Latest Ratios: P/E Ratio 12.4x · EV/EBITDA 7.8x · ROE 12.9%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $1.3B | $1.9B | $3.3B | $1.5B | $1.2B | $988M | $963M | $923M | $931M | $875M |
| Enterprise Value | $1.6B | $1.8B | $2.4B | $3.8B | $1.4B | $1.1B | $963M | $954M | $887M | $912M | $840M |
| P/E Ratio → | 12.38 | 13.19 | 12.13 | 23.79 | 16.10 | 18.63 | 703.15 | 19.68 | — | 213.78 | 83.73 |
| P/S Ratio | 1.54 | 1.79 | 2.64 | 5.09 | 2.94 | 2.65 | 2.82 | 2.99 | 3.13 | 3.87 | 3.43 |
| P/B Ratio | 1.54 | 1.64 | 2.64 | 5.13 | 2.78 | 2.60 | 2.20 | 2.25 | 2.53 | 2.76 | 2.66 |
| P/FCF | 9.14 | 10.65 | 11.22 | 22.56 | 22.55 | 16.44 | 42.20 | 4650.75 | — | 226.42 | 50.94 |
| P/OCF | 7.10 | 8.27 | 9.06 | 17.86 | 16.47 | 11.83 | 17.25 | 23.05 | 24.17 | 23.73 | 22.69 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.47 | 3.32 | 5.83 | 2.84 | 2.60 | 2.75 | 2.96 | 3.01 | 3.80 | 3.29 |
| EV / EBITDA | 7.83 | 8.73 | 9.26 | 15.74 | 10.43 | 11.80 | 26.64 | 45.24 | 112.40 | 61.16 | 27.78 |
| EV / EBIT | 11.36 | 11.92 | 11.05 | 18.93 | 12.01 | 13.38 | 192.08 | 15.80 | — | 439.59 | 52.62 |
| EV / FCF | — | 14.66 | 14.11 | 25.85 | 21.73 | 16.13 | 41.11 | 4607.64 | — | 221.93 | 48.92 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.5% | 49.5% | 51.1% | 54.5% | 49.9% | 45.6% | 41.0% | 40.9% | 36.3% | 37.8% | 40.8% |
| Operating Margin | 19.5% | 19.5% | 28.1% | 30.6% | 21.5% | 16.0% | 3.1% | -0.0% | -2.9% | -0.4% | 6.1% |
| Net Profit Margin | 13.6% | 13.6% | 21.8% | 21.3% | 18.3% | 14.2% | 0.4% | 15.2% | -1.9% | 1.9% | 4.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.9% | 12.9% | 23.3% | 23.6% | 18.8% | 13.9% | 0.3% | 12.4% | -1.6% | 1.4% | 3.4% |
| ROA | 6.1% | 6.1% | 10.3% | 12.2% | 12.9% | 9.5% | 0.2% | 8.9% | -1.2% | 1.0% | 2.6% |
| ROIC | 8.4% | 8.4% | 13.1% | 18.5% | 17.9% | 12.4% | 2.0% | -0.0% | -2.0% | -0.2% | 4.2% |
| ROCE | 9.8% | 9.8% | 15.3% | 20.4% | 17.7% | 12.9% | 2.2% | -0.0% | -2.2% | -0.2% | 4.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.83 | 0.83 | 0.89 | 0.98 | 0.19 | 0.23 | 0.15 | 0.16 | 0.14 | 0.14 | 0.11 |
| Debt / EBITDA | 3.22 | 3.22 | 2.48 | 2.61 | 0.76 | 1.09 | 1.86 | 3.16 | 6.36 | 3.16 | 1.25 |
| Net Debt / Equity | — | 0.62 | 0.68 | 0.75 | -0.10 | -0.05 | -0.06 | -0.02 | -0.10 | -0.05 | -0.11 |
| Net Debt / EBITDA | 2.39 | 2.39 | 1.90 | 2.01 | -0.39 | -0.22 | -0.70 | -0.42 | -4.58 | -1.24 | -1.14 |
| Debt / FCF | — | 4.01 | 2.90 | 3.30 | -0.82 | -0.31 | -1.08 | -43.12 | — | -4.49 | -2.02 |
| Interest Coverage | 5.85 | 5.85 | 7.25 | 7.31 | 63.86 | 96.07 | 13.40 | 507.12 | -39.85 | 2.51 | 15.60 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.02 | 4.02 | 3.07 | 2.17 | 3.99 | 3.06 | 2.49 | 2.84 | 2.06 | 2.79 | 3.04 |
