Eton Pharmaceuticals, Inc.
ETON Nasdaq Pharmaceutical Preparations Financials FY2018–FY2025
Revenue
Total sales reported in the income statement.
$80.0M
104.9%
vs prior year
Operating margin
Operating income as a share of revenue.
−1.1%
5.6 pts
Net income
Profit after all expenses, interest and tax.
−$4.6M
Free cash flow
Cash from operations minus capital spending.
$10.2M
980.7%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−1.7%
3.5 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What Eton Pharmaceuticals, Inc. does
No business description yet.
- Legal name
- Eton Pharmaceuticals, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 19, 2026
- Accession · CIK
- 0001437749-26-009059
0001710340
Revenue and margins
Eton Pharmaceuticals, Inc. had $80.0M of revenue in fiscal 2025, up 104.9% on the year before.
FY18
Revenue —
FY19
Revenue $1.0M
FY20
Revenue $0.0M
FY21
Revenue $21.8M
FY22
Revenue $21.3M
FY23
Revenue $31.6M
FY24
Revenue $39.0M
FY25
Revenue $80.0M
Q3 '23
Revenue $7.0M
Q4 '23
Revenue $7.3M
Q1 '24
Revenue $8.0M
Q2 '24
Revenue $9.1M
Q3 '24
Revenue $10.3M
Q4 '24
Revenue $11.6M
Q1 '25
Revenue $17.3M
Q2 '25
Revenue $18.9M
Q3 '25
Revenue $22.5M
Q4 '25
Revenue $21.3M
Q1 '26
Revenue $24.3M
Q2 '26
Revenue $37.6M
FY18
Gross —
Operating —
Net —
FCF —
FY19
Gross 52.8%
Operating −1,939.6%
Net −1,910.3%
FCF −1,994.0%
FY20
Gross −1,017.9%
Operating −69,515.4%
Net −71,717.9%
FCF −57,425.6%
FY21
Gross 87.1%
Operating −6.8%
Net −9.0%
FCF −21.7%
FY22
Gross 67.4%
Operating −38.9%
Net −42.4%
FCF 22.5%
FY23
Gross 66.6%
Operating −3.8%
Net −3.0%
FCF 21.5%
FY24
Gross 60.0%
Operating −6.7%
Net −9.8%
FCF 2.4%
FY25
Gross 53.5%
Operating −1.1%
Net −5.8%
FCF 12.7%
Gross
Operating
Net
FCF
Q3 '23
Gross 62.6%
Operating −7.8%
Net −8.2%
FCF 12.4%
Q4 '23
Gross 49.6%
Operating −27.3%
Net −30.8%
FCF 5.3%
Q1 '24
Gross 62.9%
Operating −10.0%
Net −10.2%
FCF −31.2%
Q2 '24
Gross 62.0%
Operating −32.3%
Net −33.5%
FCF 13.8%
Q3 '24
Gross 61.0%
Operating 4.9%
Net 6.1%
FCF 28.6%
Q4 '24
Gross 55.6%
Operating 5.4%
Net −5.1%
FCF −6.7%
Q1 '25
Gross 57.1%
Operating −2.7%
Net −9.1%
FCF 12.1%
Q2 '25
Gross 63.0%
Operating −7.8%
Net −13.7%
FCF 42.0%
Q3 '25
Gross 35.0%
Operating −6.1%
Net −8.6%
FCF 52.3%
Q4 '25
Gross 61.6%
Operating 11.6%
Net 7.0%
FCF −54.5%
Q1 '26
Gross 60.7%
Operating 9.9%
Net 6.4%
FCF 30.2%
Q2 '26
Gross 67.6%
Operating 34.0%
Net 30.8%
FCF 19.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY18
Net income −$12.7M
FY19
Net income −$18.3M
FY20
Net income −$28.0M
FY21
Net income −$2.0M
FY22
Net income −$9.0M
FY23
Net income −$0.9M
FY24
Net income −$3.8M
FY25
Net income −$4.6M
Q3 '23
Net income −$0.6M
Q4 '23
Net income −$2.3M
Q1 '24
Net income −$0.8M
Q2 '24
Net income −$3.0M
Q3 '24
Net income $0.6M
Q4 '24
Net income −$0.6M
Q1 '25
Net income −$1.6M
Q2 '25
Net income −$2.6M
Q3 '25
Net income −$1.9M
Q4 '25
Net income $1.5M
Q1 '26
Net income $1.6M
Q2 '26
Net income $11.6M
FY18
Diluted EPS −$5.80
FY19
Diluted EPS −$1.03
FY20
Diluted EPS −$1.33
FY21
Diluted EPS −$0.08
FY22
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Q3 '23
Diluted EPS −$0.02
