Amneal Pharmaceuticals, Inc.
AMRXHealthcare|Drug Manufacturers - Specialty & Generic|US
$20.14
+0.69 (+3.55%)
DCF Value
$14.00
Graham Number
$3.96
Cash / Share
$0.47
Financials
Financial Snapshot
Market Cap
$7.01B
Enterprise Value
$10.14B
Revenue (TTM)
$3.20B
Net Income (TTM)
$147.5M
Cash & Investments
$157.4M
Net Cash
-$3.13B
Free Cash Flow (TTM)
$40.4M
Operating CF (TTM)
$182.6M
Debt/Equity
6.18
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $31.7M | $74.2M | $213.4M | $152.3M | $343.1M | $247.8M | $27.8M | $93.7M | $112.4M | $310.9M | $157.4M | |
| Operating Cash Flow | $115.1M | $234.2M | $250.2M | $1.7M | $379.0M | $241.8M | $65.1M | $345.6M | $295.1M | $340.0M | $182.6M | |
| Free Cash Flow | -$9.5M | $119.9M | $153.1M | -$95.7M | $317.2M | $194.1M | -$25.5M | $276.4M | $220.1M | $269.9M | $40.4M | |
| Capital Expenditure | -$124.6M | -$114.3M | -$97.1M | -$97.4M | -$61.8M | -$47.7M | -$90.6M | -$69.2M | -$75.0M | -$70.1M | -$142.2M | |
| Financing Cash Flow | -$19.5M | -$95.0M | $287.7M | -$45.8M | $131.8M | -$138.1M | -$106.6M | -$212.6M | -$211.8M | -$31.5M | $423.0M |
R&D Spending
R&D (TTM)
$182.7M
R&D Intensity
5.7%
R&D Growth vs Prior
-1.9%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.02B | $1.03B | $1.66B | $1.63B | $1.99B | $2.09B | $2.21B | $2.39B | $2.79B | $3.02B | $3.20B | |
| R&D Expense | $204.7M | $191.9M | $210.5M | $202.3M | $190.6M | $209.6M | $208.7M | $194.8M | $190.7M | $186.2M | $182.7M | |
| R&D % of Revenue | 20.1% | 18.6% | 12.7% | 12.4% | 9.6% | 10.0% | 9.4% | 8.1% | 6.8% | 6.2% | 5.7% | |
| SG&A | $118.8M | $109.0M | $230.4M | $289.6M | $326.7M | $365.5M | $399.7M | $429.7M | $476.4M | $526.8M | $573.7M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.02B | $1.03B | $1.66B | $1.63B | $1.99B | $2.09B | $2.21B | $2.39B | $2.79B | $3.02B | $3.20B | |
| Cost of Revenue | $420.8M | $507.5M | $946.6M | $1.27B | $1.36B | $1.32B | $1.42B | $1.53B | $1.77B | $1.88B | $1.91B | |
| Gross Profit | $597.5M | $526.2M | $716.4M | $353.0M | $628.4M | $769.0M | $791.5M | $863.9M | $1.02B | $1.14B | $1.29B | |
| R&D | $204.7M | $191.9M | $210.5M | $202.3M | $190.6M | $209.6M | $208.7M | $194.8M | $190.7M | $186.2M | $182.7M | |
| SG&A | $118.8M | $109.0M | $230.4M | $289.6M | $326.7M | $365.5M | $399.7M | $429.7M | $476.4M | $526.8M | $573.7M | |
| Operating Income | $284.9M | $245.1M | -$19.7M | -$248.7M | $91.2M | $152.7M | -$94.9M | $204.4M | $249.3M | $423.1M | $498.8M | |
| Interest Expense | $55.3M | $71.1M | $143.6M | $168.2M | $146.0M | $136.3M | $158.4M | $210.6M | $258.6M | $241.1M | $223.6M | |
