Amphastar Pharmaceuticals, Inc.
AMPHHealthcare|Drug Manufacturers - Specialty & Generic|US
$28.49
+0.83 (+3.00%)
DCF Value
$89.04
Tangible Book / Share
$4.09
Graham Number
$31.63
Cash / Share
$5.42
Financials
Financial Snapshot
Market Cap
$1.21B
Enterprise Value
$1.70B
Revenue (TTM)
$745.8M
Net Income (TTM)
$99.0M
Cash & Investments
$230.6M
Net Cash
-$461.1M
Free Cash Flow (TTM)
$139.0M
Operating CF (TTM)
$175.3M
Debt/Equity
0.85
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $72.9M | $68.2M | $89.2M | $89.5M | $105.6M | $136.7M | $175.8M | $256.8M | $221.6M | $282.8M | $230.6M | |
| Operating Cash Flow | $38.6M | $39.2M | $38.2M | $41.8M | $57.3M | $98.0M | $89.2M | $183.5M | $213.4M | $156.1M | $175.3M | |
| Free Cash Flow | $17.2M | $4.1M | -$8.6M | $207.0K | $23.4M | $70.5M | $65.1M | $145.3M | $172.3M | $121.2M | $139.0M | |
| Capital Expenditure | -$21.4M | -$35.1M | -$46.8M | -$41.6M | -$33.9M | -$27.5M | -$24.0M | -$38.2M | -$41.0M | -$34.9M | -$36.3M | |
| Financing Cash Flow | $7.1M | -$7.7M | $25.0M | -$3.8M | -$2.2M | -$37.0M | -$26.4M | $454.1M | -$81.0M | -$67.4M | -$90.4M |
R&D Spending
R&D (TTM)
$92.3M
R&D Intensity
12.4%
R&D Growth vs Prior
+7.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $255.2M | $240.2M | $294.7M | $322.4M | $349.8M | $437.8M | $499.0M | $644.4M | $732.0M | $719.9M | $745.8M | |
| R&D Expense | $41.2M | $43.4M | $57.6M | $68.9M | $67.2M | $60.9M | $74.8M | $73.7M | $73.9M | $85.8M | $92.3M | |
| R&D % of Revenue | 16.1% | 18.1% | 19.5% | 21.4% | 19.2% | 13.9% | 15.0% | 11.4% | 10.1% | 11.9% | 12.4% | |
| SG&A | $47.3M | $50.9M | $58.0M | $63.1M | $65.2M | $68.9M | $66.6M | $80.4M | $94.5M | $129.8M | $117.1M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $255.2M | $240.2M | $294.7M | $322.4M | $349.8M | $437.8M | $499.0M | $644.4M | $732.0M | $719.9M | $745.8M | |
| Cost of Revenue | $151.0M | $149.4M | $187.7M | $190.4M | $206.5M | $238.0M | $250.1M | $293.3M | $358.1M | $363.8M | $396.7M | |
| Gross Profit | $104.2M | $90.8M | $107.0M | $131.9M | $143.3M | $199.7M | $248.9M | $351.1M | $373.9M | $356.1M | $349.1M | |
| R&D | $41.2M | $43.4M | $57.6M | $68.9M | $67.2M | $60.9M | $74.8M | $73.7M | $73.9M | $85.8M | $92.3M | |
| SG&A | $47.3M | $50.9M | $58.0M | $63.1M | $65.2M | $68.9M | $66.6M | $80.4M | $94.5M | $129.8M | $117.1M | |
| Operating Income | $15.7M | -$895.0K | -$8.6M | -$39.0K | $11.0M | $69.9M | $107.5M | $197.0M | $205.4M | $140.4M | $139.7M | |
| Interest Expense | $1.0M | $826.0K | $243.0K | $119.0K | $374.0K | $885.0K | $1.8M | $27.2M | $30.3M | $25.5M | $26.6M | |
| Pretax Income | $14.9M | $1.6M | -$9.9M | $60.2M | $4.6M | $83.9M | $114.9M | $169.4M | $189.2M | $123.6M | $129.6M | |