Q4 '23
Diluted EPS —
Q1 '24
Diluted EPS −$0.03
Q2 '24
Diluted EPS −$0.12
Q3 '24
Diluted EPS $0.02
Q4 '24
Diluted EPS —
Q1 '25
Diluted EPS −$0.06
Q2 '25
Diluted EPS −$0.10
Q3 '25
Diluted EPS −$0.07
Q4 '25
Diluted EPS —
Q1 '26
Diluted EPS $0.05
Q2 '26
Diluted EPS $0.35
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital —
Return on equity −48.4%
Return on assets −45.0%
FY19
Return on capital −485.9%
Return on equity −99.4%
Return on assets −80.7%
FY20
Return on capital −747.0%
Return on equity −198.5%
Return on assets −128.9%
FY21
Return on capital −13.9%
Return on equity −11.1%
Return on assets −7.3%
FY22
Return on capital −302.5%
Return on equity −58.8%
Return on assets −34.4%
FY23
Return on capital —
Return on equity −6.6%
Return on assets −3.3%
FY24
Return on capital −5.2%
Return on equity −19.2%
Return on assets −7.1%
FY25
Return on capital −1.7%
Return on equity −18.2%
Return on assets −5.5%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $10.2M in fiscal 2025, 12.7% of revenue. Cash from operations minus capital spending.
FY18
Free cash flow −$8.4M
FY19
Free cash flow −$19.1M
FY20
Free cash flow −$22.4M
FY21
Free cash flow −$4.7M
FY22
Free cash flow $4.8M
FY23
Free cash flow $6.8M
FY24
Free cash flow $0.9M
FY25
Free cash flow $10.2M
Q3 '23
Free cash flow $0.9M
Q4 '23
Free cash flow $0.4M
Q1 '24
Free cash flow −$2.5M
Q2 '24
Free cash flow $1.3M
Q3 '24
Free cash flow $3.0M
Q4 '24
Free cash flow −$0.8M
Q1 '25
Free cash flow $2.1M
Q2 '25
Free cash flow $8.0M
Q3 '25
Free cash flow $11.7M
Q4 '25
Free cash flow −$11.6M
Q1 '26
Free cash flow $7.3M
Q2 '26
Free cash flow $7.3M
FY18
Cash from operations −$8.1M
Capital spending $0.2M
FY19
Cash from operations −$18.0M
Capital spending $1.1M
FY20
Cash from operations −$22.3M
Capital spending $0.1M
FY21
Cash from operations −$4.7M
Capital spending $0.0M
FY22
Cash from operations $4.8M
Capital spending $0.0M
FY23
Cash from operations $6.8M
Capital spending $0.0M
FY24
Cash from operations $1.0M
Capital spending $0.0M
FY25
Cash from operations $10.5M
Capital spending $0.3M
Cash from operations
Capital spending
Q3 '23
Cash from operations $0.9M
Capital spending $0.0M
Q4 '23
Cash from operations $0.4M
Capital spending $0.0M
Q1 '24
Cash from operations −$2.5M
Capital spending $0.0M
Q2 '24
Cash from operations $1.3M
Capital spending $0.0M
Q3 '24
Cash from operations $3.0M
Capital spending $0.0M
Q4 '24
Cash from operations −$0.8M
Capital spending $0.0M
Q1 '25
Cash from operations $2.1M
Capital spending $0.0M
Q2 '25
Cash from operations $8.0M
Capital spending $0.0M
Q3 '25
Cash from operations $12.0M
Capital spending $0.3M
Q4 '25
Cash from operations −$11.6M
Capital spending $0.0M
Q1 '26
Cash from operations $7.4M
Capital spending $0.1M
Q2 '26
Cash from operations $7.3M
Capital spending −$0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Eton Pharmaceuticals, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.02B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.03B
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably Eton Pharmaceuticals, Inc. can carry it.
