Arrowhead Research Corporation (ARWR) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 16, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ARWR SEC filings page.
Arrowhead Research Corporation (ARWR) reported $669.5M in revenue over the twelve months to Jun 30, 2026. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
2025 marks a shift from financing-supported losses to positive operating cash generation, although heavy research spending and interest still suppress net earnings.
FY2025 paired operating cash flow of$179.6M with free cash flow of$156.9M , reversing FY2024's cash deficits. Yet$98.3M of operating income was largely absorbed by$89.4M of interest expense, leaving net income near break-even; cash conversion improved before earnings fully reflected the financing burden.
R&D was
Liquidity and solvency point in different directions: a 4.9x current ratio indicates substantial short-term asset coverage, while liabilities of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Arrowhead Research Corporation'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.
Arrowhead Research Corporation held $919.4M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations generated $179.6M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Arrowhead Research Corporation scores 85/100 among other emerging companies.
Arrowhead Research Corporation had 136M shares outstanding at the end of fiscal year 2025, against 124M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Arrowhead Research Corporation scores 45/100 among other emerging companies.
Arrowhead Research Corporation spent $607.2M on research and development in fiscal year 2025, which was 83.0% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Arrowhead Research Corporation scores 99/100 among other emerging companies.
Arrowhead Research Corporation reported revenue of $829.4M in fiscal year 2025, against $3.6M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Arrowhead Research Corporation scores 84/100 among other emerging companies.
Arrowhead Research Corporation's operations generated $179.6M of cash in fiscal year 2025, against $462.9M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Arrowhead Research Corporation scores 96/100 among other emerging companies.
Arrowhead Research Corporation's cash, cash equivalents and investments came to $919.4M at the end of fiscal year 2025, against $919.2M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Arrowhead Research Corporation scores 58/100 among other emerging companies.
Arrowhead Research Corporation scores 5.00, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($7.9B) relative to total liabilities ($919.2M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Arrowhead Research Corporation passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Arrowhead Research Corporation reported a net loss of $1.6M while generating $179.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Arrowhead Research Corporation earns $1.10 in operating income for every $1 of interest expense ($98.3M vs $89.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Arrowhead Research Corporation generated $75.3M in revenue in Q3 2026. This represents an increase of 171.0% from the same quarter a year earlier. Against the prior quarter it is up 2.1%.
Arrowhead Research Corporation's EBITDA was -$163.9M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 2.6% from the same quarter a year earlier. Against the prior quarter it is down 21.1%.
Arrowhead Research Corporation reported -$194.3M in net income in Q3 2026. This represents a decrease of 10.9% from the same quarter a year earlier. Against the prior quarter it is down 46.4%.
Arrowhead Research Corporation earned -$1.36 per diluted share (EPS) in Q3 2026. This represents a decrease of 7.9% from the same quarter a year earlier. Against the prior quarter it is down 46.2%.
Cash & Balance Sheet
Arrowhead Research Corporation recorded an outflow of $181.3M in free cash flow in Q3 2026, representing a cash shortfall after capex. This represents a decrease of 15.4% from the same quarter a year earlier. Against the prior quarter it is down 321.5%.
Arrowhead Research Corporation held $54.8M in cash as of Q3 2026; long-term debt is not reported for that period.
Not reported for Q3 2026.
Margins & Returns
Arrowhead Research Corporation's ROE was -41.7% in Q3 2026, measuring profit generated per dollar of shareholder equity. This is down 8.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 20.1 percentage points.
Not reported for Q3 2026.
Not shown for Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Arrowhead Research Corporation invested $198.2M in research and development in Q3 2026. This represents an increase of 22.1% from the same quarter a year earlier. Against the prior quarter it is up 14.4%.
Arrowhead Research Corporation invested $3.9M in capex in Q3 2026, funding long-term assets and infrastructure. This represents an increase of 63.0% from the same quarter a year earlier. Against the prior quarter it is up 50.3%.
Not reported for Q3 2026.
