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Arcutis Biotherapeutics, Inc. (ARQT) stock

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NASDAQ: ARQT Nasdaq Biotechnology Next results ~November 4, 2026

B Fundamentals grade

Arcutis Biotherapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$21

Valuation models combined (3)

Base case. Range ~$16–$24. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, forward price-to-sales vs peers), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Arcutis Biotherapeutics, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Arcutis Biotherapeutics files

Where Arcutis Biotherapeutics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $464m, up 76.1% on a year earlier, slower than the 95.3% growth a quarter earlier. That growth ranks 10 of 49 among the biotechnology companies we cover. Free-cash-flow margin rose to 8.4% from -25.2% a year earlier. Operating margin widened to 7.4% from -32.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 7 financial-health checks. Our price-to-sales vs peers value is $8.83 a share, against a share price of $31.77.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Arcutis Biotherapeutics, Inc.'s trailing-twelve-month revenue grew 76.1% year on year, with a free-cash-flow margin of 8.4%. Where it stands out: operating margin of 7.4% ranks 32 of 175 biotechnology companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 76.1% (-19.2pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 76.1% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Margins widening. Operating margin is up 40.0 points on a year ago.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 18.1% over 90 days.

Things to watch

  • Growth slowing. The growth rate is 19.2 points lower than a quarter earlier.
  • Share dilution. Diluted shares rose 17.3% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 52% and a beta of 1.0 against the S&P 500.
  • Insiders selling. 11 insiders sold $15M of stock over the past 365 days and none bought (78% under pre-set trading plans).
  • Heavily shorted. 17.4% of the shares available to trade are sold short (6.1 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$0.11 against an average estimate of $0.05: beat by 120.0%
Revenue
$130m, up 59.3% on a year earlier
Share reaction
+1.5% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
net product sales $525m to $540m (full year 2026)
Next report
November 4, 2026; average EPS estimate $0.17

Arcutis Biotherapeutics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.5%
  • 1 week-1.7%
  • 1 month+24.2%
  • This year+7.6%
  • 1 year+23.5%
  • 5 years+31.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$464M
Operating margin
7.4%
Net margin
6.1%
EPS (TTM, diluted)
$0.22

Growth

Revenue growth
+76.1%
Change in growth rate
−19.2 pts

Cash

Free cash flow (TTM)
$39.2M
FCF margin
8.4%
Stock pay % of revenue
9.4%

Earnings

Last results
August 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Guidance
  4. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Arcutis Biotherapeutics, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Arcutis Biotherapeutics, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.96 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$24 ~$15–$32 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$16 ~$15–$31 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$17 ~$17–$66 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$21 ~$16–$24 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Arcutis Biotherapeutics, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025
Share price$28.13$20.74$14.80$3.23$13.93$29.04
Market value$1.0bn$1.0bn$814m$224m$1.7bn$3.7bn
+ Net debt (− = net cash)−$65m−$21m$146m$113m$36m$66m
Enterprise value$938m$1.0bn$961m$337m$1.7bn$3.8bn
Multiples
Price / sales ——n/m3.8x8.6x9.8x
Price / earnings ——————
Price / free cash flow ——————
EV / EBITDA ——————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $143m and EPS of $0.17 (range $0.10 to $0.20) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.42 +427% $539m +43%
Next $1.34 +215% $696m +29%

Next year's EPS estimate has moved +18.1% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +140.6% on 90 days ago. In the last 30 days, 4 analysts raised Arcutis Biotherapeutics, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Arcutis Biotherapeutics, Inc., last 90 days
$0.00 $0.50 $1.00 $1.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.18 Current fiscal year, 60 days ago: $0.41 Current fiscal year, 30 days ago: $0.43 Current fiscal year, 7 days ago: $0.43 Current fiscal year, Now: $0.42 $0.42 Next fiscal year, 90 days ago: $1.13 Next fiscal year, 60 days ago: $1.30 Next fiscal year, 30 days ago: $1.36 Next fiscal year, 7 days ago: $1.36 Next fiscal year, Now: $1.34 $1.34

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.18$1.13
60 days ago $0.41$1.30
30 days ago $0.43$1.36
7 days ago $0.43$1.36
Now $0.42$1.34