| Pretax Income | $214.8M | $171.3M | -$202.7M | -$220.2M | -$35.8M | $31.4M | -$248.1M | -$40.3M | -$55.0M | $139.2M | $221.5M | |
| Net Income | $207.4M | $167.6M | -$169.7M | -$361.9M | $91.1M | $10.6M | -$130.0M | -$84.0M | -$116.9M | $72.1M | $147.5M | |
| EPS (Diluted) | 1.10 | 1.46 | -1.33 | -4.57 | 0.61 | 0.07 | -0.86 | -0.48 | -0.38 | 0.22 | 0.42 | |
| EBITDA | $307.0M | $271.1M | -$19.7M | $155.2M | $345.6M | $401.1M | $440.2M | $500.8M | $439.8M | $603.9M | $667.8M | |
| Shares Out. (M) | 189.00 | 114.86 | 127.25 | 132.11 | 148.91 | 151.82 | 150.94 | 176.14 | 308.98 | 324.81 | 335.73 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $27.4M | $74.2M | $213.4M | $151.2M | $341.4M | $247.8M | $26.0M | $91.5M | $110.6M | $310.9M | $157.4M | |
| Short-Term Investments | $4.4M | $0.00 | $0.00 | $1.1M | $1.7M | $0.00 | $1.8M | $2.2M | $1.9M | $0.00 | $0.00 | |
| Total Current Assets | $726.1M | $771.9M | $1.29B | $1.21B | $1.55B | $1.52B | $1.41B | $1.38B | $1.59B | $1.91B | $2.10B | |
| Total Assets | $1.22B | $1.34B | $4.35B | $3.67B | $4.01B | $3.94B | $3.80B | $3.47B | $3.50B | $3.68B | $5.27B | |
| Total Current Liabilities | $225.1M | $296.9M | $553.9M | $550.4M | $676.9M | $677.2M | $752.8M | $846.6M | $1.13B | $881.6M | $1.12B | |
| Long-Term Debt | $1.16B | $1.36B | $2.63B | $2.61B | $2.83B | $2.72B | $2.63B | $2.43B | $2.16B | $2.61B | $2.92B | |
| Total Liabilities | $1.39B | $1.72B | $3.46B | $3.32B | $3.65B | $3.57B | $3.59B | $3.41B | $3.55B | $3.67B | $4.63B | |
| Stockholders' Equity | -$185.3M | -$385.7M | $896.4M | $232.0M | $303.3M | $360.3M | $298.4M | $19.8M | -$109.3M | -$70.8M | $531.3M | |
| Retained Earnings | -$175.2M | -$382.8M | -$20.9M | -$377.9M | -$286.8M | -$276.2M | -$406.2M | -$490.2M | -$607.1M | -$535.0M | $0.00 |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $115.1M | $234.2M | $250.2M | $1.7M | $379.0M | $241.8M | $65.1M | $345.6M | $295.1M | $340.0M | $182.6M | |
| Capital Expenditure | -$124.6M | -$114.3M | -$97.1M | -$97.4M | -$61.8M | -$47.7M | -$90.6M | -$69.2M | -$75.0M | -$70.1M | -$142.2M | |
| Free Cash Flow | -$9.5M | $119.9M | $153.1M | -$95.7M | $317.2M | $194.1M | -$25.5M | $276.4M | $220.1M | $269.9M | $40.4M | |
| Investing Cash Flow | -$124.6M | -$98.6M | -$396.4M | -$19.6M | -$317.5M | -$194.2M | -$174.3M | -$69.2M | -$63.0M | -$112.3M | -$661.7M | |
| Financing Cash Flow | -$19.5M | -$95.0M | $287.7M | -$45.8M | $131.8M | -$138.1M | -$106.6M | -$212.6M | -$211.8M | -$31.5M | $423.0M | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $853.0K | $0.00 | $0.00 | $0.00 | $2.0M | $1.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | -$863.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $188.6M | $286.1M | $541.0M | -$29.3M | $143.0M | -$79.2M | -$38.3M | $22.7M | -$185.1M | $26.3M | $501.0M | |
