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Friday 6 November 2026
Export RVMD’s income statement to Excel — free account
Revolution Medicines, Inc.
RVMD Healthcare Biotechnology
Revolution Medicines, Inc.’s revenue for fiscal 2023 (year ended December 2023) was $11.6 million, down 67.3% from fiscal 2022.
- Revenue
- +1,188.7%
- EPS
- −18.0%
- Free cash flow
- −99.1%
- Total debt
- +322.7%
Quarter to September 2026, against a year earlier
192.56
14.91
+8.39%
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Target Price Range
Analyst price targets
Free accountTen 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 | — | — | 20 | 50 | 43 | 29 | 35 | 12 | — | — | 209 | (10.5%) | 201 | 1,258 | 2,613 | +260.7% | |
| Gross margin, % | — | 0.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | — | — | 95.62 | +100.0 pt | ||||||
| EBT | — | (31) | (42) | (52) | (109) | (187) | (249) | (440) | (601) | (1,131) | (1,873) | +56.7% | ||||||
| EBT margin, % | — | 0.00 | (207.24) | (103.99) | (252.50) | (636.58) | (704.14) | (3,798.71) | 0.00 | 0.00 | (895.52) | 0.0 pt | ||||||
| Net income | — | (31) | (42) | (48) | (108) | (187) | (249) | (436) | (600) | (1,131) | (1,871) | +56.7% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | 0.00 | 8.77 | 18.05 | 0.78 | 0.40 | 0.44 | 0.10 | 0.00 | 0.00 | 0.97 | n/m | |||||
| Earnings | — | — | (21.24) | (22.33) | (2.01) | (2.57) | (3.08) | (3.86) | (3.58) | (5.95) | (9.11) | (16.6%) | ||||||
| Cash flow | — | (14.60) | 0.53 | (17.89) | (1.82) | (2.02) | (2.78) | (3.10) | (3.32) | (4.72) | (6.66) | (13.2%) | ||||||
| Capex | — | (0.91) | (0.65) | 1.30 | (0.05) | (0.09) | (0.13) | (0.07) | (0.06) | (0.08) | (0.04) | (25.8%) | ||||||
| Free cash flow | — | (15.51) | (0.12) | (16.59) | (1.88) | (2.11) | (2.92) | (3.17) | (3.38) | (4.81) | (6.70) | (13.6%) | ||||||
| Book value | — | 0.00 | 42.04 | 55.01 | 8.65 | 8.28 | 8.50 | 16.14 | 13.50 | 8.58 | 11.17 | n/m | ||||||
| Shares, m | — | 2 | 2 | 3 | 55 | 73 | 81 | 113 | 168 | 190 | 204 | +80.0% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | 0.00 | 0.0 | |||||
| P/S | — | — | 1.60 | 1.60 | 50.54 | 62.35 | 52.30 | 148.60 | — | — | 184.79 | 52.8 | ||||||
| P/B | — | — | 0.00 | 0.00 | 4.58 | 3.04 | 2.70 | 2.19 | — | — | 16.09 | 2.1 | ||||||
| EV/Sales | — | — | (0.85) | (0.85) | 40.96 | 44.77 | 35.68 | 81.86 | — | — | 172.29 | 33.6 | ||||||
| EV/FCF | — | — | 0.93 | 0.93 | (17.09) | (8.56) | (5.37) | (6.15) | — | — | (25.01) | (5.9) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | (25) | 1 | (50) | (100) | (147) | (224) | (351) | (557) | (898) | (1,431) | +56.3% | |||||
| Capex | — | (2) | (1) | 4 | (3) | (7) | (11) | (8) | (10) | (16) | (9) | +33.6% | ||||||
| Free cash flow | — | (27) | 0 | (46) | (103) | (154) | (235) | (358) | (568) | (914) | (1,441) | +55.5% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | 2 | 55 | 91 | 407 | 529 | 598 | 1,735 | 2,164 | 1,785 | 3,501 | +136.2% | |||||
| Net debt | — | (9) | (70) | (123) | (412) | (517) | (588) | (1,853) | (2,289) | (1,757) | (3,651) | +93.1% | ||||||
| Shareholders’ equity | — | — | 97 | 153 | 475 | 603 | 685 | 1,826 | 2,265 | 1,631 | 2,402 | +49.7% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | (37.00) | (57.24) | (31.65) | (28.02) | (28.66) | (32.09) | (30.37) | (25.98) | (46.06) | (57.07) | (9.1) pt | |||||
| ROIC | — | 0.00 | (93.10) | (113.59) | (109.95) | (136.74) | (165.26) | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | — | 39.62 | 55.43 | 47.44 | (68.54) | (34.74) | (38.63) | (34.75) | (29.33) | (58.07) | (93.56) | (97.7) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | 90 | 95 | 125 | 188 | 246 | 378 | 534 | 883 | — | +38.6% | |||||
| Revenue/emp, $m | — | — | 0.22 | 0.53 | 0.34 | 0.16 | 0.14 | 0.03 | 0.00 | 0.00 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2023 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026
