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Arrowhead Pharmaceuticals, Inc. (ARWR) stock

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NASDAQ: ARWR Nasdaq Biotechnology Next results ~November 24, 2026

B Fundamentals grade

Arrowhead Pharmaceuticals, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$17

Revenue-to-maturity model

Base case. Range ~$14–$20. Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable.

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.

Arrowhead Pharmaceuticals, 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.

  • Insiders0 buying, 10 selling0 purchases and 64 sales by directors and officers, last 12 monthsInsider trades
  • Funds269 adding, 214 cuttingOf 71 active managers that changed their stake, 25 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Arrowhead Pharmaceuticals files

Where Arrowhead Pharmaceuticals stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $669m, up 16.8% on a year earlier, faster than 14.1% a quarter earlier. Free-cash-flow margin fell to -11.2% from -3.1% a year earlier. Operating margin narrowed to -33.8% from -18.8%. The diluted share count is up 7.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 2 financial-health checks. Our revenue-to-maturity cash-flow model value is $9.13 a share, against a share price of $58.61.

Source: 10-Q filed August 4, 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 24, 2026 (estimated)

Arrowhead Pharmaceuticals, Inc.'s trailing-twelve-month revenue grew 16.8% year on year, with a free-cash-flow margin of -11.2%. Where it stands out: days sales outstanding of 5 days ranks 3 of 100 biotechnology companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 326.3% while net income fell 115.6%: a 211pp divergence.

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 16.8% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.

Things to watch

  • Loss-making. Operating margin is -33.8%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 15.0 points on a year ago.
  • Burning cash. Free cash flow was -11.2% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 7.8% in a year.
  • High sales multiple. The shares trade at 12 times revenue while operating margins remain thin.
  • Volatile shares. Over the past year the shares showed annualised volatility of 62% and a beta of 1.6 against the S&P 500.

Latest results: FY2026 Q3

Filed August 4, 2026
Earnings per share
-$1.36 against an average estimate of -$1.23: missed by 10.3%
Revenue
$75m, up 171.0% on a year earlier
Share reaction
+1.0% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Next report
November 24, 2026; average EPS estimate -$1.50

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

Price chart

  • 1 day+0.3%
  • 1 week+1.2%
  • 1 month-6.9%
  • This year-10.3%
  • 1 year+50.8%
  • 5 years-26.7%
  • S&P 500 this year+11.2%

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

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$669M
Operating margin
-33.8%
Net margin
-47.8%
EPS (TTM, diluted)
$-2.27

Growth

Revenue growth
+16.8%
Change in growth rate
+2.8 pts
Share count change
+7.8%

Cash

Free cash flow (TTM)
-$75.1M
FCF margin
-11.2%
Stock pay % of revenue
10.5%

Earnings

Last results
August 4, 2026

News & updates

Updated October 31, 2026

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

  1. Insider trade
  2. Results

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

Arrowhead Pharmaceuticals, 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 Arrowhead Pharmaceuticals, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.39 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. ~$8.2 ~$7.1–$9.0 Left out: out of range vs price (0.14x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
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. ~$7.1 ~$7.3–$27 Left out: out of range vs price (0.12x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$17 ~$14–$20 Included
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. ~$17 ~$14–$20 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Arrowhead Pharmaceuticals, 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 2016201720182019202020212022202320242025Now
Share price$7.35$4.33$19.17$28.18$43.06$62.43$33.05$26.87$19.37$34.49$59.57
Market value$449m$320m$1.6bn$2.8bn$4.3bn$6.5bn$3.5bn$2.9bn$2.3bn$4.6bn$8.4bn
+ Net debt (− = net cash)−$83m−$22m−$28m−$222m−$144m−$184m−$108m−$111m$290m$28m$668m
Enterprise value$366m$298m$1.6bn$2.6bn$4.2bn$6.3bn$3.4bn$2.8bn$2.6bn$4.6bn$9.1bn
Multiples
Price / sales n/m10.2x99.3x16.5x49.3x46.8x14.3x11.9xn/m5.6x12.5x
Price / earnings ———40.9x———————
Price / free cash flow ———17.3x—43.8x———29.4x—
EV / EBITDA ———40.0x—————38.5x—

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

10 /100

Weak moat

How hard Arrowhead Pharmaceuticals's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -18.8% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median -67.1%; its worst year was -2785.1%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 10 years, at a median -59.8% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 36.4% over five years; stock-based pay has been a median 42.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (15 before it).

