I don’t think that’s true in general. As a sibling comments points out, this is not true for some DNGs - for example, the output of an iPhone is in DNG, but with many, many transforms already baked in. A DNG might even be debayered already.

GFX 100s II’s apply a transform to RAW data at iso 80, see: https://blog.kasson.com/gfx-100-ii/the-reason-for-the-gfz-10...

I don’t know much about ARW, but I do know that they offer a lossy compressed format - so it’s not just straight off the sensor integer values in that case either.

Okay true, but that's not the format's fault (:

The GFX 100s II thing is very interesting. Totally not what I would expect from such a "high end" camera.

damn, that is a quirk that would've led me pulling my hair out if I worked with those.