Skip to content
stoqly

ANI Pharmaceuticals

ANIP Nasdaq Pharmaceuticals Financials FY2016–FY2025

ANI Pharmaceuticals' revenue rose 43.8% to $883 million in fiscal 2025. Its operating margin was 12.6%, up from 0.1% a year earlier. Free cash flow was $171 million, up 258.7%. It paid out $13 million in dividends and buybacks, 8% of free cash flow. The diluted share count rose 9.9%.

Last close · Oct 23, 2026

$72.61

1.5%
Value it Compare
Revenue Total sales reported in the income statement.
$883M
43.8% vs prior year
Operating margin Operating income as a share of revenue.
12.6%
12.5 pts
Net income Profit after all expenses, interest and tax.
$78.3M
Free cash flow Cash from operations minus capital spending.
$171M
258.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
15.9%
15.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$1.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
15.7x
On $4.63 EPS (TTM)

What ANI Pharmaceuticals does

No business description yet.

Legal name
ANI PHARMACEUTICALS, INC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001023024-26-000014
0001023024

Revenue and margins

ANI Pharmaceuticals had $883M of revenue in fiscal 2025, up 43.8% 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 28.8% 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 $171M in fiscal 2025, 19.4% 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

ANI Pharmaceuticals returned $13.4M to shareholders in fiscal 2025, 8% of free cash flow. The diluted share count rose 9.9%.

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

Value ANI 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 −$23.7M and divides by 21.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

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

Balance sheet

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

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $100M$48.2M$221M$145M$286M
Debt incl. finance leases $287M$287M$286M$319M$309M
Net debt / EBITDA 25.1x11.0x0.6x2.5x0.1x
Debt / equity 0.9x0.9x0.7x0.8x0.6x
Interest coverage −3.3x−1.2x1.3x0.0x3.4x
Current ratio 3.7x3.5x3.6x2.7x2.7x
Quick ratio 2.7x2.4x2.8x2.0x2.2x
Total assets $772M$760M$904M$1.3B$1.4B
Total liabilities $413M$422M$447M$856M$900M
Shareholders' equity $334M$314M$433M$404M$541M
Net debt (− = net cash) $187M$238M$64.6M$174M$23.7M

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

$2.4M

5 insiders

Of sales under plans

90%

$2.1M

DateInsiderTradeSharesPriceValueFiling
Sep 29, 2026 Stephen P. CareySVP & CFO Sold plan 2,850 $73.00 $0.2M Form 4
Sep 15, 2026 Nikhil LalwaniPresident & CEO, Director Sold plan 5,400 $71.00 $0.4M Form 4
Sep 14, 2026 Meredith CookSr. VP, General Counsel & Sec. Sold plan 500 $70.79 $0.0M Form 4
Sep 11, 2026 Jeanne ThomaDirector Sold plan 1,000 $71.53 $0.1M Form 4
Aug 31, 2026 Stephen P. CareySVP & CFO Sold plan 2,850 $72.80 $0.2M Form 4
Aug 25, 2026 Nikhil LalwaniPresident & CEO, Director Sold plan 5,400 $74.30 $0.4M Form 4
Aug 13, 2026 Meredith CookSr. VP, General Counsel & Sec. Sold plan 500 $75.48 $0.0M Form 4
Aug 10, 2026 Ori GutwergSVP, Generics Sold 3,162 $77.00 $0.2M Form 4
Jul 29, 2026 Stephen P. CareySVP & CFO Sold plan 2,850 $81.36 $0.2M Form 4
Jul 13, 2026 Meredith CookSr. VP, General Counsel & Sec. Sold plan 500 $81.84 $0.0M Form 4
Jul 2, 2026 Stephen P. CareySVP & CFO Sold plan 3,313 $86.00 $0.3M Form 4
Jun 29, 2026 Stephen P. CareySVP & CFO Sold plan 2,850 $84.12 $0.2M 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 7 / 84 / 86 / 8
Accruals ratio −12.0%−7.5%−7.9%
Altman Z'' 3.791.953.26