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 24, 2026, after the close. Analysts expect revenue of $60m and EPS of −$1.50 (range −$3.00 to −$0.35) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$3.51 −35034% $464m −44%
Next −$4.98 −42% $328m −29%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +13.9% on 90 days ago. In the last 30 days, 0 analysts raised Arrowhead Pharmaceuticals, Inc.'s forecast and 6 cut it.

Consensus EPS forecast Arrowhead Pharmaceuticals, Inc., last 90 days
−$6.00 −$4.00 −$2.00 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$3.08 Current fiscal year, 60 days ago: −$3.51 Current fiscal year, 30 days ago: −$3.54 Current fiscal year, 7 days ago: −$3.54 Current fiscal year, Now: −$3.51 −$3.51 Next fiscal year, 90 days ago: −$4.57 Next fiscal year, 60 days ago: −$4.87 Next fiscal year, 30 days ago: −$4.80 Next fiscal year, 7 days ago: −$4.93 Next fiscal year, Now: −$4.98 −$4.98

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$3.08−$4.57
60 days ago −$3.51−$4.87
30 days ago −$3.54−$4.80
7 days ago −$3.54−$4.93
Now −$3.51−$4.98

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$1.23 −$1.36 −10.3%
Mar 2026 −$1.11 −$0.93 +16.0%
Dec 2025 −$0.37 $0.22 +159.9%
Sept 2025 −$0.16 −$0.18 −14.4%

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

Management guidance

Earnings release, August 4, 2026

No numeric guidance in Arrowhead Pharmaceuticals, Inc.'s latest earnings release (filed August 4, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

15 analysts, Oct 2026
Buy1493%
Hold17%
Sell00%

Monthly trend

  1. Oct 202641015
  2. Sep 202649114
  3. Aug 20264812
  4. Jul 20264812

Counts of recommendations published by analysts covering Arrowhead Pharmaceuticals, 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
10.8%
of tradable shares
Days to cover
4.41
at average volume
Short interest, 1 month
+18%
to October 15, 2026
Held by institutions
85%
of shares
Held by insiders
3.7%
of shares
Employees
711
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 +40.5%

$42.39 on October 31, 2025 to $59.57

ThenNowEffect
Revenue (last 12 months) $573m $669m +16.8%
P/S multiple 9.7x 12.5x +29.6%
Share count 131m 141m −7.2%

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

Last 3 years +111.6%

$28.15 on November 3, 2023 to $59.57

ThenNowEffect
Revenue (last 12 months) $256m $669m +161.3%
P/S multiple 11.7x 12.5x +7.4%
Share count 106m 141m −24.6%

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
ARWR−14%−39%−25%−39%+253%−10%
Industry peers (median)−36%−57%−17%−28%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ARWR50%42%25%42%67%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ARWR−36%−60%−49%−55%−54%−38%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 89% from February 5, 2021 to April 8, 2025. Getting back needed a 806% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$37.85 – $89.59
From 52-week high
−33.5%
vs 50-day average
−14.0%
vs 200-day average
−16.9%
Volatility (1 year)
62%
Beta vs S&P 500
1.64

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
5 up, 7 down
typical move ±13.0%
After a week
7 up, 5 down
typical move ±12.9%
After a month
6 up, 6 down
typical move ±18.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +1.0% +1.6% +3.8% −0.7%
May 7, 2026 −8.2% +0.5% +0.7% −6.7%
February 5, 2026 −5.2% +0.6% −8.3% −10.9%
November 25, 2025 +30.4% +1.6% +47.0% +58.5%
August 7, 2025 +0.7% +0.7% +15.1% +66.6%
May 12, 2025 +17.3% +4.0% +20.8% +28.5%
February 10, 2025 −6.7% +0.8% +1.0% −22.1%
November 26, 2024 +39.2% +0.2% +23.0% +0.9%
August 8, 2024 −6.4% +2.8% −9.4% −13.0%
May 9, 2024 −12.5% +0.7% −0.9% −2.8%
February 6, 2024 −1.2% +1.1% −6.6% +3.7%
November 29, 2023 −26.7% +0.3% −17.7% +5.8%

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.

