Arrowhead Pharmaceuticals, Inc.
ARWR Healthcare Biotechnology
Arrowhead Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $829.4 million, up 23,258.2% from fiscal 2024. In the quarter to June 2026, revenue grew 171.0%, EPS fell 7.94%, free cash flow fell 15.4% and total debt rose 259.5%, each against the same quarter a year earlier.
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Arrowhead Pharmaceuticals, Inc. (ARWR) Beneish M-score
Arrowhead Pharmaceuticals, Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: days’ sales in receivables index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2022 | −3.10 | (5.01) |
| FY2021 | 1.91 | 3.31 |
| FY2020 | −1.40 | (5.05) |
| FY2019 | 3.64 | (0.71) |
| FY2018 | 4.36 | (168.10) |
| FY2017 | 172.45 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | — | — | n/a | — |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.74 | — | 0.30 | |
| Sales growth index | 233.58 | — | 208.35 | |
| Depreciation index | 0.84 | — | 0.10 | |
| SG&A index | 0.01 | — | −0.00 | |
| Total accruals to total assets | (0.11) | — | −0.50 | |
| Leverage index | 0.68 | — | −0.22 | |
| Beneish M-score | n/a — days’ sales in receivables index cannot be worked out | — | ||
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 |
|---|---|
| PTGX Protagonist Therapeutics, Inc. compare | −7.2× |
| CAI Caris Life Sciences,�Inc. compare | −2.7× |
| AXSM Axsome Therapeutics, Inc. compare | −2.5× |
| CYTK Cytokinetics, Incorporated compare | −0.4× |
| TGTX TG Therapeutics, Inc. compare | 0.8× |
| KYMR Kymera Therapeutics, Inc. compare | — |
| SYRE Spyre Therapeutics, Inc. compare | — |
| ABVX Abivax SA Sponsored ADR compare | — |
| ARWR Arrowhead Pharmaceuticals, Inc. | — |
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