Arcus Biosciences, Inc. (RCUS) Key Metrics
RCUS valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $2.82B
- Enterprise value
- $2.77B
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 23.8 10-yr median 12.7
- Price / book
- 7.2 10-yr median 2.8
- EV / EBITDA
- 4.0
- Dividend yield
- —
- Beta
- 0.94
RCUS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsRCUS valuation Price multiples at each fiscal year-end price.
Price / sales+99.3%
10.4
2025 · hover or tap a bar for each year
20162025
Price / book+46.6%
4.1
2025 · hover or tap a bar for each year
20162025
Free cash flow yield−5.8 pts
−18.9%
2025 · hover or tap a bar for each year
20162025
RCUS returns How much profit the business earns on the capital it uses.
Return on equity−3.5 pts
−63.3%
2025 · hover or tap a bar for each year
20162025
Return on assets−5.6 pts
−30.8%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin−127.7 pts
−196.0%
2025 · hover or tap a bar for each year
20162025
Asset turnover−6.1%
0.22
2025 · hover or tap a bar for each year
20162025
RCUS per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−19.7%
$2.30
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$3.29
2025 · hover or tap a bar for each year
20162025
Free cash flow per share
−$4.51
2025 · hover or tap a bar for each year
20162025
Book value per share+9.1%
$5.88
2025 · hover or tap a bar for each year
20162025
Shares outstanding+19.2%
107.4M
2025 · hover or tap a bar for each year
20162025
RCUS financial health Debt, liquidity and how easily interest is covered.
Debt / equity+43.5%
0.18
2025 · hover or tap a bar for each year
20162025
Net debt+$49.0M
−$869.0M
2025 · hover or tap a bar for each year
20162025
Current ratio−3.0%
4.36
2025 · hover or tap a bar for each year
20162025
Interest coverage
-48.2
2025 · hover or tap a bar for each year
20162025
Debt / assets+88.5%
0.10
2025 · hover or tap a bar for each year
20162025
RCUS efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−17 days
30 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding+456 days
1,095 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle−473 days
-1,065 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue−1.5 pts
0.8%
2025 · hover or tap a bar for each year
20162025
RCUS valuation history
Fiscal year-endToday10-year median
RCUS returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
RCUS debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
RCUS cash returned to shareholders
DividendsBuybacksFree cash flow
RCUS price vs earnings per share
Share price at year-endEPS (right axis)
RCUS key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.56B | $1.34B | $1.41B | $1.49B | $2.99B | $1.42B | $442.6M | $372.8M | — | — |
| Enterprise value | $1.69B | $423.6M | $665.4M | $600.0M | $2.62B | $711.7M | $263.9M | $122.3M | — | — |
| P/E ratio | — | — | — | — | 56.5 | — | — | — | — | — |
| Price / sales | 10.4 | 5.2 | 12.1 | 13.3 | 7.8 | 18.2 | 29.5 | 44.6 | — | — |
| Price / book | 4.1 | 2.8 | 3.1 | 2.3 | 3.6 | 2.8 | 2.7 | 1.6 | — | — |
| Price / free cash flow | — | — | — | 3.4 | — | 13.2 | — | — | — | — |
| Price / operating cash flow | — | — | — | 3.4 | — | 12.8 | — | — | — | — |
| EV / sales | 6.8 | 1.6 | 5.7 | 5.4 | 6.8 | 9.1 | 17.6 | 14.6 | — | — |
| EV / EBITDA | — | — | — | — | 44.3 | — | — | — | — | — |
| EV / free cash flow | — | — | — | 1.4 | — | 6.6 | — | — | — | — |
| Earnings yield | −13.8% | −21.1% | −21.7% | −17.9% | 1.8% | −8.6% | −17.2% | −13.3% | — | — |