Arrowhead Pharmaceuticals, 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) Arrowhead Pharmaceuticals, Inc.
$0 $500M $1B $1.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $240.7M Revenue (TTM), FY24 Q1: $181.7M Revenue (TTM), FY24 Q2: $35.5M Revenue (TTM), FY24 Q3: $19.6M Revenue (TTM), FY24 Q4: $3.6M Revenue (TTM), FY25 Q1: $2.5M Revenue (TTM), FY25 Q2: $545.2M Revenue (TTM), FY25 Q3: $573M Revenue (TTM), FY25 Q4: $829.4M Revenue (TTM), FY26 Q1: $1.1B Revenue (TTM), FY26 Q2: $622M Revenue (TTM), FY26 Q3: $669.5M $669.5M

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $240.7M
FY24 Q1 $181.7M
FY24 Q2 $35.5M
FY24 Q3 $19.6M
FY24 Q4 $3.6M
FY25 Q1 $2.5M
FY25 Q2 $545.2M
FY25 Q3 $573M
FY25 Q4 $829.4M
FY26 Q1 $1.1B
FY26 Q2 $622M
FY26 Q3 $669.5M
Revenue growth, TTM YoY Arrowhead Pharmaceuticals, Inc.
-20000% 0% 20000% 40000% 60000% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -1.0% Revenue growth, TTM YoY, FY24 Q1: -34.7% Revenue growth, TTM YoY, FY24 Q2: -87.0% Revenue growth, TTM YoY, FY24 Q3: -92.3% Revenue growth, TTM YoY, FY24 Q4: -98.5% Revenue growth, TTM YoY, FY25 Q1: -98.6% Revenue growth, TTM YoY, FY25 Q2: 1437.0% Revenue growth, TTM YoY, FY25 Q3: 2816.2% Revenue growth, TTM YoY, FY25 Q4: 23258.2% Revenue growth, TTM YoY, FY26 Q1: 43539.2% Revenue growth, TTM YoY, FY26 Q2: 14.1% Revenue growth, TTM YoY, FY26 Q3: 16.8% 16.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -1.0%
FY24 Q1 -34.7%
FY24 Q2 -87.0%
FY24 Q3 -92.3%
FY24 Q4 -98.5%
FY25 Q1 -98.6%
FY25 Q2 1437.0%
FY25 Q3 2816.2%
FY25 Q4 23258.2%
FY26 Q1 43539.2%
FY26 Q2 14.1%
FY26 Q3 16.8%
Operating margin (TTM) Arrowhead Pharmaceuticals, Inc.
-30000% -20000% -10000% 0% 10000% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -85.2% Operating margin (TTM), FY24 Q1: -164.7% Operating margin (TTM), FY24 Q2: -1335.6% Operating margin (TTM), FY24 Q3: -2785.1% Operating margin (TTM), FY24 Q4: -16927.1% Operating margin (TTM), FY25 Q1: -25037.9% Operating margin (TTM), FY25 Q2: -21.7% Operating margin (TTM), FY25 Q3: -18.8% Operating margin (TTM), FY25 Q4: 11.9% Operating margin (TTM), FY26 Q1: 27.6% Operating margin (TTM), FY26 Q2: -35.7% Operating margin (TTM), FY26 Q3: -33.8% -33.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -85.2%
FY24 Q1 -164.7%
FY24 Q2 -1335.6%
FY24 Q3 -2785.1%
FY24 Q4 -16927.1%
FY25 Q1 -25037.9%
FY25 Q2 -21.7%
FY25 Q3 -18.8%
FY25 Q4 11.9%
FY26 Q1 27.6%
FY26 Q2 -35.7%
FY26 Q3 -33.8%
FCF margin (TTM) Arrowhead Pharmaceuticals, Inc.
-30000% -20000% -10000% 0% 10000% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -137.3% FCF margin (TTM), FY24 Q1: -221.6% FCF margin (TTM), FY24 Q2: -1325.4% FCF margin (TTM), FY24 Q3: -2711.0% FCF margin (TTM), FY24 Q4: -17018.3% FCF margin (TTM), FY25 Q1: -22864.5% FCF margin (TTM), FY25 Q2: 1.8% FCF margin (TTM), FY25 Q3: -3.1% FCF margin (TTM), FY25 Q4: 18.9% FCF margin (TTM), FY26 Q1: 29.5% FCF margin (TTM), FY26 Q2: -8.2% FCF margin (TTM), FY26 Q3: -11.2% -11.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -137.3%
