Eton Pharmaceuticals, Inc.
ETONHealthcare|Drug Manufacturers - Specialty & Generic|US
$56.46
+9.31 (+19.75%)
Tangible Book / Share
$1.49
Graham Number
$10.90
Cash / Share
$1.94
Financials
Financial Snapshot
Market Cap
$1.61B
Enterprise Value
$1.58B
Revenue (TTM)
$141.1M
Net Income (TTM)
$49.9M
Cash & Investments
$55.6M
Net Cash
$31.5M
Free Cash Flow (TTM)
$38.2M
Operating CF (TTM)
$38.4M
Debt/Equity
0.28
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $13.2M | $26.7M | $12.1M | $21.3M | $14.4M | $16.3M | $21.4M | $14.9M | $25.9M | $55.6M | |
| Operating Cash Flow | -$4.7M | -$8.1M | -$18.0M | -$22.3M | -$4.7M | $4.8M | $6.8M | $969.0K | $10.5M | $38.4M | |
| Free Cash Flow | -$4.8M | -$8.4M | -$19.9M | -$22.4M | -$8.0M | $2.0M | $6.0M | $943.0K | $10.2M | $38.2M | |
| Capital Expenditure | -$130.0K | -$236.0K | -$1.8M | -$50.0K | -$3.3M | -$2.8M | -$775.0K | -$26.0K | -$333.0K | -$132.0K | |
| Financing Cash Flow | $18.0M | $22.0M | $5.2M | $31.6M | $391.0K | -$134.0K | -$957.0K | $32.6M | $815.0K | -$1.5M |
R&D Spending
R&D (TTM)
$9.9M
R&D Intensity
7.0%
R&D Growth vs Prior
+27.7%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $959.0K | $39.0K | $21.8M | $21.3M | $31.6M | $39.0M | $80.0M | $141.1M | |
| R&D Expense | $3.9M | $5.6M | $11.6M | $14.1M | $6.2M | $4.0M | $3.3M | $3.3M | $7.8M | $9.9M | |
| R&D % of Revenue | — | — | 1204.9% | 36164.1% | 28.6% | 18.8% | 10.5% | 8.3% | 9.7% | 7.0% | |
| SG&A | $3.2M | $4.7M | $7.6M | $12.8M | $14.5M | $18.6M | $18.9M | $22.8M | $35.8M | $46.9M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $959.0K | $39.0K | $21.8M | $21.3M | $31.6M | $39.0M | $80.0M | $141.1M | |
| Cost of Revenue | $13.0K | $63.0K | $453.0K | $286.0K | $2.6M | $6.9M | $10.6M | $15.6M | $37.2M | $43.5M | |
| Gross Profit | -$13.0K | -$63.0K | $506.0K | -$247.0K | $19.2M | $14.3M | $21.1M | $23.4M | $42.7M | $97.5M | |
| R&D | $3.9M | $5.6M | $11.6M | $14.1M | $6.2M | $4.0M | $3.3M | $3.3M | $7.8M | $9.9M | |
| SG&A | $3.2M | $4.7M | $7.6M | $12.8M | $14.5M | $18.6M | $18.9M | $22.8M | $35.8M | $46.9M | |
| Operating Income | -$7.2M | -$10.3M | -$18.6M | -$27.1M | -$1.5M | -$8.3M | -$1.2M | -$2.6M | $72.0K | $40.7M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $889.0K | $1.0M | $955.0K | $1.1M | $2.0M | $4.8M | $2.4M | |
| Pretax Income | -$7.2M | -$12.7M | -$18.3M | -$28.0M | -$2.0M | -$9.0M | -$689.0K | -$3.8M | -$4.6M | $37.1M | |
| Net Income | -$7.2M | -$12.7M | -$18.3M | -$28.0M | -$2.0M | -$9.0M | -$936.0K | -$3.8M | -$4.6M | $49.9M | |
| EPS (Diluted) | -0.41 | -1.99 | -1.02 | -1.33 | -0.08 | -0.36 | -0.04 | -0.15 | -0.17 | 1.51 | |
| EBITDA | -$7.1M | -$10.3M | -$18.2M | -$26.5M | -$1.5M | -$7.2M | $212.0K | -$657.0K | $4.3M | $44.4M | |
| Shares Out. (M) | 17.46 | 6.42 | 17.76 | 21.01 | 25.21 | 25.15 | 25.65 | 25.89 | 26.91 | 33.26 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $13.2M | $26.7M | $12.1M | $21.3M | $14.4M | $16.3M | $21.4M | $14.9M | $25.9M | $55.6M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $13.3M | $27.5M | $15.0M | $24.7M | $23.6M | $20.0M | $26.8M | $41.0M | $60.6M | $96.8M | |
