Operating cash flow efficiency remains robust, with an OCF/NI ratio of 1.98 in 2026Q1, although free cash flow margins have shown wide variance from 2.6% to 32.6% over the last year.
| 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Cash from Operations | 208.61M | 185.22M | 64.02M | 118.96M | -31.2M | 3.32M | 15.27M | 45.63M | 67.07M | 39.42M | 27.47M | 17.26M | 22.03M | -5.48M | -25.28M | -47.87M | -40.1M | -18.43M | -15.54M | 739.99K | -5M | -8.3M | -10.44M | -5.52M | -3.96M | -1.82M | -3.21M | -1.79M | -3.04M |
| Operating CF Margin % | - | 20.97% | 10.42% | 24.44% | -9.86% | 1.54% | 7.32% | 22.09% | 33.27% | 22.29% | 21.36% | 22.62% | 39.37% | -18.23% | -1098.91% | -11000.58% | -1620.6% | -1465.03% | -410.91% | 150.08% | -34.61% | -3211.72% | -13407.34% | -8431.29% | -139.83% | -104.37% | - | - | -2471.48% |
| Operating CF Growth % | 746.82% | 189.34% | -46.19% | 481.24% | -1039.28% | -78.24% | -66.54% | -31.97% | 70.16% | 43.49% | 59.13% | -21.64% | 501.77% | 78.31% | 47.18% | -19.38% | -117.56% | -18.63% | -2199.47% | 114.81% | 39.78% | 20.54% | -89.11% | -39.36% | -117.26% | 43.14% | -79.41% | 41.22% | - |
| Net Income | 89.67M | 78.34M | -18.52M | 18.78M | -47.9M | -42.6M | -22.55M | 6.09M | 15.49M | -1.08M | 3.93M | 15.38M | 28.75M | 301K | -27.72M | -51.61M | -46.2M | -47.53M | -17.43M | -7.58M | 2.79M | -9.65M | -12.02M | -5.96M | -3.81M | -2.61M | -3.44M | -1.41M | -2.66M |
| Depreciation & Amortization | 89.44M | 91.42M | 67.73M | 59.79M | 59.65M | 47.25M | 44.64M | 44.61M | 33.74M | 27.93M | 22.34M | 6.9M | 3.88M | 1.11M | 258.95K | 148.24K | 167.99K | 137.28K | 43.14K | 89.82K | 117.78K | 100.94K | 101.94K | 92.93K | 92.1K | 110.56K | 122.79K | 90.97K | 139.77K |
| Stock-Based Compensation | 29.06M | 37.93M | 29.34M | 20.65M | 14.6M | 10.49M | 12.94M | 9.22M | 6.78M | 6.09M | 6.07M | 3.86M | 3.42M | 4.45M | 725.63K | 1.18M | 992.76K | 1.25M | 1.1M | 0 | 0 | 351.5M | 572.54K | 193K | 18K | 18K | 0 | 0 | 0 |
| Deferred Taxes | 20.14M | 14.24M | -21.91M | -11.74M | -15.25M | -16.75M | -13.21M | -9.13M | -5.18M | 3.56M | -8.91M | -1.88M | -14.46M | -195K | 1.05M | 51.98M | 290.58K | 0 | 0 | 0 | 0 | -351.15M | 0 | -193K | 0 | -18K | 0 | 0 | 0 |
| Other Non-Cash Items | -12.05M | -29.57M | 18.56M | 6.62M | 8.99M | 5.02M | 6.07M | 9.42M | 10.27M | 8.57M | 13.97M | 6.87M | 559K | 217K | 4.33M | -51.38M | 1.87M | 29.28M | 104.28K | 625.91K | 1.08M | 750K | 0 | 193K | -18K | 125K | 0 | 0 | 129.93K |
| Working Capital Changes | -8.07M | -7.12M | -11.19M | 24.86M | -51.3M | -84K | -12.63M | -14.58M | 5.97M | -5.65M | -9.93M | -13.86M | -115K | -11.37M | -3.93M | 1.82M | 2.78M | -1.58M | 639.38K | 7.61M | -8.98M | 151.09K | 899.28K | 151.44K | -243.9K | 551.98K | 106.8K | -472.53K | -651.71K |