ARWR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $75.3M+171.0% | $73.7M-86.4% | $264.0M+10461.3% | $256.5M | $27.8M | $542.7M | $2.5M-29.6% | N/A |
| R&D Expenses | $198.2M+22.1% | $173.3M+30.2% | $177.2M+29.3% | $174.7M | $162.4M+6.5% | $133.1M+31.6% | $137.0M+17.6% | N/A |
| SG&A Expenses | $47.1M+52.3% | $41.7M+47.0% | $46.0M+71.0% | $37.7M | $30.9M+30.5% | $28.4M+13.3% | $26.9M+14.0% | N/A |
| Operating Income | -$170.1M-2.7% | -$141.3M-137.1% | $40.8M+125.3% | $44.1M | -$165.6M+6.0% | $381.2M+402.1% | -$161.4M-18.2% | N/A |
| EBITDA | -$163.9M-2.6% | -$135.4M-135.0% | $46.8M+129.9% | $50.1M | -$159.8M+7.0% | $386.8M+416.8% | -$156.6M-18.0% | N/A |
| Interest Expense | $24.6M+0.7% | $23.8M+10.2% | $22.5M+4.0% | $21.7M | $24.4M+378.6% | $21.6M+198.7% | $21.6M+303.3% | N/A |
| Income Tax | $11K+102.5% | $7K-99.6% | $29K-71.8% | $20.0M | -$437K | $1.8M | $103K+103.1% | N/A |
| Net Income | -$194.3M-10.9% | -$132.7M-135.8% | $30.8M+117.8% | -$23.8M | -$175.2M-2.6% | $370.4M+395.6% | -$173.1M-30.3% | N/A |
| EPS (Basic) | -$1.36-7.9% | -$0.93-133.5% | $0.22+115.8% | -$0.18+86.9% | -$1.26+8.7% | $2.78+372.5% | -$1.39-12.1% | -$1.37-34.3% |
| EPS (Diluted) | -$1.36-7.9% | -$0.93-133.8% | $0.22+115.8% | -$0.18+86.9% | -$1.26+8.7% | $2.75+369.6% | -$1.39-12.1% | -$1.37-34.3% |
| Diluted Shares (Avg) | 143M+3.1% | 142M+5.9% | 141M+12.7% | N/A | 139M+11.9% | 134M+9.1% | 125M+16.2% | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
ARWR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.1B+53.0% | $2.3B+44.2% | $1.6B+58.3% | $1.4B+21.5% | $1.4B+56.2% | $1.6B+64.7% | $1.0B+61.9% | $1.1B+48.9% |
| Current Assets | $1.7B+76.5% | $1.8B+62.1% | $1.2B+105.8% | $950.6M+36.7% | $946.9M+110.4% | $1.1B+109.6% | $570.5M+139.8% | $695.5M+67.0% |
| Cash & Equivalents | $54.8M-57.8% | $188.5M+1.5% | $201.6M+274.2% | $226.5M+120.6% | $129.8M+87.0% | $185.7M+45.4% | $53.9M-7.4% | $102.7M-7.4% |
| Short-Term Investments | $1.5B+100.8% | $1.6B+75.0% | $715.0M+43.3% | $692.8M+19.8% | $770.6M+109.8% | $911.7M+130.6% | $499.0M+207.9% | $578.3M+97.5% |
| Accounts Receivable | $8.6M-11.8% | $15.7M+563.2% | $218.9M+8654.8% | $6.8M | $9.7M | $2.4M | $2.5M | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.6B+91.8% | $1.7B+85.8% | $1.0B+7.8% | $919.2M-3.7% | $858.3M+55.1% | $890.2M+88.9% | $961.1M+106.3% | $954.4M+93.1% |
| Current Liabilities | $283.3M+45.7% | $295.2M+33.9% | $347.4M+270.6% | $195.5M+89.5% | $194.5M+101.1% | $220.5M+238.4% | $93.8M+47.1% | $103.2M-2.2% |
| Non-Current Liabilities | $1.4B+104.5% | $1.4B+105.5% | $694.1M-19.7% | $686.4M-18.8% | $666.3M+48.7% | $668.7M+69.5% | $863.9M+122.2% | $845.6M+126.7% |
| Total Equity | $465.5M-10.9% | $614.0M-10.1% | $568.4M+980.9% | $466.1M+151.3% | $522.3M+58.0% | $683.3M+41.2% | $52.6M-67.2% | $185.4M-31.7% |
