# Roivant Sciences (ROIV.US)

Canonical: https://gigainvestors.com/s/ROIV

Analysis as of: 2026-10-16T07:31:38.720Z. Financial observations: FY2019–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $34.04 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 4

- Years with a net loss: 6

- Operating margin variation: 1.26×

Chart: Operating margin; fiscal year observations.

- FY2019: -322.07×

- FY2020: -7.87×

- FY2021: -45.01×

- FY2022: -21.92×

- FY2023: -25.66×

- FY2024: -25.22×

- FY2025: -38.33×

- FY2026: -155.61×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 6.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: -45.4%

- ROIC, second-lowest year: -299.4%

- Typical minus recent gross margin: 6.4 pp

- Typical gross margin (annual median): 90.9%

- Recent gross margin (lower of latest and 3-year median): 84.4%

- Years with nonpositive capital: 5

- Capital spending / revenue: 28.0%

- ROIC including acquisitions, ten-year median: -89.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -256.1%

- FY2020: -1526.0%

- FY2021: -41.4%

- FY2022: -49.3%

- FY2023: -39.0%

- FY2024: -12.7%

- FY2025: -18.4%

- FY2026: -299.4%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.1B

- Net income, five-year total: $2.0B

- Return on incremental invested capital: -70.3%

- Working capital / revenue, annual change: 756.0 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 0.99×

- FY2024: 1.00×

- FY2025: 0.94×

- FY2026: 1.02×

### management: fail

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -256.1% vs -18.4%

- Per-share earnings: -1.28 to -0.24 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.9%

- Diluted shares, 5-year annual growth: 1.9%

- Per-share value change: $1.05

- Per-share value, starting three-year median: -$1.28

- Per-share value, ending three-year median: -$0.24

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 6.7%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -256.1%

- ROIC, last three-year median: -18.4%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$4.84

- FY2020: $1.75

- FY2021: -$1.28

- FY2022: -$1.26

- FY2023: -$1.42

- FY2024: $5.23

- FY2025: -$0.24

- FY2026: -$0.43

### accounting: pass

- Sloan accruals: 7.9%

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -1.3%

- FY2020: 79.2%

- FY2021: -9.6%

- FY2022: -6.5%

- FY2023: -6.9%

- FY2024: 70.8%

- FY2025: 12.3%

- FY2026: 7.9%

## Holders

- [David Einhorn](https://gigainvestors.com/GLRE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 294% since Oct 2023 · "Roivant Sciences Stock Soars as Lung Disease Drug Hits Goals" (finance.yahoo.com, Sep 2026) · sales -71.6%

Story as of 2026-10-16T09:59:31.260Z; price observation 2026-10-15.

- 2026-05-20: Roivant Shares Climb on Earnings Beat Despite Revenue Shortfall (ROIV) ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/roivant-shares-climb-earnings-beat-124502666.html))

- 2026-09-08: Roivant Sciences Stock Soars as Lung Disease Drug Hits Goals ([finance.yahoo.com](https://finance.yahoo.com/m/1938f6fa-5cd4-3176-89aa-45cbd0de6284/roivant-sciences-stock-soars.html))

### Sales · FY2025–2026

sales -71.6%; source https://www.sec.gov/Archives/edgar/data/1635088/000163508826000061/roiv-20260331.htm; observed 2026-05-20.

- FY2019: $2.3M 

- FY2020: $68M 

- FY2021: $24M 

- FY2022: $55M 

- FY2023: $32M 

- FY2024: $33M 

- FY2025: $29M 

- FY2026: $8.3M 

### Gross margin · FY2026

gross margin 84.4%; source https://www.sec.gov/Archives/edgar/data/1635088/000163508826000061/roiv-20260331.htm; observed 2026-05-20.

- FY2019: 73.9% 

- FY2020: 98.3% 

- FY2021: 91.4% 

- FY2022: 83.8% 

- FY2023: 90.4% 

- FY2024: 95.1% 

- FY2025: 96.9% 

- FY2026: 84.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are USD 8.3 million.

