Cash flow quality remains volatile, evidenced by a 2026Q1 operating cash flow to net income ratio of 7.45 and a $29.5 million outflow for share repurchases despite compressed earnings.
| 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 | 168.88M | 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 % | -11.19% | -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 | 79.23M | 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 | 57.48M | 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 | 28.16M | 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 | 37.96M | 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 | -33.95M | -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 | -2.84M | -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 | 16.3M | -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 | -12.56M | -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 | -97.55M | -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 | -33.69M | -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 | 4.68% | 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 | -6.54M | -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 | -83.13M | -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) | -1.63M | 5.31M | 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) | -37.03M | -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 | -39.01M | -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 | -44.47M | 0 | -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 | -11.84M | 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 | 135.19M | 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 % | 18.76% | 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 % | -10.01% | -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 | 2.91 | 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) | 1.71x | 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 | 15.64M | 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 | 21.81M | 22.71M | 40.1M | 49M | 44.44M | 8.1M | 3.41M | 5.72M | 339K | 4.88M | 3.4M | 146K | 436K | 4.16M | 2.08M |
Working capital volatility
According to reported financial statements, Amphastar’s operating cash flow to net income ratio reached 7.45 in 2026Q1, highlighting a significant disconnect where cash generation is increasingly decoupled from accounting profits due to the heavy impact of non-cash charges and volatile working capital adjustments.
The extreme variance between net income and operating cash flow suggests that reported earnings are currently a poor proxy for the company's actual liquidity generation. Investors should monitor whether this divergence is a temporary result of inventory management or a structural issue where accounting profits are being eroded by rising operational costs.
As indicated by recent quarterly data, free cash flow margins have fluctuated wildly, dropping from a peak of 34.6% in 2024Q2 to 13.4% by 2025Q4, reflecting the inherent instability in the company's ability to convert top-line revenue into sustainable cash surplus.
The inconsistency in FCF margins suggests that the company's cash-generating efficiency is highly sensitive to the timing of product shipments and the associated working capital cycles. This volatility may complicate long-term capital planning and suggests that the business model is currently struggling to maintain a predictable cash flow trajectory.
Based on the provided cash flow tables, working capital changes have swung from a $42.7 million outflow in 2025Q4 to a $15.3 million inflow in 2026Q1, indicating significant instability in the company's ability to manage its inventory and receivables effectively across reporting periods.
These sharp swings in working capital suggest that the company may be facing challenges in aligning its production schedules with actual market demand. Such fluctuations often indicate potential bottlenecks in the supply chain or difficulties in managing the collection cycles for its specialized pharmaceutical product portfolio.
As reported in recent filings, the company has prioritized share repurchases, with a $29.5 million outflow in 2026Q1, even as net income has compressed, suggesting a management focus on supporting equity value despite the underlying volatility in operational cash generation.
The decision to allocate significant cash to buybacks during a period of declining profitability warrants further investigation into management's long-term capital allocation strategy. Investors should consider whether these funds might be better utilized for R&D or debt reduction given the current margin pressures and the competitive landscape.
Based on the provided data, stock-based compensation reached $9.3 million in 2026Q1, which represents a substantial portion of the company's net income, effectively masking the true economic cost of operations and diluting the quality of the reported cash flow metrics.
The high level of stock-based compensation relative to net income suggests that the company's reported profitability may be overstated when accounting for the full cost of human capital. This practice warrants caution, as it may be used to bridge the gap between stagnant operational performance and investor expectations.
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.