| Retained Earnings | -$1.9B-20.0% | -$1.7B-21.1% | -$1.6B+11.2% | -$1.6B-0.1% | -$1.6B-10.2% | -$1.4B-11.2% | -$1.8B-55.2% | -$1.6B-58.4% |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
ARWR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$177.5M-14.7% | $84.4M-81.6% | $13.5M+109.2% | $20.5M+114.9% | -$154.7M-34.1% | $460.1M+598.0% | -$146.3M-24.1% | -$137.2M-429.3% |
| Depreciation & Amortization | $6.2M+6.9% | $5.9M+5.4% | $6.0M+25.0% | $6.0M+30.4% | $5.8M+31.8% | $5.6M+36.6% | $4.8M+26.3% | $4.6M+39.4% |
| Stock-Based Compensation | $15.0M+24.9% | $16.6M+9.9% | $19.4M+27.4% | N/A | $12.0M-18.5% | $15.1M-9.1% | $15.2M-22.8% | N/A |
| Capital Expenditures | $3.9M+63.0% | $2.6M-51.6% | $2.1M-71.4% | $7.5M-69.2% | $2.4M-83.6% | $5.3M-84.5% | $7.5M-89.1% | $24.3M-62.0% |
| Free Cash Flow | -$181.3M-15.4% | $81.9M-82.0% | $11.3M+107.4% | $13.0M+108.1% | -$157.1M-21.0% | $454.8M+459.6% | -$153.8M+17.5% | -$161.5M-79.8% |
| Investing Cash Flow | $43.7M-69.1% | -$894.3M-112.8% | -$23.7M-130.9% | $72.6M+132.6% | $141.4M+1934.7% | -$420.2M-56.2% | $76.9M+18.6% | -$222.9M-830.7% |
| Financing Cash Flow | -$449K+98.9% | $795.7M+761.3% | -$14.8M-171.5% | $3.7M-99.1% | -$42.7M-184.7% | $92.4M-78.6% | $20.6M+7628.1% | $389.1M+47292.1% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
ARWR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -226.0% | -191.6% | 15.5% | 17.2% | -596.2% | 70.2% | -6456.5% | N/A |
| Net Margin | -258.2% | -180.0% | 11.7% | -9.3% | -631.1% | 68.3% | -6923.4% | N/A |
| Return on Equity | -41.7%-8.2pp | -21.6%-75.8pp | 5.4%+334.6pp | -5.1% | -33.6%+18.1pp | 54.2%+80.1pp | -329.1%-246.3pp | N/A |
| Return on Assets | -9.2%+3.5pp | -5.9%-29.4pp | 1.9%+19.0pp | -1.7% | -12.7%+6.6pp | 23.5%+36.7pp | -17.1%+4.1pp | N/A |
| Current Ratio | 5.90+1.0x | 6.23+1.1x | 3.38-2.7x | 4.86-1.9x | 4.87+0.2x | 5.15-3.2x | 6.09+2.4x | 6.74+2.8x |
| Debt-to-Equity | 3.54+1.9x | 2.69+1.4x | 1.82-16.5x | 1.97-3.2x | 1.640.0x | 1.30+0.3x | 18.28+15.4x | 5.15+3.3x |
| Asset Turnover | 0.040.0x | 0.03-0.3x | 0.16+0.2x | 0.19 | 0.020.0x | 0.34+0.3x | 0.000.0x | N/A |
| FCF Margin | -240.9% | 111.0% | 4.3% | 5.1% | -565.7% | 83.8% | -6151.5% | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Arrowhead Research Corporation ARWR | FY2025 | $829.4M | -$1.6M | -0.2% | $7.9B | 78/100 |
| Arcellx, Inc. ACLX | FY2025 | $22.3M | -$228.9M | N/A | $6.7B | 46/100 |
| Krystal Biotech, Inc. KRYS | FY2025 | $389.1M | $204.8M | 52.6% | $9.8B | 59/100 |
| Metsera, Inc. MTSR | FY2024 | N/A | -$209.1M | N/A | $7.4B | — |
| Vaxcyte, Inc. PCVX | FY2025 | N/A | -$767K | N/A | $10.3B | — |
| Acadia Pharmaceuticals Inc. ACAD | FY2025 | $1.1B | $391.0M | 36.5% | $3.4B | 68/100 |
Where Arrowhead Research Corporation Ranks
Frequently Asked Questions
What is Arrowhead Research Corporation's annual revenue?