| Stock Based Comp. | $0.00 | $0.00 | $167.6M | $21.7M | $20.8M | $0.00 | $31.8M | $26.8M | $27.8M | $32.0M | $29.1M | |
| Net Change in Cash | -$27.6M | $40.4M | $140.9M | -$66.0M | $194.3M | -$90.4M | -$221.5M | $63.9M | $19.3M | $194.5M | -$64.4M |
Dilution Tracker
Shares outstanding grew 118.1% over 5 years — significant dilution
Shares Outstanding
348M
5-Year Share Growth
+118.1%
Stock Issuance (TTM)
$1.1M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 189.00 | 114.86 | 127.25 | 132.11 | 148.91 | 151.82 | 150.94 | 176.14 | 308.98 | 324.81 | 335.73 | |
| Change vs Prior % | — | -39.2% | 10.8% | 3.8% | 12.7% | 2.0% | -0.6% | 16.7% | 75.4% | 5.1% | 3.4% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $853.0K | $0.00 | $0.00 | $0.00 | $2.0M | $1.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | -$863.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $167.6M | $21.7M | $20.8M | $0.00 | $31.8M | $26.8M | $27.8M | $32.0M | $29.1M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 58.7% | 50.9% | 43.1% | 21.7% | 31.5% | 36.7% | 35.8% | 36.1% | 36.5% | 37.6% | 40.2% | |
| Operating Margin % | 28.0% | 23.7% | -1.2% | -15.3% | 4.6% | 7.3% | -4.3% | 8.5% | 8.9% | 14.0% | 15.6% | |
| Net Margin % | 20.4% | 16.2% | -10.2% | -22.3% | 4.6% | 0.5% | -5.9% | -3.5% | -4.2% | 2.4% | 4.6% | |
| EBITDA Margin % | 30.1% | 26.2% | -1.2% | 9.5% | 17.3% | 19.2% | 19.9% | 20.9% | 15.7% | 20.0% | 20.9% | |
| FCF Margin % | -0.9% | 11.6% | 9.2% | -5.9% | 15.9% | 9.3% | -1.2% | 11.5% | 7.9% | 8.9% | 1.3% | |
| ROE % | -111.9% | -43.5% | -18.9% | -156.0% | 30.0% | 2.9% | -43.6% | -424.6% | 107.0% | -101.8% | 131.7% | |
| ROA % | 17.0% | 12.5% | -3.9% | -9.9% | 2.3% | 0.3% | -3.4% | -2.4% | -3.3% | 2.0% | 2.8% | |
| ROIC % | 27.2% | 21.4% | -0.5% | -7.9% | -5.2% | 3.0% | -3.0% | 7.2% | 9.2% | 13.8% | 10.8% | |
| R&D / Revenue % | 20.1% | 18.6% | 12.7% | 12.4% | 9.6% | 10.0% | 9.4% | 8.1% | 6.8% | 6.2% | 5.7% |
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 | 17.5% | 1.5% | 60.9% | -2.2% | 22.5% | 5.1% | 5.7% | 8.2% | 16.7% | 8.0% | |
| Gross Profit | 19.7% | -11.9% | 36.2% | -50.7% | 78.0% | 22.4% | 2.9% | 9.1% | 18.1% | 11.3% | |
| Operating Income | 25.4% | -14.0% | -108.0% | -1164.1% | 136.7% | 67.5% | -162.2% | 315.3% | 22.0% | 69.7% | |
| Net Income | 22.4% | -19.2% | -201.2% | -113.2% | 125.2% | -88.3% | -1323.5% | 35.4% | -39.2% | 161.6% | |
