Revolution Medicines, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
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Third-party market data · may be delayed
Under review: every model's value for Revolution Medicines, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: data-quality checks not passed. We'll show the comparison once resolved.
Revolution Medicines, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revolution Medicines has little or no product revenue yet; it used $1.23bn of cash in the twelve months to June 2026. The diluted share count is up 10.4% on a year earlier, which dilutes existing holders. It passes 2 of our 3 financial-health checks.
Our model value for Revolution Medicines is under review, so past values are not shown until it is resolved.
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.
Current signal Results well short of expectations: Reported earnings per share missed the analysts' consensus estimate by 49% in the quarter to 2026-06-30.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in Revolution Medicines, Inc.'s latest figures clears our strength thresholds.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
The company also guided to estimated non-cash stock-based compensation expense of $270.00m to $290.00m for the full year 2026.
| At fiscal year end | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Share price | $39.59 | $25.17 | $23.82 | $28.68 | $43.74 | $79.65 |
| Market value | $2.2bn | $1.8bn | $1.9bn | $3.2bn | $7.3bn | $15.1bn |
| + Net debt (− = net cash) | −$104m | −$108m | −$161m | −$696m | −$543m | −$384m |
| Enterprise value | $2.1bn | $1.7bn | $1.8bn | $2.5bn | $6.8bn | $14.8bn |
| Multiples | ||||||
| Price / sales | 50.5x | 62.4x | 54.3x | n/m | — | — |
| Price / earnings | — | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — |
Weak moat
How hard Revolution Medicines's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -28.7% of total assets over 7 years.
Operating margin has been a median -845.4%; its worst year was -88031.9%.
Free cash flow was positive in 0 of 5 years, at a median -715.0% of revenue.
The diluted share count rose 188.0% over five years; stock-based pay has been a median 98.5% 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 (12 before it).
Next results: November 4, 2026, after the close. Analysts expect revenue of $27m and EPS of −$2.38 (range −$3.24 to −$2.07) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$9.58 | −61% | $201m | 0% |
| Next | −$5.76 | +40% | $1.3bn | +527% |
The consensus EPS forecast for the current fiscal year is +18.8% on 90 days ago. In the last 30 days, 3 analysts raised Revolution Medicines, Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$8.07 | −$5.80 |
| 60 days ago | −$9.80 | −$6.17 |
| 30 days ago | −$9.70 | −$6.12 |
| 7 days ago | −$9.59 | −$5.81 |
| Now | −$9.58 | −$5.76 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$2.06 | −$3.06 | −48.8% |
| Mar 2026 | −$1.84 | −$2.29 | −24.6% |
| Dec 2025 | −$1.56 | −$1.86 | −18.9% |
| Sept 2025 | −$1.41 | −$1.61 | −14.3% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| RVMD | −36% | −5% | +20% | +53% | +82% | +136% |
| Industry peers (median) | −35% | −57% | −18% | −29% | −5% | −27% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| RVMD | 50% | 50% | 67% | 75% | 58% | 64% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| RVMD | −56% | −47% | −48% | −29% | −30% | −25% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since February 13, 2020: 73% from February 8, 2021 to May 12, 2022. Getting back needed a 274% gain, reached on November 1, 2024, 904 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 5, 2026 | +2.2% | −0.4% | +6.1% | +9.0% |
