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Held by 482 of 6,047 reporting institutions (96th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 1 year as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $60.74 today, the market must believe free cash flow compounds 28.7%/yr for a decade (off $93.5M on the SBC-adjusted basis).
On the basis ($156.9M) the requirement is 21.4%/yr. The difference is what charging stock compensation costs.
The market's 28.7% is more optimistic than its 6-yr track record.
Default is 10.0% — this company's computed cost of capital (published default — this company's cost of capital could not be computed), the same rate the Analysis tab discounts at.
2-stage DCF · 0.14B shares (market data) · net debt $0
mean -368.8% · volatility σ 236% · implied rate exceeded in 0/2 yrs
Central path = implied 28.7%/yr growth; shaded band = ±1σ (236%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $156.9M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: -0%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-08
Where each multiple sits in its own 14-yr range · 50th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -0% against ROIC -0% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| R&D | — | — | — | — | — | 146.7 | 14245.8 | 73.2 |
| SG&A | 118.4 | 15.7 | 59.4 | 58.6 | 51.2 | 38.4 | 2781.2 | 14.9 |
| Operating Income | -346.5 | 36.3 | -105.9 | -107.8 | -73.4 | -85.2 | -16927.1 | 11.9 |
| Income Tax | 0.0 | 0.1 | 0.0 | 0.0 | 1.6 | 1.2 | -77.9 | 2.6 |
| Net Income | -337.3 | 40.3 | -96.1 | -101.9 | -72.4 | -85.3 | -16882.4 | -0.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ARWR: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-10-08
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $829.4M 100.0% | $3.6M 100.0% | $240.7M 100.0% | $243.2M 100.0% | $138.3M 100.0% | $88.0M 100.0% | $168.8M 100.0% | $16.1M 100.0% | $31.4M 100.0% | $158K 100.0% |
| Research & Development | $607.2M 73.2% | $505.9M 14245.8% | $353.2M 146.7% | — | — | — | — | — | — | — |
| Selling, General & Admin | $123.9M 14.9% | $98.8M 2781.2% | $92.5M 38.4% | $124.4M 51.2% | $81.0M 58.6% | $52.3M 59.4% | $26.6M 15.7% | $19.1M 118.4% | $17.5M 55.7% | $23.6M 14902.1% |
| Total Operating Expenses | $731.1M 88.1% | $604.6M 17027.1% | $445.7M 185.2% | $421.7M 173.4% | $287.3M 207.8% | $181.2M 205.9% | $107.6M 63.7% | $72.1M 446.5% | $68.4M 217.8% | $81.9M 51727.1% |
| Operating Income | $98.3M 11.9% | -$601.1M -16927.1% | -$205.0M -85.2% | -$178.5M -73.4% | -$149.0M -107.8% | -$93.2M -105.9% | $61.2M 36.3% | -$55.9M -346.5% | -$37.0M -117.8% | -$81.7M -51627.1% |
| Interest Expense | $89.4M 10.8% | $32.4M 911.1% | $18.3M 7.6% | $0 0.0% | $0 0.0% | — | — | — | — | — |
| Other Income (Expense), net | -$46.8M -5.6% | -$11.4M -320.5% | -$1.5M -0.6% | $5.8M 2.4% | $8.2M 5.9% | $8.6M 9.8% | $7.0M 4.1% | $1.5M 9.2% | $2.6M 8.3% | $22K 14.0% |
| Pretax Income | $51.5M 6.2% | -$612.5M -17247.5% | -$206.5M -85.8% | -$172.7M -71.0% | -$140.8M -101.9% | -$84.6M -96.1% | $68.1M 40.4% | -$54.4M -337.3% | -$34.4M -109.5% | -$81.7M -51613.1% |
| Income Tax Expense | $21.4M 2.6% | -$2.8M -77.9% | $2.8M 1.2% | $3.8M 1.6% | $2K 0.0% | $2K 0.0% | $174K 0.1% | $2K 0.0% | $2K 0.0% | $2K 1.5% |
| Net Income | -$1.6M -0.2% | -$599.5M -16882.4% | -$205.3M -85.3% | -$176.1M -72.4% | -$140.8M -101.9% | -$84.6M -96.1% | $68.0M 40.3% | -$54.5M -337.3% | -$34.4M -109.5% | -$81.7M -51614.6% |
| Per Share | ||||||||||
| EPS (Basic) | -$0.01 | -$5.00 | -$1.92 | -$1.67 | -$1.36 | -$0.84 | $0.72 | -$0.65 | -$0.47 | — |
| EPS (Diluted) | -$0.01 | -$5.00 | -$1.92 | -$1.67 | -$1.36 | -$0.84 | $0.69 | -$0.65 | -$0.47 | — |
| Weighted Avg Shares (Basic) | 133.8M | 119.8M | 106.8M | 105.4M | 103.7M | 100.7M | 93.9M | 83.6M | 73.9M | — |
| Weighted Avg Shares (Diluted) | 133.8M | 119.8M | 106.8M | 105.4M | 103.7M | 100.7M | 98.6M | 83.6M | 73.9M | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 25 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| REGN | $76.1B | 17.8× | 18.2× | 5.3× | 1.0% | — | 31.4% | 14.4% | 13.6% | -0.3× | 1,291 |
| TEVA | $45.8B | 32.4× | 17.1× | 2.6× | 4.3% | 51.8% | 8.2% | 17.8% | 14.5% | -0.7× | 658 |
