Revolution Medicines, Inc. (RVMD) Balance Sheet
RVMD balance sheet, 2025
December 31, 2025 · U.S. dollars$2.35B assets = $723.2M liabilities + $1.63B equity
Both columns are drawn to the same scale: what RVMD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
RVMD financial health
Descriptive bands, not a rating. Fiscal 2025.
RVMD balance sheet trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $15.1M2017 | $2.35B2025 | +88.0%/yr | |
| Total liabilities | $10.5M2017 | $723.2M2025 | +69.6%/yr | |
| Shareholders’ equity | $4.5M2017 | $1.63B2025 | +108.7%/yr | |
| Cash & short-term investments | $9.1M2017 | $2.03B2025 | +96.6%/yr | |
| Total debt | $318,0002018 | $158.7M2025 | +142.9%/yr | |
| Net cash (debt) | $69.3M2018 | $1.87B2025 | +$1.8B | |
| Working capital | $1.8M2017 | $1.78B2025 | +$1.8B | |
| Book value per share | $7.132020 | $8.582025 | +3.8%/yr | |
| Current ratio | 1.242017 | 7.142025 | +5.90 | |
| Debt / equity | 0.002018 | 0.102025 | +0.09 | |
| Shares outstanding | 66.6M2020 | 190.1M2025 | +23.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RVMD assets
RVMD liabilities and equity
RVMD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
RVMD balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash & short-term investments | $2.03B | $2.29B | $1.85B | $644.9M | $577.1M | $440.7M | $122.8M | $69.6M | $9.1M |
| Cash & equivalents | $383.7M | $543.1M | $696.1M | $161.4M | $108.5M | $104.3M | $16.7M | $69.6M | $9.1M |
| Short-term investments | $1.64B | $1.75B | $1.16B | $483.5M | $468.6M | $336.5M | $106.1M | — | — |
| Receivables | $0 | $0 | $1.3M | $4.7M | $5.9M | $6.4M | $8.7M | $7.3M | $0 |
| Inventory | $0 | $0 | $1 | $1 | −$12.7M | $0 | $1 | $6.6M | $0 |
| Other current assets | $49.4M | $38.3M | $25.1M | $10.6M | $19.5M | $7.0M | $2.5M | $1.9M | $362,000 |
| Total current assets | $2.08B | $2.33B | $1.88B | $660.2M | $589.8M | $454.1M | $134.0M | $85.4M | $9.4M |
| Property, plant & equipment (net) | $165.3M | $141.8M | $100.0M | $73.7M | $71.2M | $36.3M | $7.1M | $6.9M | $5.3M |
| Goodwill & intangible assets | $70.4M | $71.3M | $72.3M | $73.4M | $74.5M | $75.6M | $76.6M | $77.7M | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $43.8M | $17.6M | $10.1M | $4.6M | $2.5M | $1.4M | $2.8M | $593,000 | $383,000 |
| Total assets | $2.35B | $2.56B | $2.06B | $811.9M | $738.0M | $567.4M | $220.5M | $170.6M | $15.1M |
| Liabilities | |||||||||
| Accounts payable | $64.6M | $54.4M | $61.8M | $21.3M | $14.1M | $12.6M | $11.4M | $5.2M | $3.4M |
| Short-term debt | $16.5M | $12.9M | $7.4M | $6.8M | $6.2M | $3.7M | $200,000 | $147,000 | — |
| Deferred revenue | — | — | −$54.6M | $4.5M | $12.4M | $12.1M | $17.1M | $16.8M | — |
| Total current liabilities | $290.4M | $163.9M | $143.9M | $62.0M | $60.4M | $47.2M | $43.1M | $30.6M | $7.6M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $171,000 | $0 |
| Lease obligations | $158.7M | $135.8M | $87.9M | $64.2M | $66.6M | $32.7M | $172,000 | $147,000 | $0 |
| Other long-term liabilities | $432.8M | $129.2M | $91.7M | $64.8M | $75.1M | $45.5M | $24.9M | $43.2M | $2.9M |
| Total liabilities | $723.2M | $293.1M | $235.5M | $126.7M | $135.4M | $92.7M | $68.0M | $73.9M | $10.5M |
| Shareholders' equity | |||||||||
| Common stock & paid-in capital | $19,000 | $18,000 | $16,000 | $9,000 | $8,000 | $7,000 | — | $3,000 | $1,000 |
| Retained earnings (deficit) | −$2.87B | −$1.74B | −$1.14B | −$701.3M | −$452.6M | −$265.5M | −$157.4M | −$109.7M | −$67.9M |
| Accumulated other comprehensive income | $3.2M | $1.3M | $544,000 | −$1.8M | −$376,000 | $116,000 | $74,000 | −$3.6M | −$2.2M |
