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ZYBERNO

Stock Report

Updated Sep 2, 2026

ARVINAS, INC. (ARVN)

Healthcare • NASDAQ

$9.18

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

28.0/100

POOR BUSINESS

ARVINAS, INC. (ARVN) scores 28/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full ARVN quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full ARVN valuation analysis · → View full ARVN Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (1.9%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.03x)

Operating Margin (Operational Efficiency):CRITICAL (-20.2%)

Return on Capital (Capital Efficiency):CRITICAL (-3.4%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

ARVINAS, INC. (ARVN) stock report — Zyberno Score 28/100 (POOR BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, ARVN generated -$255.90M in Owner Earnings. Capital was deployed as follows: $91.90M returned via share buybacks, $2.80M invested in capital expenditures. Reinvestment rate: 6.1%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:9.18

Market Cap:$594.86M

Valuation Multiples (4)

P/E Ratio:

38.25x

📊 Click to view full ARVN P/E analysis →

P/B Ratio:1.06x

P/S Ratio:6.65x

Peg Ratio:-999.00x

Enterprise Metrics (1)

Enterprise Value:$558.56M

Price Action & Momentum (3)

12-1 Momentum:

+18.8% (57th pctile)

📈 Click to view full ARVN Momentum analysis →

Momentum Percentile:57 / 100

% of 52-Week High:63.3%

B. Profitability Assessment

Return Metrics (5)

ROE:

1.9%

📊 Click to view full ARVN ROE analysis →

ROA:1.3%

Roic:

-3.4%

📊 Click to view full ARVN ROIC analysis →

Reinvestment Rate:6.1%

Fundamental Growth Rate (g):-0.2%

Margin Analysis (3)

Operating Margin Ttm:-20.2%

Net Margin Ttm:10.4%

Ebitda Margin:-17.0%

TTM Performance (2)

Operating Margin Ttm:-20.2%

Net Margin Ttm:10.4%

Yield Metrics (2)

Earnings Yield:$2.61

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+3.38

📊 Click to view full ARVN Earnings Surprise analysis →

EPS Surprise vs Expected:436.7%

Latest Earnings Filed:2026-08-04

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-9.9%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:7.91x

Quick Ratio:7.91x

Cash Ratio:1.14x

Leverage Analysis (3)

Debt To Equity Ttm:0.03x

Debt-to-Equity Ratio:0.03x

Debt To Ebitda:-999.00x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:569,700,000.00

Cash And Cash Equivalents:94,300,000.00

Long Term Debt:$5.80M

Net Debt:-$36.30M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $89.40M

Linear Growth: -9.9%

📊 Click to view full ARVN Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00-$18.10M

Bottom Line Performance (3)

$9.30M

Income Before Tax:$10.00M

Ebitda Ttm:-15,200,000.00

Operating Expenses (5)

Operating Expenses:334,800,000.00

R And D Expense:238,700,000.00

Sga Expense:87,100,000.00

Income Tax Expense:$700.00K

Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:1,530.1%

Sga To Revenue Percentage:558.3%

Ebitda Margin:-17.0%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$675.10M

Current Assets:$652.20M

Ppe Net:34,200,000.00

Goodwill:0.00

Intangible Assets:$0.00

Liability Structure (4)

Total Liabilities:112,900,000.00

Current Liabilities:82,500,000.00

Long Term Debt:$5.80M

Short Term Debt:$52.20M

Equity & Capital (3)

Equity:$562.20M

Retained Earnings:-$1.50B

Common Stock:100,000.00

Working Capital Items (3)

Accounts Receivable:50,300,000.00

Inventory:0.00

Accounts Payable:52,200,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:5,900,000.00

C. Cash Flow Analysis

Operating Activities (2)

-$254.10M-$256.90M

Investment Activities (2)

Investing Cash Flow:$13.70M

Capital Expenditures Ttm:2,800,000.00

Financing Activities (3)

Financing Cash Flow:-$100.00K

Dividends Paid Ttm:0.00

Stock Repurchase:91,900,000.00

Capital Transactions (3)

Common Stock Issuance:137,686,006.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$100.00K

Non-Cash Items (1)

Depreciation Amortization Ttm:2,900,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):0.27

$0.24

Earnings Per Share Ttm:$0.14

Revenue & Cash Per Share (2)

Sales Per Share Ttm:1.38

Operating Cash Flow Per Share:-$4.23

Book Value & Capital (2)

Book Value Per Share:$8.68

Cash Per Share:1.46

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.12x

Working Capital Turnover Ttm:0.16x

Receivables Management (2)

Receivables Turnover Ttm:1.78x

Days Sales Outstanding Ttm:205.36

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:213.12

Cash Conversion Cycle:-1,006.76

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:40.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$255.90M

Damodaran Growth Analysis (2)

Reinvestment Rate:6.1%

Fundamental Growth Rate (g):-0.2%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):-9.9%

Other Growth Rates (1)

Book Value Growth Rate (Linear):-5.1%

C. Company Profile & Context

Corporate Information (6)

Symbol:ARVN

Company Name:ARVINAS, INC.

Sector:Healthcare

Industry:Pharmaceuticals

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:64.80M

Shares Outstanding Basic:64.80M

Shares Outstanding Diluted:65.70M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-02 02:42:19 UTC

Data Timestamp:2026-09-02T02:42:19.493689