RCUS Healthcare

Arcus Biosciences, Inc.

$18.91+5.94%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 2.4B USD
Enterprise value: 2.2B USD
Full-time employees: 601

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,105 of 1,157 healthcare companies (bottom 5%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 75% from December 2022 to July 2026.
Arcus Biosciences had 75% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Arcus Biosciences had 75% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 24% of revenue in 2025.
Arcus Biosciences paid employees $60M in stock in 2025, 24% of its $247M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Arcus Biosciences looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Arcus Biosciences reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

StockQuotient Score

20/ 100

Oct 5 20 → Nov 4 20

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-19.1%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-25.9%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-19.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield19.3%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

12-month revenue fell 50.4%

Why

Weaker than most peers on:

▼ Revenue growth
▼ EPS growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth-1.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.83Sector median: 0.0584 · MAD: 0.0840

Revenue growth-55.3%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.87Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

7/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-415.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -34.71Sector median: 0.0706 · MAD: 0.1217

Return on assets-49.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -9.59Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-92.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -9.68Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin0.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-99.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.81

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.55Sector median: 0.6250 · MAD: 0.3380

Current ratio3.82×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.89Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.22×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.02Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Arcus Biosciences

Is Arcus Biosciences getting weaker?: Its latest SEC filing (Aug 5, 2026) got weaker in some ways: 12-month revenue fell 50.4%. Its overall score is unchanged at 20/100 since Oct 28, 2026.
How is Arcus Biosciences valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -19.1% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -19.1% vs peers 1.5% (weaker than 100% of peers).
Is Arcus Biosciences growing?: More slowly than most of its peers. Growth scores 8/100 against 1,393 healthcare peers. Revenue growth -55.3% vs a peer median of 6.1% (weaker than 100% of peers).Revenue growth -55.3% vs peers 6.1% (weaker than 100% of peers).
How profitable is Arcus Biosciences?: Less profitable than most of its peers. Profitability scores 7/100 against 1,393 healthcare peers. Operating margin -415.4% vs a peer median of 7.1% (weaker than 93% of peers).Operating margin -415.4% vs peers 7.1% (weaker than 93% of peers).
How risky is Arcus Biosciences?: Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 3.82× vs a peer median of 2.59× (stronger than 65% of peers).Current ratio 3.82× vs peers 2.59× (stronger than 65% of peers). Beta 0.81 vs a peer median of 0.63 (weaker than 61% of peers).Beta 0.81 vs peers 0.63 (weaker than 61% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

12-month revenue fell 50.4%

Worth watching: Arcus Biosciences is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	236.0M USD	117.0M USD	−50.4%
Net income (12 months)	−369.0M USD	−460.0M USD	+24.7%
Operating margin	-168.6%	-415.4%	−246.7 pts
Free cash flow (12 months)	−489.0M USD	−475.0M USD	−2.9%
Debt	100.0M USD	101.0M USD	+1.0%
Cash	201.0M USD	150.0M USD	−25.4%
Shares outstanding	125.8M	127.3M	+1.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	14.1%	-250.0%	-290.6%	-127.9%	-156.3%	▼ 28 pts
Net margin	13.8%	-238.4%	-262.4%	-109.7%	-142.9%	▼ 33 pts
Return on assets (ROA)	3.3%	-19.9%	-28.0%	-24.6%	-31.0%	▼ 6.4 pts
Return on equity (ROE)	6.3%	-40.6%	-66.5%	-58.4%	-55.9%	▲ 2.4 pts
Free cash flow margin	-73.6%	385.7%	-282.1%	-68.2%	-196.0%	▼ 128 pts
Current ratio	7.60×	5.53×	4.52×	4.50×	4.36×	▼ 3.0%
Debt to equity	—	—	0.00×	0.10×	0.16×	▲ 59%
Interest coverage	—	-140.00×	-170.00×	-82.50×	-48.25×	▲ 42%

RCUS price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,105 of 1,157 healthcare companies (bottom 5%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 75% from December 2022 to July 2026.

Arcus Biosciences had 75% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Arcus Biosciences had 75% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 24% of revenue in 2025.

Arcus Biosciences paid employees $60M in stock in 2025, 24% of its $247M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Arcus Biosciences looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Arcus Biosciences reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Questions investors ask about Arcus Biosciences

Is Arcus Biosciences getting weaker?

Its latest SEC filing (Aug 5, 2026) got weaker in some ways: 12-month revenue fell 50.4%. Its overall score is unchanged at 20/100 since Oct 28, 2026.

How is Arcus Biosciences valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -19.1% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -19.1% vs peers 1.5% (weaker than 100% of peers).

Is Arcus Biosciences growing?

More slowly than most of its peers. Growth scores 8/100 against 1,393 healthcare peers. Revenue growth -55.3% vs a peer median of 6.1% (weaker than 100% of peers).Revenue growth -55.3% vs peers 6.1% (weaker than 100% of peers).

How profitable is Arcus Biosciences?

Less profitable than most of its peers. Profitability scores 7/100 against 1,393 healthcare peers. Operating margin -415.4% vs a peer median of 7.1% (weaker than 93% of peers).Operating margin -415.4% vs peers 7.1% (weaker than 93% of peers).

How risky is Arcus Biosciences?

Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 3.82× vs a peer median of 2.59× (stronger than 65% of peers).Current ratio 3.82× vs peers 2.59× (stronger than 65% of peers). Beta 0.81 vs a peer median of 0.63 (weaker than 61% of peers).Beta 0.81 vs peers 0.63 (weaker than 61% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

236.0M USD

117.0M USD

−50.4%

Net income (12 months)

−369.0M USD

−460.0M USD

+24.7%

Operating margin

-168.6%

-415.4%

−246.7 pts

Free cash flow (12 months)

−489.0M USD

−475.0M USD

−2.9%

Debt

100.0M USD

101.0M USD

+1.0%

Cash

201.0M USD

150.0M USD

−25.4%

Shares outstanding

125.8M

127.3M

+1.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

14.1%

-250.0%

-290.6%

-127.9%

-156.3%

▼ 28 pts

Net margin

13.8%

-238.4%

-262.4%

-109.7%

-142.9%

▼ 33 pts

Return on assets (ROA)

3.3%

-19.9%

-28.0%

-24.6%

-31.0%

▼ 6.4 pts

Return on equity (ROE)

6.3%

-40.6%

-66.5%

-58.4%

-55.9%

▲ 2.4 pts

Free cash flow margin

-73.6%

385.7%

-282.1%

-68.2%

-196.0%

▼ 128 pts

Current ratio

7.60×

5.53×

4.52×

4.50×

4.36×

▼ 3.0%

Debt to equity

—

0.00×

0.10×

0.16×

▲ 59%

Interest coverage

—

-140.00×

-170.00×

-82.50×

-48.25×

▲ 42%