Roivant Sciences

ROIV · Nasdaq · Health Care · Financials, fiscal 2020 to 2025

ROIV · Last close · October 26, 2026

$36.05

Roivant Sciences' revenue fell 71.6% to $8 million in fiscal 2025. Its operating margin was −6,235.7%, down from −3,453.3% a year earlier. Free cash flow was −$759 million. The diluted share count fell 4.3%.

ROIVANT SCIENCES LTD. Latest fiscal year ended March 31, 2026 10-K filed May 20, 2026 · 0001635088-26-000061 Updated October 11, 2026

Revenue

$8M

71.6%

Operating margin

−6,235.7%

2782.4 pts

Net income

−$300M

Free cash flow

−$759M

Return on capital

−62.6%

Market cap

$26.0B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Roivant had no borrowings after it sold Dermavant in 2024, so its debt counts as zero from fiscal 2024 (Roivant's fiscal 2025 is the year to March 2026), and with no interest expense in fiscal 2025, interest coverage is blank for that year.

What Roivant Sciences does

Roivant is a biopharmaceutical company, meaning it develops medicines. Its main candidates are brepocitinib, a pill being studied for dermatomyositis (a muscle and skin disease) and other inflammatory conditions, IMVT-1402, an antibody for several autoimmune diseases, and mosliciguat, an inhaled drug for a lung condition.

Roivant runs its work through subsidiaries it calls "Vants," each with its own management team and focus, such as Priovant, Immunovant and Pulmovant. It builds the pipeline by licensing in or buying drug candidates from others and then developing them. Beyond medicines, it also incubates early-stage companies and health technology startups.

Its business depends on clinical trial results, regulatory approval and, if a drug is approved, on selling it. The 10-K says its candidates are investigational and need health authority approval before they can be sold.

Its biggest risks, as it describes them

Drug candidates failing in clinical trials or not winning regulatory approval.
Operating losses for the foreseeable future, and a risk it never becomes profitable.
Immunovant relying on a license from HanAll for the core rights to IMVT-1402.
Risks tied to its Vant structure, where trouble at one Vant can hurt the whole company.
Difficulty finding and in-licensing new candidates that perform as expected.

From Roivant Sciences's annual report on Form 10-K, filed May 20, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

Roivant Sciences lost money in fiscal 2025: a net loss of $300 million.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Roivant Sciences yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Roivant Sciences' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. Roivant Sciences' free cash flow was negative in fiscal 2025 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at March 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Roivant Sciences's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 13% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $36.05
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Roivant Sciences' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	2,060	1,677	6,495	4,887	4,292
Debt incl. finance leases	210	381	431	0	0
Net debt (negative means net cash)	−1,850	−1,296	−6,064	−4,887	−4,292
Net debt to EBITDA	—	—	−1.3x	—	—
Debt to equity	0.1x	0.3x	0.1x	0.0x	0.0x
Interest coverage	−192.0x	−32.4x	129.3x	−168.2x	—
Current ratio	11.6x	6.6x	25.2x	33.5x	18.4x
Quick ratio	11.6x	6.6x	25.1x	33.5x	18.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Roivant Sciences shares on the open market, and 11 insiders sold $582.4 million, $147.5 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 20, 2026	Eric VenkerPresident & Immunovant CEO	Sold plan	200,000	$35.11	$7.0 million	Form 4
Sep 15, 2026	Meghan FitzgeraldDirector	Sold plan	5,112	$39.74	$203,152	Form 4
Sep 15, 2026	Melissa B EpperlyDirector	Sold plan	4,938	$39.74	$196,230	Form 4
Sep 8, 2026	Meghan FitzgeraldDirector	Sold plan	20,000	$39.90	$798,000	Form 4
Aug 28, 2026	Eric VenkerPresident & Immunovant CEO	Sold plan	200,000	$35.77	$7.2 million	Form 4
Aug 21, 2026	Mayukh SukhatmePresident & CIO, Director	Sold	144,756	$36.48	$5.3 million	Form 4
Aug 20, 2026	Mayukh SukhatmePresident & CIO, Director	Sold	17,519	$37.30	$653,459	Form 4
Aug 19, 2026	Mayukh SukhatmePresident & CIO, Director	Sold	172,899	$37.17	$6.4 million	Form 4
Aug 18, 2026	Mayukh SukhatmePresident & CIO, Director	Sold	136,942	$36.73	$5.0 million	Form 4
Aug 17, 2026	Mayukh SukhatmePresident & CIO, Director	Sold	284,707	$36.25	$10.3 million	Form 4
Aug 14, 2026	Mayukh SukhatmePresident & CIO, Director	Sold	243,177	$36.23	$8.8 million	Form 4
Jul 27, 2026	Eric VenkerPresident & Immunovant CEO	Sold plan	200,000	$34.95	$7.0 million	Form 4