FY18
Cash $26.7M
Debt —
FY19
Cash $12.1M
Debt $4.5M
FY20
Cash $21.3M
Debt $6.5M
FY21
Cash $14.4M
Debt $5.3M
FY22
Cash $16.3M
Debt $5.4M
FY23
Cash $21.4M
Debt $0.0M
FY24
Cash $14.9M
Debt $29.8M
FY25
Cash $25.9M
Debt $39.3M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $14.4M | $16.3M | $21.4M | $14.9M | $25.9M |
| Debt incl. finance leases | $5.3M | $5.4M | $0.0M | $29.8M | $39.3M |
| Net debt / EBITDA | — | — | — | — | 4.2x |
| Debt / equity | 0.3x | 0.4x | 0.0x | 1.2x | 1.5x |
| Interest coverage | −1.4x | −8.6x | −1.1x | −1.3x | −0.2x |
| Current ratio | 5.2x | 3.1x | 1.7x | 2.1x | 1.6x |
| Quick ratio | 5.1x | 3.0x | 1.6x | 1.3x | 1.2x |
| Total assets | $27.5M | $25.0M | $31.7M | $76.1M | $92.1M |
| Total liabilities | $9.8M | $12.0M | $16.3M | $51.7M | $66.0M |
| Shareholders' equity | $17.6M | $13.1M | $15.5M | $24.4M | $26.2M |
| Net debt (− = net cash) | −$9.1M | −$10.9M | −$21.4M | $14.9M | $13.4M |
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
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ |
| Current ratio rose | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | — | — | — | — |
| Gross margin rose | — | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | — | — | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ |
| F-score | — / 3 | — / 6 | 3 / 9 | 4 / 9 | 3 / 8 | 5 / 8 | 3 / 8 | 4 / 8 |
| Accruals ratio | −16.2% | −1.3% | −25.9% | 10.3% | −52.7% | −27.3% | −8.9% | −18.0% |
| Altman Z'' | 11.82 | −12.87 | −11.39 | −5.11 | −10.95 | −7.75 | −2.54 | −2.05 |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | — | $1.0M | $0.0M | $21.8M | $21.3M | $31.6M | $39.0M | $80.0M |
| Gross profit | — | $0.5M | −$0.4M | $19.0M | $14.3M | $21.1M | $23.4M | $42.7M |
| Research and development | $5.6M | $11.6M | $14.1M | $6.2M | $4.0M | $3.3M | $3.3M | $7.8M |
| Operating income | −$10.3M | −$18.6M | −$27.1M | −$1.5M | −$8.3M | −$1.2M | −$2.6M | −$0.8M |
| Interest expense | — | $0.1M | $0.9M | $1.0M | $1.0M | $1.1M | $2.0M | $4.8M |
| Pretax income | −$12.7M | −$18.3M | −$28.0M | −$2.0M | −$9.0M | −$0.7M | −$3.8M | −$4.6M |
| Income tax | — | — | — | $0.0M | $0.0M | $0.2M | $0.0M | $0.0M |
| Net income | −$12.7M | −$18.3M | −$28.0M | −$2.0M | −$9.0M | −$0.9M | −$3.8M | −$4.6M |
| Net income to common | −$37.2M | −$18.3M | −$28.0M | — | — | — | — | — |
| Diluted EPS | −$5.80 | −$1.03 | −$1.33 | −$0.08 | — | — | — | — |
| Diluted shares | 0.01B | 0.02B | 0.02B | 0.03B | — | — | — | — |
| Cash flow | ||||||||
| Cash from operations | −$8.1M | −$18.0M | −$22.3M | −$4.7M | $4.8M | $6.8M | $1.0M | $10.5M |
| Capital expenditure | $0.2M | $1.1M | $0.1M | $0.0M | $0.0M | $0.0M | $0.0M | $0.3M |
| Free cash flow | −$8.4M | −$19.1M | −$22.4M | −$4.7M | $4.8M | $6.8M | $0.9M | $10.2M |
| Depreciation and amortization | $0.1M | $0.3M | $0.3M | $0.2M | $0.1M | $0.9M | $1.1M | $4.0M |
| Stock-based compensation | $1.9M | $1.9M | $2.6M | $3.4M | $4.2M | $3.1M | $3.2M | $5.5M |
| Balance sheet | ||||||||
| Cash and short-term investments | $26.7M | $12.1M | $21.3M | $14.4M | $16.3M | $21.4M | $14.9M | $25.9M |
