ANI Pharmaceuticals Inc
ANIPHealthcare|Drug Manufacturers - Specialty & Generic|USA
$82.07
-1.68 (-2.01%)
DCF (FCF)
$45.65
Tangible Book
$1.43
Graham Number
$13.56
Financials
Financial Snapshot
Market Cap
$1.87B
Enterprise Value
$-287.7M
Revenue (TTM)
$923.7M
Net Income (TTM)
$92.1M
Cash & Equivalents
—
Net Cash/Share
$-23.33
Free Cash Flow (TTM)
$182.8M
Operating CF (TTM)
$208.6M
Debt/Equity
1.09
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $27.4M | $31.1M | $43.0M | $62.3M | $7.9M | $100.3M | $48.2M | $221.1M | $151.2M | $294.7M | $326.1M | |
| Operating Cash Flow | $27.5M | $39.4M | $67.1M | $45.6M | $15.3M | $3.3M | $-31.2M | $119.0M | $64.0M | $185.2M | $208.6M | |
| Free Cash Flow | $-121.6M | $-68.6M | $56.2M | $18.1M | $-53.1M | $-20.3M | $-47.7M | $100.4M | $47.1M | $150.9M | $182.8M | |
| Capital Expenditure | $-149.1M | $-108.0M | $-10.9M | $-27.5M | $-68.3M | $-23.6M | $-16.5M | $-18.5M | $-17.0M | $-34.3M | $-25.8M | |
| Financing Cash Flow | $-729.0K | $72.4M | $-27.8M | $1.3M | $-1.4M | $194.6M | $-5.1M | $67.4M | $264.9M | $-9.9M | $-21.7M |
R&D Spending
R&D (TTM)
$51.7M
R&D Intensity
5.6%
R&D Growth YoY
+0.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $128.6M | $176.8M | $201.6M | $206.5M | $208.5M | $216.1M | $316.4M | $486.8M | $614.4M | $883.4M | $923.7M | |
| R&D Expense | $2.9M | $9.1M | $15.4M | $19.8M | $16.0M | $11.4M | $22.3M | $34.3M | $44.6M | $51.7M | $51.7M | |
| R&D % of Revenue | 2.3% | 5.1% | 7.6% | 9.6% | 7.7% | 5.3% | 7.1% | 7.0% | 7.3% | 5.8% | 5.6% | |
| SG&A | $27.8M | $31.6M | $44.1M | $55.8M | $65.0M | $84.3M | $124.0M | $161.7M | $249.6M | $317.7M | $314.9M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $128.6M | $176.8M | $201.6M | $206.5M | $208.5M | $216.1M | $316.4M | $486.8M | $614.4M | $883.4M | $923.7M | |
| Cost of Goods Sold | $48.8M | $79.0M | $73.0M | $63.2M | $87.2M | $100.6M | $138.8M | $181.5M | $250.2M | $341.3M | $361.9M | |
| Gross Profit | $79.8M | $97.8M | $128.6M | $143.4M | $121.3M | $115.5M | $177.6M | $305.3M | $364.2M | $542.1M | $561.9M | |
| R&D | $2.9M | $9.1M | $15.4M | $19.8M | $16.0M | $11.4M | $22.3M | $34.3M | $44.6M | $51.7M | $51.7M | |
| SG&A | $27.8M | $31.6M | $44.1M | $55.8M | $65.0M | $84.3M | $124.0M | $161.7M | $249.6M | $317.7M | $314.9M | |
| Operating Income | $26.8M | $29.2M | $35.4M | $16.4M | $-15.6M | $-28.2M | $-25.7M | $49.5M | $2.2M | $81.2M | $105.8M | |
| Interest Expense | $-11.3M | $-12.0M | $-14.8M | $-13.0M | $-9.5M | $-11.9M | $-28.1M | $-26.9M | $-17.6M | $-20.1M | $-18.3M | |
| Pretax Income | $8.7M | $16.3M | $20.1M | $3.2M | $-26.0M | $-56.1M | $-62.7M | $19.9M | $-22.2M | $95.8M | $116.0M | |
| Net Income | $3.9M | $-1.1M | $15.5M | $6.1M | $-22.5M | $-42.6M | $-47.9M | $18.8M | $-18.5M | $78.3M | $92.1M | |
| EPS (Diluted) | 0.34 | -0.09 | 1.30 | 0.50 | -1.88 | -3.40 | -3.05 | 0.85 | -1.04 | 3.32 | 3.95 | |
| EBITDA | $42.3M | $56.3M | $68.6M | $60.7M | $28.1M | $3.1M | $25.0M | $106.6M | $63.1M | $207.3M | $223.8M | |