| Net Income | $10.5M | $4.5M | -$5.7M | $48.9M | $1.4M | $62.1M | $91.4M | $137.5M | $159.5M | $98.1M | $99.0M | |
| EPS (Diluted) | 0.22 | 0.09 | -0.12 | 0.98 | 0.03 | 1.25 | 1.74 | 2.60 | 3.06 | 2.03 | 2.19 | |
| EBITDA | $30.5M | $17.9M | $6.8M | $81.5M | $30.2M | $110.5M | $146.2M | $240.3M | $277.3M | $212.3M | $220.7M | |
| Shares Out. (M) | 47.50 | 48.37 | 46.39 | 49.91 | 49.12 | 49.78 | 52.43 | 53.00 | 52.06 | 48.21 | 43.38 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $72.4M | $65.6M | $86.3M | $75.5M | $92.6M | $126.4M | $156.1M | $144.3M | $151.6M | $170.2M | $204.6M | |
| Short-Term Investments | $527.0K | $2.6M | $2.8M | $14.0M | $13.0M | $10.3M | $19.7M | $112.5M | $70.0M | $112.6M | $26.0M | |
| Total Current Assets | $184.1M | $187.8M | $220.3M | $255.2M | $279.7M | $318.1M | $378.3M | $489.6M | $534.1M | $636.0M | $602.7M | |
| Total Assets | $427.7M | $454.7M | $513.6M | $587.0M | $631.2M | $671.5M | $742.0M | $1.51B | $1.58B | $1.63B | $1.71B | |
| Total Current Liabilities | $60.6M | $67.2M | $106.8M | $90.0M | $112.2M | $103.8M | $94.9M | $225.4M | $173.8M | $158.2M | $181.4M | |
| Long-Term Debt | $32.4M | $40.8M | $32.0M | $38.9M | $33.9M | $74.4M | $72.8M | $589.6M | $601.6M | $608.7M | $610.5M | |
| Total Liabilities | $98.5M | $117.3M | $149.2M | $159.4M | $182.5M | $226.0M | $213.3M | $873.5M | $845.2M | $840.5M | $897.2M | |
| Stockholders' Equity | $329.3M | $337.3M | $332.4M | $381.4M | $402.3M | $445.5M | $528.7M | $639.4M | $732.3M | $788.8M | $814.6M | |
| Retained Earnings | $70.9M | $76.2M | $67.5M | $116.4M | $117.8M | $180.3M | $271.7M | $409.3M | $568.8M | $666.9M | $741.4M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $38.6M | $39.2M | $38.2M | $41.8M | $57.3M | $98.0M | $89.2M | $183.5M | $213.4M | $156.1M | $175.3M | |
| Capital Expenditure | -$21.4M | -$35.1M | -$46.8M | -$41.6M | -$33.9M | -$27.5M | -$24.0M | -$38.2M | -$41.0M | -$34.9M | -$36.3M | |
| Free Cash Flow | $17.2M | $4.1M | -$8.6M | $207.0K | $23.4M | $70.5M | $65.1M | $145.3M | $172.3M | $121.2M | $139.0M | |
| Investing Cash Flow | -$39.5M | -$38.8M | -$42.2M | -$50.5M | -$36.4M | -$28.7M | -$32.8M | -$649.1M | -$124.9M | -$70.3M | -$96.4M | |
| Financing Cash Flow | $7.1M | -$7.7M | $25.0M | -$3.8M | -$2.2M | -$37.0M | -$26.4M | $454.1M | -$81.0M | -$67.4M | -$90.4M | |
| Issuance of Stock | $0.00 | $0.00 | $38.0M | $18.3M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.9M | $2.0M | |
| Repurchase of Stock | -$9.9M | -$30.7M | -$25.0M | -$22.3M | -$24.4M | -$28.9M | -$39.9M | -$58.1M | -$85.5M | -$75.6M | -$95.7M | |
| Net Debt Issuance | -$4.5M | $9.3M | $3.1M | -$3.2M | -$880.0K | $32.1M | -$1.8M | $526.3M | $10.2M | $6.0M | -$5.0M | |
| Stock Based Comp. | $15.1M | $17.1M | $16.7M | $17.3M | $20.5M | $18.7M | $17.9M | $20.2M | $24.4M | $27.3M | $29.6M | |