Arrowhead Research Corporation (ARWR) reported $829.4M in total revenue for fiscal year 2025. This represents a 23258.2% 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 Arrowhead Research Corporation's revenue growing?
Arrowhead Research Corporation (ARWR) revenue grew by 23258.2% year-over-year, from $3.6M to $829.4M in fiscal year 2025.
Is Arrowhead Research Corporation profitable?
No, Arrowhead Research Corporation (ARWR) reported a net income of -$1.6M in fiscal year 2025, with a net profit margin of -0.2%.
What is Arrowhead Research Corporation's EBITDA?
Arrowhead Research Corporation (ARWR) had EBITDA of $120.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Arrowhead Research Corporation's operating margin?
Arrowhead Research Corporation (ARWR) had an operating margin of 11.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Arrowhead Research Corporation's net profit margin?
Arrowhead Research Corporation (ARWR) had a net profit margin of -0.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Arrowhead Research Corporation's return on equity (ROE)?
Arrowhead Research Corporation (ARWR) has a return on equity of -0.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Arrowhead Research Corporation's free cash flow?
Arrowhead Research Corporation (ARWR) generated $156.9M in free cash flow during fiscal year 2025. This represents a 126.0% 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 Arrowhead Research Corporation's operating cash flow?
Arrowhead Research Corporation (ARWR) generated $179.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Arrowhead Research Corporation's total assets?
Arrowhead Research Corporation (ARWR) had $1.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Arrowhead Research Corporation's capital expenditures?
Arrowhead Research Corporation (ARWR) invested $22.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Arrowhead Research Corporation spend on research and development?
Arrowhead Research Corporation (ARWR) invested $607.2M in research and development during fiscal year 2025.
What is Arrowhead Research Corporation's current ratio?
Arrowhead Research Corporation (ARWR) had a current ratio of 4.86 as of fiscal year 2025, which is generally considered healthy.
What is Arrowhead Research Corporation's debt-to-equity ratio?
Arrowhead Research Corporation (ARWR) had a debt-to-equity ratio of 1.97 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Arrowhead Research Corporation's return on assets (ROA)?
Arrowhead Research Corporation (ARWR) had a return on assets of -0.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Arrowhead Research Corporation's P/E ratio?
Arrowhead Research Corporation (ARWR) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $7.9B as of Oct 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Arrowhead Research Corporation's price-to-sales ratio?
Arrowhead Research Corporation (ARWR) trades at 11.8x sales, its market capitalization divided by revenue of $669.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $7.9B as of Oct 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Arrowhead Research Corporation's Altman Z-Score?
Arrowhead Research Corporation (ARWR) has an Altman Z-Score of 5.00, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Arrowhead Research Corporation's Piotroski F-Score?
Arrowhead Research Corporation (ARWR) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Arrowhead Research Corporation's earnings high quality?
Arrowhead Research Corporation (ARWR) reported a net loss of $1.6M while generating $179.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.
Can Arrowhead Research Corporation cover its interest payments?
Arrowhead Research Corporation (ARWR) has an interest coverage ratio of 1.10x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Arrowhead Research Corporation?
Arrowhead Research Corporation (ARWR) scores 78 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.