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.05 $0.11 +120.0%
Mar 2026 −$0.06 −$0.09 −55.2%
Dec 2025 $0.09 $0.13 +46.8%
Sept 2025 −$0.09 $0.06 +163.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • net product sales · ZORYVE full year 2026 $525m to $540m Raised
    “The Company raised net product sales guidance for the full year 2026 from $480 million-$495 million to $525 million-$540 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

8 analysts, Oct 2026
Buy788%
Hold113%
Sell00%

Monthly trend

  1. Oct 20262518
  2. Sep 20262417
  3. Aug 20262518
  4. Jul 20262518

Counts of recommendations published by analysts covering Arcutis Biotherapeutics, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
17.4%
of tradable shares
Days to cover
6.13
at average volume
Short interest, 1 month
+11%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.8%
of shares
Employees
354
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +23.5%

$25.31 on October 31, 2025 to $31.26

ThenNowEffect
Revenue (last 12 months) $263m $464m +76.1%
P/S multiple 12.1x 8.8x −26.7%
Share count 126m 131m −4.3%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ARQT−26%−29%−78%+331%+109%+8%
Industry peers (median)−36%−57%−17%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ARQT42%58%42%67%67%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ARQT−60%−48%−89%−42%−28%−35%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since January 31, 2020: 95% from February 8, 2021 to November 30, 2023. Getting back needed a 1910% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$19.50 – $32.82
From 52-week high
−4.8%
vs 50-day average
+16.7%
vs 200-day average
+23.7%
Volatility (1 year)
52%
Beta vs S&P 500
0.99