FY24 Q1 -221.6%
FY24 Q2 -1325.4%
FY24 Q3 -2711.0%
FY24 Q4 -17018.3%
FY25 Q1 -22864.5%
FY25 Q2 1.8%
FY25 Q3 -3.1%
FY25 Q4 18.9%
FY26 Q1 29.5%
FY26 Q2 -8.2%
FY26 Q3 -11.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. 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 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 0 0 0 0 0 0 31 16 169 88 138 243 241 4 829 669
EBITDA −10 −19 −23 −52 −94 −78 −34 −53 64 −89 −142 −170 −194 −584 121 −202
Operating income −10 −21 −25 −53 −96 −82 −37 −56 61 −93 −149 −179 −205 −601 98 −226
Net income −3 −21 −31 −59 −92 −82 −34 −54 68 −85 −141 −176 −205 −599 −2 −320
Diluted EPS −$0.20 −$0.95 −$0.65 −$1.25 −$1.60 −$1.34 −$0.47 −$0.65 $0.69 −$0.84 −$1.36 −$1.67 −$1.92 −$5.00 −$0.01 −$2.27
Growth (year on year)
Revenue — −50.4% +97.6% −39.7% +118.3% −58.6% +>999% −48.6% +945.7% −47.9% +57.2% +75.9% −1.0% −98.5% +>999% +16.8%
EBITDA — — — — — — — — — −239.2% — — — — — —
Operating income — — — — — — — — — −252.2% — — — — — —
Net income — — — — — — — — — −224.4% — — — — — —
Diluted EPS — — — — — — — — — −221.7% — — — — — —
Margins
EBITDA margin <−999% <−999% <−999% <−999% <−999% <−999% −108.3% −327.9% 37.9% −101.1% −103.0% −69.8% −80.7% <−999% 14.5% −30.2%
Operating margin <−999% <−999% <−999% <−999% <−999% <−999% −117.8% −346.5% 36.3% −105.9% −107.8% −73.4% −85.2% <−999% 11.9% −33.8%
Net margin <−999% <−999% <−999% <−999% <−999% <−999% −109.5% −337.3% 40.3% −96.1% −101.9% −72.4% −85.3% <−999% −0.2% −47.8%
Free-cash-flow margin <−999% <−999% <−999% <−999% <−999% <−999% −101.4% −301.3% 95.4% −122.5% 106.8% −77.7% −137.3% <−999% 18.9% −11.2%
Cash flow
Cash from operations −8 −15 −19 −35 −66 −64 −24 −47 173 −96 171 −136 −154 −463 180 −59
Capital spending 0 0 0 2 2 4 8 1 12 12 24 53 177 141 23 16
Free cash flow −8 −16 −19 −37 −68 −68 −32 −49 161 −108 148 −189 −331 −604 157 −75
Stock-based pay 1 1 2 6 10 12 8 8 12 43 77 121 78 74 63 70
Free cash flow after stock pay −9 −17 −21 −43 −78 −80 −40 −57 149 −151 71 −310 −409 −678 94 −145
Balance sheet
Cash 8 3 19 133 81 85 25 30 222 144 184 108 111 103 227 55
Total debt 1 1 1 0 0 3 3 2 — 0 0 0 0 393 255 723
Net debt (negative = net cash) −7 −2 −18 −132 −81 −83 −22 −28 −222 −144 −184 −108 −111 290 28 668
Diluted shares 16m 22m 48m 47m 57m 61m 74m 84m 99m 101m 104m 105m 107m 120m 134m 141m

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

1 of 2 checks passed · June 30, 2026
What it owns · $2.1bn
Short-term assets $1.7bnLonger-term assets $441m
What it owes, and who funded it · $749m
Short-term liabilities $283mShareholders' equity $466m
  • Short-term assets cover short-term liabilities $1.7bn of assets due within a year against $283m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$226m against $93m of interest.

