Arcutis Biotherapeutics, Inc. (ARQT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-632.3%

-$166.41

vs $31.26 price

Levered DCF

-$161.60

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

7.53

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-223.38×	-12.01×	-0.85×	-2.61×	-4.97×	-7.4×	-19.82×	-41.13×
P/B	19.5×	10.7×	2.52×	3.89×	3.44×	3.71×	8.18×	-32.93×
P/S	9.82×	8.57×	3.76×	220.96×	0×	0×	0×	0×
EV / EBITDA	2,055.19×	-15.73×	-1.49×	-3.27×	-4.88×	-6.96×	-18.36×	1,563.65×
Gross margin	90.2%	90.3%	91.6%	79.5%	0.0%	0.0%	0.0%	0.0%
Operating margin	-3.3%	-65.3%	-404.5%	-8183.0%	0.0%	0.0%	0.0%	0.0%
Net margin	-4.3%	-71.3%	-439.8%	-8449.8%	0.0%	0.0%	0.0%	0.0%
Current ratio	3.17×	4.15×	7.08×	11.57×	12.09×	12.96×	20.33×	19.12×
Debt / equity	0.03×	0.7×	2.32×	0.97×	0.26×	0.02×	0×	0×
Interest coverage	-1.01×	-4.73×	-8.11×	-19.27×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-8.5%	-88.9%	-295.6%	-148.6%	-69.3%	-50.1%	-41.4%	80.3%
Return on invested capital	-4.0%	-47.8%	-81.6%	-73.2%	-55.0%	-49.6%	-42.3%	-40.8%
Return on assets	-3.7%	-40.1%	-76.8%	-69.3%	-50.6%	-45.5%	-39.2%	-37.7%
Free cash flow yield	-0.2%	-6.7%	-110.6%	-34.5%	-17.1%	-11.3%	-5.2%	-1.8%
Earnings yield	-0.4%	-8.3%	-117.1%	-38.2%	-20.1%	-13.5%	-5.1%	-2.4%
Enterprise value	$3.7B	$1.7B	$341.4M	$963.4M	$1B	$943.2M	$767.3M	$750.6M
Net debt / EBITDA	-20.58×	-0.36×	-0.51×	-0.5×	0.1×	0.44×	1.51×	-82.07×
Cash conversion cycle (days)	242	142	242	202	-3,517	-5,728	-2,630	0