The latest 12 of 55 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Fail
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Fail	Fail	Fail
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Fail	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Fail
F-score	5 of 8	3 of 8	1 of 8
Accruals ratio	106.4%	10.6%	8.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Roivant Sciences side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Roivant Sciences	FY25	−71.6%	−6,235.7%	−9,183.5%	−62.6%	—	1
Cytokinetics	FY25	376.6%	−695.4%	−607.5%	—	—	—	Compare
Ligand Pharmaceuticals	FY25	60.4%	15.3%	18.2%	4.9%	−3.8x	5	Compare
Krystal Biotech	FY25	33.9%	41.5%	48.5%	43.6%	−5.0x	5	Compare
ADMA Biologics	FY25	19.6%	37.5%	5.5%	39.5%	−0.1x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

6 years of figures

Fiscal year	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	24	55	32	33	29	8
Revenue growth	—	132.3%	−43.0%	3.8%	−11.2%	−71.6%
Gross profit	—	—	—	—	—	—
Research and development	237	483	454	440	550	682
Operating income	−1,071	−1,352	−907	4,497	−1,003	−515
Net income	−809	−845	−1,009	4,349	−172	−300
Diluted EPS (US$)	−1.28	−1.26	−1.42	5.23	−0.24	−0.54
Diluted shares (millions)	630	670	713	831	725	694
Cash flow
Cash from operations	−552	−678	−843	−765	−840	−750
Capital expenditure	6	17	13	1	5	8
Free cash flow	−558	−695	−856	−767	−844	−759
Dividends paid	0	0	0	0	0	0
Share buybacks	0	0	0	0	1,293	0
Acquisitions	0	0	0	0	0	0
Stock-based compensation	85	565	218	200	289	346
Balance sheet at fiscal year end
Cash and short-term investments	2,055	2,060	1,677	6,495	4,887	4,292
Debt incl. finance leases	170	210	381	431	0	0
Total assets	2,590	2,585	2,390	7,222	5,437	5,709
Total liabilities	528	524	782	774	250	416
Shareholders' equity	1,798	1,657	1,158	5,969	4,688	4,527
Margins and ratios
Gross margin	—	—	—	—	—	—
Operating margin	−4,500.5%	−2,444.8%	−2,875.9%	13,746.9%	−3,453.3%	−6,235.7%
Net margin	−3,400.9%	−1,528.9%	−3,200.2%	13,294.2%	−592.0%	−3,629.2%
Free cash flow margin	−2,344.8%	−1,257.4%	−2,715.1%	−2,343.6%	−2,905.2%	−9,183.5%
Return on capital	—	—	−286.2%	—	—	−62.6%
Return on equity	—	−48.9%	−71.7%	122.0%	−3.2%	−6.5%
Return on assets	—	−32.7%	−40.6%	90.5%	−2.7%	−5.4%
Net debt to EBITDA	—	—	—	−1.3x	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Roivant Sciences' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Roivant Sciences.