| Change in Receivables | -34.78M | -58.53M | -21.09M | 3.36M | -36.91M | -5.55M | -23.66M | -7.29M | -4.74M | -12.89M | -23.96M | -4.63M | -4.78M | -7.08M | -327K | 0 | 64.64K | 285.84K | -215.21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -5.77M | -5.96M | -21.29M | -5.84M | -23.63M | 3.22M | -2.76M | -7.66M | -379K | 5.36M | -1.94M | -5.87M | -3.47M | -708K | -702K | 0 | -3.17B | 1.53B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 14.96M | 15.16M | 479K | 7.55M | 5.04M | 10.17M | -2.29M | 5.04M | 3.47M | 3K | 1.08M | -1.03M | 225K | -565K | -4.42M | 134.1M | 3.14B | -1.56B | 0 | 0 | 0 | -101.83M | 1.04M | -112.03K | 146.18K | 146.18K | 0 | 0 | 0 |
| Cash from Investing | -25.8M | -34.32M | -404.72M | -18.51M | -15.74M | -105.48M | -68.32M | -27.55M | -27.38M | -107.99M | -154.06M | -32.68M | -35.75M | 20.27M | -619.15K | -719.92K | -60.37K | 2.86M | 11.33M | -11.24M | 4.96M | 7.24M | -16.2M | -8.87K | -38.99K | -86.73K | -43.24K | -4.22K | -124.98K |
| Capital Expenditures | -30.82M | -34.32M | -16.24M | -8.87M | -8.88M | -2.56M | -6.13M | -27.55M | -10.91M | -107.99M | -149.06M | -32.68M | -35.75M | -191K | -611.19K | -719.92K | -63.44K | -165.72K | -651.12K | -29.43K | -39.26K | -67.42K | -103.2K | -8.87K | -38.99K | -86.73K | -43.24K | -4.22K | -124.98K |
| CapEx % of Revenue | 3.34% | 3.89% | 2.64% | 1.82% | 2.81% | 1.18% | 2.94% | 13.34% | 5.41% | 61.07% | 115.89% | 42.82% | 63.88% | 0.63% | 26.57% | 165.44% | 2.56% | 13.17% | 17.22% | 5.97% | 0.27% | 26.09% | 132.51% | 13.54% | 1.38% | 4.96% | - | - | 101.56% |
| Acquisitions | 0 | 0 | -401.28M | 0 | -33K | -84.49M | 0 | 0 | -16.47M | 0 | 0 | 0 | 0 | 18.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 67.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 5.03M | 0 | 12.8M | -9.64M | -6.83M | -18.43M | -62.19M | 0 | -5.17M | -97.62M | -5M | -30.5M | -34.63M | 2.26M | 0 | 0 | 3.08K | -165.72M | 0 | 0 | 0 | -67.42M | -103.2K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -21.65M | -9.94M | 264.94M | 67.44M | -5.13M | 194.59M | -1.44M | 1.25M | -27.82M | 72.36M | -729K | 1.07M | 171.65M | -3.69M | 3.47M | 67.66M | 48.45M | 33.67M | 319.38K | 18.49M | 7.38M | 197.77K | 18.68M | 9.78M | 4.38M | 3.8M | 588.04K | 4.23M | 4.26M |
| Debt Issued (Net) | -12.19M | -10.16M | 345.22M | -3M | -3M | 99.02M | -534K | 115.29M | -2.81M | 75M | 0 | 0 | 138.24M | -4.07M | 0 | -1.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 500K | 0 | 4.26M |
| Equity Issued (Net) | -18.13M | 1.4M | -10.96M | 75.57M | -1.96M | 93.69M | -1.52M | 4.71M | -659K | -259K | -1.05M | -113K | 0 | -433K | 3.26M | 68.84M | 48.45M | 11.35M | 319.38K | 18.49M | 7.38M | 197.77K | 18.68M | 9.78M | 4.38M | 3.8M | 30.05K | 4.23M | 0 |
| Dividends Paid | -751K | -1.16M | -1.63M | -1.63M | -1.63M | -190K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -20.37M | -12.21M | -10.96M | -4.99M | -1.96M | -890K | -1.52M | -1.03M | -659K | -259K | -2.62M | -113K | 0 | -433K | -658 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.05K | 0 | -12 | 0 | 0 |
| Other Financing | 9.41M | -26K | -67.69M | -3.5M | 1.46M | 2.07M | 618K | -118.75M | -24.34M | -2.38M | 323K | 1.18M | 33.41M | 809K | 211.07K | 56.5K | 2.01K | 22.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 58K | 0 | -1.88K |