- Source: https://www.sec.gov/Archives/edgar/data/1635088/000163508826000061/roiv-20260331.htm (filed 2026-05-20); FY2026: revenue 8260000; grossProfit 6975000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 84.4% to 96.9% during 2024–26; it lost 45.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2024: grossProfit / revenue = 95.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2025: grossProfit / revenue = 96.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1635088/000163508826000061/roiv-20260331.htm (filed 2026-05-20); FY2026: grossProfit / revenue = 84.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); 8-year return on capital observations [[2019,-2.5606134485804852],[2020,-15.260158545876719],[2021,-0.4141491654693516],[2022,-0.4932314802649375],[2023,-0.38990529353270253],[2024,-0.12693302356710368],[2025,-0.1837613484342936],[2026,-2.994215477254163]]; median -0.45369032286714456. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 8 years; bought back USD 319.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2020: growth capex 25794000; upkeep -20878000; owner earnings 1200509000. Growth capex / owner earnings = 0.021485886403183982.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2024: growth capex 0; upkeep 1382000; cash acquisitions 36983000; owner earnings 4369580000. Growth capex plus acquisitions / owner earnings = 0.008463742510721853.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,0],[2023,162713000],[2024,6000000],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1635088/000163508826000061/roiv-20260331.htm (filed 2026-05-20); FY2026: cash repurchases 319503000 USD.

### Are managers owners

Insiders own 21.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ROIV.US SharesStats.PercentInsiders = 21.42 percentage points; cache date 2026-10-16.

### What the price says

The price is 2859.5 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); Closing price 34.04 USD; reporting-to-trading FX 1; FY2026 annual sales per share 0.011904341039020975; price multiple 2859.461089733656. FY2026 cash earnings/share -0.4390367093703435. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-12: $10.17 per share

- 2021-01: $10.32 per share

- 2021-02: $10.20 per share

- 2021-03: $9.78 per share

- 2021-04: $9.86 per share

- 2021-05: $9.85 per share

- 2021-06: $9.89 per share

- 2021-07: $9.91 per share

- 2021-08: $9.95 per share

- 2021-09: $9.35 per share

- 2021-10: $7.94 per share

- 2021-11: $6.63 per share

- 2021-12: $10.08 per share

- 2022-01: $6.95 per share

- 2022-02: $6.29 per share

- 2022-03: $4.94 per share

- 2022-04: $3.69 per share

- 2022-05: $4.44 per share

- 2022-06: $4.07 per share

- 2022-07: $3.98 per share

- 2022-08: $3.56 per share

- 2022-09: $3.22 per share

- 2022-10: $5.14 per share

- 2022-11: $5.36 per share

- 2022-12: $7.99 per share

- 2023-01: $8.30 per share

- 2023-02: $8.09 per share

- 2023-03: $7.38 per share

- 2023-04: $8.55 per share

- 2023-05: $9.09 per share

- 2023-06: $10.08 per share

- 2023-07: $11.98 per share

- 2023-08: $11.57 per share

- 2023-09: $11.68 per share

- 2023-10: $8.64 per share

- 2023-11: $9.56 per share

- 2023-12: $11.23 per share

- 2024-01: $10.00 per share

- 2024-02: $11.44 per share

- 2024-03: $10.54 per share

- 2024-04: $10.90 per share

- 2024-05: $10.36 per share

- 2024-06: $10.57 per share

- 2024-07: $10.85 per share

- 2024-08: $12.23 per share

- 2024-09: $11.54 per share

- 2024-10: $11.55 per share

- 2024-11: $12.71 per share

- 2024-12: $11.83 per share

- 2025-01: $11.13 per share

- 2025-02: $10.74 per share

- 2025-03: $10.09 per share

- 2025-04: $11.62 per share

- 2025-05: $10.99 per share

- 2025-06: $11.27 per share

- 2025-07: $11.36 per share

- 2025-08: $11.93 per share

- 2025-09: $15.13 per share

- 2025-10: $19.99 per share

- 2025-11: $20.81 per share

- 2025-12: $21.70 per share

- 2026-01: $21.62 per share

- 2026-02: $28.94 per share

- 2026-03: $27.70 per share

- 2026-04: $28.53 per share

- 2026-05: $29.99 per share

- 2026-06: $35.39 per share

- 2026-07: $33.91 per share

- 2026-08: $34.64 per share

- 2026-09: $36.57 per share

- 2026-10: $34.04 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1635088/000163508826000061/roiv-20260331.htm); period 2026-03-31, filed 2026-05-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.