Amphstar Pharmaceuticals vs ANI Pharmaceuticals
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KIRA’s take AI analyst
I put Amphstar Pharmaceuticals and ANI Pharmaceuticals side by side, using each one’s latest annual report. Here is what stands out:
- 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 15.4x against 15.1x for Amphstar Pharmaceuticals.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Amphstar Pharmaceuticals
AMPH
3/10
Operating marginNet marginShare count change
ANI Pharmaceuticals
ANIP
6/10
Revenue growth5-year growthFCF marginReturn on capitalReturn on equityNet debt / EBITDA
Side by side
Best in the row
| 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 | 15.1x | 15.4x |
| Piotroski F-score | 6 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.