| Free cash flow yield | −18.9% | −13.1% | −23.3% | 29.0% | −9.4% | 7.6% | −17.0% | −12.5% | — | — |
| Dividend yield | — | — | — | — | 0.2% | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | — | — | — | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | — | — |
| Share price at fiscal year-end | $23.83 | $14.89 | $19.10 | $20.68 | $40.47 | $25.96 | $10.10 | $10.77 | — | — |
| Per share | ||||||||||
| Revenue per share | $2.30 | $2.86 | $1.58 | $1.56 | $5.18 | $1.42 | $0.34 | $0.24 | — | — |
| Earnings per share | −$3.29 | −$3.14 | −$4.15 | −$3.71 | $0.72 | −$2.25 | −$1.73 | −$1.43 | — | — |
| Operating cash flow per share | −$4.49 | −$1.89 | −$4.14 | $6.08 | −$3.46 | $2.03 | −$1.68 | −$1.24 | — | — |
| Free cash flow per share | −$4.51 | −$1.95 | −$4.46 | $6.00 | −$3.82 | $1.97 | −$1.72 | −$1.35 | — | — |
| Cash per share | $9.13 | $10.85 | $10.26 | $14.01 | $6.75 | $13.30 | $4.30 | $7.41 | — | — |
| Book value per share | $5.88 | $5.38 | $6.24 | $9.12 | $11.38 | $9.17 | $3.74 | $6.79 | — | — |
| Tangible book value per share | $5.88 | $5.38 | $6.24 | $9.12 | $11.38 | $9.17 | $3.74 | $6.79 | — | — |
| Dividends per share | — | — | — | — | $0.07 | — | — | — | — | — |
| Capex per share | $0.02 | $0.07 | $0.32 | $0.08 | $0.35 | $0.06 | $0.04 | $0.11 | — | — |
| Debt per share | $1.04 | $0.67 | $0.15 | $1.67 | $1.65 | $0.33 | $0.22 | $0.17 | — | — |
| Shares outstanding | 107.4M | 90.1M | 74.0M | 72.0M | 74.0M | 54.8M | 43.8M | 34.6M | — | — |
| Change in shares outstanding | +19.2% | +21.8% | +2.8% | −2.7% | +35.0% | +25.0% | +26.6% | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −63.3% | −59.8% | −54.9% | −35.6% | 7.9% | −36.9% | −38.1% | −25.5% | −41.9% | −18.1% |
| Return on invested capital (ROIC) | — | — | — | — | 40.7% | — | — | — | — | — |
| Return on assets (ROA) | −30.8% | −25.2% | −25.2% | −18.2% | 4.5% | −25.2% | −31.8% | −21.3% | −35.4% | −16.4% |
| Return on tangible assets | −31.0% | −24.6% | −28.0% | −19.9% | 3.3% | −15.9% | −37.4% | −18.0% | −27.9% | −16.4% |
| Free cash flow margin | −196.0% | −68.2% | −282.1% | 385.7% | −73.7% | 138.6% | −502.6% | −559.5% | — | — |
| Income quality (OCF / net income) | — | — | — | — | −4.83 | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $112.0M | $60.0M | $11.0M | $120.0M | $122.0M | $18.1M | $9.5M | $6.0M | $3.1M | — |
| Cash & short-term investments | $981.0M | $978.0M | $759.0M | $1.01B | $499.3M | $728.6M | $188.3M | $256.5M | $175.7M | $98.9M |
| Net debt | −$869.0M | −$918.0M | −$748.0M | −$889.0M | −$377.3M | −$710.5M | −$178.7M | −$250.5M | −$172.6M | −$98.9M |
| Debt / equity | 0.18 | 0.12 | 0.02 | 0.18 | 0.14 | 0.04 | 0.06 | 0.03 | 0.02 | — |
| Debt / assets | 0.10 | 0.05 | 0.01 | 0.09 | 0.08 | 0.02 | 0.05 | 0.02 | 0.02 | — |
| Net debt / EBITDA | — | — | — | — | −6.40 | — | — | — | — | — |
| Current ratio | 4.36 | 4.50 | 4.52 | 5.52 | 7.60 | 6.05 | 8.49 | 15.29 | 13.90 | 17.98 |
| Quick ratio | 4.36 | 4.50 | 4.52 | 6.41 | 12.19 | 6.11 | 8.49 | 15.29 | 13.90 | 17.98 |
| Interest coverage | -48.2 | -82.5 | -170.0 | -140.0 | 207.7 | — | — | -11.1 | — | — |
| Working capital | $776.0M | $790.0M | $647.0M | $873.0M | $1.10B | $614.1M | $170.0M | $242.0M | $164.1M | $94.1M |
| Invested capital | −$238.0M | −$433.0M | −$286.0M | −$232.0M | $464.1M | −$208.2M | −$14.9M | −$15.6M | −$18.7M | $564,000 |
| Tangible asset value | $631.0M | $485.0M | $462.0M | $657.0M | $841.5M | $502.3M | $163.8M | $234.9M | $153.9M | $99.5M |
