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Arvinas

ARVN on Nasdaq. Arvinas makes experimental drugs that break down disease-causing proteins for patients. Market value $488m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-43.7%low

For every $100 of what the whole company costs, it produced $-43.68 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-42.8%five-year median

Each dollar kept in the business earns -43 cents a year. Above 10 is good.

Quality score: 44 of 100. Price score: 10 of 100. Our list needs 70 on quality and 60 on price.

$7.31 a share, 5% above its 1-year low

Over the past year the price has ranged from $6.97 to $14.51.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.6
-0.3
-0.4
-0.3
-0.3
-0.2
2021202220232024202512 monthsto Jun '26
Revenue
$54m$131m$79m$263m$263m
Operating margin
-351.5%-200.3%-511.5%-95.0%-45.1%
Debt to equity
0.000.000.000.000.00
Shares outstanding
0.05bn0.06bn0.07bn0.06bn0.07bn

Health checks

  • Free cash flow positive1 of 5 years
  • Accounting checksSkipped: company is not yet profitable
  • Debt0.00× equity
  • Revenue growth, five yearsStrong, 58.9% a year
  • Buying back its own sharesNo, 23% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $250 million last quarter, up 1015% on a year ago.
  • Profit: $169 million, after a loss of $61 million a year ago.
  • It loses 6 cents on each $1 of sales, compared with 32 cents a year earlier.
  • Over the past 12 months it spent $209 million more cash than it brought in, compared with $399 million a year earlier.
  • 10% fewer shares than a year ago. Each share owns a bit more of the company.
  • It has $94 million more cash than debt, down from $114 million a year ago.
  • Sales grew on a year ago in 1 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$102m
December 2024$59m
March 2025$189m
June 2025$22m
September 2025$42m
December 2025$10m
March 2026$16m
June 2026$250m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$49m
December 2024-$45m
March 2025$83m
June 2025-$61m
September 2025-$35m
December 2025-$67m
March 2026-$58m
June 2026$169m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
24 February 2026
Next quarterly (estimated, 10-Q)
3 November 2026

Who owns it

None of the long-term investors we follow own it. 201 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%; 1 of them is pushing for change.

  • BlackRock, Inc.
    Passive investor
    7.9%
    Since 31 March 2025
  • 6.1%
    Since 31 March 2026
  • David E. Shaw
    Passive investor
    at least 5.4%+0.1 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • at least 3.4%−5.2 pts
    (filed with 7 related holders)
    Since 13 October 2025
    What they said

    The reporting persons acquired the securities for investment purposes. The reporting persons will routinely monitor the Issuer regarding a wide variety of factors that affect their investment considerations, including, current and anticipated future trading prices of the Stock…

    Read the filing
  • Sold down below 5%
    Since 30 June 2025
  • Kenneth Griffin
    Passive investor
    Sold down below 5%
    Since 30 September 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026
  • EcoR1 Capital, LLC
    Passive investor
    Sold down below 5%
    Since 31 March 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $268,000 of shares on the open market. 6 sold $1m, $66,057 of it under preset trading plans.

  • Saik Andrew
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    24 June 2026
    Shares
    5,696
    Price
    $8.16
    Value
    $46,479
  • Cacace Angela M
    Chief Scientific Officer
    Sold
    under a preset trading plan
    Date
    17 June 2026
    Shares
    2,576
    Price
    $7.60
    Value
    $19,578
  • Teel Randy
    President and CEO, Director
    Sold
    Date
    21 May 2026
    Shares
    2,209
    Price
    $9.04
    Value
    $19,969
  • Saik Andrew
    Chief Financial Officer
    Sold
    Date
    11 May 2026
    Shares
    11,139
    Price
    $9.94
    Value
    $110,722
  • Loomis David K
    VP, Chief Accounting Officer
    Sold
    Date
    11 May 2026
    Shares
    1,919
    Price
    $9.94
    Value
    $19,075
  • Cacace Angela M
    Chief Scientific Officer
    Sold
    Date
    11 May 2026
    Shares
    9,657
    Price
    $9.94
    Value
    $95,991
  • Berkowitz Noah
    Chief Medical Officer
    Sold
    Date
    11 May 2026
    Shares
    11,108
    Price
    $9.94
    Value
    $110,414
  • Teel Randy
    President and CEO, Director
    Sold
    Date
    11 May 2026
    Shares
    9,657
    Price
    $9.94
    Value
    $95,991
  • Berkowitz Noah
    Chief Medical Officer
    Sold
    Date
    18 March 2026
    Shares
    6,435
    Price
    $11.10
    Value
    $71,429
  • Morrison Briggs
    Director
    Bought
    Date
    6 March 2026
    Shares
    20,000
    Price
    $13.40
    Value
    $268,000

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 9 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.