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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Arcutis Biotherapeutics reported revenue of $376M in the fiscal year ended Dec 2025, up 91.3% from the year before. Operating income was −$12M, an operating margin of −3.3%, and net income was −$16M. Operating cash flow of −$6M less capital expenditure of $686,000 left free cash flow of −$6M. Net debt was $66M.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 0.0 | 3.7 | 59.6 | 197 | 376 |
| Cost of revenue | 0.0 | 0.8 | 5.0 | 19.1 | 36.7 |
| Gross profit | 0.0 | 2.9 | 54.6 | 177 | 339 |
| Research & development | 146 | 182 | 111 | 76.4 | 77.1 |
| Selling, general & admin | 61.0 | 122 | 185 | 229 | 275 |
| Operating income | −207 | −302 | −241 | −128 | −12.2 |
| Interest expense | 0.0 | 15.7 | 29.7 | 27.2 | 12.1 |
| Income tax | 0.0 | 0.0 | 3.1 | 0.6 | 1.2 |
| Net income | −206 | −311 | −262 | −140 | −16.1 |
| Diluted EPS | −4.18 | −5.66 | −3.78 | −1.16 | −0.13 |
| Diluted shares | 49.4 | 55.0 | 69.3 | 121 | 127 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 96.4 | 53.6 | 88.4 | 71.3 | 42.9 |
| Receivables | 0.0 | 8.5 | 25.8 | 73.1 | 146 |
| Inventory | 0.0 | 7.5 | 13.1 | 14.5 | 22.6 |
| Current assets | 403 | 437 | 330 | 336 | 411 |
| Net PP&E | 2.3 | 1.9 | 1.5 | 1.0 | 1.0 |
| Total assets | 408 | 449 | 341 | 349 | 433 |
| Payables | 7.4 | 8.8 | 12.0 | 14.2 | 12.5 |
| Current liabilities | 33.3 | 37.8 | 46.7 | 81.0 | 130 |
| Short-term debt | – | – | 0.0 | 0.0 | 1.0 |
| Long-term debt | 72.4 | 198 | 202 | 107 | 108 |
| Total liabilities | 110 | 240 | 253 | 191 | 243 |
| Shareholders' equity | 298 | 210 | 88.7 | 158 | 189 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −175 | −258 | −247 | −112 | −5.6 |
| Capital expenditure | 1.0 | 0.3 | 0.4 | 0.1 | 0.7 |
| Free cash flow | −176 | −258 | −247 | −112 | −6.3 |
| Depreciation & amortisation | 0.5 | 0.6 | 0.8 | 0.6 | 0.7 |
| Stock-based compensation | 23.9 | 32.7 | 38.8 | 41.7 | 40.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | – | 1517.1% | 229.7% | 91.3% |
| Gross margin | – | 79.5% | 91.6% | 90.3% | 90.2% |
| Operating margin | – | −8183.0% | −404.5% | −65.3% | −3.3% |
| Net margin | – | −8449.8% | −439.8% | −71.3% | −4.3% |
| Return on equityBlank when equity is negative | −69.3% | −148.6% | −295.6% | −88.9% | −8.5% |
| ROCEEBIT ÷ (assets − current liabilities) | −55.1% | −73.3% | −81.8% | −47.9% | −4.0% |
| Free cash flow margin | – | −7000.8% | −415.2% | −57.1% | −1.7% |
| Cash conversion (CFO ÷ net income) | 0.85x | 0.83x | 0.94x | 0.80x | 0.35x |
| Receivable days | – | 838 | 158 | 136 | 142 |
| Inventory days | – | 3637 | 961 | 277 | 225 |
| Payable days | – | 4273 | 878 | 271 | 125 |
| Interest cover | – | −19.3x | −8.11x | −4.73x | −1.01x |
| Debt ÷ equity | 0.24x | 0.94x | 2.28x | 0.68x | 0.58x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −24.1 | 144 | 113 | 35.9 | 66.1 |
| Current ratio | 12.1x | 11.6x | 7.08x | 4.15x | 3.17x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.