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

10 years of figures

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

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $129M $177M $202M $207M $209M $216M $316M $487M $614M $883M
Gross profit $79.8M $97.8M $129M $143M $121M — — — — —
Research and development $2.9M $9.1M $15.4M $19.8M $16.0M $11.4M $22.3M $34.3M $44.6M $51.7M
Operating income $20.1M $28.3M $35.4M $16.4M −$16.0M −$39.8M −$35.3M $47.0M $0.6M $111M
Interest expense $11.3M $11.3M $14.9M $13.5M $9.5M $11.9M $28.5M $35.6M $33.6M $32.6M
Pretax income $8.7M $16.3M $20.1M $3.2M −$26.0M −$56.1M −$62.7M $19.9M −$22.2M $95.8M
Income tax $4.7M $17.4M $4.6M −$2.9M −$3.4M −$13.5M −$14.8M $1.1M −$3.7M $17.5M
Net income $3.9M −$1.1M $15.5M $6.1M −$22.5M −$42.6M −$47.9M $18.8M −$18.5M $78.3M
Diluted EPS $0.34 −$0.09 $1.30 $0.50 −$1.88 −$3.40 −$3.05 $0.85 −$1.04 $3.32
Diluted shares 0.01B 0.01B 0.01B 0.01B 0.01B 0.01B 0.02B 0.02B 0.02B 0.02B
Cash flow
Cash from operations $27.5M $39.4M $67.1M $45.6M $15.3M $3.3M −$31.2M $119M $64.0M $185M
Capital expenditure $4.6M $10.4M $5.7M $6.6M $6.1M $2.6M $8.9M $8.9M $16.2M $13.8M
Free cash flow $22.9M $29.1M $61.3M $39.0M $9.1M $0.8M −$40.1M $110M $47.8M $171M
Depreciation and amortization $22.3M $27.9M $33.7M $44.6M $44.6M $47.3M $57.0M $59.8M $67.7M $91.4M
Stock-based compensation $6.1M $6.1M $6.8M $9.2M $12.9M $10.5M $14.6M $20.7M $29.3M $37.9M
Acquisitions $0.0M $0.0M $16.5M $0.0M $0.0M $84.5M $0.0M $0.0M $0.0M $0.0M
Share buybacks $2.5M $0.0M $0.0M $1.0M $1.5M $0.9M $2.0M $5.0M $11.0M $12.2M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.2M $1.6M $1.6M $1.6M $1.2M
Dividends and buybacks $2.5M $0.0M $0.0M $1.0M $1.5M $1.1M $3.6M $6.6M $12.6M $13.4M
Balance sheet
Cash and short-term investments $27.4M $31.1M $43.0M $62.3M $7.9M $100M $48.2M $221M $145M $286M
Total debt $121M $128M $70.6M $186M $186M $287M $287M $286M $318M $309M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.4M $0.2M
Current assets $103M $132M $153M $188M $170M $322M $344M $520M $529M $753M
Current liabilities $31.9M $39.2M $166M $61.7M $78.6M $87.5M $99.4M $146M $195M $278M
Inventory $26.2M $37.7M $40.5M $48.2M $60.8M $81.7M $105M $111M $137M $143M
Property and equipment, net $11.0M $20.4M $38.1M $40.6M $41.3M $52.7M $43.2M $44.6M $56.9M $62.5M
Total assets $323M $412M $431M $457M $461M $772M $760M $904M $1.3B $1.4B
Total liabilities $153M $237M $233M $244M $266M $413M $422M $447M $856M $900M
Shareholders' equity $170M $175M $197M $213M $196M $334M $314M $433M $404M $541M
Margins
Gross margin 62.1% 55.3% 63.8% 69.4% 58.2% — — — — —
Operating margin 15.6% 16.0% 17.5% 7.9% −7.7% −18.4% −11.2% 9.7% 0.1% 12.6%
EBITDA margin 33.0% 31.8% 34.3% 29.5% 13.7% 3.5% 6.9% 21.9% 11.1% 22.9%
Net margin 3.1% −0.6% 7.7% 3.0% −10.8% −19.7% −15.1% 3.9% −3.0% 8.9%
FCF margin 17.8% 16.4% 30.4% 18.9% 4.4% 0.4% −12.7% 22.6% 7.8% 19.4%
Returns
Return on capital 5.3% 5.3% 11.0% 5.8% −3.6% −7.0% −5.2% 8.5% 0.1% 15.9%
Return on capital employed 7.1% 8.5% 11.1% 5.0% −4.1% −7.5% −5.3% 6.6% 0.1% 9.9%
Return on equity 2.4% −0.6% 8.3% 3.0% −11.0% −16.1% −14.8% 5.0% −4.4% 16.6%
Return on assets 1.3% −0.3% 3.7% 1.4% −4.9% −6.9% −6.3% 2.3% −1.7% 5.8%
Growth
Revenue growth 68.5% 37.5% 14.0% 2.5% 0.9% 3.7% 46.4% 53.9% 26.2% 43.8%
Net income growth −74.4% −127.4% — −60.7% −470.0% — — — −198.6% —
EPS growth −74.2% −126.5% — −61.5% −476.0% — — — −222.4% —
FCF growth 51.9% 26.8% 111.1% −36.4% −76.6% −91.6% −5,339.1% — −56.6% 258.7%
Share count change 0.1% −0.2% 2.0% 2.3% −0.6% 5.3% 29.1% 11.9% 6.2% 9.9%
Financial health
Net debt / EBITDA 2.2x 1.7x 0.4x 2.0x 6.2x 25.1x 11.0x 0.6x 2.5x 0.1x
Debt / equity 0.7x 0.7x 0.4x 0.9x 1.0x 0.9x 0.9x 0.7x 0.8x 0.6x
Interest coverage 1.8x 2.5x 2.4x 1.2x −1.7x −3.3x −1.2x 1.3x 0.0x 3.4x
Current ratio 3.2x 3.4x 0.9x 3.0x 2.2x 3.7x 3.5x 3.6x 2.7x 2.7x
Quick ratio 2.4x 2.4x 0.7x 2.3x 1.4x 2.7x 2.4x 2.8x 2.0x 2.2x
Capital allocation
Capex / revenue 3.6% 5.9% 2.9% 3.2% 2.9% 1.2% 2.8% 1.8% 2.6% 1.6%
Stock comp / revenue 4.7% 3.4% 3.4% 4.5% 6.2% 4.9% 4.6% 4.2% 4.8% 4.3%
Payouts / FCF 10.9% 0.0% 0.0% 2.6% 16.7% 141.2% — 6.0% 26.3% 7.8%
Quality scores
Piotroski F-score 5.0 6.0 6.0 5.0 4.0 4.0 3.0 7.0 4.0 6.0
Altman Z'' 3.0 2.7 1.3 3.1 1.8 2.3 2.2 3.8 2.0 3.3
Accruals ratio −7.7% −11.0% −12.2% −8.9% −8.2% −7.5% −2.2% −12.0% −7.5% −7.9%

Source: SEC EDGAR XBRL filings (CIK 0001023024). 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.

↑ ↓ to move · ↵ to open