| Quick Ratio | 2.90 | 2.90 | 2.19 | 1.70 | 2.90 | 2.17 | 1.63 | 1.61 | 1.41 | 1.85 | 1.72 |
| Cash Ratio | 1.79 | 1.79 | 1.28 | 1.14 | 1.85 | 1.32 | 0.94 | 0.99 | 0.83 | 1.02 | 1.20 |
| Asset Turnover | — | 0.44 | 0.46 | 0.43 | 0.67 | 0.65 | 0.55 | 0.55 | 0.57 | 0.53 | 0.60 |
| Inventory Turnover | 2.06 | 2.06 | 2.33 | 2.77 | 2.41 | 2.56 | 2.13 | 1.72 | 2.71 | 2.35 | 1.89 |
| Days Sales Outstanding | — | 72.79 | 68.83 | 65.40 | 64.96 | 65.70 | 68.86 | 51.38 | 64.61 | 54.70 | 38.30 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.1% | 7.6% | 8.2% | 4.2% | 6.2% | 5.4% | 0.1% | 5.1% | — | 0.5% | 1.2% |
| FCF Yield | 10.9% | 9.4% | 8.9% | 4.4% | 4.4% | 6.1% | 2.4% | 0.0% | — | 0.4% | 2.0% |
| Buyback Yield | 6.8% | 5.9% | 4.4% | 1.8% | 2.7% | 2.5% | 2.5% | 2.3% | 2.7% | 3.3% | 1.1% |
| Total Shareholder Yield | 6.8% | 5.9% | 4.4% | 1.8% | 2.7% | 2.5% | 2.5% | 2.3% | 2.7% | 3.3% | 1.1% |
| Shares Outstanding | — | $48M | $52M | $53M | $52M | $50M | $49M | $50M | $46M | $48M | $48M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying AMPH stock.
Amphastar Pharmaceuticals, Inc.'s current P/E ratio is 12.4x. The historical average is 26.8x. This places it at the 14th percentile of its historical range.
Amphastar Pharmaceuticals, Inc.'s current EV/EBITDA is 7.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 31.4x.
Amphastar Pharmaceuticals, Inc.'s return on equity (ROE) is 12.9%. The historical average is 8.3%.
Based on historical data, Amphastar Pharmaceuticals, Inc. is trading at a P/E of 12.4x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Amphastar Pharmaceuticals, Inc. has 49.5% gross margin and 19.5% operating margin. Operating margin between 10-20% is typical for established companies.
Amphastar Pharmaceuticals, Inc.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Legacy generic pricing pressure
Metrics are mathematically derived from official filings.
Deep Value or Value Trap?
AMPH trades at a forward P/E of 7.31 and EV/EBITDA of 5.03, a steep discount to specialty peers like Lantheus (29.6x P/E), suggesting the market prices in generic-like erosion despite a branded pivot.
The PEG of 0.08 implies the market expects negligible growth, yet the Q2 2026 EPS beat and Baqsimi acquisition suggest potential for margin expansion. The low multiples may reflect skepticism about revenue sustainability, as growth is currently negative YoY. Investors should monitor whether the branded mix can justify a re-rating closer to specialty pharma comps.