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±10.0%
After a week
7 up, 5 down
typical move ±11.2%
After a month
6 up, 6 down
typical move ±17.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +1.5% −0.4% +1.0% −9.1%
February 25, 2026 +5.9% +0.3% −10.6% −17.0%
October 28, 2025 +28.8% +0.3% +22.3% +57.6%
August 6, 2025 −7.9% +0.7% +2.0% +11.9%
May 6, 2025 −11.1% −0.4% −10.3% −12.3%
February 25, 2025 +6.7% −0.4% +8.2% +32.9%
January 13, 2025 −3.8% +0.3% −5.3% −4.3%
November 6, 2024 +11.8% +3.3% +12.6% +33.3%
August 14, 2024 −14.6% +2.0% −16.2% +7.1%
May 14, 2024 +15.6% +1.7% +18.6% +16.9%
February 27, 2024 +7.4% +0.1% +12.5% −1.0%
November 3, 2023 +5.4% +1.1% −14.2% −8.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Arcutis Biotherapeutics, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Arcutis Biotherapeutics, Inc.
$0 $200M $400M $600M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $49M Revenue (TTM), FY23 Q4: $59.6M Revenue (TTM), FY24 Q1: $106.4M Revenue (TTM), FY24 Q2: $132.1M Revenue (TTM), FY24 Q3: $138.7M Revenue (TTM), FY24 Q4: $196.5M Revenue (TTM), FY25 Q1: $212.8M Revenue (TTM), FY25 Q2: $263.5M Revenue (TTM), FY25 Q3: $317.9M Revenue (TTM), FY25 Q4: $376.1M Revenue (TTM), FY26 Q1: $415.6M Revenue (TTM), FY26 Q2: $464M $464M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $49M
FY23 Q4 $59.6M
FY24 Q1 $106.4M
FY24 Q2 $132.1M
FY24 Q3 $138.7M
FY24 Q4 $196.5M
FY25 Q1 $212.8M
FY25 Q2 $263.5M
FY25 Q3 $317.9M
FY25 Q4 $376.1M
FY26 Q1 $415.6M
FY26 Q2 $464M
Revenue growth, TTM YoY Arcutis Biotherapeutics, Inc.
0% 2000% 4000% 6000% 8000% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 6664.3% Revenue growth, TTM YoY, FY23 Q4: 1517.1% Revenue growth, TTM YoY, FY24 Q1: 1545.2% Revenue growth, TTM YoY, FY24 Q2: 1032.9% Revenue growth, TTM YoY, FY24 Q3: 182.8% Revenue growth, TTM YoY, FY24 Q4: 229.7% Revenue growth, TTM YoY, FY25 Q1: 100.0% Revenue growth, TTM YoY, FY25 Q2: 99.5% Revenue growth, TTM YoY, FY25 Q3: 129.2% Revenue growth, TTM YoY, FY25 Q4: 91.3% Revenue growth, TTM YoY, FY26 Q1: 95.3% Revenue growth, TTM YoY, FY26 Q2: 76.1% 76.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 6664.3%
FY23 Q4 1517.1%
FY24 Q1 1545.2%
FY24 Q2 1032.9%
FY24 Q3 182.8%
FY24 Q4 229.7%
FY25 Q1 100.0%
FY25 Q2 99.5%
FY25 Q3 129.2%
FY25 Q4 91.3%
FY26 Q1 95.3%
FY26 Q2 76.1%
Operating margin (TTM) Arcutis Biotherapeutics, Inc.
-600% -400% -200% 0% 200% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -506.4% Operating margin (TTM), FY23 Q4: -404.5% Operating margin (TTM), FY24 Q1: -184.7% Operating margin (TTM), FY24 Q2: -136.1% Operating margin (TTM), FY24 Q3: -131.2% Operating margin (TTM), FY24 Q4: -65.3% Operating margin (TTM), FY25 Q1: -57.0% Operating margin (TTM), FY25 Q2: -32.6% Operating margin (TTM), FY25 Q3: -12.0% Operating margin (TTM), FY25 Q4: -3.3% Operating margin (TTM), FY26 Q1: 0.8% Operating margin (TTM), FY26 Q2: 7.4% 7.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -506.4%
FY23 Q4 -404.5%
FY24 Q1 -184.7%
FY24 Q2 -136.1%
FY24 Q3 -131.2%
FY24 Q4 -65.3%
FY25 Q1 -57.0%
FY25 Q2 -32.6%
FY25 Q3 -12.0%
FY25 Q4 -3.3%
FY26 Q1 0.8%
FY26 Q2 7.4%
FCF margin (TTM) Arcutis Biotherapeutics, Inc.
-600% -400% -200% 0% 200% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -535.1% FCF margin (TTM), FY23 Q4: -415.2% FCF margin (TTM), FY24 Q1: -186.7% FCF margin (TTM), FY24 Q2: -134.0% FCF margin (TTM), FY24 Q3: -121.0% FCF margin (TTM), FY24 Q4: -57.1% FCF margin (TTM), FY25 Q1: -52.5% FCF margin (TTM), FY25 Q2: -25.2% FCF margin (TTM), FY25 Q3: -10.5% FCF margin (TTM), FY25 Q4: -1.7% FCF margin (TTM), FY26 Q1: 6.5% FCF margin (TTM), FY26 Q2: 8.4% 8.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -535.1%
FY23 Q4 -415.2%
FY24 Q1 -186.7%
FY24 Q2 -134.0%
FY24 Q3 -121.0%
FY24 Q4 -57.1%
FY25 Q1 -52.5%
FY25 Q2 -25.2%
FY25 Q3 -10.5%
FY25 Q4 -1.7%
FY26 Q1 6.5%
FY26 Q2 8.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0 0 4 60 197 376 464
Gross profit — 0 3 55 177 339 423
EBITDA −137 −206 −301 −240 −128 −12 —
Operating income −137 −207 −302 −241 −128 −12 34
Net income −136 −206 −311 −262 −140 −16 29
Diluted EPS −$3.80 −$4.18 −$5.66 −$3.78 −$1.16 −$0.13 —
Growth (year on year)
Revenue — — — +>999% +229.7% +91.3% +76.1%
Margins
Gross margin — — 79.5% 91.6% 90.3% 90.2% 91.1%
EBITDA margin — — <−999% −403.1% −65.0% −3.1% —
Operating margin — — <−999% −404.5% −65.3% −3.3% 7.4%
Net margin — — <−999% −439.8% −71.3% −4.3% 6.1%
Free-cash-flow margin — — <−999% −415.2% −57.1% −1.7% 8.4%
Cash flow
Cash from operations −113 −175 −258 −247 −112 −6 39
Capital spending 0 1 0 0 0 1 0
Free cash flow −113 −176 −258 −247 −112 −6 39
Stock-based pay 8 24 33 39 42 40 44
Free cash flow after stock pay −121 −200 −291 −286 −154 −47 −4
Balance sheet
Cash 65 96 54 88 71 43 34
Total debt 0 75 200 202 107 109 109
Net debt (negative = net cash) −65 −21 146 113 36 66 75
Diluted shares 36m 49m 55m 69m 121m 127m —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · June 30, 2026
What it owns · $489m
Short-term assets $468mLonger-term assets $21m
What it owes, and who funded it · $489m
Short-term liabilities $160mLonger-term liabilities $108mShareholders' equity $221m
  • Short-term assets cover short-term liabilities $468m of assets due within a year against $160m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $468m short-term assets against $108m of longer-dated liabilities.
  • More cash than debt $34m of cash against $109m of debt.
  • Debt below 40% of shareholders' equity Debt is 49% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 24% to 49% over five years.
  • A year's operating cash flow covers at least 20% of debt $39m of operating cash flow against $109m of debt.
  • Operating profit covers interest at least five times over Operating income of $34m against $14m of interest.

