Amphstar Pharmaceuticals vs ANI Pharmaceuticals
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The short version
- ANI Pharmaceuticals is the larger business, with $883M of revenue in fiscal 2025 against $720M for Amphstar Pharmaceuticals.
- ANI Pharmaceuticals grew revenue faster (43.8%, against −1.7%).
- Amphstar Pharmaceuticals kept more of each dollar of sales as operating profit (19.5% operating margin, against 12.6%).
- ANI Pharmaceuticals turned more of its sales into free cash flow (19.4% FCF margin, against 16.8%).
- ANI Pharmaceuticals earned a higher return on the capital invested in it (15.9%, against 9.9%).
- Investors pay more for each dollar of ANI Pharmaceuticals’s earnings: a P/E of 15.7x against 14.9x for Amphstar Pharmaceuticals.
| Latest fiscal year | AMPH · FY25 | ANIP · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.1B | $1.6B |
| Revenue | $720M | $883M |
| Free cash flow | $121M | $171M |
| Net income | $98.1M | $78.3M |
| Growth | ||
| Revenue growth | −1.7% | 43.8% |
| 5-year growth | 15.5% | 33.5% |
| Share count change | −7.4% | 9.9% |
| Profitability | ||
| Gross margin | 49.5% | — |
| Operating margin | 19.5% | 12.6% |
| Net margin | 13.6% | 8.9% |
| FCF margin | 16.8% | 19.4% |
| Return on capital | 9.9% | 15.9% |
| Return on equity | 12.9% | 16.6% |
| Balance sheet | ||
| Net debt | $339M | $23.7M |
| Net debt / EBITDA | 1.7x | 0.1x |
| Dividends and buybacks | $75.6M | $13.4M |
| Valuation & quality | ||
| P/E | 14.9x | 15.7x |
| Piotroski F-score | 6 | 6 |
Revenue
FY16
AMPH $255M
ANIP $129M
FY17
AMPH $240M
ANIP $177M
FY18
AMPH $295M
ANIP $202M
FY19
AMPH $322M
ANIP $207M
FY20
AMPH $350M
ANIP $209M
FY21
AMPH $438M
ANIP $216M
FY22
AMPH $499M
ANIP $316M
FY23
AMPH $644M
ANIP $487M
FY24
AMPH $732M
ANIP $614M
FY25
AMPH $720M
ANIP $883M
AMPH
ANIP
Operating margin
FY16
AMPH 6.0%
ANIP 15.6%
FY17
AMPH −0.5%
ANIP 16.0%
FY18
AMPH −2.9%
ANIP 17.5%
FY19
AMPH −0.0%
ANIP 7.9%
FY20
AMPH 3.1%
ANIP −7.7%
FY21
AMPH 16.0%
ANIP −18.4%
FY22
AMPH 21.5%
ANIP −11.2%
FY23
AMPH 30.6%
ANIP 9.7%
FY24
AMPH 28.1%
ANIP 0.1%
FY25
AMPH 19.5%
ANIP 12.6%
AMPH
ANIP
Free cash flow
FY16
AMPH $17.2M
ANIP $22.9M
FY17
AMPH $4.1M
ANIP $29.1M
FY18
AMPH −$8.6M
ANIP $61.3M
FY19
AMPH $0.2M
ANIP $39.0M
FY20
AMPH $23.4M
ANIP $9.1M
FY21
AMPH $70.5M
ANIP $0.8M
FY22
AMPH $65.2M
ANIP −$40.1M
FY23
AMPH $145M
ANIP $110M
FY24
AMPH $172M
ANIP $47.8M
FY25
AMPH $121M
ANIP $171M
AMPH
ANIP
Return on capital
FY16
AMPH 3.7%
ANIP 5.3%
FY17
AMPH −0.4%
ANIP 5.3%
FY18
AMPH −2.1%
ANIP 11.0%
FY19
AMPH −0.0%
ANIP 5.8%
FY20
AMPH 1.4%
ANIP −3.6%
FY21
AMPH 13.4%
ANIP −7.0%
FY22
AMPH 20.9%
ANIP −5.2%
FY23
AMPH 22.6%
ANIP 8.5%
FY24
AMPH 16.4%
ANIP 0.1%
FY25
AMPH 9.9%
ANIP 15.9%
AMPH
ANIP
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.