Arvinas Financials
This page shows Arvinas (ARVN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Arvinas remains a research-heavy cash user financed by a low-debt balance sheet, with FY2025 losses easing mainly through cost cuts.
Revenue was essentially flat year over year, slipping only0.3% , yet operating loss improved by roughly half; that makes expense reduction, not a larger revenue engine, the clearest driver of FY2025 progress. The catch is cash conversion: operating cash outflow stayed near-$273.8M in FY2025 versus-$259.3M in FY2024, so narrower losses did not yet mean materially lower cash use.
The balance sheet is still equity-funded rather than debt-funded: long-term debt was just
This is not a capex story. Capital spending was only
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Arvinas's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Arvinas has an operating margin of -45.1%, meaning the company retains $-45 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -95.0% the prior year.
Arvinas's revenue declined 0.3% year-over-year, from $263.4M to $262.6M. This contraction results in a growth score of 100/100.
Arvinas carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.92, Arvinas holds $4.92 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 98/100.
While Arvinas generated -$273.8M in operating cash flow, capex of $1.9M consumed most of it, leaving -$275.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Arvinas generates a -18.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -35.4% the prior year.
Arvinas passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Arvinas generates $3.38 in operating cash flow (-$273.8M OCF vs -$81.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Arvinas generated $262.6M in revenue in fiscal year 2025. This represents a decrease of 0.3% from the prior year.
Arvinas's EBITDA was -$115.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 53.0% from the prior year.
Arvinas reported -$81.0M in net income in fiscal year 2025. This represents an increase of 59.3% from the prior year.
Arvinas earned $-1.14 per diluted share (EPS) in fiscal year 2025. This represents an increase of 58.8% from the prior year.
Cash & Balance Sheet
Arvinas generated -$275.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 5.6% from the prior year.
Arvinas held $142.9M in cash against $400K in long-term debt as of fiscal year 2025.
Arvinas had 64M shares outstanding in fiscal year 2025. This represents a decrease of 7.7% from the prior year.
Margins & Returns
Arvinas's operating margin was -45.1% in fiscal year 2025, reflecting core business profitability. This is up 49.9 percentage points from the prior year.
Arvinas's net profit margin was -30.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 44.7 percentage points from the prior year.
Arvinas's ROE was -18.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 16.8 percentage points from the prior year.
Capital Allocation
Arvinas invested $285.2M in research and development in fiscal year 2025. This represents a decrease of 18.1% from the prior year.
Arvinas spent $91.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Arvinas invested $1.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 5.6% from the prior year.
ARVN Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $15.6M+64.2% | $9.5M-77.3% | $41.9M+87.1% | $22.4M-88.1% | $188.8M+218.9% | $59.2M-42.2% | $102.4M+33.9% | $76.5M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $60.3M-1.3% | $61.1M-5.6% | $64.7M-5.7% | $68.6M-24.4% | $90.8M+9.0% | $83.3M-4.1% | $86.9M-7.3% | $93.7M |
| SG&A Expenses | $19.1M-17.0% | $23.0M+9.5% | $21.0M-17.0% | $25.3M-4.9% | $26.6M-21.8% | $34.0M-55.1% | $75.8M+142.2% | $31.3M |
| Operating Income | -$63.8M+14.5% | -$74.6M-70.3% | -$43.8M+38.7% | -$71.5M-200.1% | $71.4M+222.9% | -$58.1M+3.6% | -$60.3M-24.3% | -$48.5M |
| Interest Expense | N/A | N/A | N/A | $0 | $0 | $0 | $0 | $0 |
| Income Tax | $100K0.0% | $100K-66.7% | $300K+200.0% | -$300K-250.0% | $200K+166.7% | -$300K-150.0% | $600K+200.0% | $200K |
| Net Income | -$57.6M+14.8% | -$67.6M-92.6% | -$35.1M+42.6% | -$61.2M-173.8% | $82.9M+283.4% | -$45.2M+8.1% | -$49.2M-39.8% | -$35.2M |
| EPS (Diluted) | $-0.90 | N/A | $-0.48+42.9% | $-0.84-173.7% | $1.14 | N/A | $-0.68-38.8% | $-0.49 |
ARVN Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $647.5M-9.8% | $717.9M-15.0% | $844.3M-7.1% | $909.3M-9.2% | $1.0B-8.3% | $1.1B-6.5% | $1.2B-8.8% | $1.3B |
| Current Assets | $630.7M-10.0% | $700.7M-15.2% | $826.3M-7.1% | $889.5M-9.2% | $979.7M-8.2% | $1.1B-7.2% | $1.1B-8.5% | $1.3B |
| Cash & Equivalents | $87.3M-38.9% | $142.9M+40.8% | $101.5M-11.7% | $114.9M+41.9% | $81.0M-19.4% | $100.5M+18.0% | $85.2M-45.0% | $154.8M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $1.8M+80.0% | $1.0M-95.1% | $20.3M+3960.0% | $500K+25.0% | $400K-93.0% | $5.7M-21.9% | $7.3M+305.6% | $1.8M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $260.7M-8.2% | $284.0M+1.5% | $279.9M-6.7% | $300.0M-12.0% | $341.0M-35.6% | $529.7M-8.8% | $581.1M-14.5% | $679.4M |
