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Side-by-side financial comparison of ARROWHEAD PHARMACEUTICALS, INC. (ARWR) and Axogen, Inc. (AXGN), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
ARROWHEAD PHARMACEUTICALS, INC. is the larger business by last-quarter revenue ($264.0M vs $59.9M, roughly 4.4× Axogen, Inc.). ARROWHEAD PHARMACEUTICALS, INC. runs the higher net margin — 11.7% vs -22.0%, a 33.6% gap on every dollar of revenue. On growth, ARROWHEAD PHARMACEUTICALS, INC. posted the faster year-over-year revenue change (10461.3% vs 21.3%). ARROWHEAD PHARMACEUTICALS, INC. produced more free cash flow last quarter ($11.3M vs $1.8M).
Arrowhead Pharmaceuticals, Inc. is a publicly traded biopharmaceutical company based in Pasadena, California. Arrowhead's products in development act through RNA interference (RNAi) mechanisms of action. The company focuses on treatments for hepatitis B, liver disease associated with alpha 1-antitrypsin deficiency and cardiovascular disease.
Axogen is a developer of surgical solutions, including human tissue grafts, based in Alachua, Florida. Axogen products are designed to remedy peripheral nerve damage. In 2013 the company raised $18 million in its initial public offering (IPO). Axogen uses a cell graft technology AVANCE to mimic a human nerve. The company also creates nerve connectors and soft tissue membranes. The company reports sensory and movement recovery in 87 percent of patients with peripheral nerve injuries. Axogen is...
ARWR vs AXGN — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $264.0M | $59.9M |
| Net Profit | $30.8M | $-13.2M |
| Gross Margin | — | 74.1% |
| Operating Margin | 15.5% | -16.3% |
| Net Margin | 11.7% | -22.0% |
| Revenue YoY | 10461.3% | 21.3% |
| Net Profit YoY | 117.8% | -3023.6% |
| EPS (diluted) | $0.22 | $-0.28 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $264.0M | $59.9M | ||
| Q3 25 | — | $60.1M | ||
| Q2 25 | — | $56.7M | ||
| Q1 25 | — | $48.6M | ||
| Q4 24 | — | $49.4M | ||
| Q3 24 | — | $48.6M | ||
| Q2 24 | — | $47.9M | ||
| Q1 24 | — | $41.4M |
| Q4 25 | $30.8M | $-13.2M | ||
| Q3 25 | — | $708.0K | ||
| Q2 25 | — | $579.0K | ||
| Q1 25 | — | $-3.8M | ||
| Q4 24 | — | $450.0K | ||
| Q3 24 | — | $-1.9M | ||
| Q2 24 | — | $-1.9M | ||
| Q1 24 | — | $-6.6M |
| Q4 25 | — | 74.1% | ||
| Q3 25 | — | 76.6% | ||
| Q2 25 | — | 74.2% | ||
| Q1 25 | — | 71.9% | ||
| Q4 24 | — | 76.1% | ||
| Q3 24 | — | 74.9% | ||
| Q2 24 | — | 73.8% | ||
| Q1 24 | — | 78.8% |
| Q4 25 | 15.5% | -16.3% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 3.0% | ||
| Q1 25 | — | -3.4% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | — | -0.6% | ||
| Q2 24 | — | -0.9% | ||
| Q1 24 | — | -11.0% |
| Q4 25 | 11.7% | -22.0% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | -7.9% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | — | -3.8% | ||
| Q2 24 | — | -4.0% | ||
| Q1 24 | — | -16.0% |
| Q4 25 | $0.22 | $-0.28 | ||
| Q3 25 | — | $0.01 | ||
| Q2 25 | — | $0.01 | ||
| Q1 25 | — | $-0.08 | ||
| Q4 24 | — | $-0.00 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | — | $-0.15 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $715.0M | $41.5M |
| Total DebtLower is stronger | — | $48.4M |
| Stockholders' EquityBook value | $568.4M | $128.8M |
| Total Assets | $1.6B | $221.7M |
| Debt / EquityLower = less leverage | — | 0.38× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $715.0M | $41.5M | ||
| Q3 25 | — | $35.8M | ||
| Q2 25 | — | $29.9M | ||
| Q1 25 | — | $22.1M | ||
| Q4 24 | — | $33.5M | ||
| Q3 24 | — | $24.5M | ||
| Q2 24 | — | $21.1M | ||
| Q1 24 | — | $17.6M |
| Q4 25 | — | $48.4M | ||
| Q3 25 | — | $48.2M | ||
| Q2 25 | — | $47.9M | ||
| Q1 25 | — | $47.7M | ||
| Q4 24 | — | $47.5M | ||
| Q3 24 | — | $47.3M | ||
| Q2 24 | — | $47.0M | ||
| Q1 24 | — | $46.8M |
| Q4 25 | $568.4M | $128.8M | ||
| Q3 25 | — | $120.8M | ||
| Q2 25 | — | $112.3M | ||
| Q1 25 | — | $105.4M | ||
| Q4 24 | — | $103.9M | ||
| Q3 24 | — | $99.4M | ||
| Q2 24 | — | $95.7M | ||
| Q1 24 | — | $93.2M |
| Q4 25 | $1.6B | $221.7M | ||
| Q3 25 | — | $216.4M | ||
| Q2 25 | — | $205.5M | ||
| Q1 25 | — | $196.2M | ||
| Q4 24 | — | $203.7M | ||
| Q3 24 | — | $192.0M | ||
| Q2 24 | — | $188.9M | ||
| Q1 24 | — | $186.5M |
| Q4 25 | — | 0.38× | ||
| Q3 25 | — | 0.40× | ||
| Q2 25 | — | 0.43× | ||
| Q1 25 | — | 0.45× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.48× | ||
| Q2 24 | — | 0.49× | ||
| Q1 24 | — | 0.50× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $13.5M | $3.0M |
| Free Cash FlowOCF − Capex | $11.3M | $1.8M |
| FCF MarginFCF / Revenue | 4.3% | 3.0% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 0.8% | 2.1% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 0.44× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-2.9M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $13.5M | $3.0M | ||
| Q3 25 | — | $3.2M | ||
| Q2 25 | — | $7.7M | ||
| Q1 25 | — | $-13.2M | ||
| Q4 24 | — | $8.7M | ||
| Q3 24 | — | $3.9M | ||
| Q2 24 | — | $4.2M | ||
| Q1 24 | — | $-12.3M |
| Q4 25 | $11.3M | $1.8M | ||
| Q3 25 | — | $1.7M | ||
| Q2 25 | — | $7.0M | ||
| Q1 25 | — | $-13.4M | ||
| Q4 24 | — | $8.1M | ||
| Q3 24 | — | $3.3M | ||
| Q2 24 | — | $3.3M | ||
| Q1 24 | — | $-13.2M |
| Q4 25 | 4.3% | 3.0% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | -27.7% | ||
| Q4 24 | — | 16.3% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 6.8% | ||
| Q1 24 | — | -31.9% |
| Q4 25 | 0.8% | 2.1% | ||
| Q3 25 | — | 2.5% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | — | 2.2% |
| Q4 25 | 0.44× | — | ||
| Q3 25 | — | 4.55× | ||
| Q2 25 | — | 13.35× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 19.41× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