| Total Assets | $13.4M | $28.3M | $17.1M | $26.3M | $27.5M | $25.0M | $31.7M | $76.1M | $92.1M | $157.3M | |
| Total Current Liabilities | $793.0K | $2.0M | $2.0M | $3.8M | $4.6M | $6.5M | $16.2M | $19.9M | $38.5M | $54.1M | |
| Long-Term Debt | $0.00 | $0.00 | $4.5M | $6.8M | $5.3M | $5.4M | $0.00 | $29.8M | $21.8M | $11.2M | |
| Total Liabilities | $1.3M | $2.0M | $6.5M | $10.7M | $9.8M | $12.0M | $16.3M | $51.7M | $66.0M | $70.3M | |
| Stockholders' Equity | $12.1M | $26.3M | $10.6M | $15.7M | $17.6M | $13.1M | $15.5M | $24.4M | $26.2M | $86.9M | |
| Retained Earnings | -$8.6M | -$45.9M | -$64.2M | -$92.2M | -$94.1M | -$103.1M | -$104.1M | -$107.9M | -$112.5M | -$64.1M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.7M | -$8.1M | -$18.0M | -$22.3M | -$4.7M | $4.8M | $6.8M | $969.0K | $10.5M | $38.4M | |
| Capital Expenditure | -$130.0K | -$236.0K | -$1.8M | -$50.0K | -$3.3M | -$2.8M | -$775.0K | -$26.0K | -$333.0K | -$132.0K | |
| Free Cash Flow | -$4.8M | -$8.4M | -$19.9M | -$22.4M | -$8.0M | $2.0M | $6.0M | $943.0K | $10.2M | $38.2M | |
| Investing Cash Flow | -$130.0K | -$236.0K | -$1.8M | -$50.0K | -$2.6M | -$2.8M | -$775.0K | -$40.0M | -$333.0K | -$18.4M | |
| Financing Cash Flow | $18.0M | $22.0M | $5.2M | $31.6M | $391.0K | -$134.0K | -$957.0K | $32.6M | $815.0K | -$1.5M | |
| Issuance of Stock | $18.0M | $22.8M | $0.00 | $28.8M | $541.0K | $0.00 | $0.00 | $8.2M | $598.0K | $6.5M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $4.8M | $2.5M | -$150.0K | -$385.0K | -$1.2M | $24.2M | $0.00 | -$8.0M | |
| Stock Based Comp. | $2.6M | $1.9M | $1.9M | $2.6M | $3.4M | $4.2M | $3.1M | $3.2M | $5.5M | $7.4M | |
| Net Change in Cash | $13.2M | $13.6M | -$14.7M | $9.2M | -$6.9M | $1.9M | $5.1M | -$6.5M | $11.0M | $18.5M |
Dilution Tracker
Shares outstanding grew 28.1% over 5 years — significant dilution
Shares Outstanding
29M
5-Year Share Growth
+28.1%
Stock Issuance (TTM)
$6.5M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 17.46 | 6.42 | 17.76 | 21.01 | 25.21 | 25.15 | 25.65 | 25.89 | 26.91 | 33.26 | |
| Change vs Prior % | — | -63.2% | 176.7% | 18.3% | 20.0% | -0.2% | 2.0% | 1.0% | 3.9% | 23.6% | |
| Stock Issuance | $18.0M | $22.8M | $0.00 | $28.8M | $541.0K | $0.00 | $0.00 | $8.2M | $598.0K | $6.5M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.6M | $1.9M | $1.9M | $2.6M | $3.4M | $4.2M | $3.1M | $3.2M | $5.5M | $7.4M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | 52.8% | -633.3% | 88.0% | 67.4% | 66.6% | 60.0% | 53.5% | 69.2% | |
| Operating Margin % | — | — | -1939.6% | -69515.4% | -6.8% | -38.9% | -3.8% | -6.7% | 0.1% | 28.8% | |
| Net Margin % | — | — | -1910.3% | -71717.9% | -9.0% | -42.4% | -3.0% | -9.8% | -5.8% | 35.3% | |
| EBITDA Margin % | — | — | -1893.0% | -67846.2% | -6.8% | -34.1% | 0.7% | -1.7% | 5.3% | 31.5% | |
| FCF Margin % | — | — | -2072.2% | -57425.6% | -36.6% | 9.6% | 19.1% | 2.4% | 12.7% | 27.1% | |
| ROE % | -59.0% | -48.4% | -173.6% | -178.6% | -11.1% | -69.0% | -6.0% | -15.7% | -17.6% | 104.8% | |
