% 0.00% Compare
DFTX Definium Therapeutics, Inc. $4.1B — (loss-making) — — n/m −78.31% (below 0%: shrinking) 0.00% 0.00% Compare
RLAY Relay Therapeutics, Inc. $3.7B — (loss-making) — (loss-making) −95.44% (below 0%: shrinking) n/m +2.13% (above 0%: growing) 100.00% (25,949.71%) Compare
ABCL AbCellera Biologics Inc. $3.6B — (loss-making) — (loss-making) −76.29% (below 0%: shrinking) n/m +151.98% (above 0%: growing) 100.00% (1,550.05%) Compare
TNGX Tango Therapeutics, Inc. $3.5B — (loss-making) — (loss-making) −100.00% (below 0%: shrinking) n/m −4.58% (below 0%: shrinking) 0.00% 0.00% Compare
IOVA Iovance Biotherapeutics, Inc. $3.5B — (loss-making) — (loss-making) +80.07% (above 0%: growing) n/m +89.72% (above 0%: growing) 0.00% (19.73%) Compare
ARQT Arcutis Biotherapeutics, Inc. $3.4B 119× 81.2× +45.05% (above 0%: growing) +16.67% (above 0%: growing) +1,171.89% (above 0%: growing) 91.34% 6.56%
Median of peers $3.9B — — −12.19% — −15.69% 32.27% (9.86%)

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 21 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 7.22m 20.35m 103.23
2024 3.69m 11.21m 49.52
2023 4.94m (1.16m) 11.48
2022 4.58m 2.42m 52.61
2021 4.82m 441.90k 73.73

Ownership

Directors and executive officers, together 9.40%
Suvretta Capital Management, LLC 7.60%
BlackRock, Inc. 7.20%
Patrick J. Heron 7.20%
Frazier Life Sciences VIII, L.P. 7.00%
Rubric Capital Management LP 6.60%
Prudential Financial Inc. 5.70%
Jennison Associates LLC 5.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Arcutis Biotherapeutics, Inc. (ARQT) Latest News

6 Nov

Impact 3 · · Simply Wall St.

5 Nov

Impact 3 · · Moby

4 Nov

Impact 4 · · GlobeNewswire
Impact 3 · · MarketBeat transcript

29 Oct

Impact 3 · · Zacks

28 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks

21 Oct

Impact 3 · · GlobeNewswire

19 Oct

Impact 4 · · Insider Monkey
Impact 4 · · TIKR
Impact 3 · · Simply Wall St.

10 Oct

Impact 4 · · Simply Wall St.

9 Oct

Impact 4 · · GlobeNewswire

6 Oct

Impact 3 · · GlobeNewswire

29 Sep

Impact 4 · · GlobeNewswire

17 Sep

Impact 4 · · TIKR

12 Aug

Impact 3 · · The Motley Fool transcript

6 Aug

Impact 4 · transcript
Impact 3 · · Moby transcript

5 Aug

Impact 3 · · MarketBeat transcript
Impact 3 ·
Impact 3 ·

31 Jul

Impact 3 ·

29 Jul

Impact 3 ·

9 Jul

Impact 4 ·

8 Jul

Impact 4 ·

30 Jun

Impact 3 ·

29 Jun

Impact 4 ·

11 Jun

Impact 3 ·

9 Jun

Impact 4 · · MarketBeat

ARQT metrics, ten years each

stockrow.com/ARQT · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com