| Net Change in Cash | $6.3M | -$6.8M | $20.7M | -$12.7M | $19.0M | $32.1M | $29.7M | -$11.8M | $7.3M | $18.6M | -$11.7M |
Dilution Tracker
Shares Outstanding
43M
5-Year Share Growth
-1.9%
Stock Issuance (TTM)
$2.0M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 47.50 | 48.37 | 46.39 | 49.91 | 49.12 | 49.78 | 52.43 | 53.00 | 52.06 | 48.21 | 43.38 | |
| Change vs Prior % | — | 1.8% | -4.1% | 7.6% | -1.6% | 1.3% | 5.3% | 1.1% | -1.8% | -7.4% | -10.0% | |
| Stock Issuance | $0.00 | $0.00 | $38.0M | $18.3M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.9M | $2.0M | |
| Stock Repurchase | -$9.9M | -$30.7M | -$25.0M | -$22.3M | -$24.4M | -$28.9M | -$39.9M | -$58.1M | -$85.5M | -$75.6M | -$95.7M | |
| Stock Based Comp. | $15.1M | $17.1M | $16.7M | $17.3M | $20.5M | $18.7M | $17.9M | $20.2M | $24.4M | $27.3M | $29.6M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 40.8% | 37.8% | 36.3% | 40.9% | 41.0% | 45.6% | 49.9% | 54.5% | 51.1% | 49.5% | 46.8% | |
| Operating Margin % | 6.1% | -0.4% | -2.9% | -0.0% | 3.1% | 16.0% | 21.5% | 30.6% | 28.1% | 19.5% | 18.7% | |
| Net Margin % | 4.1% | 1.9% | -1.9% | 15.2% | 0.4% | 14.2% | 18.3% | 21.3% | 21.8% | 13.6% | 13.3% | |
| EBITDA Margin % | 12.0% | 7.4% | 2.3% | 25.3% | 8.6% | 25.2% | 29.3% | 37.3% | 37.9% | 29.5% | 29.6% | |
| FCF Margin % | 6.7% | 1.7% | -2.9% | 0.1% | 6.7% | 16.1% | 13.1% | 22.6% | 23.5% | 16.8% | 18.6% | |
| ROE % | 3.2% | 1.3% | -1.7% | 12.8% | 0.3% | 13.9% | 17.3% | 21.5% | 21.8% | 12.4% | 12.6% | |
| ROA % | 2.5% | 1.0% | -1.1% | 8.3% | 0.2% | 9.2% | 12.3% | 9.1% | 10.1% | 6.0% | 5.8% | |
| ROIC % | 3.0% | -0.2% | -1.4% | -0.0% | 0.5% | 9.2% | 13.1% | 12.4% | 12.3% | 7.5% | 6.9% | |
| R&D / Revenue % | 16.1% | 18.1% | 19.5% | 21.4% | 19.2% | 13.9% | 15.0% | 11.4% | 10.1% | 11.9% | 12.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1.4% | -5.9% | 22.7% | 9.4% | 8.5% | 25.1% | 14.0% | 29.1% | 13.6% | -1.7% | |
| Gross Profit | 34.7% | -12.9% | 17.8% | 23.3% | 8.7% | 39.3% | 24.6% | 41.1% | 6.5% | -4.8% | |
| Operating Income | 327.5% | -105.7% | -863.5% | 99.5% | 28187.2% | 538.0% | 53.8% | 83.2% | 4.3% | -31.7% | |
| Net Income | 477.9% | -57.2% | -227.3% | 952.9% | -97.1% | 4327.4% | 47.1% | 50.5% | 16.0% | -38.5% | |
| EPS (Diluted) | 454.8% | -59.1% | -233.3% | 916.7% | -97.1% | 4270.6% | 39.2% | 49.4% | 17.7% | -33.7% | |
| Operating Cash Flow | 261.0% | 1.7% | -2.6% | 9.4% | 37.1% | 71.1% | -9.0% | 105.8% | 16.3% | -26.8% | |
| Free Cash Flow | 420.1% | -76.1% | -309.7% | 102.4% | 11209.7% | 201.3% | -7.6% | 123.1% | 18.6% | -29.7% | |
| R&D Expense | 11.2% | 5.4% | 32.6% | 19.6% | -2.4% | -9.4% | 22.7% | -1.4% | 0.2% | 16.1% | |
