Arcutis Biotherapeutics, Inc. (ARQT) Stock Price & Analysis
Arcutis Biotherapeutics, Inc. (ARQT) closed at USD 32.2 on Thursday, October 22, 2026, up 1.04% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 31.87; the Oct 22, 2026 session ranged USD 31.35–32.5 on volume of 2,075,682 shares. Market capitalization is $4.05B, with a 52-week range of USD 19.3–33.3 (NMS). Source: Nexqual, retrieved October 23, 2026 at 10:32 UTC.
Also available as compact Markdown for AI agents: nexqual.com/ARQT.md
Key facts (ARQT)
- Last four reported quarters (through Jun 30, 2026): revenue $464M, net income $28.5M (6.1% margin), free cash flow $39.2M (SEC filings).
- Valuation: P/E 141.9x, net cash $130M.
- Analysts: Buy (mean 1.88 on a 1–5 scale) (8 analysts), mean target USD 39.13 (range 34–48).
- Total return with dividends: 1Y +60.4% vs S&P 500 +14.9%; 5Y +49.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.17, revenue estimate $143M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (ARQT)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $0K | $3.7M | $59.6M | $197M | $376M | $464M |
| Gross profit | $0K | $2.9M | $54.6M | $177M | $339M | — |
| Operating income | -$207M | -$302M | -$241M | -$128M | -$12.2M | $34.3M |
| Net income | -$206M | -$311M | -$262M | -$140M | -$16.1M | $28.5M |
| EPS (diluted) | -$4.18 | -$5.66 | -$3.78 | -$1.16 | -$0.13 | — |
| Free cash flow | -$176M | -$258M | -$247M | -$112M | -$6.3M | $39.2M |
| Gross margin | — | 79.5% | 91.6% | 90.3% | 90.2% | — |
| Operating margin | — | -8183.0% | -404.5% | -65.3% | -3.3% | 7.4% |
| Net margin | — | -8449.8% | -439.8% | -71.3% | -4.3% | 6.1% |
| Revenue growth | — | — | +1517.1% | +229.7% | +91.3% | — |
| Cash + short-term investments | $387M | $410M | $272M | $228M | $221M | — |
| Total debt | $72.3M | $198M | $202M | $107M | $109M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (ARQT)
P/E 141.9x · P/S 8.7x · EV/Sales 8.4x · P/FCF 103.4x · P/B 18.4x · FCF yield 0.97% · Earnings yield 0.70% · Net cash $130M · EV $3.92B
Analysts (ARQT)
Consensus Buy (mean 1.88 on a 1–5 scale), 8 analysts; mean target USD 39.13 (low 34, high 48).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Guggenheim | Target raised | Buy | $38 → $44 |
| 2026-10-15 | Cantor Fitzgerald | Initiated | Overweight | $48 |
| 2026-08-06 | Morgan Stanley | Target raised | Overweight | $34 → $38 |
| 2026-08-06 | Guggenheim | Target raised | Buy | $35 → $38 |
| 2026-08-06 | Needham | Target raised | Buy | $36 → $40 |
Total return (dividends reinvested) (ARQT)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +60.4% | +49.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +60.6% | +8.3% |
| Volatility (annualized) | 56.9% | 72.4% |
| Max drawdown | -37.5% (Dec 2025→May 2026) | -92.6% (Aug 2022→Nov 2023) |
ARQT revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| ZORYVE Foam | $67.4M | 51.9% | +71.8% |
| ZORYVE Cream0.3 | $35.3M | 27.2% | +27.6% |
| ZORYVE Cream0.15 | $24.2M | 18.7% | +65.8% |
| ZORYVE Cream0.05 | $2.9M | 2.3% | — |
| Total revenue | $129.9M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
ARQT suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Kowa Pharmaceuticals America | “In July 2024, we entered into a promotion agreement with Kowa Pharmaceuticals America, Inc. (Kowa) to leverage Kowa's primary care sales force to exclusively market and promote ZORYVE in the United States to primary care practitioners and pediatricians for all FDA-approved indications until at least July 2029.” |
| Partner | Jiangsu Hengrui Medicine | “In January 2018, we entered into an exclusive option and license agreement (the Hengrui License Agreement) with Jiangsu Hengrui Medicine Co., Ltd (Hengrui), whereby Hengrui granted us an exclusive option to obtain certain exclusive rights to research, develop, and commercialize products containing the compound designated by Hengrui as ivarmacitinib, a potent and selective JAK1 inhibitor, in topical formulations fo…” |
| Partner | Sato Pharmaceutical | “On February 27, 2024, we entered into the Sato Agreement with Sato.” |
| Partner | Hangzhou Zhongmei Huadong Pharmaceutical | “In August 2023, we entered the Huadong Agreement with Huadong, pursuant to which we granted to Huadong an exclusive, sublicensable (under certain circumstances) license under certain patent rights and know-” |
| Partner | SLR Investment Corp. (SLRC) | “•our ability to satisfy the conditions, covenants, and obligations under our amended loan and security agreement with SLR Investment Corp.;” |
| Competitor | AbbVie (ABBV) | “•injected biologic therapies such as Skyrizi®, marketed by AbbVie Inc., and Bimzelex®, marketed by UCB, Inc.;” |
| Competitor | Pfizer (PFE) | “•topical therapies such as Eucrisa, marketed by Pfizer Inc.;” |
| Competitor | Johnson & Johnson (JNJ) | “In addition, there are several product candidates under development that could potentially be used to treat psoriasis and compete with ZORYVE and ARQ-234, including but not limited to: Ustekinumab biosimilars, under development by Biocon and others; lcotrokinra, under development through a collaboration between Johnson & Johnson and Protagonist Therapeutics;” |
Quoted from the company's 10-K filed Feb 25, 2026.