Margin Volatility Masks Mix Shift
Gross margin swung from 54.0% in 2024Q3 to 41.1% in 2026Q1, then recovered to 50.8% in 2026Q2, reflecting integration costs and product mix shifts, while operating margin rebounded to 21.6% from 8.0%.
The volatility suggests that the underlying earning power is obscured by one-time items and the Baqsimi integration. Net margin of 16.5% in 2026Q2 is below the 20%+ levels of 2024, indicating that the branded transition has yet to deliver consistent profitability. The Q2 2026 beat shows operational leverage, but sustainability depends on legacy generic pricing stabilizing.
ROIC Compression Signals Transition
ROIC has declined from 3.7% in 2024Q3 to 2.4% in 2026Q2, while ROE fell from 5.6% to 3.9%, indicating that the Baqsimi acquisition and increased investment have temporarily diluted returns on capital.
The decline in ROIC is driven by a larger capital base and margin compression, not necessarily a deterioration in the core business. As the branded portfolio scales, returns may recover, but the current trend suggests the company is in a reinvestment phase. Investors should watch for ROIC to stabilize above 3% as a sign that the acquisition is accretive.
Working Capital Drag Intensifies
Cash conversion cycle lengthened from 153 days in 2024Q1 to 216 days in 2026Q2, driven by DIO rising from 119 to 176 days, indicating inventory buildup that may signal launch preparations or slower-moving stock.
The increase in DIO is notable and may reflect strategic stockpiling for new product launches or a mismatch in production. DSO has remained relatively stable around 70 days, while DPO has declined, suggesting less supplier leverage. This working capital drag consumes cash, but the strong FCF margin of 23.2% in 2026Q2 indicates the company can still generate cash despite the inefficiency.
Leverage Creeps Higher, Coverage Thins
D/EBITDA rose from 8.81 in 2024Q3 to 15.23 in 2026Q2, while interest coverage fell from 8.12 to 6.79, indicating that acquisition debt is pressuring the balance sheet despite a low D/E of 0.90.
The D/E ratio remains modest, but the D/EBITDA multiple is elevated due to compressed EBITDA. Interest coverage of 6.79 is still comfortable, but the trend is concerning if margins do not recover. The company's low leverage relative to peers like Perrigo (D/E 1.35) provides a cushion, but refinancing risk could emerge if EBITDA continues to decline.
Liquidity Buffer Remains Adequate
Current ratio improved to 2.40 in 2026Q2 from 2.18 in 2024Q1, while quick ratio stands at 1.71, indicating a solid liquidity position that can absorb short-term shocks.
The liquidity position is supported by a cash balance of $223.6M and strong operating cash flow. However, the quick ratio of 1.71 suggests that inventory is a significant component of current assets, which may be less liquid in a stress scenario. The company's ability to generate FCF at a 23.2% margin provides a buffer, but the inventory buildup warrants monitoring.
Trading at a Discount to Peers
AMPH's P/E of 10.3 and EV/EBITDA of 6.91 are far below Lantheus (29.6x, 17.94x) and Pacira (143.75x, 9.66x), reflecting a generic discount that may be unwarranted given its proprietary portfolio.
The peer comparison highlights that AMPH is valued more like a commodity generic (Perrigo) than a specialty pharma, despite its unique OTC inhaler and complex generics. The market may be underappreciating the durability of its inhalation and intranasal products. If the company can demonstrate sustained margin expansion, the valuation gap could narrow.
Misapplied P/E on Cyclical Earnings
The P/E ratio is commonly misapplied to AMPH because its earnings are volatile due to one-time items and acquisition integration, making the current P/E of 10.3 misleading; EV/EBITDA or P/FCF may be more appropriate.
The P/E is distorted by non-recurring charges and tax effects, as seen in the swing from $43.2M net income in 2024Q1 to $6.4M in 2026Q1. EV/EBITDA of 6.91 and P/FCF of 7.61 provide a clearer picture of valuation, as they are less affected by accounting adjustments. Investors should focus on cash-based multiples to assess the company's true earning power.