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Amphstar Pharmaceuticals

AMPH Nasdaq Pharmaceuticals Financials FY2016–FY2025

Amphstar Pharmaceuticals' revenue fell 1.6% to $720 million in fiscal 2025. Its operating margin was 19.5%, down from 28.1% a year earlier. Free cash flow was $121 million, down 29.7%. It paid out $76 million in dividends and buybacks, 62% of free cash flow. The diluted share count fell 7.4%.

Last close · Oct 23, 2026

$25.14

3.5%
Value it Compare
Revenue Total sales reported in the income statement.
$720M
1.7% vs prior year
Operating margin Operating income as a share of revenue.
19.5%
8.6 pts
Net income Profit after all expenses, interest and tax.
$98.1M
38.5%
Free cash flow Cash from operations minus capital spending.
$121M
29.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.9%
6.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$1.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
14.9x
On $1.69 EPS (TTM)

What Amphstar Pharmaceuticals does

No business description yet.

Legal name
Amphastar Pharmaceuticals, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001297184-26-000009
0001297184

Revenue and margins

Amphstar Pharmaceuticals had $720M of revenue in fiscal 2025, down 1.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 28.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $121M in fiscal 2025, 16.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Amphstar Pharmaceuticals returned $75.6M to shareholders in fiscal 2025, 62% of free cash flow. The diluted share count fell 7.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Amphstar Pharmaceuticals yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$338M and divides by 48.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 14.9x · peers 15.7x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Amphstar Pharmaceuticals can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $137M$176M$257M$222M$283M
Debt incl. finance leases $80.4M$79.7M$604M$614M$621M
Net debt / EBITDA −0.7x−0.8x1.6x1.5x1.7x
Debt / equity 0.2x0.2x0.9x0.8x0.8x
Interest coverage 79.0x58.2x7.3x6.8x5.5x
Current ratio 3.1x4.0x2.2x3.1x4.0x
Quick ratio 2.2x2.9x1.7x2.2x2.9x
Total assets $672M$742M$1.5B$1.6B$1.6B
Total liabilities $226M$213M$874M$845M$841M
Shareholders' equity $446M$529M$639M$732M$789M
Net debt (− = net cash) −$56.3M−$96.1M$347M$392M$338M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$1.7M

4 insiders

Of sales under plans

18%

$0.3M

DateInsiderTradeSharesPriceValueFiling
Sep 21, 2026 William J PetersCFO, EVP & Treasurer, Director Sold plan 4,139 $25.00 $0.1M Form 4
Sep 16, 2026 Rong ZhouSenior EVP, Production Center Sold 10,000 $23.94 $0.2M Form 4
Sep 2, 2026 Rong ZhouSenior EVP, Production Center Sold 3,187 $23.63 $0.1M Form 4
Aug 11, 2026 Richard K PrinsDirector Sold 7,973 $20.30 $0.2M Form 4
Aug 7, 2026 William J PetersCFO, EVP & Treasurer, Director Sold plan 8,180 $22.48 $0.2M Form 4
Dec 17, 2025 Rong ZhouSenior EVP, Production Center Sold 9,787 $26.20 $0.3M Form 4
Dec 12, 2025 Floyd F. PetersenDirector Sold 2,426 $25.92 $0.1M Form 4
Dec 11, 2025 Floyd F. PetersenDirector Sold 1,737 $25.69 $0.0M Form 4
Nov 25, 2025 Richard K PrinsDirector Sold 4,179 $27.10 $0.1M Form 4
Nov 13, 2025 Floyd F. PetersenDirector Sold 16,679 $26.49 $0.4M Form 4
Nov 3, 2025 Floyd F. PetersenDirector Sold plan 500 $25.27 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✕ ✓ ✓
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✓ ✕ ✕
F-score 6 / 96 / 96 / 9
Accruals ratio −4.1%−3.5%−3.6%
Altman Z'' 3.674.464.82

