ROIVRoivant Sciences Ltd.

Pharmaceutical Preparations

Revenue: $8M; 72% YoY
Operating margin: -6235.7%; 81% YoY
EBITDA: −$512M; 48% YoY
Market cap: $26.7B
Employees: 721; $11K revenue each
Net debt / EBITDA: —; −$937M net debt
AI in 10-K: 4.6; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
0 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
$26M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
42× of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-172% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
54% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$11K · 23rd pct
Bottom quartile of its SIC industry
Quiet on AINo
4.6 per 10K words · 81st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$26.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$892M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$55M	$32M	$33M	$29M	$8M	72%
Operating income	−$1.4B	−$907M	$4.5B	−$1.0B	−$515M	49%
Net income	−$845M	−$1.0B	$4.3B	−$172M	−$300M	74%
Operating cash flow	−$678M	−$843M	−$765M	−$839M	−$750M	11%
Capex	$17M	$13M	$1M	$5M	$8M	78%
Stock-based comp	$565M	$218M	$200M	$289M	$346M	20%
Buybacks	—	$0	$0	$1.3B	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $892M · 117
Net: −$892M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$3M	$382M	561	145
FY2025	$163M	$120M	204	104
FY2024	$738K	$46M	213	108
FY2023	$49M	$98M	149	100