From Arcutis Biotherapeutics, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

R&D spending
19.6%
of revenue
Sales & admin spending
64.1%
of revenue
Days sales outstanding
122 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated ARQT CRMD KRYS ARDX ADMA NVAX Median
Revenue, last 12 months $464m $462m $470m $451m $512m $414m $56m
Revenue growth, last 12 months 76.1% 280.5% 26.0% 16.8% 8.0% −61.6% 12.6%
Revenue growth, 3-year average 241.4% >999% 280.1% 75.9% 35.0% −36.3% 13.7%
Revenue growth, latest quarter 59.3% 156.5% 30.2% 23.8% 2.0% −76.3% 10.2%
Gross margin 91.1% 82.8% — 94.4% 64.7% 78.6% 82.9%
Operating margin 7.4% 47.0% 48.4% −7.9% 43.8% −56.6% −189.4%
Operating margin, 3-year average −53.8% <−999% 34.1% −15.5% 34.0% −17.9% −363.5%
Net margin 6.1% 40.5% 47.9% −12.4% 33.0% −59.9% −169.8%
Cash from operations / revenue 8.5% 54.9% 68.9% −3.8% 26.7% −8.9% −168.0%
Free-cash-flow margin 8.4% 54.2% 66.0% −4.0% 22.7% −10.2% −162.4%
Free-cash-flow margin, 3-year average −50.3% <−999% 44.8% −19.7% 18.9% −23.8% −310.0%
Stock pay / revenue 9.4% 3.5% 11.8% 12.1% 4.5% 7.8% 20.0%
Change in share count 17.3% 23.2% 2.3% 2.9% −3.2% 1.2% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 76.1% 12.6% 46 of 172
Change in growth rate Growth -19.2pp -0.1pp 125 of 172
Gross margin Profitability 91.1% 82.4% 18 of 75
Operating margin Profitability 7.4% -189.4% 32 of 175
Net margin Profitability 6.1% -157.3% 33 of 180
Free-cash-flow margin Cash generation 8.4% -145.4% 36 of 176
Stock pay as % of revenue Cash generation 9.4% 19.2% 58 of 179
Long-term debt as % of assets Balance sheet 20.9% 20.6% 41 of 78
Days sales outstanding Balance sheet 122 days 75 days 75 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
ZORYVE Foam $182M 48.9% ▲ 154.3%
ZORYVE Cream0.3 $121M 32.5% ▲ 42.2%
ZORYVE Cream0.15 $68.3M 18.3% ▲ 588.2%
ZORYVE Cream0.05 $911,000 0.2% —

From Arcutis Biotherapeutics, Inc.'s 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.4B
Institutions reporting
270
Shares held vs prior quarter
▼ 0.7%
Positions opened / closed
40 / 35

