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Arcutis Biotherapeutics, Inc. (ARQT)

Pharmaceutical Preparations

Latest Price
$26.20
Market Cap
$3.30B
TTM P/E
119.09
Earnings Yield
0.84%
TTM Div Yield
--
P/B Ratio
13.50
Price at the 2026-11-06 close. Earnings yield is trailing 12-month earnings divided by price.

Business Summary

full summary →

Arcutis Biotherapeutics, Inc. is a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for dermatological diseases with high unmet medical needs, leveraging a platform centered on validated biological targets and deep dermatology expertise.

1-Year Change
+1.79%
52-Week High
$34.80
52-Week Low
$19.30
Daily close, 2025-11-06 to 2026-11-06
Quarter endingDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026Last 4 quarters
Revenue$2.96M$2.78M$5.19M$38.11M$13.95M$49.57M$30.86M$44.76M$71.36M$65.85M$81.50M$99.22M$129.50M$105.40M$129.86M$143.92M$508.68M
Gross margin----85.0%--80.9%93.4%88.8%87.7%90.3%86.6%90.8%91.3%91.0%90.7%91.6%91.3%91.2%
Operating margin-2310.8%-2742.4%-1286.4%-96.8%-438.6%-63.8%-162.3%-87.3%-10.7%-37.3%-17.9%8.6%14.2%-8.6%12.7%6.6%6.9%
Net income-$72.02M-$80.10M-$70.99M-$44.77M-$66.28M-$35.38M-$52.33M-$41.54M-$10.79M-$25.06M-$15.89M$7.41M$17.39M-$11.29M$15.01M$8.80M$29.91M
Net margin-2432.3%-2880.3%-1367.8%-117.5%-475.3%-71.4%-169.6%-92.8%-15.1%-38.1%-19.5%7.5%13.4%-10.7%11.6%6.1%5.9%
Operating cash flow-$71.06M-$80.34M-$66.48M-$43.98M-$56.24M-$31.60M-$45.12M-$34.69M-$748,000-$30.38M$324,000-$1.75M$26.18M$2.24M$12.64M$18.90M$59.96M
Free cash flow-$71.19M-$80.43M-$66.76M-$44.05M-$56.25M-$31.60M-$45.12M-$34.83M-$748,000-$30.99M$246,000-$1.75M$26.18M$2.24M$12.48M$18.80M$59.71M

Chart: revenue per quarter, Dec 2022 to Sep 2026. Hover over or tap a row to chart it.

Quarters ending Dec 2024 to Sep 2026, oldest first.

Revenue ($M)

Last 4 quarters $508.68M
$150M$0
71668299130105130144

Gross margin (%)

Last 4 quarters 91.2%
100%0%
90.386.690.891.391.090.791.691.3

Operating margin (%)

Last 4 quarters 6.9%
15%0%-40%
-11-37-18914-9137

Net income ($M)

Last 4 quarters $29.91M
$20M$0-$30M
-11-25-16717-11159

Net margin (%)

Last 4 quarters 5.9%
15%0%-40%
-15-38-19713-11126

Operating cash flow ($M)

Last 4 quarters $59.96M
$30M$0-$40M
-1-300-22621319

Free cash flow ($M)

Last 4 quarters $59.71M
$30M$0-$40M
-1-310-22621219

Capital Structure

balance sheet →
Shares Outstanding
126.02M
Total Debt
$109.40M
Long-term Debt
$102.45M
Long-term Debt / Capital
29.6%
Cash
$33.37M
Current Assets
$503.69M
Current Liabilities
$172.36M
Debt as of 2026-09-30; current position as of 2026-09-30.