| Net current asset value | $499.0M | $351.0M | $198.0M | $378.0M | $511.3M | $465.8M | $153.4M | $219.0M | $140.3M | $89.4M |
| Graham number | — | — | — | — | $13.54 | — | — | — | — | — |
| Graham net-net per share | $4.52 | $3.68 | $2.13 | $3.71 | −$0.98 | $8.33 | $3.40 | $6.26 | — | — |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | $5.0M | — | — | — | — | — |
| Share buybacks (net) | — | — | — | $0 | $6,000 | $54,000 | $94,000 | $0 | $0 | $0 |
| Dividend payout ratio | — | — | — | — | 9.4% | — | — | — | — | — |
| Dividends + buybacks / free cash flow | — | — | — | 0.0% | — | 0.0% | — | — | — | — |
| Capex / revenue | 0.8% | 2.3% | 20.5% | 5.4% | 6.8% | 3.9% | 12.8% | 44.8% | 390.2% | — |
| Capex / operating cash flow | — | — | — | 1.4% | — | 2.7% | — | — | — | — |
| Capex / depreciation | 0.20 | 0.60 | 3.00 | 1.00 | 6.52 | 1.02 | 0.54 | 1.02 | 2.11 | 3.12 |
| Stock-based compensation / revenue | 24.3% | 29.5% | 62.4% | 58.0% | 14.4% | 28.2% | 59.9% | 46.4% | 35.0% | — |
| R&D / revenue | 211.7% | 173.6% | 290.6% | 257.1% | 67.1% | 203.8% | 523.2% | 594.3% | 3,341.7% | — |
| SG&A / revenue | 44.5% | 46.5% | 100.0% | 92.9% | 18.8% | 55.1% | 168.2% | 162.4% | 540.4% | — |
| Efficiency | ||||||||||
| Days sales outstanding | 30.3 | 47.4 | 132.6 | 1,287.0 | 356.7 | 4.3 | 2.6 | 2.4 | 55.5 | — |
| Days of inventory on hand | — | — | — | -12,181.1 | -19,902.8 | -16.5 | — | — | — | — |
| Days payables outstanding | 1,095.0 | 638.8 | 19.9 | 394.5 | 670.9 | 23.4 | 18.2 | 25.4 | 537.1 | 1,074.2 |
| Cash conversion cycle (days) | -1,064.7 | -591.4 | 112.7 | -11,288.6 | -20,217.0 | -35.6 | -15.5 | -23.1 | -481.6 | — |
| Receivables turnover | 12.05 | 7.70 | 2.75 | 0.28 | 1.02 | 85.25 | 139.53 | 154.69 | 6.57 | 0.00 |
| Payables turnover | 0.33 | 0.57 | 18.38 | 0.93 | 0.54 | 15.60 | 20.11 | 14.34 | 0.68 | 0.34 |
| Asset turnover | 0.22 | 0.23 | 0.10 | 0.08 | 0.32 | 0.16 | 0.06 | 0.04 | 0.01 | 0.00 |
| Average receivables | $20.5M | $33.5M | $42.5M | $394.9M | $374.3M | $915,000 | $107,500 | $54,000 | $215,000 | $405,000 |
| Average payables | $30.0M | $17.5M | $18.5M | $15.1M | $13.0M | $10.2M | $3.9M | $3.5M | $3.8M | $3.9M |
| Average inventory | — | — | — | −$467.2M | −$384.8M | −$7.2M | — | — | — | — |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from RCUS's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
RCUS valuation and financial ratios
Arcus Biosciences earned a return on equity of −63.3% in fiscal 2025. It ended the year with $112.0 million of debt and $981.0 million in cash and short-term investments, a net cash position of $869.0 million.
See the RCUS income statement, the RCUS chart for price history, or the RCUS stock overview for the latest quote and news.
RCUS key metrics FAQ
What is Arcus Biosciences's return on equity?
Arcus Biosciences's return on equity (ROE) was −63.3% in fiscal 2025: net income of -$353.0 million on average shareholders' equity of $558.0 million.
How much debt does Arcus Biosciences have?
Arcus Biosciences had total debt of $112.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.18 and more cash than debt.
What is Arcus Biosciences's free cash flow yield?
Arcus Biosciences generated -$484.0 million of free cash flow in fiscal 2025, a free cash flow yield of −18.9% on its market value at year-end ($2.6 billion).
What is Arcus Biosciences's current ratio?
Arcus Biosciences's current ratio was 4.36 at the end of fiscal 2025: current assets were 4.36 times current liabilities.