Arrowhead PHARMACEUTICALS, Inc. (ARWR) intrinsic value & 10-year financials
Arrowhead PHARMACEUTICALS, Inc. (ARWR) has a Graham intrinsic value of $22.92 per share. At $55.90 on Oct 17, 2026, the stock trades 144% above that value. Over the last 10 fiscal years revenue grew 159.0% a year to $829.4M, with an average return on invested capital of -117.6%.
- Graham intrinsic value
- $22.92
- Share price (Oct 17, 2026)
- $55.90
- Price vs Graham value
- 144% above
- Market cap
- $7.5B
- Revenue (FY2025)
- $829.4M
- Revenue growth (10-yr CAGR)
- 159.0%
- ROIC (10-yr avg)
- -117.6%
- Free cash flow (FY2025)
- $156.9M
ARWR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $829.4M | -$1.6M | -$0.01 | $156.9M | 11.9% | 18.3% |
| FY2024 | $3.6M | -$599.5M | -$5.00 | -$604.3M | -16927.1% | -260.8% |
| FY2023 | $240.7M | -$205.3M | -$1.92 | -$330.6M | -85.2% | -64.6% |
| FY2022 | $243.2M | -$176.1M | -$1.67 | -$188.9M | -73.4% | -57.9% |
| FY2021 | $138.3M | -$140.8M | -$1.36 | $147.7M | -107.8% | -50.9% |
| FY2020 | $88.0M | -$84.6M | -$0.84 | -$107.3M | -105.9% | -27.5% |
| FY2019 | $168.8M | $68.0M | $0.69 | $161.0M | 36.3% | 89.8% |
| FY2018 | $16.1M | -$54.5M | -$0.65 | -$48.6M | -346.5% | -88.0% |
| FY2017 | $31.4M | -$34.4M | -$0.47 | -$31.9M | -117.8% | -102.7% |
| FY2016 | $158.3K | -$81.7M | — | -$68.3M | -51627.1% | -631.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ARROWHEAD PHARMACEUTICALS, INC. is a consistent compounder, expanding top-line revenue at 159.0% annually over the past decade.
ARROWHEAD PHARMACEUTICALS, INC. has historically struggled to out-earn its cost of capital, averaging just -29.2% ROIC.
ARROWHEAD PHARMACEUTICALS, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ARROWHEAD PHARMACEUTICALS, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $22.92 per share.