| ROA % | -53.2% | -45.0% | -107.3% | -106.3% | -7.1% | -36.0% | -2.9% | -5.0% | -5.0% | 31.7% | |
| ROIC % | -56.5% | -39.2% | -123.1% | -118.9% | -6.1% | -42.1% | -5.7% | -4.6% | 0.1% | 35.4% | |
| R&D / Revenue % | — | — | 1204.9% | 36164.1% | 28.6% | 18.8% | 10.5% | 8.3% | 9.7% | 7.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | -95.9% | 55879.5% | -2.7% | 48.9% | 23.3% | 104.9% | |
| Gross Profit | 0.0% | -384.6% | 903.2% | -148.8% | 7876.9% | -25.5% | 47.1% | 11.2% | 82.6% | |
| Operating Income | 0.0% | -44.3% | -80.2% | -45.8% | 94.5% | -452.5% | 85.6% | -117.9% | 102.8% | |
| Net Income | 0.0% | -78.0% | -43.8% | -52.7% | 93.0% | -361.4% | 89.6% | -308.4% | -20.4% | |
| EPS (Diluted) | 0.0% | -385.4% | 48.7% | -30.4% | 94.2% | -363.9% | 89.9% | -311.0% | -13.3% | |
| Operating Cash Flow | 0.0% | -72.6% | -121.3% | -24.0% | 78.9% | 202.1% | 41.4% | -85.8% | 986.1% | |
| Free Cash Flow | 0.0% | -72.9% | -137.1% | -12.7% | 64.4% | 125.5% | 197.1% | -84.4% | 980.7% | |
| R&D Expense | 0.0% | 43.2% | 105.3% | 22.1% | -55.8% | -35.9% | -16.9% | -2.0% | 138.6% | |
| SG&A Expense | 0.0% | 46.4% | 60.9% | 69.0% | 13.4% | 28.4% | 1.9% | 20.2% | 57.4% | |
| Total Assets | 0.0% | 110.7% | -39.7% | 54.2% | 4.4% | -8.9% | 26.8% | 139.8% | 21.0% | |
| Book Value / Share | 0.0% | 489.9% | -85.5% | 25.5% | -6.2% | -25.6% | 16.0% | 56.3% | 3.0% | |
| Debt | 0.0% | 0.0% | 0.0% | 56.7% | -6.3% | -2.6% | -17.2% | 455.2% | 3.4% | |
| Diluted Shares | 0.0% | -63.2% | 176.7% | 18.3% | 20.0% | -0.2% | 2.0% | 1.0% | 3.9% |
Valuation
P/E (TTM)31.99
P/S11.44
10Y Low / Med / High3.34 / 5.69 / 4379.78
P/B18.62
10Y Low / Med / High1.49 / 9.00 / 17.40
EV/EBITDA35.60
EV/Revenue11.22
10Y Low / Med / High2.88 / 5.75 / 4016.88
P/FCF42.23
10Y Low / Med / High18.60 / 44.65 / 365.77
Intrinsic Value Models (per share)
Tangible Book / Share
$1.49
Net Current Assets / Share
$0.92
Graham Number
$10.90
Graham Net-Net
$0.37
Cash / Share
$1.94
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -15.24 | -3.08 | -7.06 | -6.11 | -55.28 | -7.83 | -120.00 | -88.80 | -99.47 | 31.99 | |
| P/S Ratio | 0.00 | 0.00 | 133.34 | 4379.78 | 4.95 | 3.34 | 3.55 | 8.84 | 5.69 | 11.44 | |
| P/B Ratio | 9.00 | 1.49 | 12.12 | 10.91 | 6.13 | 5.42 | 7.26 | 14.12 | 17.40 | 18.62 | |
| EV/EBITDA | -13.43 | -1.22 | -6.63 | -5.92 | -67.27 | -8.44 | 454.43 | -547.91 | 107.83 | 35.60 | |
| EV/Revenue | 0.00 | 0.00 | 125.52 | 4016.88 | 4.60 | 2.88 | 3.04 | 9.23 | 5.75 | 11.22 |
Analyst Estimates & Quality
Altman Z-Score
15.24
Safe
Piotroski F-Score
6
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $149.7M | $220.4M | $299.2M |
| Net Income | $29.1M | $55.9M | $87.6M |
| EPS | $1.09 | $2.08 | $3.14 |
| # Analysts (EPS) | 2 | 2 | 4 |
Revenue Segments
By Product
| Segment | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Licensing Revenue | $500.0K | $19.0M | $10.0M | — | — | — |
| License | — | — | — | $5.5M | $500.0K | $3.3M |
| Product Sales and Royalties | — | — | — | $26.1M | $38.5M | $76.7M |