Quality Investor

Arm Holdings plc

Rank #108Hypergrowth

ARM · Nasdaq · Technology

Arm Holdings plc (ARM) — Rank #108 by gross profitability (GP/assets 0.45) · ROE 10.9% · Piotroski F-Score 6 / 9.

As-of 2026-09-15 · CIK 0001973239 · all metrics point-in-time as of the filing date.

About

Arm Holdings plc researches, develops, licenses, and markets central processing unit (CPU) intellectual property (IP), graphics processing unit IP, systems IP, compute subsystems (CSS), and associated software, tools and related services.

Show more

The company provides a product portfolio, including CPU IP, GPU and neural processing unit (NPU) accelerators, system IP such as interconnects, compute platform products including pre-integrated CSSs, and development tools and software. The company serves semiconductor companies, original equipment manufacturers (OEMs), cloud service providers (CSPs), and organizations developing chips for end markets such as smartphones, consumer electronics, industrial IoT, embedded systems, cloud data centers, networking, automotive, and robotics. It provides its products and services in the United States, China, Japan, Taiwan, Korea, and internationally.

The company was founded in 1990 and is based in Cambridge, United Kingdom. Arm Holdings plc operates as a subsidiary of SoftBank Group Corp.

Industry
Semiconductors
Sector
Technology
State
X0
Filer Category
Large accelerated filer
Fiscal Year End
March 31
Website
arm.com

Price History

ARM+316.4% · +61.4% CAGRSPY+76.2% · +20.9% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$261.11B

P/E (annual)

287.6

P/S (annual)

53.1

P/B

31.5

P/OCF (annual)

171.3

Shareholder Yield

-0.5%

Employees

9,584

Industry

Semiconductors

Exchange

Nasdaq

Signal Flags

1 green1 red
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Operating margin decliningOperating margin lower than prior year

Quality Profile

Profitability

1/1 pass
GP / assets
0.45
Return on equity
10.9%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.29
Current ratio
6.00×
Net cash
$3.99B

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
21.4%

Growth

2/2 pass
Revenue growth
22.8%
Piotroski F-Score
6 / 9
Share dilution
0.5%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

44.4%

stretched

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 0.5% — per-share value needs a total required return of 44.8% once share-count change is priced in.

vs. own 6-year median revenue growth: 20.7%

priced above its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

38.1%

r = 10% (base)

44.4%

r = 12%

49.8%

Net debt / market cap: -1.5%

Base FCF: $979M3Y mean FCF: $718.3M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

377.9xExpensive
180.7xmed 236.6x416.0x

P / S

Price / revenue per share

69.7xExpensive
36.0xmed 45.8x69.7x

P / B

Price / book value per share

41.4xExpensive
21.1xmed 30.6x41.4x

P / GP

Price / gross profit per share

71.5xExpensive
37.1xmed 48.1x71.5x

P / FCF

Price / free cash flow per share

350.4xExpensive
126.3xmed 291.7x809.4x

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.45

Primary signal (Novy-Marx).

2nd of 17 SIC 3674 peers

Return on equity

10.9%

Gross margin

97.5%

1st of 17 SIC 3674 peers

Revenue growth (YoY)

22.8%

RPO growth (YoY)

-6.9%

Remaining performance obligations growth — RPO > revenue = forward demand building.

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2023202420252026
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

22.5%

Revenue CAGR (5Y)

Earnings CAGR (3Y)

19.9%

FCF CAGR (3Y)

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.29

7th of 16 SIC 3674 peers (best = lowest)

Current ratio

6.00×

4th of 17 SIC 3674 peers

Quick ratio

4.71×

Net cash

$3.99B

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$979.00M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.08

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

21.4%

Stock-based comp intensity.

Piotroski F-Score

F-Score

6 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20222026
Hypergrowth