| May 6, 2026 | −3.2% | +1.1% | +1.9% | +1.4% |
| February 25, 2026 | −2.6% | +0.3% | −3.5% | −11.1% |
| November 5, 2025 | +4.8% | −0.7% | +12.4% | +36.0% |
| August 6, 2025 | −9.0% | +0.7% | −6.0% | +5.5% |
| May 7, 2025 | +11.9% | +1.1% | +5.4% | +9.7% |
| February 26, 2025 | −5.5% | −1.5% | −4.2% | −7.8% |
| November 6, 2024 | +4.1% | +3.3% | +2.4% | −15.3% |
| August 7, 2024 | −3.0% | +1.6% | −1.6% | −3.3% |
| May 8, 2024 | −3.7% | +0.6% | +1.3% | +3.8% |
| February 26, 2024 | +3.0% | −0.2% | −0.8% | +0.9% |
| January 9, 2024 | −2.2% | +0.4% | −8.6% | +3.6% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY22 Q1 | $26.8M |
| FY22 Q2 | $27.3M |
| FY22 Q3 | $29.5M |
| FY22 Q4 | $35.4M |
| FY23 Q1 | $34.8M |
| FY23 Q2 | $29.5M |
| FY23 Q3 | $26.2M |
| FY23 Q4 | $11.6M |
| FY24 Q1 | $4.6M |
| FY24 Q2 | $742K |
| FY24 Q3 | $742K |
| FY24 Q4 | $0 |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY22 Q1 | -35.4% |
| FY22 Q2 | -32.3% |
| FY22 Q3 | 2.9% |
| FY22 Q4 | 20.4% |
| FY23 Q1 | 29.7% |
| FY23 Q2 | 8.3% |
| FY23 Q3 | -11.3% |
| FY23 Q4 | -67.3% |
| FY24 Q1 | -86.9% |
| FY24 Q2 | -97.5% |
| FY24 Q3 | -97.2% |
| FY24 Q4 | -100.0% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY21 Q4 | -639.7% |
| FY22 Q1 | -777.1% |
| FY22 Q2 | -829.6% |
| FY22 Q3 | -845.4% |
| FY22 Q4 | -730.0% |
| FY23 Q1 | -791.3% |
| FY23 Q2 | -1091.3% |
| FY23 Q3 | -1409.8% |
| FY23 Q4 | -4207.1% |
| FY24 Q1 | -12108.8% |
| FY24 Q2 | -80961.3% |
| FY24 Q3 | -88031.9% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY21 Q4 | -523.0% |
| FY22 Q1 | -633.2% |
| FY22 Q2 | -707.3% |
| FY22 Q3 | -715.0% |
| FY22 Q4 | -664.8% |
| FY23 Q1 | -696.0% |
| FY23 Q2 | -854.6% |
| FY23 Q3 | -1146.8% |
| FY23 Q4 | -3094.1% |
| FY24 Q1 | -10028.0% |
| FY24 Q2 | -70108.5% |
| FY24 Q3 | -74273.9% |
| Fiscal year | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 20 | 50 | 43 | 29 | 35 | 12 | 0 | 0 |
| EBITDA | −39 | −52 | −108 | −185 | −254 | −482 | −683 | −1,175 |
| Operating income | −40 | −54 | −111 | −188 | −258 | −487 | −690 | −1,182 |
| Net income | −42 | −48 | −108 | −187 | −249 | −436 | −600 | −1,131 |
| Diluted EPS | −$1.06 | −$1.12 | −$2.01 | −$2.57 | −$3.08 | −$3.86 | −$3.58 | −$5.95 |
| Growth (year on year) | ||||||||
| Revenue | — | +148.2% | −14.1% | −31.6% | +20.4% | −67.3% | −100.0% | — |
| Margins | ||||||||
| EBITDA margin | −192.2% | −103.6% | −251.5% | −629.2% | −718.8% | <−999% | — | — |
| Operating margin | −200.0% | −108.2% | −257.5% | −639.7% | −730.0% | <−999% | — | — |
| Net margin | −207.2% | −95.2% | −251.6% | −636.6% | −703.0% | <−999% | — | — |
| Free-cash-flow margin | −1.4% | −104.3% | −239.6% | −523.0% | −664.8% | <−999% | — | — |
| Cash flow | ||||||||
| Cash from operations | 1 | −50 | −100 | −147 | −224 | −351 | −557 | −898 |
| Capital spending | 1 | 3 | 3 | 7 | 11 | 8 | 10 | 16 |
| Free cash flow | −0 | −52 | −103 | −154 | −235 | −358 | −568 | −914 |
| Stock-based pay | 1 | 3 | 9 | 21 | 31 | 62 | 79 | 118 |
| Free cash flow after stock pay | −1 | −55 | −112 | −174 | −266 | −420 | −647 | −1,032 |
| Balance sheet | ||||||||
| Cash | 70 | 17 | 104 | 108 | 161 | 696 | 543 | 384 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −70 | −17 | −104 | −108 | −161 | −696 | −543 | −384 |
| Diluted shares | 46m | 55m | 55m | 73m | 81m | 113m | 168m | 190m |
| Returned to shareholders | ||||||||
| Dividends | — | — | 0 | — | — | — | — | — |
| Total returned | — | — | 0 | — | — | — | — | — |