| EPS (Diluted) | 22.2% | 32.7% | -191.1% | -243.6% | 113.3% | -88.5% | -1328.6% | 44.2% | 20.8% | 157.9% | |
| Operating Cash Flow | 9.7% | 103.5% | 6.9% | -99.3% | 22128.8% | -36.2% | -73.1% | 430.8% | -14.6% | 15.2% | |
| Free Cash Flow | 23.6% | 1356.2% | 27.7% | -162.5% | 431.3% | -38.8% | -113.1% | 1184.1% | -20.4% | 22.6% | |
| R&D Expense | 49.6% | -6.3% | 9.6% | -3.9% | -5.8% | 10.0% | -0.4% | -6.7% | -2.1% | -2.4% | |
| SG&A Expense | 8.3% | -8.2% | 111.3% | 25.7% | 12.8% | 11.9% | 9.4% | 7.5% | 10.9% | 10.6% | |
| Total Assets | 20.2% | 10.1% | 224.4% | -15.8% | 9.3% | -1.7% | -3.6% | -8.6% | 0.8% | 5.1% | |
| Book Value / Share | 5.8% | -251.3% | 315.4% | -62.7% | -8.8% | 2.9% | -43.8% | -74.7% | -141.1% | 113.2% | |
| Debt | 18.3% | 24.0% | 81.3% | 2.9% | 8.3% | -4.1% | -1.1% | -3.3% | -5.7% | 5.5% | |
| Diluted Shares | 0.0% | -39.2% | 10.8% | 3.8% | 12.7% | 2.0% | -0.6% | 16.7% | 75.4% | 5.1% |
Valuation
P/E (TTM)46.84
10Y Low / Med / High7.49 / 12.05 / 68.43
P/S2.20
10Y Low / Med / High0.14 / 0.88 / 2.46
P/B12.73
10Y Low / Med / High1.01 / 2.24 / 53.70
EV/EBITDA15.19
10Y Low / Med / High7.09 / 10.56 / 20.98
EV/Revenue3.17
10Y Low / Med / High1.41 / 2.00 / 3.61
P/FCF173.61
10Y Low / Med / High2.15 / 11.12 / 15.95
Intrinsic Value Models (per share)
DCF Value
$14.00
Graham Number
$3.96
Cash / Share
$0.47
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 12.05 | 11.40 | -10.17 | -1.05 | 7.49 | 68.43 | -2.31 | -12.65 | -20.84 | 54.78 | 46.84 | |
| P/S Ratio | 2.46 | 1.85 | 1.04 | 0.39 | 0.34 | 0.34 | 0.14 | 0.44 | 0.88 | 1.31 | 2.20 | |
| P/B Ratio | -13.52 | -4.96 | 1.92 | 2.74 | 2.24 | 1.98 | 1.01 | 53.70 | -22.40 | -55.77 | 12.73 | |
| EV/EBITDA | 11.97 | 12.26 | -213.48 | 20.98 | 9.66 | 8.33 | 7.09 | 7.43 | 11.21 | 10.56 | 15.19 | |
| EV/Revenue | 3.61 | 3.21 | 2.53 | 2.00 | 1.68 | 1.60 | 1.41 | 1.55 | 1.76 | 2.11 | 3.17 |
Analyst Estimates & Quality
Altman Z-Score
2.04
Grey Zone
Piotroski F-Score
5
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $3.20B | $3.49B | $3.86B |
| Net Income | $339.0M | $401.9M | $473.3M |
| EPS | $1.04 | $1.23 | $1.46 |
| # Analysts (EPS) | 3 | 4 | 2 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Amneal Specialty Pharma Segment | $355.6M | $378.3M | $374.1M | — | — | — |
| Av Kare | $293.7M | $349.0M | — | — | — | — |
| Generics Segment | $1.34B | $1.37B | $1.43B | $1.47B | — | — |
| Av K A R E Segment | — | — | $406.1M | — | — | — |
| Specialty Segment | — | — | — | $390.5M | $445.7M | $528.5M |
By Geography
| Segment | 2025 |
|---|---|
| Specialty Segment | $528.5M |