Arcutis Biotherapeutics, Inc. (ARQT) Stock

Arcutis Biotherapeutics, Inc. (ARQT) is a Healthcare stock trading at $25.09 (as of 2026-08-21), with a market capitalization of $3.15B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Arcutis Biotherapeutics, Inc. is a biopharmaceutical company focused on developing and commercializing dermatology treatments. It is advancing topical candidates including ARQ-151 for plaque psoriasis and atopic dermatitis (Phase III completed), along with ARQ-154, ARQ-252, and ARQ-255 for other skin conditions.

Understand Arcutis Biotherapeutics, Inc.: how it makes money

Arcutis Biotherapeutics develops and commercializes topical dermatology treatments, and it makes money by selling its products that address conditions like plaque psoriasis, atopic dermatitis, seborrheic dermatitis, and scalp psoriasis.

Profit is driven primarily by net product revenue from its marketed dermatology topical products (for example, ZORYVE and related franchise and product lines), while the company is currently not turning that into positive operating income (operating margin is negative).

Revenue by segment (latest quarter)
ZORYVE$0.1B

Business quality (Weak): Commercial sales appear to be the core near term driver, but the company is still generating an operating loss, so execution on product uptake and commercialization support matters alongside ongoing dermatology pipeline development.

Bull case

  • The company has a late stage lead asset, ARQ-151 (topical roflumilast cream), which has completed Phase III clinical trials for plaque psoriasis and atopic dermatitis: If commercial uptake supports ZORYVE and related offerings, product net revenues can remain the main engine of results.
  • Gross margin is high (90.7% for the latest reported period): A high gross margin structure can help translate net product revenue into profit if operating expenses are controlled over time.

Bear case

  • Operating margin is negative (-8.6%): Even with high gross margin, current operating costs are outweighing gross profit, so profitability depends on improving operating leverage.
  • The business is tied to commercial dermatology products and several topical development programs (ARQ-154, ARQ-252, ARQ-255): Future results can be sensitive to product and franchise performance and the pace of development and commercialization for additional indications and formulations.
Valuation — source: SEC EDGAR (first-party)
Price$25.09
Market Cap$3.15B
EV / EBITDA476.3
Price / Book14.30
Price / Sales7.17
FCF Yield-0.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$376.07M
Net Margin-4.3%
Revenue Growth (YoY)91.3%
EPS Growth (YoY)-88.8%
FCF Growth (YoY)-94.4%
Financial Health — source: SEC EDGAR
Altman Z-Score5.54 (safe)
Piotroski F-Score4/9 (moderate)
Valuation vs Sector & Industry
Sector P/E (Healthcare)21.7
Industry P/E (Pharmaceutical Products)17.2
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Insider Sells (12mo)44
Top Institutional HolderSUVRETTA CAPITAL MANAGEMENT, LLC ($290.42M)
Institutional Holders Tracked10
Congressional Trades (recent)6
Company
SectorHealthcare
IndustryPharmaceutical Products
CEOTodd Franklin Watanabe
Employees342
CountryUS
IPO Date2020-01-31

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ARQT earnings history · ARQT institutional & insider holders · ARQT KPIs & operating metrics · ARQT financials · ARQT investor presentations & press releases · ARQT SEC filings · ARQT peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.