| Shares Out. (M) | 11.57 | 11.55 | 11.77 | 12.04 | 11.96 | 12.60 | 16.26 | 18.19 | 19.32 | 21.23 | 21.54 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $27.4M | $31.1M | $43.0M | $62.3M | $7.9M | $100.3M | $48.2M | $221.1M | $144.9M | $285.6M | $311.2M | |
| Marketable Securities | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $6.3M | $9.1M | $14.9M | |
| Total Current Assets | $103.0M | $131.6M | $152.9M | $187.7M | $170.3M | $321.8M | $344.3M | $519.8M | $528.5M | $753.1M | $747.1M | |
| Total Assets | $322.9M | $412.1M | $430.6M | $456.8M | $461.2M | $771.6M | $760.1M | $904.4M | $1.28B | $1.44B | $1.42B | |
| Total Current Liabilities | $31.9M | $39.2M | $165.5M | $61.7M | $78.6M | $87.5M | $99.4M | $145.5M | $194.5M | $278.1M | $239.5M | |
| Long-Term Debt | $120.6M | $198.2M | $67.3M | $175.8M | $172.4M | $286.5M | $285.7M | $284.8M | $614.9M | $599.8M | $594.5M | |
| Total Liabilities | $153.2M | $237.4M | $233.3M | $244.0M | $265.5M | $412.9M | $421.5M | $446.8M | $855.9M | $899.7M | $859.7M | |
| Stockholders' Equity | $169.6M | $174.8M | $197.3M | $212.8M | $195.7M | $358.7M | $338.5M | $457.6M | $428.5M | $540.7M | $562.3M | |
| Retained Earnings | $-2.9M | $-4.0M | $11.5M | $17.6M | $-5.0M | $-47.8M | $-97.3M | $-80.1M | $-100.3M | $-23.1M | $6.4M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $27.5M | $39.4M | $67.1M | $45.6M | $15.3M | $3.3M | $-31.2M | $119.0M | $64.0M | $185.2M | $208.6M | |
| Capital Expenditure | $-149.1M | $-108.0M | $-10.9M | $-27.5M | $-68.3M | $-23.6M | $-16.5M | $-18.5M | $-17.0M | $-34.3M | $-25.8M | |
| Free Cash Flow | $-121.6M | $-68.6M | $56.2M | $18.1M | $-53.1M | $-20.3M | $-47.7M | $100.4M | $47.1M | $150.9M | $182.8M | |
| Investing Cash Flow | $-149.1M | $-108.0M | $-27.4M | $-27.5M | $-68.3M | $-105.5M | $-15.7M | $-18.5M | $-404.7M | $-34.3M | $-25.8M | |
| Financing Cash Flow | $-729.0K | $72.4M | $-27.8M | $1.3M | $-1.4M | $194.6M | $-5.1M | $67.4M | $264.9M | $-9.9M | $-21.7M | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $69.6M | $0.00 | $80.6M | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $-122.0K | $-259.0K | $-659.0K | $-1.0M | $-1.5M | $-890.0K | $-2.0M | $-5.0M | $-11.0M | $-12.2M | $-19.8M | |
| Issuance of Debt | $0.00 | $75.0M | $0.00 | $118.0M | $30.0M | $510.2M | $0.00 | $0.00 | $641.3M | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $-28.9M | $-121.5M | $-30.5M | $-411.2M | $-3.0M | $-3.0M | $-296.0M | $-10.2M | $-12.2M | |
| Stock Based Comp. | $6.1M | $6.1M | $6.8M | $9.2M | $12.9M | $10.5M | $14.6M | $20.7M | $29.3M | $37.9M | $39.3M | |
| Net Change in Cash | $-122.3M | $3.8M | $11.9M | $19.3M | $-54.5M | $92.4M | $-52.1M | $167.9M | $-76.2M | $140.7M | $161.4M |
Dilution Tracker
Shares outstanding grew 71.0% over 5 years — significant dilution
Shares Outstanding
22M
5-Year Share Growth
+71.0%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 11.57 | 11.55 | 11.77 | 12.04 | 11.96 | 12.60 | 16.26 | 18.19 | 19.32 | 21.23 | 21.54 | |
