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Arrowhead Pharmaceuticals

ARWR on Nasdaq. Arrowhead sells gene-silencing medicines to treat rare and severe diseases in patients. Market value $8.8bn.

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 September 2025.

We can't read total debt from the filing, so debt is left out.

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
-0.9%low

For every $100 of what the whole company costs, it produced $-0.86 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 September 2025
n/a

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

Quality score: 48 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$61.54 a share, 78% above its 1-year low

Over the past year the price has ranged from $34.61 to $95.49.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.1
-0.2
-0.3
-0.6
0.2
-0.1
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $75 million in the past 12 months, $157 million in the year to September 2025.

Revenue
$138m$243m$241m$4m$829m
Operating margin
-107.8%-73.4%-85.2%-16927.1%11.9%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.11bn0.11bn0.12bn0.12bn0.14bn

Health checks

  • Free cash flow positive2 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)3 of 7 checks we could run
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsStrong, 56.6% a year
  • Buying back its own sharesNo, 33% more shares since 2021

The quarter to June 2026

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

  • Sales: $75 million last quarter, up 171% on a year ago.
  • A loss of $194 million, compared with a loss of $175 million a year ago.
  • It loses 34 cents on each $1 of sales, compared with 19 cents a year earlier.
  • Over the past 12 months it spent $75 million more cash than it brought in, compared with $18 million a year earlier.
  • 3% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in 3 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$0
December 2024$3m
March 2025$543m
June 2025$28m
September 2025$256m
December 2025$264m
March 2026$74m
June 2026$75m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$171m
December 2024-$173m
March 2025$370m
June 2025-$175m
September 2025-$24m
December 2025$31m
March 2026-$133m
June 2026-$194m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
25 November 2025
Next quarterly (estimated, 10-Q)
3 November 2026

Who owns it

3 long-term investors we follow own it, up from 2 last quarter. 499 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

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

Big holders and activists

4 investors own more than 5%.

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

What insiders did

No insider bought shares on the open market in the last 12 months. 10 sold $37m, $17m of it under preset trading plans.

  • PERRY MICHAEL S
    Director
    Sold
    Date
    18 August 2026
    Shares
    11,600
    Price
    $87.30
    Value
    $1m
  • OLUKOTUN ADEOYE Y
    Director
    Sold
    Date
    18 August 2026
    Shares
    2,000
    Price
    $86.96
    Value
    $173,920
  • Lu Hongbo
    Director
    Sold
    under a preset trading plan
    Date
    12 May 2026
    Shares
    2,970
    Price
    $76.88
    Value
    $228,334
  • Hamilton James C
    Chief Medical Officer
    Sold
    under a preset trading plan
    Date
    23 April 2026
    Shares
    10,000
    Price
    $75.00
    Value
    $750,000
  • Apel Daniel Joseph
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    22 April 2026
    Shares
    13,095
    Price
    $71.35
    Value
    $934,285
  • Hamilton James C
    Chief Medical Officer
    Sold
    under a preset trading plan
    Date
    5 March 2026
    Shares
    10,000
    Price
    $64.19
    Value
    $641,900
  • Hamilton James C
    Chief Medical Officer
    Sold
    under a preset trading plan
    Date
    5 January 2026
    Shares
    40,164
    Price
    $63.11
    Value
    $3m
  • O'Brien Patrick
    COO
    Sold
    under a preset trading plan
    Date
    5 January 2026
    Shares
    49,493
    Price
    $63.11
    Value
    $3m
  • Anzalone Christopher Richard
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    2 January 2026
    Shares
    13,187
    Price
    $66.10
    Value
    $871,703
  • Anzalone Christopher Richard
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    29 December 2025
    Shares
    51,726
    Price
    $69.13
    Value
    $4m

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 25 Nov 2025, plus the 10-Q filed 4 Aug 2026 and 8 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.