From Arrowhead Pharmaceuticals, 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

Diluted share count
+7.8%
year over year
R&D spending
108.0%
of revenue
Days sales outstanding
5 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated ARWR NRIX RARE MIRM TARS TGTX Median
Revenue, last 12 months $669m $702m $717m $618m $606m $800m $56m
Revenue growth, last 12 months 16.8% 738.8% 17.5% 44.0% 105.2% 76.1% 12.6%
Revenue growth, 3-year average 37.7% 117.1% 21.2% 74.8% 264.7% 221.5% 13.7%
Revenue growth, latest quarter 171.0% >999% 28.1% 37.9% 69.4% 70.3% 10.2%
Gross margin — — 97.2% — — 82.4% 82.9%
Operating margin −33.8% 41.3% −73.6% −134.9% −8.0% 17.1% −189.4%
Operating margin, 3-year average −945.9% −207.1% −90.2% −63.1% −76.2% 21.8% −363.5%
Net margin −47.8% 42.0% −81.7% −139.2% −7.7% 55.2% −169.8%
Cash from operations / revenue −8.8% 54.0% −67.6% −36.8% 12.2% 2.2% −168.0%
Free-cash-flow margin −11.2% 52.7% −68.2% −37.0% 9.2% 2.2% −162.4%
Free-cash-flow margin, 3-year average −908.4% −141.7% −79.3% −14.7% −56.4% <−999% −310.0%
Stock pay / revenue 10.5% 5.8% 15.1% 16.8% 8.5% 10.2% 20.0%
Change in share count 7.8% 31.0% 4.2% 15.3% 8.0% −3.5% 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 16.8% 12.6% 82 of 172
Change in growth rate Growth +2.8pp -0.1pp 62 of 172
Operating margin Profitability -33.8% -189.4% 57 of 175
Net margin Profitability -47.8% -157.3% 62 of 180
Free-cash-flow margin Cash generation -11.2% -145.4% 50 of 176
Stock pay as % of revenue Cash generation 10.5% 19.2% 62 of 179
Change in share count Balance sheet 7.8% 7.9% 78 of 156
Days sales outstanding Balance sheet 5 days 75 days 3 of 100

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

Who owns it

Funds buying and selling
Reported value
$9.7B
Institutions reporting
498
Shares held vs prior quarter
▼ 1.1%
Positions opened / closed
117 / 58

Top buyers and sellers, Q2 2026: 269 institutions bought and 214 sold ; the biggest buyer was First Trust Advisors LP (+1.2M shares) and the biggest seller Blackrock, Inc (−3.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.2B 14.8M 12.4% ▼ 18.3%
Avoro Capital Advisors LLC $926M 11.4M 9.5% ▲ 6.1%
FMR LLC $655M 8.0M 6.7% ▲ 10.6%
Vanguard Portfolio Management LLC $518M 6.4M 5.3% ▼ 11.1%
Vanguard Capital Management LLC $498M 6.1M 5.1% ▲ 1.3%
State Street Corp $464M 5.7M 4.8% ▼ 12.3%
Norges Bank $318M 3.9M 3.3% —
Invesco Ltd. $317M 3.9M 3.2% ▲ 18.4%
Geode Capital Management, LLC $299M 3.5M 3.1% ▼ 17.5%
Fred Alger Management, LLC $269M 3.3M 2.8% ▼ 1.2%
Baker Bros. Advisors LP $162M 2.0M 1.7% 0.0%
Siren, L.L.C. $140M 1.7M 1.4% ▲ 6.2%