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Amphstar Pharmaceuticals AMPH $1.1B −1.7% 19.5% 16.8% 9.9% 14.9x 6
Corcept Therapeutics CORT $10.2B 12.8% 5.9% 18.6% 15.7% — 3 Compare →
Collegium Pharmaceutical COLL $746M 23.6% 23.0% 42.0% 53.4% 18.5x 6 Compare →
ANI Pharmaceuticals ANIP $1.6B 43.8% 12.6% 19.4% 15.9% 15.7x 6 Compare →
Acadia Pharmaceuticals ACAD $3.4B 11.9% 9.8% 9.8% — 8.9x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $255M $240M $295M $322M $350M $438M $499M $644M $732M $720M
Gross profit $104M $90.5M $107M $132M $143M $200M $249M $351M $374M $356M
Research and development $41.5M $43.5M $57.6M $68.9M $67.2M $60.9M $74.8M $73.7M $73.9M $85.8M
Operating income $15.4M −$1.3M −$8.6M $0.0M $11.0M $69.9M $108M $197M $205M $140M
Interest expense $1.0M $0.8M $0.2M $0.1M $0.4M $0.9M $1.8M $27.2M $30.3M $25.5M
Pretax income $14.6M $1.2M −$9.9M $60.2M $4.6M $84.1M $116M $171M $190M $124M
Income tax $4.8M −$2.4M −$3.3M $13.7M $3.5M $20.6M $23.5M $31.8M $29.7M $25.5M
Net income $9.8M $3.6M −$5.7M $48.9M $1.4M $62.1M $91.4M $138M $160M $98.1M
Diluted EPS $0.21 $0.08 −$0.12 $0.98 $0.03 $1.25 $1.74 $2.60 $3.06 $2.03
Diluted shares 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $38.6M $39.2M $38.2M $41.8M $57.3M $98.0M $89.2M $184M $213M $156M
Capital expenditure $21.4M $35.1M $46.8M $41.6M $33.9M $27.5M $24.0M $38.2M $41.0M $34.9M
Free cash flow $17.2M $4.1M −$8.6M $0.2M $23.4M $70.5M $65.2M $145M $172M $121M
Depreciation and amortization $14.7M $6.4M $6.1M $7.1M $9.0M $10.2M $12.6M $25.7M $53.0M $56.7M
Stock-based compensation $15.1M $17.1M $16.7M $17.3M $20.5M $18.7M $17.9M $20.2M $24.4M $27.3M
Acquisitions $12.5M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $9.9M $30.7M $25.0M $22.3M $24.4M $28.9M $39.9M $58.1M $85.5M $75.6M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $9.9M $30.8M $25.1M $22.3M $24.4M $28.9M $39.9M $58.1M $85.5M $75.6M
Balance sheet
Cash and short-term investments $72.9M $68.2M $89.2M $85.4M $106M $137M $176M $257M $222M $283M
Total debt $37.7M $47.2M $50.2M $54.1M $58.2M $80.4M $79.7M $604M $614M $621M
Finance lease liabilities $0.0M $0.0M $0.0M $0.8M $0.5M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $184M $188M $220M $255M $280M $318M $378M $490M $534M $636M
Current liabilities $60.6M $67.2M $107M $90.0M $112M $104M $94.9M $225M $174M $158M
Inventory $79.8M $63.6M $69.3M $111M $96.8M $92.8M $104M $106M $154M $177M
Property and equipment, net $153M $181M $210M $234M $260M $244M $238M $283M $297M $311M
Total assets $428M $451M $514M $587M $631M $672M $742M $1.5B $1.6B $1.6B
Total liabilities $98.5M $117M $149M $159M $183M $226M $213M $874M $845M $841M
Shareholders' equity $329M $334M $332M $381M $402M $446M $529M $639M $732M $789M
Margins
Gross margin 40.8% 37.7% 36.3% 40.9% 41.0% 45.6% 49.9% 54.5% 51.1% 49.5%
Operating margin 6.0% −0.5% −2.9% −0.0% 3.1% 16.0% 21.5% 30.6% 28.1% 19.5%
EBITDA margin 11.8% 2.1% −0.9% 2.2% 5.7% 18.3% 24.1% 34.6% 35.3% 27.4%
Net margin 3.9% 1.5% −2.0% 15.2% 0.4% 14.2% 18.3% 21.3% 21.8% 13.6%
FCF margin 6.7% 1.7% −2.9% 0.1% 6.7% 16.1% 13.1% 22.6% 23.6% 16.8%
Returns
Return on capital 3.7% −0.4% −2.1% −0.0% 1.4% 13.4% 20.9% 22.6% 16.4% 9.9%
Return on capital employed 4.4% −0.3% −2.2% −0.0% 2.2% 12.9% 17.7% 20.4% 15.3% 9.8%
Return on equity 3.1% 1.1% −1.7% 13.7% 0.4% 14.7% 18.8% 23.6% 23.3% 12.9%
Return on assets 2.4% 0.8% −1.2% 8.9% 0.2% 9.5% 12.9% 12.2% 10.3% 6.1%
Growth
Revenue growth 1.5% −5.9% 22.7% 9.4% 8.5% 25.1% 14.0% 29.1% 13.6% −1.7%
Net income growth — −62.9% −257.3% — −97.1% 4,327.4% 47.1% 50.5% 16.0% −38.5%
EPS growth — −61.9% −250.0% — −96.9% 4,066.7% 39.2% 49.4% 17.7% −33.7%
FCF growth — −76.1% −309.7% — 11,209.7% 201.3% −7.6% 123.1% 18.6% −29.7%
Share count change 5.7% 1.8% −4.1% 7.6% −1.6% 1.3% 5.3% 1.1% −1.8% −7.4%
Financial health
Net debt / EBITDA −1.2x −4.1x — −4.5x −2.4x −0.7x −0.8x 1.6x 1.5x 1.7x
Debt / equity 0.1x 0.1x 0.2x 0.1x 0.1x 0.2x 0.2x 0.9x 0.8x 0.8x
Interest coverage 15.0x −1.5x −35.5x −0.3x 29.3x 79.0x 58.2x 7.3x 6.8x 5.5x
Current ratio 3.0x 2.8x 2.1x 2.8x 2.5x 3.1x 4.0x 2.2x 3.1x 4.0x
Quick ratio 1.7x 1.9x 1.4x 1.6x 1.6x 2.2x 2.9x 1.7x 2.2x 2.9x
Capital allocation
Capex / revenue 8.4% 14.6% 15.9% 12.9% 9.7% 6.3% 4.8% 5.9% 5.6% 4.9%
Stock comp / revenue 5.9% 7.1% 5.7% 5.4% 5.9% 4.3% 3.6% 3.1% 3.3% 3.8%
Payouts / FCF 57.7% 748.1% — 10,768.6% 104.3% 40.9% 61.3% 40.0% 49.6% 62.4%
Quality scores
Piotroski F-score 8.0 3.0 5.0 6.0 6.0 7.0 7.0 6.0 6.0 6.0
Altman Z'' 6.2 5.3 4.3 5.3 5.1 5.7 7.3 3.7 4.5 4.8
Accruals ratio −7.0% −8.1% −9.1% 1.3% −9.2% −5.5% 0.3% −4.1% −3.5% −3.6%

Source: SEC EDGAR XBRL filings (CIK 0001297184). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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