| SG&A Expense | 0.7% | 7.7% | 14.0% | 8.7% | 3.2% | 5.8% | -3.4% | 20.7% | 17.6% | 37.3% | |
| Total Assets | 9.6% | 6.3% | 13.0% | 14.3% | 7.5% | 6.4% | 10.5% | 103.9% | 4.3% | 3.3% | |
| Book Value / Share | 10.4% | 0.8% | 7.3% | 15.9% | 4.8% | -2.2% | 16.8% | 21.7% | 14.1% | 11.6% | |
| Debt | -8.2% | 25.0% | 6.5% | 32.7% | 1.0% | 55.6% | -2.0% | 507.9% | 4.3% | 0.8% | |
| Diluted Shares | 5.7% | 1.8% | -4.1% | 7.6% | -1.6% | 1.3% | 5.3% | 1.1% | -1.8% | -7.4% |
Valuation
P/E (TTM)12.66
10Y Low / Med / High11.29 / 18.55 / 674.83
P/S1.63
10Y Low / Med / High1.74 / 2.81 / 4.63
P/B1.49
10Y Low / Med / High1.59 / 2.54 / 4.67
EV/EBITDA7.70
10Y Low / Med / High8.18 / 14.42 / 129.83
EV/Revenue2.28
10Y Low / Med / High2.41 / 3.01 / 5.38
P/FCF8.72
10Y Low / Med / High10.33 / 20.88 / 4378.18
Intrinsic Value Models (per share)
DCF Value
$89.04
Tangible Book / Share
$4.09
Graham Number
$31.63
Cash / Share
$5.42
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 80.09 | 192.40 | -165.83 | 18.55 | 674.83 | 17.92 | 14.90 | 21.70 | 11.29 | 12.75 | 12.66 | |
| P/S Ratio | 3.28 | 3.69 | 3.13 | 2.81 | 2.70 | 2.54 | 2.73 | 4.63 | 2.46 | 1.74 | 1.63 | |
| P/B Ratio | 2.54 | 2.63 | 2.78 | 2.38 | 2.35 | 2.50 | 2.57 | 4.67 | 2.46 | 1.59 | 1.49 | |
| EV/EBITDA | 26.24 | 48.57 | 129.83 | 11.01 | 30.49 | 9.87 | 8.94 | 14.42 | 8.28 | 8.18 | 7.70 | |
| EV/Revenue | 3.14 | 3.62 | 3.01 | 2.78 | 2.63 | 2.49 | 2.62 | 5.38 | 3.14 | 2.41 | 2.28 |
Analyst Estimates & Quality
Altman Z-Score
2.45
Grey Zone
Piotroski F-Score
6
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $747.3M | $784.0M | $807.8M |
| Net Income | $134.1M | $146.7M | $154.1M |
| EPS | $2.96 | $3.17 | $3.36 |
| # Analysts (EPS) | 3 | 1 | 1 |
Dividends
Frequency
Annual
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Jun 11, 2010 | Jun 30, 2010 | $0.30 | Annual |
| Jun 11, 2009 | Jun 30, 2009 | $0.30 | Annual |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Active Pharmaceutical Ingredient Segment | $18.5M | $18.2M | — | — | — | — |
| Finished Pharmaceutical Products Segment | — | $419.6M | — | — | — | — |
| Research and development services | — | — | $4.3M | — | — | — |
| Other revenues | — | — | — | $51.2M | — | — |
| Product revenues, net | — | — | — | $593.2M | — | — |
| Other | — | — | — | — | $19.2M | — |
| Product | — | — | — | — | $712.8M | — |
| Epinephrine | — | — | — | — | — | $70.6M |
By Geography
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| C | $3.2M | — | — | — | — | — |
| U | $333.1M | — | — | — | — | — |
| CHINA | — | $6.0M | $4.7M | $4.5M | $4.3M | — |
| FRANCE | — | $11.9M | $7.5M | $4.7M | $19.9M | — |
| UNITED STATES | — | $419.9M | $486.8M | $635.2M | $707.7M | $681.4M |
| China | — | — | — | — | — | $3.2M |
| France | — | — | — | — | — | $35.3M |