| Current Liabilities | $115.9M-18.7% | $142.5M-1.7% | $144.9M-8.2% | $157.8M-26.3% | $214.0M-6.9% | $229.8M-16.7% | $275.9M-20.5% | $347.2M |
| Long-Term Debt | $300K-25.0% | $400K0.0% | $400K-20.0% | $500K0.0% | $500K-16.7% | $600K0.0% | $600K-14.3% | $700K |
| Total Equity | $386.8M-10.9% | $433.9M-23.1% | $564.4M-7.4% | $609.3M-7.7% | $660.1M+17.5% | $561.7M-4.1% | $586.0M-2.4% | $600.2M |
| Retained Earnings | -$1.7B-3.6% | -$1.6B-4.4% | -$1.5B-2.3% | -$1.5B-4.2% | -$1.4B+5.4% | -$1.5B-3.0% | -$1.5B-3.4% | -$1.4B |
ARVN Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$69.2M-127.6% | -$30.4M+48.6% | -$59.1M+38.1% | -$95.4M-7.3% | -$88.9M-5.7% | -$84.1M+34.3% | -$128.0M-354.5% | $50.3M |
| Capital Expenditures | $1.3M+550.0% | $200K+100.0% | $100K-91.7% | $1.2M+200.0% | $400K+33.3% | $300K-57.1% | $700K0.0% | $700K |
| Free Cash Flow | -$70.5M-130.4% | -$30.6M+48.3% | -$59.2M+38.7% | -$96.6M-8.2% | -$89.3M-5.8% | -$84.4M+34.4% | -$128.7M-359.5% | $49.6M |
| Investing Cash Flow | $13.7M-90.6% | $145.8M+129.6% | $63.5M-50.7% | $128.8M+85.3% | $69.5M-29.7% | $98.9M+95.8% | $50.5M+285.5% | $13.1M |
| Financing Cash Flow | -$100K+99.9% | -$74.0M-315.7% | -$17.8M-3660.0% | $500K+600.0% | -$100K-120.0% | $500K-79.2% | $2.4M-29.4% | $3.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | $74.1M | N/A | N/A | N/A | $0 | N/A | N/A |
ARVN Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -409.0%+376.3pp | -785.3%-680.7pp | -104.5%+214.7pp | -319.2%-357.0pp | 37.8%+136.0pp | -98.1%-39.3pp | -58.9%+4.5pp | -63.4% |
| Net Margin | -369.2%+342.4pp | -711.6%-627.8pp | -83.8%+189.4pp | -273.2%-317.1pp | 43.9%+120.3pp | -76.3%-28.3pp | -48.0%-2.0pp | -46.0% |
| Return on Equity | -14.9%+0.7pp | -15.6%-9.4pp | -6.2%+3.8pp | -10.0%-22.6pp | 12.6%+20.6pp | -8.0%+0.4pp | -8.4%-2.5pp | -5.9% |
| Return on Assets | -8.9%+0.5pp | -9.4%-5.3pp | -4.2%+2.6pp | -6.7%-15.0pp | 8.3%+12.4pp | -4.1%+0.1pp | -4.2%-1.5pp | -2.8% |
| Current Ratio | 5.44+0.5 | 4.92-0.8 | 5.70+0.1 | 5.64+1.1 | 4.58-0.1 | 4.64+0.5 | 4.17+0.5 | 3.62 |
| Debt-to-Equity | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.00 |
| FCF Margin | -451.9%-129.8pp | -322.1%-180.8pp | -141.3%+290.0pp | -431.3%-383.9pp | -47.3%+95.3pp | -142.6%-16.9pp | -125.7%-190.5pp | 64.8% |
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Frequently Asked Questions
What is Arvinas's annual revenue?
Arvinas (ARVN) reported $262.6M in total revenue for fiscal year 2025. This represents a -0.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Arvinas's revenue growing?
Arvinas (ARVN) revenue declined by 0.3% year-over-year, from $263.4M to $262.6M in fiscal year 2025.
Is Arvinas profitable?
No, Arvinas (ARVN) reported a net income of -$81.0M in fiscal year 2025, with a net profit margin of -30.9%.
What is Arvinas's EBITDA?
Arvinas (ARVN) had EBITDA of -$115.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Arvinas have?
As of fiscal year 2025, Arvinas (ARVN) had $142.9M in cash and equivalents against $400K in long-term debt.
What is Arvinas's operating margin?
Arvinas (ARVN) had an operating margin of -45.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Arvinas's net profit margin?
Arvinas (ARVN) had a net profit margin of -30.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Arvinas's return on equity (ROE)?
Arvinas (ARVN) has a return on equity of -18.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Arvinas's free cash flow?
Arvinas (ARVN) generated -$275.7M in free cash flow during fiscal year 2025. This represents a -5.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Arvinas's operating cash flow?
Arvinas (ARVN) generated -$273.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Arvinas's total assets?
Arvinas (ARVN) had $717.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Arvinas's capital expenditures?
Arvinas (ARVN) invested $1.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Arvinas spend on research and development?
Arvinas (ARVN) invested $285.2M in research and development during fiscal year 2025.
What is Arvinas's current ratio?
Arvinas (ARVN) had a current ratio of 4.92 as of fiscal year 2025, which is generally considered healthy.
What is Arvinas's debt-to-equity ratio?
Arvinas (ARVN) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Arvinas's return on assets (ROA)?
Arvinas (ARVN) had a return on assets of -11.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Arvinas's cash runway?
Based on fiscal year 2025 data, Arvinas (ARVN) had $142.9M in cash against an annual operating cash burn of $273.8M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Arvinas's Piotroski F-Score?
Arvinas (ARVN) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Arvinas's earnings high quality?
Arvinas (ARVN) has an earnings quality ratio of 3.38x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Arvinas?
Arvinas (ARVN) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.