ARQT customer concentration
In the period ended Dec 31, 2025, 4 direct customers each accounted for at least 10% (17%, 12%, 11%, 11%) of revenue, per the company's 10-K filed Feb 25, 2026. The company does not name them.
ARQT company outlook (results filed Aug 5, 2026)
- “The Company raised net product sales guidance for the full year 2026 from $480 million–$495 million to $525 million–$540 million. 3027 Townsgate Road, Suite 300 Westlake Village, CA 91361 | arcutis.com Conference Call and Webcast Arcutis management will host a conference call and webcast today at 4:30 p.m.”
Quoted word-for-word from the SEC 8-K results press release.
ARQT analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.17 | $0.08 | +114.9% | $142.6M | 6 |
| Next quarter (ends Dec 2026) | $0.23 | $0.14 | +63.5% | $160.7M | 6 |
| Current fiscal year (ends Dec 2026) | $0.42 | $0.18 | +140.6% | $538.6M | 6 |
| Next fiscal year (ends Dec 2027) | $1.34 | $1.13 | +18.1% | $695.7M | 6 |
ARQT options: expected move
Options price a move of about ±11.7% (±$3.78) by Nov 20, 2026, which includes earnings on Nov 4, 2026. Over the last 8 reports the stock moved ±9.7% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 51.9% | ±11.7% |
| Dec 18, 2026 | 56 | 56.4% | ±17.8% |
| Jan 15, 2027 | 84 | 47.2% | ±18.2% |
| Mar 19, 2027 | 147 | 57.7% | ±29.0% |
| Jun 17, 2027 | 237 | 55.6% | ±35.2% |
30-day implied volatility 54.4% vs 68.5% realized over the last 30 trading days. Put/call ratio (volume) 0.06. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 10:32 UTC)
| Price | USD 32.2 |
|---|---|
| Change | ▲ 1.04% (up) |
| Previous Close | USD 31.87 |
| Open | USD 31.68 |
| Day Range | USD 31.35 – 32.5 |
| 52-Week Range | USD 19.3 – 33.3 |
| Volume | 2,075,682 shares |
| Market Cap | $4.05B |
| Exchange | NMS |
Technical Analysis (ARQT)
Nexqual's technical model rates ARQT "BUY" based on 5 bullish and 2 bearish signals across 127 daily candles, as of October 23, 2026 at 10:32 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 71.06 (overbought) |
| vs SMA50 | Above (USD 25.98) |
| MACD | 1.65 (positive) |
Analyst Ratings (ARQT)
Wall Street analysts rate ARQT "Buy" based on 8 analysts, with a mean price target of USD 39.13 (range USD 34–48), per Nexqual as of October 23, 2026 at 10:32 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 8 |
| Mean Target | USD 39.13 |
| High Target | USD 48 |
| Low Target | USD 34 |
| Buy / Hold / Sell | 7 / 1 / 0 |
Earnings (ARQT)
| Next Earnings Date | 2026-11-04 |
|---|---|
| EPS Estimate | USD 0.17 |
| Revenue Estimate | $142.59M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.11 vs est 0.05 ▲ beat |
| 2026-03-31 | USD -0.09 vs est -0.06 ▼ miss |
| 2025-12-31 | USD 0.13 vs est 0.09 ▲ beat |
| 2025-09-30 | USD 0.06 vs est -0.09 ▲ beat |
Source: Nexqual, October 23, 2026 at 10:32 UTC.
Financials & Fundamentals (ARQT)
| Total Revenue | $463.98M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +59.30% |
| Gross Margin | +91.14% |
| Operating Margin | +12.65% |
| Profit Margin | +6.15% |
| ROE | +15.86% |
| Debt / Equity | 0.52 |
| Current Ratio | 2.92 |
| Total Cash | $238.55M |
| Total Debt | $114.14M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $39.15M (8.4% of revenue) |
Source: Nexqual, October 23, 2026 at 10:32 UTC.
