Arcus Biosciences, Inc. key statistics and ratios

In fiscal 2025, Arcus Biosciences, Inc. had return on equity of -63.3%, an operating margin of -156.3%, debt equal to 15.8% of equity and a current ratio of 4.36. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Arcus Biosciences, Inc.: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Operating margin	<−999%	−656.8%	−591.4%	−159.0%	14.1%	−250.0%	−290.6%	−127.9%	−156.3%	−415.4%
Net margin	<−999%	−593.7%	−564.7%	−157.7%	13.8%	−238.4%	−262.4%	−109.7%	−142.9%	−393.2%
Free-cash-flow margin	<−999%	−559.5%	−502.6%	138.5%	−73.6%	385.7%	−282.1%	−68.2%	−196.0%	−406.0%
Return on equity	—	−61.0%	−42.5%	−36.9%	7.9%	−35.6%	−54.9%	−59.8%	−63.3%	−84.0%
Return on assets	−27.9%	−21.3%	−35.4%	−25.2%	4.5%	−18.2%	−25.2%	−25.2%	−30.8%	−44.6%
Asset turnover	0.01	0.04	0.06	0.16	0.32	0.08	0.10	0.23	0.22	0.11
Current ratio	13.90	15.29	8.49	6.05	7.60	5.53	4.52	4.50	4.36	3.82
Debt to equity	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	10.3%	15.8%	21.8%
Interest cover (operating income ÷ interest)	—	—	—	—	—	n/m	n/m	n/m	n/m	n/m
Effective tax rate	—	—	—	—	3.6%	—	—	—	—	—
R&D as % of revenue	>999%	594.3%	523.2%	203.8%	67.1%	257.1%	290.6%	173.6%	211.7%	424.8%
Capital spending as % of revenue	390.2%	44.8%	12.8%	3.8%	6.8%	5.4%	20.5%	2.3%	0.8%	0.9%
Free cash flow ÷ net income	—	—	—	—	−532.1%	—	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Arcus Biosciences, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	−218.8%	−396.2%	−435.7%	−5.0%	−546.2%	−345.5%	−788.2%	−234.1%
Net margin	−191.7%	−361.5%	−400.0%	0.0%	−519.2%	−321.2%	−752.9%	−222.0%
Free-cash-flow margin	52.1%	−388.5%	−475.0%	−83.1%	−373.1%	−366.7%	−811.8%	−290.2%
Current ratio	5.24	4.50	5.37	4.50	3.65	4.36	4.04	3.82
Debt to equity	8.3%	9.9%	9.0%	17.7%	22.5%	15.7%	19.1%	21.8%
R&D as % of revenue	256.3%	388.5%	435.7%	86.9%	542.3%	366.7%	717.6%	275.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 5 checks passed · June 30, 2026

What it owns · $924m

Short-term assets $756mLonger-term assets $168m

What it owes, and who funded it · $662m

Short-term liabilities $198mShareholders' equity $464m

Short-term assets cover short-term liabilities $756m of assets due within a year against $198m 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 $150m of cash against $101m of debt.
Debt below 40% of shareholders' equity Debt is 22% of equity.
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 −$474m of operating cash flow against $101m of debt.
Operating profit covers interest at least five times over Operating income of −$486m against $11m of interest.

From Arcus Biosciences, 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.

Moat

10 /100

Weak moat

How hard Arcus Biosciences's competitive advantage looks for rivals to wear away, judged from 9 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 -23.2% of total assets over 9 years.
Durability 10 / 20

Operating margin has been a median -258.7%; its worst year was -1679.2%.
Cash conversion 2 / 20

Free cash flow was positive in 2 of 9 years, at a median -261.2% of revenue.
Discipline 0 / 20

The diluted share count rose 79.4% over five years; stock-based pay has been a median 52.7% 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.

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Figures from Arcus Biosciences, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Arcus Biosciences, Inc.