| YoY Change % | — | -0.2% | 1.9% | 2.3% | -0.6% | 5.3% | 29.1% | 11.9% | 6.2% | 9.9% | 1.5% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $69.6M | $0.00 | $80.6M | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $-122.0K | $-259.0K | $-659.0K | $-1.0M | $-1.5M | $-890.0K | $-2.0M | $-5.0M | $-11.0M | $-12.2M | $-19.8M | |
| Stock Based Comp. | $6.1M | $6.1M | $6.8M | $9.2M | $12.9M | $10.5M | $14.6M | $20.7M | $29.3M | $37.9M | $39.3M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 62.1% | 55.3% | 63.8% | 69.4% | 58.2% | 53.5% | 56.1% | 62.7% | 59.3% | 61.4% | 60.8% | |
| Operating Margin % | 20.8% | 16.5% | 17.5% | 8.0% | -7.5% | -13.0% | -8.1% | 10.2% | 0.4% | 9.2% | 11.5% | |
| Net Margin % | 3.1% | -0.6% | 7.7% | 3.0% | -10.8% | -19.7% | -15.1% | 3.9% | -3.0% | 8.9% | 10.0% | |
| EBITDA Margin % | 32.9% | 31.8% | 34.0% | 29.4% | 13.5% | 1.4% | 7.9% | 21.9% | 10.3% | 23.5% | 24.2% | |
| FCF Margin % | -94.5% | -38.8% | 27.9% | 8.8% | -25.4% | -9.4% | -15.1% | 20.6% | 7.7% | 17.1% | 19.8% | |
| ROE % | 2.4% | -0.6% | 8.3% | 3.0% | -11.0% | -15.4% | -13.7% | 4.7% | -4.2% | 16.2% | 18.3% | |
| ROA % | 1.3% | -0.3% | 3.7% | 1.4% | -4.9% | -6.9% | -6.3% | 2.3% | -1.7% | 5.8% | 6.7% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)20.78
Historical18.79 / 69.06 / 5559.00
Industry Med.20.86
P/S1.89
Historical1.42 / 2.24 / 8.93
Industry Med.2.30
P/B3.34
Historical1.31 / 3.10 / 4.95
Industry Med.1.91
EV/EBITDA9.62
Historical-185.45 / 15.03 / 277.80
Industry Med.12.96
EV/Revenue2.33
Historical2.04 / 3.05 / 10.07
Industry Med.2.46
P/FCF9.46
Historical8.55 / 17.61 / 288.62
Industry Med.20.93
Intrinsic Value Models
DCF (FCF Based)
$45.65
Tangible Book
$1.43
Graham Number
$13.56
Median P/S Value
$102.01
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | 178.29 | At Loss | 34.63 | 123.34 | At Loss | At Loss | At Loss | 64.87 | At Loss | 23.78 | 20.78 | |
| PS Ratio | 5.45 | 4.21 | 2.63 | 3.59 | 1.67 | 2.69 | 2.07 | 2.06 | 1.74 | 1.90 | 1.89 | |
| PB Ratio | 4.14 | 4.30 | 2.70 | 3.50 | 1.83 | 2.32 | 2.24 | 2.61 | 2.89 | 3.28 | 3.34 | |
| EV/EBITDA | 18.79 | 16.36 | 9.83 | 14.31 | 19.08 | 316.90 | 38.62 | 11.43 | 26.37 | 10.12 | 9.62 | |
| EV/Revenue | 6.19 | 5.21 | 3.34 | 4.21 | 2.57 | 4.57 | 3.06 | 2.50 | 2.71 | 2.37 | 2.33 |
Analyst Estimates & Quality
Altman Z-Score
2.70
Grey Zone
Piotroski F-Score
7
Strong
Beneish M-Score
-2.81
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $1,116.3M | $1,252.1M | $1,364.3M |
| Net Income | $203.1M | $242.3M | $278.5M |
| EPS | 5.58 | 5.32 | 4.96 |
| Book Value per Share | 36.06 | 47.71 | 60.62 |
| Operating Cash Flow per Share | 8.73 | 11.11 | 12.91 |
| Operating CF | $188.08M | $239.35M | $278.13M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Rare Disease and Brands | $483.9M |
| Generics and Other | $399.4M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $852.4M |
| International | $30.9M |