| Quarter | 2023 Q1 Mar 2023 | 2023 Q2 Jun 2023 | 2023 Q3 Sept 2023 | 2023 Q4 Dec 2023 | 2024 Q1 Mar 2024 | 2024 Q2 Jun 2024 | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 7 | 4 | 0 | 1 | 0 | 0 | 0 | 0 |
| EBITDA | −74 | −108 | −122 | −179 | −139 | −155 | −174 | −215 |
| Operating income | −75 | −109 | −123 | −180 | −141 | −157 | −176 | −216 |
| Net income | −68 | −98 | −108 | −162 | −116 | −133 | −156 | −195 |
| Diluted EPS | −$0.72 | −$0.92 | −$0.99 | −$1.21 | −$0.70 | −$0.81 | −$0.94 | −$1.13 |
| Growth (year on year) | ||||||||
| Revenue | −7.4% | −58.1% | −100.0% | −95.2% | −100.0% | −100.0% | — | −100.0% |
| Margins | ||||||||
| EBITDA margin | <−999% | <−999% | — | <−999% | — | — | — | — |
| Operating margin | <−999% | <−999% | — | <−999% | — | — | — | — |
| Net margin | −970.9% | <−999% | — | <−999% | — | — | — | — |
| Free-cash-flow margin | −914.6% | <−999% | — | <−999% | — | — | — | — |
| Cash flow | ||||||||
| Cash from operations | −62 | −67 | −100 | −121 | −161 | −128 | −130 | −138 |
| Capital spending | 2 | 1 | 3 | 2 | 3 | 2 | 4 | 1 |
| Free cash flow | −64 | −68 | −103 | −123 | −164 | −131 | −134 | −140 |
| Stock-based pay | 10 | 13 | 14 | 25 | 16 | 20 | 21 | 22 |
| Free cash flow after stock pay | −74 | −81 | −117 | −148 | −180 | −150 | −155 | −162 |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $2.6B | 13.7M | 6.4% | ▲ 22.1% |
| Farallon Capital Management, L.L.C. | $2.5B | 13.6M | 6.3% | ▼ 0.4% |
| FMR LLC | $2.3B | 12.2M | 5.7% | ▲ 44.1% |
| Baker Bros. Advisors LP | $2.1B | 11.4M | 5.3% | ▲ 19.8% |
| Darwin Global Management, Ltd. | $2B | 10.6M | 5.1% | ▲ 380.8% |
| Jupiter Topco LLC | $2B | 10.7M | 5.0% | — |
| Vanguard Capital Management LLC | $1.7B | 9.1M | 4.2% | ▲ 8.7% |
| Vanguard Portfolio Management LLC | $1.6B | 8.3M | 3.9% | ▲ 10.6% |
| Nextech Invest Ltd. | $1.4B | 7.6M | 3.5% | 0.0% |
| Paradigm Biocapital Advisors LP | $1.2B | 6.4M | 3.0% | ▼ 4.4% |
| UBS Group AG | $1B | 5.4M | 2.5% | ▲ 24.2% |
| State Street Corp | $917M | 4.9M | 2.3% | ▲ 11.2% |
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 Revolution Medicines, Inc.'s complete shareholder register. Values are as reported by the filers ; 7 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Mancini Anthony See Remarks | October 26, 2026 | Sell pre-set plan | 2,310 | $186.99 | $431,947 |
| Sandler Alan B. Chief Development Officer | September 29, 2026 | Sell pre-set plan | 301 | $204.72 | $61,621 |
| Sandler Alan B. Chief Development Officer | September 29, 2026 | Sell pre-set plan | 1,199 | $203.91 | $244,485 |
| Sandler Alan B. Chief Development Officer | September 29, 2026 | Sell pre-set plan | 1,000 | $202.81 | $202,813 |
| Sandler Alan B. Chief Development Officer | September 29, 2026 | Sell pre-set plan | 1,609 | $201.72 | $324,574 |
| Sandler Alan B. Chief Development Officer | September 29, 2026 | Sell pre-set plan | 2,200 | $200.82 | $441,801 |
| Mancini Anthony See Remarks | September 25, 2026 | Sell pre-set plan | 3,121 | $200.54 | $625,885 |
| Cislini Jeff SVP & General Counsel | September 25, 2026 | Sell pre-set plan | 765 | $207.32 | $158,600 |
| Mancini Anthony See Remarks | September 24, 2026 | Sell pre-set plan | 587 | $200.00 | $117,400 |
| Anderson Elizabeth M Director | September 22, 2026 | Sell pre-set plan | 1,500 | $194.59 | $291,885 |
| Anderson Elizabeth M Director | September 22, 2026 | Sell pre-set plan | 910 | $191.85 | $174,584 |
| Anderson Elizabeth M Director | September 22, 2026 | Sell pre-set plan | 4,985 | $192.54 | $959,812 |
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.
Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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