Institutional Ownership

all holders →256 institutions hold 100.0% of shares
InstitutionSharesValueOwnership %ChangeFiling Date
Montanova Capital, LLC12.44M$326.0M9.87%+110.0K2026-06-30
BlackRock, Inc.10.55M$276.0M8.37%+1.35M2026-06-30
Frazier Life Sciences Management, L.P.9.87M$258.0M7.84%--2026-06-30
Rubric Capital Management LP8.27M$216.0M6.56%--2026-06-30
Polar Capital Holdings Plc6.61M$173.0M5.24%+940.0K2026-06-30
State Street Corp5.82M$152.0M4.62%-473.4K2026-06-30
Vanguard Capital Management LLC4.99M$130.0M3.96%+117.2K2026-06-30
Morgan Stanley4.45M$116.0M3.53%+232.1K2026-06-30
Jennison Associates LLC4.22M$110.0M3.35%-761.7K2026-06-30
D. E. Shaw & Co., Inc.3.95M$103.0M3.13%+1.45M2026-06-30

Recent Material Events

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  1. Arcutis Biotherapeutics reported third-quarter net product revenues of $143.9 million, a 45% increase from the prior year and an 11% rise sequentially, driven by strong demand for its ZORYVE portfolio. The company raised its full-year 2026 net product sales guidance to $535 million–$545 million from the previous range of $525 million–$540 million. Net income was $8.8 million, or $0.07 per share basic and $0.06 diluted, compared to $7.4 million in the same period last year. Operating cash flow remained positive at $18.9 million for the quarter. Arcutis is a commercial-stage biopharmaceutical company focused on developing innovative treatments for immune-mediated dermatological diseases.
  2. The Arcutis Biotherapeutics board increased the authorized number of directors from ten to eleven and appointed Dr. Robert Scott as a Class II director effective October 23, 2026. Dr. Scott joins the Nominating and Corporate Governance Committee and receives an initial stock option award for 20,507 shares plus prorated annual equity valued at approximately $350,000 and cash retainers totaling $55,000. He brings over four decades of pharmaceutical leadership experience, including tenure as Chief Medical Officer at AbbVie and roles at Amgen and Pfizer. Arcutis Biotherapeutics is a commercial-stage biopharmaceutical company focused on developing treatments for chronic inflammatory skin diseases.
  3. Arcutis Biotherapeutics, Inc. increased its Board of Directors from nine to ten members and appointed Christopher Peetz as a new Class III director, effective July 15, 2026. Mr. Peetz, a biopharmaceutical executive with experience at Mirum Pharmaceuticals and Tobira Therapeutics, will receive an initial stock option award for 21,486 shares and is eligible for a prorated annual equity award valued at approximately $350,000 and a $50,000 cash retainer. Arcutis Biotherapeutics, Inc. is a commercial-stage medical dermatology company focused on developing therapies for chronic inflammatory skin diseases.
  4. Arcutis Biotherapeutics, Inc. held its 2026 Annual Meeting of Stockholders on June 5, 2026, where stockholders' votes on three proposals, including the election of Class III directors (Patrick J. Heron, Neha Krishnamohan, and Todd Franklin Watanabe), the ratification of andhesion to Ernst & Young LLP as independent auditor, and a voting on a non-binding advisory basis of executive officer compensation. The Board of Directors approved revisions to the Amended and Restated Non-Employee Director Compensation Program, Board members are compensated with annual cash and equity compensation. Arcutis Biotherapeutics, Inc. is a biopharmaceutical company that develops and commercializes commercial-stage products for inflammatory and inflammatory-related skin diseases.

Insider Transactions

all insider transactions →
NameTitleTransactionSharesPriceDate
Matsuda MasaruEVP, Chief Legal OfficerExercise40.0K$3.642026-11-04
Matsuda MasaruEVP, Chief Legal OfficerOpen Market Sale1.2K$31.862026-11-02
Watanabe ToddSee RemarksOpen Market Sale4.4K$31.862026-11-02
Burnett PatrickEVP, Chief Medical OfficerOpen Market Sale943$31.862026-11-02
Scott Robert A--Award/Grant2.8K--2026-10-23