The company maintains a robust liquidity position with a current ratio of 3.85, supported by a stable debt-to-equity ratio of 0.89 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 633.68M | 636.02M | 534.07M | 489.6M | 378.32M | 318.12M | 279.68M | 255.24M | 220.34M | 187.78M | 184.1M | 175.93M | 198M | 172.97M | 165.69M |
| Cash & Short-Term Investments | 294.39M | 282.81M | 221.65M | 256.81M | 175.76M | 136.67M | 105.62M | 89.52M | 89.17M | 68.23M | 72.88M | 66.07M | 67.83M | 53.59M | 50.21M |
| Cash Only | 171.17M | 170.18M | 151.61M | 144.3M | 156.1M | 126.35M | 92.64M | 75.55M | 86.34M | 65.59M | 72.35M | 66.07M | 67.83M | 53.59M | 50.21M |
| Short-Term Investments | 123.21M | 112.64M | 70.04M | 112.51M | 19.66M | 10.32M | 12.98M | 13.96M | 2.83M | 2.63M | 527K | 0 | 0 | 0 | 0 |
| Accounts Receivable | 147.85M | 143.56M | 138.04M | 115.47M | 88.8M | 78.8M | 66M | 45.38M | 52.16M | 36M | 26.78M | 33.23M | 22.85M | 24.59M | 38.27M |
| Days Sales Outstanding | 72.54 | 72.79 | 68.83 | 65.4 | 64.96 | 65.7 | 68.86 | 51.38 | 64.61 | 54.7 | 38.3 | 48.23 | 39.63 | 39.07 | 68.37 |
| Inventory | 170.19M | 176.89M | 153.74M | 105.83M | 103.58M | 92.81M | 96.83M | 110.5M | 69.32M | 63.61M | 79.75M | 70.67M | 82.33M | 69.92M | 51.38M |
| Days Inventory Outstanding | 174.31 | 177.46 | 156.7 | 131.72 | 151.16 | 142.31 | 171.15 | 211.79 | 134.82 | 155.42 | 192.81 | 148.09 | 188.76 | 178.8 | 164.47 |
| Other Current Assets | 21.25M | 32.75M | 20.65M | 11.49M | 2.61M | 2.56M | 4.45M | 9.85M | 4.2M | 10.19M | 1.41M | 1.52M | 21.3M | 19.85M | 22.19M |
| Total Non-Current Assets | 1.01B | 993.28M | 1.04B | 1.02B | 363.67M | 353.41M | 351.55M | 331.73M | 293.22M | 266.89M | 243.64M | 214.2M | 191.37M | 165.78M | 151.79M |
| Property, Plant & Equipment | 378.91M | 353.72M | 344.63M | 315.64M | 264.57M | 271.49M | 280.71M | 253.55M | 210.42M | 185.34M | 152.94M | 142.16M | 138.29M | 116.62M | 107.37M |
| Fixed Asset Turnover | 2.00x | 2.04x | 2.12x | 2.04x | 1.89x | 1.61x | 1.25x | 1.27x | 1.40x | 1.30x | 1.67x | 1.77x | 1.52x | 1.97x | 1.90x |
| Goodwill | 3.33M | 3.4M | 3.05M | 3.22M | 3.13M | 3.31M | 3.94M | 3.63M | 3.95M | 4.46M | 3.98M | 3.73M | 4.47M | 280K | 280K |
| Intangible Assets | 556.29M | 562.56M | 587.61M | 610.08M | 34.17M | 35.56M | 36.67M | 37.52M | 38.32M | 40.68M | 46.33M | 36.17M | 38.1M | 39.88M | 42.07M |
| Long-Term Investments | 2.05M | 0 | 11M | 15.21M | 2.41M | 3.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 33.48M | 31.14M | 25.99M | 25.91M | 20.86M | 16.66M | 5.25M | 11.16M | 9.92M | 8.66M | 9.39M | 4.7M | 3.59M | 2.88M | 2.04M |
| Total Assets | 1.65B | 1.63B | 1.58B | 1.51B | 741.99M | 671.53M | 631.24M | 586.97M | 513.56M | 454.67M | 427.74M | 390.14M | 389.37M | 338.75M | 317.48M |
| Asset Turnover | 0.44x | 0.44x | 0.46x | 0.43x | 0.67x | 0.65x | 0.55x | 0.55x | 0.57x | 0.53x | 0.60x | 0.64x | 0.54x | 0.68x | 0.64x |
| Asset Growth % | 20.77% | 3.29% | 4.27% | 103.9% | 10.49% | 6.38% | 7.54% | 14.29% | 12.95% | 6.3% | 9.64% | 0.2% | 14.94% | 6.7% | - |
| Total Current Liabilities | 164.48M | 158.16M | 173.76M | 225.41M | 94.86M | 103.81M | 112.2M | 90.01M | 106.83M | 67.19M | 60.62M | 59.95M | 62.59M | 65.4M | 60.08M |
| Accounts Payable | 35.5M | 32.59M | 30.51M | 25.44M | 20.5M | 22.21M | 24.36M | 25.06M | 31.32M | 16.63M | 19.93M | 13.87M | 10.16M | 20.38M | 17.66M |
| Days Payables Outstanding | 36.2 | 32.7 | 31.1 | 31.66 | 29.92 | 34.06 | 43.05 | 48.03 | 60.92 | 40.63 | 48.19 | 29.07 | 23.3 | 52.12 | 56.54 |
| Short-Term Debt | 11.38M | 1.64M | 234K | 436K | 3.05M | 2.2M | 12.26M | 10.92M | 18.23M | 6.31M | 5.37M | 10.93M | 7.59M | 22.1M | 22.05M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -56.09M | 0 | 97K | 643K | 14.01M | 643K | 642K |
| Other Current Liabilities | 86.61M | 0 | 0 | 0 | 17.55M | 23.16M | 25.19M | 30.12M | 0 | 7.78M | 7.71M | 0 | 15.06M | 0 | 0 |
| Current Ratio | 3.85x | 4.02x | 3.07x | 2.17x | 3.99x | 3.06x | 2.49x | 2.84x | 2.06x | 2.79x | 3.04x | 2.93x | 3.16x | 2.64x | 2.76x |
| Quick Ratio | 2.82x | 2.90x | 2.19x | 1.70x | 2.90x | 2.17x | 1.63x | 1.61x | 1.41x | 1.85x | 1.72x | 1.76x | 1.85x | 1.58x | 1.90x |
| Cash Conversion Cycle | 210.65 | 217.55 | 194.43 | 165.46 | 186.2 | 173.95 | 196.96 | 215.14 | 138.51 | 169.5 | 182.93 | 167.24 | 205.09 | 165.75 | 176.3 |
| Total Non-Current Liabilities | 710.29M | 682.34M | 671.41M | 648.08M | 118.47M | 122.2M | 70.31M | 69.43M | 42.37M | 50.14M | 37.87M | 34.67M | 44.91M | 21.8M | 23.96M |
| Long-Term Debt | 609.8M | 608.66M | 601.63M | 589.58M | 72.84M | 74.38M | 33.91M | 38.89M | 31.98M | 40.84M | 32.36M | 30.16M | 36.11M | 10.07M | 15.95M |
| Capital Lease Obligations | 181.38M | 37.77M | 41.88M | 29.72M | 23.69M | 25.1M | 17.74M | 16.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 6.96M | 5.93M | 6.96M | 6.07M | 7.37M | 7.07M | 5.45M | 867K | 1.45M | 2.24M | 2.3M | 497K | 6.34M | 7.15M | 3.19M |
| Other Non-Current Liabilities | 35.29M | 29.98M | 20.95M | 22.72M | 14.56M | 15.65M | 13.21M | 12.86M | 9.36M | 7.94M | 3.96M | 3.17M | 5.63M | 1.95M | 1.49M |
| Total Liabilities | 874.77M | 840.49M | 845.17M | 873.49M | 213.33M | 226.01M | 182.51M | 159.44M | 149.2M | 117.34M | 98.48M | 94.63M | 107.51M | 87.2M | 84.04M |
| Total Debt | 686.38M | 656M | 650.55M | 623.64M | 102.58M | 104.66M | 67.27M | 66.63M | 50.21M | 47.16M | 37.72M | 41.1M | 43.7M | 32.17M | 38M |
| Net Debt | 515.2M | 485.82M | 498.94M | 479.35M | -53.52M | -21.69M | -25.37M | -8.93M | -36.12M | -18.44M | -34.63M | -24.98M | -24.13M | -21.41M | -12.21M |
| Debt / Equity | 0.89x | 0.83x | 0.89x | 0.98x | 0.19x | 0.23x | 0.15x | 0.16x | 0.14x | 0.14x | 0.11x | 0.14x | 0.16x | 0.13x | 0.16x |
| Debt / EBITDA | 4.57x | 4.40x | 2.48x | 2.61x | 0.76x | 1.09x | 1.86x | 3.16x | 6.36x | 3.16x | 1.25x | 6.47x | - | 1.05x | 1.03x |
| Net Debt / EBITDA | 3.43x | 3.26x | 1.90x | 2.01x | -0.39x | -0.22x | -0.70x | -0.42x | -4.58x | -1.24x | -1.14x | -3.93x | - | -0.70x | -0.33x |
| Interest Coverage | 4.88x | 5.85x | 7.25x | 7.31x | 63.86x | 96.07x | 13.40x | 507.12x | -39.85x | 2.51x | 15.60x | -9.50x | -28.80x | 18.39x | 34.01x |
| Total Equity | 773.39M | 788.8M | 732.3M | 639.42M | 528.66M | 445.52M | 448.72M | 427.53M | 364.36M | 337.33M | 329.25M | 295.51M | 281.86M | 251.54M | 233.44M |
| Equity Growth % | 23.59% | 7.72% | 14.53% | 20.95% | 18.66% | -0.71% | 4.96% | 17.34% | 8.01% | 2.45% | 11.42% | 4.84% | 12.05% | 7.76% | - |
| Book Value per Share | 16.65 | 16.36 | 14.07 | 12.06 | 10.08 | 8.95 | 9.13 | 8.57 | 7.85 | 6.97 | 6.93 | 6.57 | 6.72 | 31.44 | 29.18 |
| Total Shareholders' Equity | 773.39M | 788.8M | 732.3M | 639.42M | 528.66M | 445.52M | 402.31M | 381.37M | 332.44M | 337.33M | 329.25M | 295.51M | 281.86M | 251.54M | 233.44M |
| Common Stock | 6K | 6K | 6K | 6K | 6K | 6K | 5K | 5K | 5K | 5K | 5K | 5K | 4K | 4K | 4K |
| Retained Earnings | 673.3M | 666.88M | 568.79M | 409.27M | 271.72M | 180.34M | 117.77M | 116.37M | 67.48M | 76.23M | 70.86M | 60.32M | 63.11M | 73.81M | 61.95M |
| Treasury Stock | -438M | -408.15M | -332.71M | -247.43M | -189.52M | -150.48M | -121.81M | -97.63M | -75.48M | -50.7M | -20.03M | -10.17M | -345K | 0 | 0 |
| Accumulated OCI | -5.74M | -5.31M | -9.18M | -8.48M | -8.62M | -6.76M | -3.72M | -4.69M | -4.01M | -2.1M | -4.7M | -2.48M | -1.65M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 46.42M | 46.16M | 31.92M | 0 | 0 | 0 | 0 | 0 | 0 |
Margin compression and leverage
According to reported financial statements, Amphastar’s total assets have remained stagnant at approximately $1.6 billion since 2024Q1, suggesting that despite ongoing capital investments, the company is struggling to translate its asset base into meaningful top-line growth in the current competitive specialty pharmaceutical environment.
The lack of meaningful asset growth over the last ten quarters indicates that the company is primarily focused on maintaining existing infrastructure rather than aggressive expansion. This trajectory warrants caution, as it suggests that the firm may be reaching a plateau in its current product lifecycle.
Based on the provided quarterly data, Amphastar has maintained a consistent debt-to-equity ratio, hovering between 0.83 and 0.98 over the last ten quarters, which suggests a disciplined approach to leverage despite the capital-intensive nature of its specialized manufacturing and recent acquisition-driven strategy.
The company’s ability to keep leverage within this range while navigating the integration of branded assets implies a degree of financial prudence. However, investors should monitor whether this debt level remains sustainable if operating margins continue to face the compression observed in recent income statement filings.
As reported in recent filings, Amphastar’s current ratio has improved from 2.17 in 2023Q4 to 3.85 in 2026Q1, indicating a strengthening liquidity position that provides a necessary buffer against the volatility in working capital and the operational risks inherent in sterile manufacturing.
This improvement in the current ratio appears to be driven by a more conservative management of current assets relative to liabilities. While this provides a safety net, it may also suggest that capital is not being deployed as efficiently as possible to drive future growth.
Based on the balance sheet data, net property, plant, and equipment has steadily increased from $315.6 million in 2023Q4 to $378.9 million in 2026Q1, reflecting the company's ongoing commitment to maintaining the specialized manufacturing facilities required for its complex drug-device combination products.
This consistent investment in PPE underscores the company's reliance on its internal manufacturing moat. However, the lack of a corresponding increase in total assets suggests that this capital expenditure is largely for maintenance or incremental upgrades rather than transformative capacity expansion.
Quick answers to the most common questions about buying AMPH stock.
As of 2025, Amphastar Pharmaceuticals, Inc. (AMPH) had total assets of $1.63B including $636.0M in current assets.
Amphastar Pharmaceuticals, Inc. (AMPH) carries total debt of $656.0M, offset by $282.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Amphastar Pharmaceuticals, Inc. (AMPH) has total shareholders' equity (book value) of $788.8M ($16.36 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Amphastar Pharmaceuticals, Inc. (AMPH) reported a current ratio of 4.02x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.