Business profile
Revolution Medicines, 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 |
|---|---|---|---|---|---|---|---|---|---|
| ARGX argenex SE | $56.3B | 29.8× | 30.1× | +52.13% (above 0%: growing) | +43.85% (above 0%: growing) | +537.51% (above 0%: growing) | 90.58% | 27.70% | Compare |
| ONC BeOne Medicines Ltd. - Sponsored ADR | $40.4B | 65.9× | 48.8× | +33.81% (above 0%: growing) | +143.68% (above 0%: growing) | +33.59% (above 0%: growing) | 88.52% | 22.15% | Compare |
| RPRX Royalty Pharma PLC | $39.0B | 44.8× | 27.3× | +13.26% (above 0%: growing) | −51.52% (below 0%: shrinking) | +364.63% (above 0%: growing) | 100.00% | 59.53% | Compare |
| RVMD Revolution Medicines, Inc. | $38.1B | — (loss-making) | — (loss-making) | +1,188.71% (above 0%: growing) | n/m | −99.06% (below 0%: shrinking) | 100.00% | (188.88%) | |
| GMAB Genmab A/S Sponsored ADR | $31.5B | 41.7× | 47.3× | +24.86% (above 0%: growing) | −9.26% (below 0%: shrinking) | −7.69% (below 0%: shrinking) | 92.73% | 32.47% | Compare |
| ROIV Roivant Sciences Ltd. | $26.5B | — (loss-making) | — (loss-making) | −33.55% (below 0%: shrinking) | n/m | −29.99% (below 0%: shrinking) | 80.31% | (25,380.93%) | Compare |
| INCY Incyte Corporation | $24.1B | 56.3× | 55.6× | +14.00% (above 0%: growing) | n/m | −232.97% (below 0%: shrinking) | 93.02% | (45.49%) | Compare |
| INSM Insmed, Inc. | $23.9B | — (loss-making) | — (loss-making) | +268.43% (above 0%: growing) | n/m | +81.06% (above 0%: growing) | 85.09% | (17.04%) | Compare |
| BNTX BioNTech SE Sponsored ADR | $21.6B | — (loss-making) | — (loss-making) | −16.42% (below 0%: shrinking) | n/m | −123.82% (below 0%: shrinking) | 91.99% | 9.70% | Compare |
| Median of peers | $29.0B | 44.8× | 47.3× | +19.43% | +17.30% | +12.95% | 91.29% | 15.93% |
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
99.84%
Held by the ten largest
52.04%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 18.94m | 8.84% | +1.70m |
| BlackRock | 13.70m | 6.39% | +2.48m |
| FARALLON CAPITAL MANAGEMENT, L.L.C. | 13.55m | 6.32% | −54.00k |
| Fidelity (FMR) | 12.20m | 5.69% | +3.74m |
| BAKER BROS. ADVISORS LP | 11.44m | 5.34% | +1.89m |
| Jupiter Topco | 10.71m | 5.00% | +10.71m |
| Darwin Global Management, Ltd. | 10.63m | 4.96% | +8.42m |
| Nextech Invest Ltd. | 7.60m | 3.55% | 0.00 |
| Paradigm Biocapital Advisors LP | 6.36m | 2.97% | −294.38k |
| UBS | 6.36m | 2.97% | +1.47m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 27 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 14.67m | 37.06m | 201.19 |
| 2024 | 10.08m | 20.33m | 110.48 |
| 2023 | 10.41m | 14.00m | 72.44 |
| 2022 | 7.22m | 8.64m | 60.17 |
| 2021 | 7.83m | (3.47m) | 63.58 |
Ownership
Directors and executive officers, together
7.60%
Entities affiliated with Farallon Capital Partners, L.P.
7.30%
Entities affiliated with Janus Henderson Group PLC
5.70%
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
Revolution Medicines, Inc. (RVMD) Latest News
5 Nov
4 Nov
29 Oct
27 Oct
24 Oct
23 Oct
20 Oct
15 Oct
RVMD metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Revolution Medicines develops targeted medicines for cancers driven by abnormal RAS proteins, which help cancer cells grow and survive. Founded in 2014 and headquartered in Redwood City, it sells RASONQUE, also known as daraxonrasib, in the United States for eligible patients with metastatic pancreatic cancer. The FDA approved the medicine.
RASONQUE is an oral medicine designed to inhibit several active forms of RAS. The company’s approach uses a proprietary platform to create small molecules that bind to active RAS proteins. Its medicines are designed for use alone, with another RAS inhibitor or alongside other treatments such as chemotherapy or immunotherapy.