ABUSArbutus Biopharma Corporation
Is the business good?
More warning than reassurance: profits without cash flow and margins compressing.
Reports an operating profit but operating cash flow is negative, a red flag.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is ABUS?
Arbutus Biopharma Corporation earns 71% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 62 points above what the capital costs: growth creates value
- Operating margin
- 82%
Operating margin · Biotechnology median −77% · 12 months to Q2 2026
- Cash conversion
- −0.21×
Cash conversion · the operating profit has not turned into cash yet
- Share count, year on year
- +2.6%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −836% |
| FY2021 | −669% |
| FY2022 | −168% |
| FY2023 | −431% |
| FY2024 | −1237% |
| FY2025 | −271% |
Details›
- Operating margin12 months to Q2 2026
- 82%
- Net margin12 months to Q2 2026
- 84%
- R&D as % of revenue
- 9.8%
- Revenue, trailing twelve months
- $182M
- Net income, trailing twelve months
- $153M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 71%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.