| Total shareholders' equity | $1.63B | $2.27B | $1.83B | $685.2M | $602.6M | $474.7M | $152.5M | $96.7M | $4.5M |
| Key figures | |||||||||
| Total debt | $158.7M | $135.8M | $87.9M | $64.2M | $66.6M | $32.7M | $172,000 | $318,000 | — |
| Net cash (debt) | $1.87B | $2.15B | $1.77B | $580.7M | $510.4M | $408.1M | $122.6M | $69.3M | — |
| Working capital | $1.78B | $2.16B | $1.74B | $598.2M | $529.4M | $406.9M | $90.9M | $54.9M | $1.8M |
| Tangible book value | $1.56B | $2.19B | $1.75B | $611.8M | $528.1M | $399.1M | $75.9M | $19.0M | $4.5M |
| Book value per share | $8.58 | $13.50 | $16.14 | $8.50 | $8.28 | $7.13 | — | — | — |
| Shares outstanding | 190.1M | 167.7M | 113.1M | 80.6M | 72.8M | 66.6M | — | — | — |
| Current ratio | 7.14 | 14.20 | 13.06 | 10.65 | 9.77 | 9.63 | 3.11 | 2.80 | 1.24 |
| Quick ratio | 6.97 | 13.97 | 12.89 | 10.48 | 9.66 | 9.48 | 3.05 | 2.52 | 1.19 |
| Debt / equity | 0.10 | 0.06 | 0.05 | 0.09 | 0.11 | 0.07 | 0.00 | 0.00 | — |
| Equity / assets | 69.3% | 88.5% | 88.6% | 84.4% | 81.7% | 83.7% | 69.2% | 56.7% | 30.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $3.94B | $1.91B | $2.03B | $1.93B | $2.14B | $2.10B | $2.29B | $1.55B | $1.59B | $1.70B | $1.85B | $813.2M |
| Cash & equivalents | $815.4M | $440.9M | $383.7M | $217.4M | $402.4M | $333.6M | $543.1M | $201.3M | $275.7M | $288.4M | $696.1M | $358.4M |
| Short-term investments | $3.12B | $1.47B | $1.64B | $1.71B | $1.73B | $1.77B | $1.75B | $1.35B | $1.32B | $1.42B | $1.16B | $454.8M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.3M | $309,000 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $1 |
| Other current assets | $90.4M | $59.8M | $49.4M | $46.0M | $39.3M | $31.9M | $38.3M | $29.7M | $34.0M | $25.7M | $25.1M | $11.0M |
| Total current assets | $4.03B | $1.97B | $2.08B | $1.98B | $2.18B | $2.13B | $2.33B | $1.58B | $1.62B | $1.73B | $1.88B | $824.5M |
| Property, plant & equipment (net) | $162.5M | $161.4M | $165.3M | $167.4M | $147.0M | $142.9M | $141.8M | $99.2M | $100.6M | $99.9M | $100.0M | $73.4M |
| Goodwill & intangible assets | $70.4M | $70.4M | $70.4M | $70.5M | $70.7M | $71.0M | $71.3M | $71.5M | $71.8M | $72.1M | $72.3M | $72.6M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $62.1M | $54.0M | $43.8M | $36.6M | $35.3M | $16.8M | $17.6M | $13.2M | $11.3M | $7.2M | $10.1M | $13.7M |
| Total assets | $4.32B | $2.25B | $2.35B | $2.25B | $2.43B | $2.37B | $2.56B | $1.76B | $1.81B | $1.91B | $2.06B | $984.2M |
| Liabilities | ||||||||||||
| Accounts payable | $88.4M | $80.5M | $64.6M | $74.8M | $56.8M | $47.5M | $54.4M | $24.5M | $29.3M | $32.4M | $61.8M | $29.6M |
| Short-term debt | $16.8M | $16.6M | $16.5M | $16.3M | $13.1M | $13.0M | $12.9M | $8.4M | $8.3M | $8.2M | $7.4M | $5.8M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$8.3M | $1 | — | $49.7M |
| Total current liabilities | $354.1M | $289.6M | $290.4M | $245.6M | $184.5M | $158.6M | $163.9M | $110.9M | $105.3M | $93.7M | $143.9M | $85.5M |
| Long-term debt | $487.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $154.5M | $156.6M | $158.7M | $158.5M | $132.8M | $134.3M | $135.8M | $86.7M | $87.4M | $88.0M | $87.9M | $62.8M |
| Other long-term liabilities | $875.5M | $464.2M | $432.8M | $409.4M | $379.7M | $128.6M | $129.2M | $85.8M | $84.3M | $89.2M | $91.7M | $61.2M |
| Total liabilities | $1.72B | $753.8M | $723.2M | $655.0M | $564.2M | $287.2M | $293.1M | $196.7M | $189.6M | $182.9M | $235.5M | $146.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $21,000 | $19,000 | $19,000 | $18,000 | $18,000 | $18,000 | $18,000 | $16,000 | $16,000 | $16,000 | $16,000 | $11,000 |