Top buyers and sellers, Q2 2026: 133 institutions bought and 134 sold ; the biggest buyer was Orbimed Advisors LLC (+2.0M shares) and the biggest seller Gilder Gagnon Howe & Co LLC (−3.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Montanova Capital, LLC $326M 12.4M 9.5% ▲ 0.9%
Blackrock, Inc. $277M 10.5M 8.0% ▲ 14.6%
Frazier Life Sciences Management, L.P. $259M 9.9M 7.5% 0.0%
Rubric Capital Management LP $217M 8.3M 6.3% 0.0%
Polar Capital Holdings PLC $173M 6.6M 5.0% ▲ 16.6%
State Street Corp $153M 5.8M 4.4% ▼ 7.5%
Vanguard Capital Management LLC $131M 5.0M 3.8% ▲ 2.4%
Morgan Stanley $117M 4.5M 3.4% ▲ 5.5%
Jennison Associates LLC $111M 4.2M 3.2% ▼ 15.3%
D. E. Shaw & Co., Inc. $104M 3.9M 3.0% ▲ 58.2%
UBS Group AG $87.4M 3.3M 2.5% ▲ 0.1%
Bank Of America Corp $78.3M 3.0M 2.3% ▲ 34.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Arcutis Biotherapeutics, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $15.3M 77 trades by 11 insiders · 78% under pre-set plans
Net ▼ $15.3M net selling
Insider Date Trade Shares Price Value
Welgus Howard G. Director October 15, 2026 Sell pre-set plan 4,728 $26.93 $127,325
Matsuda Masaru See Remarks September 16, 2026 Sell pre-set plan 3,674 $25.00 $91,850
Welgus Howard G. Director September 15, 2026 Sell pre-set plan 4,730 $24.18 $114,371
Matsuda Masaru See Remarks September 8, 2026 Sell pre-set plan 9,989 $25.03 $250,025
Curran Terrie Director August 27, 2026 Sell 27,052 $25.03 $677,112
Curran Terrie Director August 27, 2026 Sell 11,148 $25.03 $279,034
Curran Terrie Director August 20, 2026 Sell 1,072 $26.04 $27,915
Burnett Patrick See Remarks August 19, 2026 Sell 1,697 $27.00 $45,819
Welgus Howard G. Director August 17, 2026 Sell pre-set plan 4,730 $26.18 $123,831
Burnett Patrick See Remarks August 12, 2026 Sell 6,700 $26.08 $174,736
Burnett Patrick See Remarks August 11, 2026 Sell 8,300 $26.52 $220,116
Watanabe Todd See Remarks August 3, 2026 Sell pre-set plan 4,375 $26.12 $114,275

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 6 trades and filings

In the last 12 months, 1 member of Congress disclosed 2 purchases and 1 sale of Arcutis Biotherapeutics, Inc. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded May 29, 2026, filed June 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded March 3, 2026, filed April 7, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded December 11, 2025, filed January 12, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 28, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • February 25, 2026
  • October 28, 2025
  • August 6, 2025
  • May 6, 2025
  • February 25, 2025

Recent SEC filings

Data status

When each part of this page on Arcutis Biotherapeutics, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Arcutis Biotherapeutics, Inc. in brief

What does Arcutis Biotherapeutics, Inc. do?
Arcutis Biotherapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Arcutis Biotherapeutics, Inc.'s stock ticker?
Arcutis Biotherapeutics, Inc. trades under the ticker ARQT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Arcutis Biotherapeutics, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Arcutis Biotherapeutics, Inc. reported revenue of $464M, 76.1% higher than a year earlier, according to its SEC filings.
What is Arcutis Biotherapeutics, Inc.'s free cash flow?
Arcutis Biotherapeutics, Inc.'s free-cash-flow margin is 8.4% of revenue over the trailing twelve months, ranking 36 of the 176 biotechnology companies we cover.
Who are Arcutis Biotherapeutics, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Montanova Capital, LLC, Blackrock, Inc. and Frazier Life Sciences Management, L.P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Arcutis Biotherapeutics, Inc.'s market cap?
On December 31, 2025, Arcutis Biotherapeutics, Inc.'s market capitalisation was about $3.7B and net debt of $66.1M. Market figures come from third-party market data and may be delayed.
How much debt does Arcutis Biotherapeutics, Inc. have?
Arcutis Biotherapeutics, Inc.'s debt-to-equity ratio is 49.4%, from its latest balance sheet (24.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Arcutis Biotherapeutics, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Arcutis Biotherapeutics, Inc. are Cormedix Inc., Krystal Biotech, Inc., Ardelyx, Inc., Adma Biologics, Inc. and Novavax Inc. The side-by-side comparison below sets their revenue, margins and growth against Arcutis Biotherapeutics, Inc.'s.
Are insiders buying or selling Arcutis Biotherapeutics, Inc. stock?
Over the last 12 months, Arcutis Biotherapeutics, Inc.'s directors and officers reported 0 open-market purchases and 77 sales on Form 4. The insider trading page charts every trade.
When is Arcutis Biotherapeutics, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Arcutis Biotherapeutics, Inc. announces its own schedule.