| Total debt | — | $4.5M | $6.5M | $5.3M | $5.4M | $0.0M | $29.8M | $39.3M |
| Finance lease liabilities | — | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $27.5M | $15.0M | $24.7M | $23.6M | $20.0M | $26.8M | $41.0M | $60.6M |
| Current liabilities | $2.0M | $2.0M | $3.8M | $4.6M | $6.5M | $16.2M | $19.9M | $38.5M |
| Inventory | — | $0.4M | $1.2M | $0.6M | $0.6M | $0.9M | $15.2M | $15.4M |
| Property and equipment, net | $0.8M | $1.1M | $0.8M | $0.1M | $0.1M | $0.1M | $0.0M | $0.3M |
| Intangible assets | — | $0.7M | $0.6M | $3.6M | $4.8M | $4.7M | $34.9M | $30.9M |
| Total assets | $28.3M | $17.1M | $26.3M | $27.5M | $25.0M | $31.7M | $76.1M | $92.1M |
| Total liabilities | $2.0M | $6.5M | $10.7M | $9.8M | $12.0M | $16.3M | $51.7M | $66.0M |
| Shareholders' equity | $26.3M | $10.6M | $17.6M | $17.6M | $13.1M | $15.5M | $24.4M | $26.2M |
| Margins | ||||||||
| Gross margin | — | 52.8% | −1,017.9% | 87.1% | 67.4% | 66.6% | 60.0% | 53.5% |
| Operating margin | — | −1,939.6% | −69,515.4% | −6.8% | −38.9% | −3.8% | −6.7% | −1.1% |
| EBITDA margin | — | −1,910.1% | −68,625.6% | −6.1% | −38.6% | −0.9% | −3.7% | 4.0% |
| Net margin | — | −1,910.3% | −71,717.9% | −9.0% | −42.4% | −3.0% | −9.8% | −5.8% |
| FCF margin | — | −1,994.0% | −57,425.6% | −21.7% | 22.5% | 21.5% | 2.4% | 12.7% |
| Returns | ||||||||
| Return on capital | — | −485.9% | −747.0% | −13.9% | −302.5% | — | −5.2% | −1.7% |
| Return on capital employed | −39.2% | −123.1% | −120.4% | −6.5% | −44.5% | −7.7% | −4.6% | −1.6% |
| Return on equity | −48.4% | −99.4% | −198.5% | −11.1% | −58.8% | −6.6% | −19.2% | −18.2% |
| Return on assets | −45.0% | −80.7% | −128.9% | −7.3% | −34.4% | −3.3% | −7.1% | −5.5% |
| Return on tangible equity | −141.5% | −186.5% | −164.0% | −14.0% | −108.4% | −8.7% | — | — |
| Growth | ||||||||
| Revenue growth | — | — | −95.9% | 55,879.5% | −2.7% | 48.9% | 23.3% | 104.9% |
| FCF growth | — | — | — | — | — | 42.5% | −86.2% | 980.7% |
| Share count change | — | 176.7% | 18.3% | 20.0% | — | — | — | — |
| Financial health | ||||||||
| Net debt / EBITDA | — | — | — | — | — | — | — | 4.2x |
| Debt / equity | — | 0.4x | 0.4x | 0.3x | 0.4x | 0.0x | 1.2x | 1.5x |
| Interest coverage | — | −189.8x | −30.7x | −1.4x | −8.6x | −1.1x | −1.3x | −0.2x |
| Current ratio | 13.6x | 7.6x | 6.5x | 5.2x | 3.1x | 1.7x | 2.1x | 1.6x |
| Quick ratio | 13.6x | 7.5x | 6.2x | 5.1x | 3.0x | 1.6x | 1.3x | 1.2x |
| Capital allocation | ||||||||
| Capex / revenue | — | 114.3% | 128.2% | 0.0% | 0.2% | 0.0% | 0.1% | 0.4% |
| Stock comp / revenue | — | 196.9% | 6,605.1% | 15.5% | 19.8% | 9.9% | 8.1% | 6.9% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | 3.0 | 4.0 | 3.0 | 5.0 | 3.0 | 4.0 |
| Altman Z'' | 11.8 | −12.9 | −11.4 | −5.1 | −11.0 | −7.8 | −2.5 | −2.1 |
| Accruals ratio | −16.2% | −1.3% | −25.9% | 10.3% | −52.7% | −27.3% | −8.9% | −18.0% |
Source: SEC EDGAR XBRL filings (CIK 0001710340). Data updated October 24, 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.