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. In the quarter to June 2026, revenue grew 59.3%, EPS grew 184.6%, free cash flow grew 228.0% and total debt was flat, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
Follow ARQT
Arcutis Biotherapeutics, Inc. (ARQT) Beneish M-score
Arcutis Biotherapeutics, Inc.'s Beneish M-score for fiscal 2025 is −1.52; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.52 | (0.89) |
| FY2024 | −0.63 | (10.79) |
| FY2023 | 10.15 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.05 | — | 0.96 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.39 | — | 0.56 | |
| Sales growth index | 1.91 | — | 1.71 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 0.63 | — | −0.11 | |
| Total accruals to total assets | (0.02) | — | −0.11 | |
| Leverage index | 1.02 | — | −0.33 | |
| Beneish M-score | Flagged by the model | −1.52 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| LEGN Legend Biotech Corporation Sponsored ADR compare | −2.1× |
| TARS Tarsus Pharmaceuticals, Inc. compare | −1.8× |
| TLX Telix Pharmaceuticals Limited compare | −1.6× |
| ARQT Arcutis Biotherapeutics, Inc. | −1.5× |
| ACAD ACADIA Pharmaceuticals Inc. compare | −0.9× |
| VKTX Viking Therapeutics, Inc. compare | — |
| TNGX Tango Therapeutics, Inc. compare | — |
| RLAY Relay Therapeutics, Inc. compare | — |
| XENE Xenon Pharmaceuticals Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI