Operating cash flow exceeded net income in most quarters (cumulative OCF of $469M vs. net income of $294M over ten quarters), with FCF margin recovering to 23.2% in 2026Q2, though working capital swings remain volatile.
Amphastar Pharmaceuticals, Inc. (AMPH) cash flow statement — 14-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 184.61M | 156.12M | 213.39M | 183.5M | 89.18M | 97.99M | 57.27M | 41.76M | 38.19M | 39.21M | 38.56M | 10.68M | 21.05M | 31.04M | -1.65M |
| Operating CF Margin % | - | 21.69% | 29.15% | 28.48% | 17.87% | 22.38% | 16.37% | 12.96% | 12.96% | 16.33% | 15.11% | 4.25% | 10% | 13.52% | -0.81% |
| Operating CF Growth % | 81.51% | -26.84% | 16.28% | 105.76% | -8.99% | 71.12% | 37.12% | 9.35% | -2.6% | 1.68% | 261.01% | -49.26% | -32.18% | 1981.33% | - |
| Net Income | 78.55M | 98.09M | 159.52M | 137.54M | 91.39M | 63.3M | 1.1M | 46.51M | -6.66M | 4.51M | 10.53M | -2.79M | -10.7M | 11.86M | 18.09M |
| Depreciation & Amortization | 63.07M | 63.2M | 57.2M | 41.78M | 28.74M | 26.75M | 25.18M | 21.12M | 16.52M | 15.44M | 14.56M | 13.25M | 14.45M | 13.08M | 11.5M |
| Stock-Based Compensation | 28.87M | 27.28M | 24.37M | 20.24M | 17.86M | 18.69M | 20.5M | 17.3M | 16.68M | 17.09M | 15.12M | 12.81M | 9.28M | 7.04M | 7.42M |
| Deferred Taxes | 0 | 27.63M | -17.87M | -13.74M | -15.75M | 4.21M | 1.12M | 7.55M | -1.88M | 3.93M | -3.27M | -7.88M | -8.24M | 2.08M | 8.28M |
| Other Non-Cash Items | 32.13M | 5.89M | 4.71M | 21.89M | -878K | -13.03M | 240K | 1.04M | 1.43M | -2.34M | 1.31M | 420K | 648K | 217K | 2.71M |
| Working Capital Changes | -18.01M | -65.97M | -14.55M | -24.21M | -32.18M | -1.92M | 9.13M | -51.75M | 12.1M | 582K | 297K | -5.14M | 15.62M | -3.23M | -49.65M |
| Change in Receivables | -12.13M | -6.37M | -21.67M | -26.09M | -10.13M | -14.92M | -20.16M | 6.7M | -16.3M | -8.1M | 6.38M | -11.01M | 1.21M | 11.82M | -16.65M |
| Change in Inventory | 11.24M | -21.06M | -48.8M | -1.72M | -11.75M | 1.26M | 15.3M | -41.1M | -5.98M | 18.65M | -9.71M | 9.78M | 6.57M | -18.54M | -25.22M |
| Change in Payables | -5.74M | -4.56M | 63.56M | 13.24M | -736K | 3.02M | 14.96M | -17.94M | 29.16M | 6.69M | -823K | -3.13M | 5.5M | 4.2M | -8.01M |
| Cash from Investing | -52.05M | -70.33M | -124.93M | -649.12M | -32.78M | -28.67M | -36.41M | -50.53M | -42.18M | -38.76M | -39.5M | -16.93M | -39.77M | -18.3M | -25.11M |
| Capital Expenditures | -31.72M | -34.88M | -41.04M | -38.17M | -24.03M | -27.46M | -33.85M | -41.55M | -46.81M | -35.1M | -21.38M | -16.05M | -20.5M | -18.3M | -25.25M |
| CapEx % of Revenue | 4.34% | 4.85% | 5.61% | 5.92% | 4.82% | 6.27% | 9.68% | 12.89% | 15.89% | 14.61% | 8.38% | 6.38% | 9.74% | 7.97% | 12.36% |
| Acquisitions | 0 | 0 | -129M | -506.41M | 421K | 0 | 0 | 0 | 4.64M | 2M | -12.46M | 51K | -18.35M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -3.82M | -6.61M | -4.12M | 1.39M | -1.37M | -2.61M | -1.41M | -157K | 198K | -3.66M | -5.13M | -878K | -922K | -509K | -677K |
| Cash from Financing | -96.46M | -67.42M | -80.95M | 454.09M | -26.44M | -37.02M | -2.25M | -3.78M | 25.01M | -7.72M | 7.14M | 2.24M | 32.12M | -9.37M | 23.24M |
| Debt Issued (Net) | -4.89M | 5.99M | 10.17M | 526.34M | -1.78M | 32.1M | -880K | -3.21M | 3.07M | 9.27M | -4.45M | -2.21M | -2.71M | -8.58M | 23.84M |
| Equity Issued (Net) | -43.51M | -72.73M | -85.46M | -58.14M | -39.91M | -28.87M | -24.43M | -3.99M | 12.99M | -30.75M | -9.91M | -9.87M | -345K | -199K | -811K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -45M | -75.59M | -85.46M | -58.14M | -39.91M | -28.87M | -24.43M | -22.29M | -25.05M | -30.75M | -9.91M | -9.87M | -734K | -199K | -811K |
| Other Financing | -48.06M | -687K | -5.67M | -14.11M | 15.25M | -40.24M | 23.06M | 3.42M | 8.95M | 13.76M | 21.5M | 14.31M | 35.17M | -592K | 213K |
| Net Change in Cash | 35.92M | 18.57M | 7.31M | -11.8M | 29.75M | 32.08M | 18.96M | -12.65M | 20.74M | -6.76M | 6.28M | -1.75M | 14.24M | 3.37M | -3.52M |
| Free Cash Flow | 152.89M | 121.23M | 172.34M | 145.34M | 65.15M | 70.54M | 23.41M | 207K | -8.62M | 4.11M | 17.18M | -5.37M | 553K | 12.74M | -26.89M |
| FCF Margin % | 20.94% | 16.84% | 23.55% | 22.55% | 13.06% | 16.11% | 6.69% | 0.06% | -2.92% | 1.71% | 6.73% | -2.13% | 0.26% | 5.55% | -13.16% |
| FCF Growth % | 36.28% | -29.66% | 18.58% | 123.09% | -7.64% | 201.3% | 11209.66% | 102.4% | -309.66% | -76.07% | 420.13% | -1070.34% | -95.66% | 147.37% | - |
| FCF per Share | 3.46 | 2.51 | 3.31 | 2.74 | 1.24 | 1.42 | 0.48 | 0.00 | -0.19 | 0.08 | 0.36 | -0.12 | 0.01 | 1.59 | -3.36 |
| FCF Conversion (FCF/Net Income) | 1.95x | 1.59x | 1.34x | 1.33x | 0.98x | 1.58x | 40.82x | 0.85x | -6.66x | 8.70x | 3.66x | -3.83x | -1.97x | 2.62x | -0.09x |
| Interest Paid | 11.55M | 23.22M | 26.81M | 17.57M | 3.02M | 2.11M | 2.2M | 2.44M | 2.38M | 1.88M | 1.72M | 1.94M | 2.61M | 1.1M | 1.09M |
| Taxes Paid | 412K | 22.71M | 40.1M | 49M | 44.44M | 8.1M | 3.41M | 5.72M | 339K | 4.88M | 3.4M | 146K | 436K | 4.16M | 2.08M |
Quick answers to the most common questions about buying AMPH stock.
Amphastar Pharmaceuticals, Inc. (AMPH) generated $156.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Amphastar Pharmaceuticals, Inc. (AMPH) generated $121.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Amphastar Pharmaceuticals, Inc. (AMPH) spent $34.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Amphastar Pharmaceuticals, Inc. (AMPH) spent $75.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Legacy generic pricing pressure
Metrics are mathematically derived from official filings.
Cash Conversion Volatility Signals Earnings Quality
Operating cash flow exceeded net income in most quarters, with OCF/NI ranging from 0.76 to 7.45, indicating non-cash charges and working capital swings distort earnings quality.
The OCF/NI ratio spiked to 7.45 in 2026Q1, driven by a depressed net income of $6.4M, while 2024Q4 saw OCF/NI at 0.76, suggesting timing of collections and payables. This volatility implies that reported earnings are not a reliable proxy for cash generation, and investors should focus on cash flow trends.
FCF Margin Recovery Masks Underlying Pressure
Free cash flow margin rebounded to 23.2% in 2026Q2 from a low of 8.9% in 2024Q4, but remains below the 34.6% peak in 2024Q2, indicating a mixed trajectory.
The recovery in FCF margin is partly due to lower capex and improved working capital, but the overall trend is uneven, with quarterly FCF ranging from $16.6M to $63.1M. This suggests that the company's cash generation is sensitive to product mix and launch timing, and the recent beat may not be sustainable without revenue growth.
Capital Intensity Declines Amid Integration
Capex as a percentage of revenue has declined from 7.3% in 2024Q3 to 4.7% in 2026Q2, suggesting a shift toward lower capital intensity as the company integrates Baqsimi.
The reduction in capex intensity may indicate that the company is past a peak investment phase in its sterile manufacturing facilities, but it could also reflect a slowdown in expansion. Given the need to maintain FDA-compliant facilities, investors should monitor whether this trend is sustainable or a temporary lull.
Working Capital Swings Reflect Inventory and Receivables Timing
Working capital changes swung from -$42.7M in 2025Q4 to +$15.3M in 2026Q1, indicating significant volatility in inventory and receivables, likely tied to product launches and API sales.
The large negative working capital change in 2025Q4 suggests a buildup in inventory or a delay in collections, while the positive change in 2026Q1 indicates a release. This volatility may be driven by the lumpy nature of API sales and the timing of new product shipments, which can obscure underlying cash flow trends.
Aggressive Buybacks Offset by Acquisition Outflows
Share repurchases totaled $45.2M in 2026Q2, while acquisition-related outflows of $129M occurred in 2024Q2 and Q3, indicating a capital deployment strategy favoring buybacks post-Baqsimi.
The company has consistently returned cash to shareholders through buybacks, with no dividends paid, but the acquisition of Baqsimi required significant cash outlays. This suggests a shift from organic investment to shareholder returns, which may be positive if the Baqsimi integration delivers expected synergies, but it also reduces financial flexibility.
Cumulative Cash Generation Exceeds Net Income
Over the last ten quarters, cumulative operating cash flow of $469M exceeds cumulative net income of $294M, indicating strong cash conversion despite earnings volatility.
The persistent gap between operating cash flow and net income suggests that non-cash charges like D&A and SBC are significant, and that the company's cash-generating ability is stronger than reported earnings imply. However, this divergence also highlights the impact of working capital swings, which can distort quarterly comparisons.
What Could Invalidate the Base Case
Despite strong cash conversion, the reliance on legacy generics and the absence of revenue growth could undermine the sustainability of cash flows, especially if pricing pressures intensify.
The cash flow statement obscures the potential impact of gross-to-net adjustments and the lumpy nature of API sales, which may inflate operating cash flow in certain quarters. Additionally, the aggressive buyback program and acquisition outflows reduce liquidity, and if the Baqsimi integration fails to deliver expected synergies, the company's cash generation could deteriorate. Investors should monitor whether the recent FCF margin recovery is sustainable or a temporary artifact of working capital timing.