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 Arrowhead Pharmaceuticals, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $37.3M 64 trades by 10 insiders · 45% under pre-set plans
Net ▼ $37.3M net selling
Insider Date Trade Shares Price Value
Perry Michael S Director August 18, 2026 Sell 11,600 $87.30 $1M
Olukotun Adeoye Y Director August 18, 2026 Sell 2,000 $86.96 $173,920
Lu Hongbo Director May 12, 2026 Sell pre-set plan 2,970 $76.88 $228,334
Hamilton James C Chief Medical Officer April 23, 2026 Sell pre-set plan 10,000 $75.00 $750,000
Apel Daniel Joseph Chief Financial Officer April 22, 2026 Sell pre-set plan 3,208 $70.11 $224,913
Apel Daniel Joseph Chief Financial Officer April 22, 2026 Sell pre-set plan 1,157 $70.45 $81,511
Apel Daniel Joseph Chief Financial Officer April 22, 2026 Sell pre-set plan 8,730 $71.92 $627,862
Hamilton James C Chief Medical Officer March 5, 2026 Sell pre-set plan 10,000 $64.19 $641,900
Hamilton James C Chief Medical Officer January 5, 2026 Sell pre-set plan 12,711 $63.95 $812,868
Hamilton James C Chief Medical Officer January 5, 2026 Sell pre-set plan 437 $65.97 $28,829
Hamilton James C Chief Medical Officer January 5, 2026 Sell pre-set plan 1,200 $64.49 $77,388
Hamilton James C Chief Medical Officer January 5, 2026 Sell pre-set plan 309 $68.00 $21,012

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 1 trade and filings

No trades in Arrowhead Pharmaceuticals, Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Daniel S. Goldman(D-NY 10):Sale (full), $1,001 - $15,000, traded January 31, 2023, filed February 24, 2023

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

Earnings dates and SEC filings

Results announcements

Next expected around November 2, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 7, 2026
  • February 5, 2026
  • November 25, 2025
  • August 7, 2025
  • May 12, 2025

Recent SEC filings

Data status

When each part of this page on Arrowhead Pharmaceuticals, 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.

Arrowhead Pharmaceuticals, Inc. in brief

What does Arrowhead Pharmaceuticals, Inc. do?
Arrowhead Pharmaceuticals, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in September.
What is Arrowhead Pharmaceuticals, Inc.'s stock ticker?
Arrowhead Pharmaceuticals, Inc. trades under the ticker ARWR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Arrowhead Pharmaceuticals, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Arrowhead Pharmaceuticals, Inc. reported revenue of $669M, 16.8% higher than a year earlier, according to its SEC filings.
What is Arrowhead Pharmaceuticals, Inc.'s free cash flow?
Arrowhead Pharmaceuticals, Inc.'s free-cash-flow margin is -11.2% of revenue over the trailing twelve months, ranking 50 of the 176 biotechnology companies we cover.
Who are Arrowhead Pharmaceuticals, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Avoro Capital Advisors LLC and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Arrowhead Pharmaceuticals, Inc.'s market cap?
On November 2, 2026, Arrowhead Pharmaceuticals, Inc.'s market capitalisation was about $8.4B and net debt of $668M. Market figures come from third-party market data and may be delayed.
Who are Arrowhead Pharmaceuticals, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Arrowhead Pharmaceuticals, Inc. are Nurix Therapeutics, Inc., Ultragenyx Pharmaceutical Inc., Mirum Pharmaceuticals, Inc., Tarsus Pharmaceuticals, Inc. and TG Therapeutics, Inc. The side-by-side comparison below sets their revenue, margins and growth against Arrowhead Pharmaceuticals, Inc.'s.
Are insiders buying or selling Arrowhead Pharmaceuticals, Inc. stock?
Over the last 12 months, Arrowhead Pharmaceuticals, Inc.'s directors and officers reported 0 open-market purchases and 64 sales on Form 4. The insider trading page charts every trade.
When is Arrowhead Pharmaceuticals, Inc.'s next earnings date?
Around November 24, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Arrowhead Pharmaceuticals, Inc. announces its own schedule.