| ONC | $39.8B | — | 61.6× | 7.5× | 40.2% | 87.5% | 5.4% | 6.6% | 5.4% | -6.1× | 269 |
| ZTS | $30.2B | 12.1× | 9.7× | 3.2× | 2.3% | 71.8% | 28.2% | 78.3% | 21.5% | 1.7× | 1,363 |
| ALNY | $30.0B | 96.4× | 51.0× | 8.1× | 65.2% | 81.8% | 8.4% | 39.8% | 39.8% | -3.0× | 760 |
| RPRX | $25.0B | 31.6× | 21.3× | 10.5× | 5.1% | — | 32.4% | 7.9% | 4.1% | 5.3× | 621 |
| UTHR | $22.9B | 19.1× | 13.5× | 7.2× | 10.6% | 87.9% | 41.9% | 18.8% | 18.8% | -1.0× | 843 |
| INSM | $21.9B | — | — | 36.2× | 66.7% | 79.7% | -211% | -173% | -99.8% | — | 644 |
| CORT | $12.8B | 144.6× | — | 16.8× | 12.8% | 98.3% | 13.1% | 15.4% | 15.4% | -2.6× | 416 |
| ELAN | $11.3B | — | — | 2.4× | 6.2% | 55.0% | -4.9% | -3.5% | -2.2% | — | 495 |
| BMRN | $10.6B | 30.5× | 20.3× | 3.3× | 12.9% | 77.7% | 10.8% | 5.7% | 5.2% | -1.5× | 545 |
| ARWR | $8.6B | — | 71.2× | 10.3× | — | — | -0.2% | -0.3% | -0.3% | 0.0× | 482 |
| TGTX | $8.2B | 19.3× | 67.5× | 13.3× | 87.3% | 83.7% | 72.6% | 69.0% | 50.0% | 1.4× | 419 |
| IONS | $7.2B | — | — | 7.6× | 33.8% | 98.3% | -40.4% | -78.0% | -17.0% | — | 498 |
| AMRX | $6.8B | 89.3× | 20.2× | 2.3× | 8.0% | 36.9% | 2.4% | -102% | 2.9% | 5.1× | 298 |
| ALKS | $6.7B | 28.1× | 22.6× | 4.6× | -5.2% | 86.7% | 16.4% | 13.3% | 13.3% | -1.4× | 410 |
| RYTM | $6.2B | — | — | 32.5× | 45.8% | 89.7% | -104% | -141% | -79.5% | — | 296 |
| KNSA | $6.1B | 105.0× | 77.2× | 9.1× | 60.1% | 88.5% | 8.7% | 10.4% | 10.4% | -2.1× | — |
| LGND | $5.9B | 48.1× | 76.3× | 21.9× | 60.4% | — | 46.4% | 12.2% | 12.2% | -2.3× | 394 |
| PTCT | $5.2B | 8.0× | 5.0× | 3.0× | 115% | — | 39.4% | -332% | 839% | -0.8× | 362 |
| TVTX | $4.9B | — | — | 10.0× | 110% | 97.9% | -5.2% | -22.2% | -22.2% | — | 299 |
| INDV | $4.2B | 21.6× | 15.8× | 3.4× | 4.3% | 80.2% | 16.9% | -214% | 95.0% | 0.5× | 324 |
| OGN | $3.6B | 19.1× | — | 0.6× | -2.9% | 53.3% | 3.0% | 24.9% | 2.0% | — | 633 |
| ACAD | $3.4B | 8.5× | 30.2× | 3.1× | 11.9% | 91.7% | 36.5% | 31.9% | 31.9% | -1.7× | 341 |
| ARQT | $3.1B | — | — | 8.2× | 91.3% | 90.2% | -4.3% | -8.5% | -5.4% | — | 262 |
Peers = companies sharing ARWR's sector (Pharmaceutical Preparations) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Earns -4.87pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 163.7% | 15.6% (today's — no rate published for this year) | 148.1pts |
| FY2020 | -19.1% | 15.6% (today's — no rate published for this year) | -34.8pts |
| FY2021 | -41.3% | 15.6% (today's — no rate published for this year) | -56.9pts |
| FY2022 | -26.0% | 15.6% (today's — no rate published for this year) | -41.7pts |
| FY2023 | -37.1% | 10.6% | -47.7pts |
| FY2024 | -138.9% | 10.5% | -149.4pts |
| FY2025 | 11.9% | 14.3% | -2.4pts |
| Now | -0.3% | 15.6% | -16.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | -51627.1% | -51614.6% |
| FY2017 | not reported | -117.8% | -109.5% |
| FY2018 | not reported | -346.5% | -337.3% |
| FY2019 | not reported | 36.3% | 40.3% |
| FY2020 | not reported | -105.9% | -96.1% |
| FY2021 | not reported | -107.8% | -101.9% |
| FY2022 | not reported | -73.4% | -72.4% |
| FY2023 | not reported | -85.2% | -85.3% |
| FY2024 | not reported | -16927.1% | -16882.4% |
| FY2025 | not reported | 11.9% | -0.2% |
Return on equity (-0%) and return on invested capital (-0%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
The spread was positive in only 0 of the last 5 years.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Stressed coverage falls to 0.8x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 1.10x |
| 5% | 1.05x |
| 10% | 0.99x |
| 15% | 0.94x |
| 20% | 0.88x |
| 25% | 0.83x |
| 30% | 0.77x |
| 35% | 0.72x |
| 40% | 0.66x |
| 45% | 0.61x |
| 50% | 0.55x |
| 55% | 0.50x |
| 60% | 0.44x |
Balance sheet at 2025-09-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $111,401,000 of the $111,401,000 total — a fixed obligation that does not appear in a headline debt figure.
At $60.74, free cash flow must compound 28.86%/yr for 10 years. It has done -7.43%/yr over 6 years after stock compensation.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −201.7% | 28.9% |
| FY2022 | −535.9% | 28.9% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.