Financial Health Score (ARQT)
Nexqual rates Arcutis Biotherapeutics, Inc.'s overall financial health "Strong" across five dimensions, as of October 23, 2026 at 10:32 UTC.
| Growth | Strong — Revenue +91% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 91%, operating 13% (last 12 months) |
| Balance Sheet | Strong — $239M cash and investments vs $109M debt (Jun 2026, SEC), net cash |
| Cash Flow | Solid — FCF $39M (last 4 quarters to Jun 2026, SEC), 8% margin |
| Efficiency | Solid — ROE 16%, ROA 5.1% |
Ownership (ARQT)
| Insider Ownership | +1.77% |
|---|---|
| Institutional Ownership | +108.62% |
| Shares Outstanding | 125.69M |
| Float | 93.82M |
| Short % of Float | +18.40% |
Source: Nexqual, October 23, 2026 at 10:32 UTC.
Leadership (ARQT)
Arcutis Biotherapeutics, Inc. is led by Todd Franklin Watanabe M.A., President, CEO & Director, per Nexqual as of October 23, 2026 at 10:32 UTC.
| President, CEO & Director | Todd Franklin Watanabe M.A. |
|---|---|
| Co-Founder & Director Emeritus | Bhaskar Chaudhuri |
| Senior VP & Chief Financial Officer | Latha Vairavan |
| Vice President of Compliance & Privacy | Steve Arias |
| Vice President of Marketing | Aleen Hosdaghian |
Major Backers & Investors (ARQT)
Notable institutional backers of Arcutis Biotherapeutics, Inc. include Montanova Capital LLC, Frazier Life Sciences Management, L.P. , Rubric Capital Management LP, according to Nexqual as of October 23, 2026 at 10:32 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Montanova Capital LLC | 9.89% |
| Frazier Life Sciences Management, L.P. | 7.86% |
| Rubric Capital Management LP | 6.58% |
| Polar Capital Holdings PLC | 5.26% |
| Morgan Stanley | 3.54% |
| Jennison Associates LLC | 3.36% |
| Shaw D.E. & Co., Inc. | 3.14% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 8.39% |
| State Street | 4.63% |
| Vanguard Group | 3.97% |
Source: Nexqual, October 23, 2026 at 10:32 UTC.
From Arcutis Biotherapeutics, Inc.'s Latest SEC 10-K Filing (filed 2026-02-25)
Key Strengths & Strategy (as disclosed to the SEC)
- In November 2025, our supplemental New Drug Application (sNDA) was accepted for filing by the FDA to potentially expand the indication of ZORYVE cream 0.3% for the treatment of plaque psoriasis in children down to the age of 2, with a Prescription Drug User Fee Act (PDUFA) target action date set for June 29, 2026.
- We believe we have built a leading platform for dermatologic product development and commercialization.
- We believe our management team's experience in developing dermatological drugs, including biologics, will enable us to effectively move ARQ-234 through the development process.
Partnerships
- In July 2024, we entered into a promotion agreement with Kowa Pharmaceuticals America, Inc. (Kowa) to leverage Kowa's primary care sales force to exclusively market and promote ZORYVE in the United States to primary care practitioners and pediatricians for all FDA-approved indications until at least July 2029.
- In July 2018, we executed a licensing agreement with AstraZeneca AB (AstraZeneca) for exclusive worldwide rights to roflumilast as a topical product in humans solely for dermatological indications.
Legal & Regulatory Risks (Item 1A, quoted)
- Index to Financial Statements
- The FDA's and other regulatory authorities' policies may change, and additional government regulations may be enacted that could prevent, limit, or delay regulatory approval of our product candidates.
- The ability of the FDA to review and approve new products can be affected by a variety of factors, including government budget and funding levels, ability to hire and retain key personnel and accept the payment of user fees, and statutory, regulatory, and policy changes.
- We may be subject to health care laws and regulations relating to our business, and could face substantial penalties if we are determined not to have fully complied with such laws, which would have an adverse impact on our business.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
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|---|---|---|---|
| LGND | Ligand Pharmaceuticals Incorpor | USD 307.82 | ▼ 2.21% |
| RYTM | Rhythm Pharmaceuticals, Inc. | USD 90.9 | ▲ 2.57% |
| IOVA | Iovance Biotherapeutics, Inc. | USD 14.14 | ▼ 3.28% |
| PRAX | Praxis Precision Medicines, Inc | USD 258.92 | ▲ 0.96% |
| IONS | Ionis Pharmaceuticals, Inc. | USD 43.91 | ▼ 0.81% |
| ABVX | Abivax SA | USD 90.23 | ▼ 3.49% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 10:32 UTC. This page is informational and not investment advice.
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