Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data ARVINAS, INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
7.58
14.3
43
25.9
53.6
131
78.5
263
263
Research and development
28.8
45.2
67.2
108
180
315
380
348
285
General and administrative
3.55
12.9
27.3
38.3
61.6
79.6
100
165
95.9
Operating expenses
32.3
58.1
94.5
147
242
395
480
514
381
Operating income
-24.8
-43.8
-51.5
-121
-188
-263
-402
-250
-119
Interest expense
0.05
0.06
0.1
0.1
0
0
0
0
Interest income
0.2
2.47
4.6
3.5
1.8
12
38.8
54.8
38.4
Other non-operating income
0.71
2.32
5.9
5.6
4.3
12.2
37.6
51.9
38
Pre-tax income
-115
-184
-251
-364
-198
-80.5
Income tax
0
0
0
0
0
20.9
0.9
0.6
0.3
Net income
-24
-41.5
-70.3
-119
-191
-283
-367
-199
-80.8
EBITDA
-24.4
-43.1
-49.9
-118
-184
-257
-397
-246
-116
EPS, basic
-15.08
-25.45
-2.13
-3.02
-3.82
-5.31
-6.62
-2.77
-1.14
EPS, diluted
-15.08
-25.45
-2.13
-3.02
-3.82
-5.31
-6.62
-2.77
-1.14
Shares, basic (weighted)
1.9
9.42
32.9
39.5
50
53.2
55.5
71.9
70.9
Shares, diluted (weighted)
1.9
9.42
32.9
39.5
50
53.2
55.5
71.9
70.9
Balance sheet
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
30.9
3.19
9.21
588
108
81.3
312
101
143
Short-term investments
8.26
185
272
100
1,394
1,124
949
939
543
Receivables
25
2.78
1
15
1
0
5.7
1
Other current assets
0.32
2.82
3.73
6.1
19.7
21.4
6.5
14.2
8.9
Total current assets
65.5
196
291
703
1,553
1,240
1,280
1,067
701
Property, plant and equipment
1.3
3.58
8.46
12.3
12.7
13.4
11.5
7
5.2
Lease right-of-use assets
2.28
2
3.9
4.4
2.5
9
8.2
Other non-current assets
0.02
0.03
0.03
Total assets
66.8
199
302
717
1,582
1,269
1,305
1,091
718
Accounts payable
0.6
2.76
4.56
7.1
31.3
5.7
17.8
13.4
24.4
Accrued liabilities
3.55
4
7.6
18.9
23.1
18.7
25.7
22.4
17.5
Deferred revenue
13.6
16.1
20
22.2
206
219
163
156
71.3
Short-term debt
0.16
0.15
0
0.2
0.2
0.2
Total current liabilities
17.9
23
32.8
49.2
262
295
257
230
143
Long-term debt
0.15
2
2
2
1
1
0.8
0.6
0.4
Lease liabilities
1.71
1.1
2.9
2.7
0.5
7.3
6.8
Other non-current liabilities
0.15
Total liabilities
66.6
62.6
75
75.2
800
704
645
530
284
Total debt
0.31
2.17
2
2
1
1
1
0.8
0.6
Paid-in capital
439
599
1,134
1,469
1,549
1,996
2,092
2,137
Retained earnings
-62.4
-302
-373
-492
-683
-965
-1,333
-1,532
-1,612
Treasury stock
0
-91.9
Other comprehensive income
-0.01
-0.22
0.11
0.6
-4.6
-19.2
-3.1
1
1.2
Shareholders' equity
-61.2
137
227
642
782
565
660
562
434
Total equity
-61.2
137
227
642
782
565
660
562
434
Total liabilities and equity
66.8
199
302
717
1,582
1,269
1,305
1,091
718
Shares outstanding
31.2
38.5
48.5
53
53.2
68
68.8
63.5
Cash flow statement
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-24
-41.5
-70.3
-119
-191
-283
-367
-199
-80.8
Depreciation and amortization
0.35
0.71
1.6
3.2
4.8
6.3
4.8
4.6
3
Stock-based compensation
0.25
11.6
20.1
30.2
57.1
75.5
71.6
88.2
44
Deferred income tax
0
0
0
0
0
0
Change in receivables
-25
22.2
2.8
-1
-14
14
1
-5.7
4.7
Change in payables
-0.97
2
1.5
2
23.7
20.2
17.3
-21.2
-1.7
Cash from operations
5.11
-16.1
-40.6
-89.7
559
-274
-348
-259
-274
Capital expenditures
-1.01
-2.83
-6.3
-6.4
-4.7
-6.8
-2.9
-1.8
-1.9
Purchases of investments
-3.2
-235
-257
-41.2
-1,745
-886
-956
-652
-354
Cash from investing
20.9
-180
-93.1
164
-1,314
243
204
34.7
408
Debt issued
0
2
0
0
Debt repaid
-0.16
-0.17
-0.2
0
0
0
0
-0.4
-0.2
Stock issued
0
115
138
8.3
18.6
4.7
Share buybacks
0
0
-91.9
Cash from financing
-0.16
168
140
505
279
4.7
375
7.9
-91.4
Net change in cash
25.8
-27.7
6
579
-476
-26
230
-217
42.4
Free cash flow
4.1
-18.9
-46.9
-96.1
555
-280
-351
-261
-276
Interest paid
0.03
0.04
0.1
0.1
0.1
0
0
Income taxes paid
0
0
11.1
11.1
2.3
-0.4
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.59 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-5.7%
Operating income / revenue.
EBITDA margin
-4.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
2.9%
Net income / revenue.
FCF margin
-65.9%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-65.4%
Cash from operations / revenue.
Return on equity (ROE)
1.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
1.4%
Net income / average total assets.
Return on invested capital (ROIC)
-3.1%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
75.4%
Research and development expense / revenue.
Stock-based pay / revenue
11.6%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.6%
Capital expenditures / revenue.
D&A / revenue
0.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-0.3%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
26.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
58.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-22.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-8.4%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-7.5%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-34.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-17.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
0.0%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
-1.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
10.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
12.4%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
7.91x
Current assets / current liabilities.
Quick ratio
7.49x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
6.88x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.00x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
0.1%
Total debt / total assets.
Liabilities / assets
16.7%
Total liabilities / total assets.
Net debt
-$567.4M
Total debt - cash - short-term investments. Negative means more cash than debt.
Free cash flow / net income, when net income is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.14
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$4.82
Revenue / diluted weighted shares.
FCF per share
-$3.18
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$3.15
Cash from operations / diluted weighted shares.
Book value per share
$8.61
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
53.4x
Market cap / net income. Only when net income is positive.
P/S
1.57x
Market cap / revenue.
P/B
0.88x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.88x
Market cap / tangible book value, when positive.
FCF yield
-42.1%
Free cash flow / market cap.
Earnings yield
1.9%
Net income / market cap (the inverse of P/E).
What was ARVINAS, INC.'s revenue in fiscal 2025?
ARVINAS, INC. reported revenue of $262.6M for fiscal 2025, 0.3% lower than the year before.
Was ARVINAS, INC. profitable in fiscal 2025?
No. It reported a net loss of $80.8M.
How much free cash flow did ARVINAS, INC. generate in fiscal 2025?
Cash from operations of $273.8M minus capital expenditures of $1.9M left free cash flow of -$275.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.