| Retained earnings (deficit) | −$3.97B | −$3.32B | −$2.87B | −$2.50B | −$2.20B | −$1.95B | −$1.74B | −$1.54B | −$1.39B | −$1.25B | −$1.14B | −$976.2M |
| Accumulated other comprehensive income | −$6.0M | −$622,000 | $3.2M | $3.1M | $1.3M | $1.7M | $1.3M | $3.8M | −$1.9M | −$1.2M | $544,000 | −$871,000 |
| Total shareholders' equity | $2.61B | $1.50B | $1.63B | $1.60B | $1.87B | $2.08B | $2.27B | $1.57B | $1.62B | $1.73B | $1.83B | $837.5M |
| Key figures | ||||||||||||
| Total debt | $641.9M | $437.3M | $158.7M | $158.5M | $132.8M | $134.3M | $135.8M | $86.7M | $87.4M | $88.0M | $87.9M | $62.8M |
| Net cash (debt) | $3.30B | $1.47B | $1.87B | $1.77B | $2.00B | $1.97B | $2.15B | $1.46B | $1.50B | $1.62B | $1.77B | $750.3M |
| Working capital | $3.67B | $1.68B | $1.78B | $1.73B | $1.99B | $1.98B | $2.16B | $1.47B | $1.52B | $1.64B | $1.74B | $738.9M |
| Tangible book value | $2.54B | $1.43B | $1.56B | $1.53B | $1.79B | $2.01B | $2.19B | $1.49B | $1.55B | $1.65B | $1.75B | $764.8M |
| Book value per share | $12.36 | $7.57 | $8.58 | $8.44 | $9.91 | $11.05 | $13.50 | $9.39 | $9.80 | $10.47 | $12.93 | $7.67 |
| Shares outstanding | 210.9M | 198.1M | 190.1M | 189.2M | 188.1M | 188.1M | 167.7M | 166.8M | 165.1M | 164.7M | 141.2M | 109.2M |
| Current ratio | 11.38 | 6.80 | 7.14 | 8.05 | 11.79 | 13.46 | 14.20 | 14.24 | 15.42 | 18.45 | 13.06 | 9.64 |
| Quick ratio | 11.12 | 6.59 | 6.97 | 7.86 | 11.58 | 13.26 | 13.97 | 13.98 | 15.10 | 18.18 | 12.89 | 9.51 |
| Debt / equity | 0.25 | 0.29 | 0.10 | 0.10 | 0.07 | 0.06 | 0.06 | 0.06 | 0.05 | 0.05 | 0.05 | 0.08 |
| Equity / assets | 60.3% | 66.6% | 69.3% | 70.9% | 76.8% | 87.9% | 88.5% | 88.8% | 89.5% | 90.4% | 88.6% | 85.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
RVMD financial position
At the end of fiscal 2025 (December 31, 2025), Revolution Medicines had total assets of $2.4 billion (down 8.0% from a year earlier), total liabilities of $723.2 million and shareholders' equity of $1.6 billion. It held $2.0 billion in cash and short-term investments against $158.7 million of debt, a net cash position of $1.9 billion. Its current ratio was 7.14. In the latest quarter (ended June 30, 2026) total assets were $4.3 billion and equity $2.6 billion.
Related: RVMD income statement, RVMD cash flow statement, RVMD key metrics. See the RVMD stock overview for the latest quote and news.
RVMD balance sheet FAQ
What are Revolution Medicines's total assets?
Revolution Medicines reported total assets of $2.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.6 billion a year earlier.
How much debt does Revolution Medicines have?
Revolution Medicines had $158.7 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.10.
How much cash does Revolution Medicines have?
Revolution Medicines held $2.0 billion in cash and short-term investments at the end of fiscal 2025; with $158.7 million of debt that is net cash of $1.9 billion.
What is Revolution Medicines's book value?
Revolution Medicines's shareholders' equity (book value) was $1.6 billion at the end of fiscal 2025, or $8.58 per share.
What is Revolution Medicines's current ratio?
Revolution Medicines had current assets of $2.1 billion and current liabilities of $290.4 million, a current ratio of 7.14 (it can cover its short-term obligations).
How much goodwill does Revolution Medicines have?
Revolution Medicines carried $70.4 million of goodwill and intangible assets, 3.0% of total assets, at the end of fiscal 2025.