| Net Change in Cash | 161.38M | 140.73M | -76.23M | 167.89M | -52.07M | 92.43M | -54.49M | 19.33M | 11.88M | 3.78M | -127.32M | -14.35M | 157.93M | 11.09M | -22.43M | 19.07M | 8.3M | 18.1M | -3.89M | 8M | 7.34M | -859.38K | -7.96M | 4.25M | 381.31K | 1.89M | -2.66M | 2.43M | 1.09M |
| Free Cash Flow | 165.6M | 171.39M | 47.06M | 100.45M | -47.66M | -20.32M | -53.05M | 18.08M | 56.16M | -68.57M | -121.59M | -15.42M | -13.72M | -5.67M | -25.89M | -48.59M | -40.16M | -18.6M | -16.19M | 710.56K | -5.04M | -8.36M | -10.55M | -5.53M | -4M | -1.91M | -3.25M | -1.79M | -3.17M |
| FCF Margin % | 17.93% | 19.4% | 7.66% | 20.63% | -15.06% | -9.4% | -25.45% | 8.75% | 27.86% | -38.78% | -94.53% | -20.2% | -24.51% | -18.87% | -1125.48% | -11166.01% | -1623.16% | -1478.21% | -428.13% | 144.11% | -34.88% | -3237.81% | -13539.85% | -8444.83% | -141.2% | -109.34% | - | - | -2573.04% |
| FCF Growth % | 236.92% | 264.16% | -53.15% | 310.77% | -134.58% | 61.71% | -393.41% | -67.8% | 181.9% | 43.6% | -688.56% | -12.38% | -141.78% | 78.08% | 46.71% | -20.99% | -115.96% | -14.89% | -2378.06% | 114.11% | 39.8% | 20.68% | -90.67% | -38.22% | -109.44% | 41.23% | -81.4% | 43.4% | - |
| FCF per Share | 7.69 | 8.07 | 2.44 | 5.52 | -2.93 | -1.61 | -4.43 | 1.50 | 4.77 | -5.94 | -10.51 | -1.33 | -1.24 | -1.12 | -7.14 | -17.78 | -21.94 | -19.72 | -21.34 | 1.00 | -8.44 | -15.53 | -22.14 | -18.04 | -19.20 | -10.61 | -20.34 | -13.05 | -0.33 |
| FCF Conversion (FCF/Net Income) | 1.85x | 2.36x | -3.46x | 6.33x | 0.65x | -0.08x | -0.68x | 7.49x | 4.33x | -36.63x | 6.98x | 1.12x | 0.77x | -18.22x | 0.91x | 0.93x | 0.87x | 0.39x | 0.89x | -0.10x | -1.79x | 0.86x | 0.87x | 0.93x | 1.04x | 0.70x | 0.93x | 1.27x | 1.14x |
| Interest Paid | 13.42M | 26.93M | 24.38M | 31.43M | 21.48M | 9.71M | 6.93M | 6.09M | 6.29M | 3.76M | 4.08M | 4.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 16.33M | 17.67M | 19.06M | 1.23M | 288K | 10.37M | 4.98M | 10.03M | 6.4M | 17.79M | 9.54M | 13.26M | -147K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Payer reimbursement and pricing
As reported in recent financial statements, ANIP's operating cash flow frequently exceeds net income, with an OCF/NI ratio reaching 1.98 in 2026Q1, suggesting that non-cash charges and working capital adjustments are significantly bolstering the company's reported cash generation relative to its bottom-line accounting profits.
The consistent divergence between net income and operating cash flow indicates that the company's earnings quality is heavily influenced by non-cash items such as depreciation and amortization. Investors should monitor whether this cash conversion efficiency persists as the company scales its branded rare disease portfolio, which may carry different working capital requirements than the legacy generic business.
Based on quarterly data, ANIP's free cash flow margins have demonstrated significant volatility, ranging from 2.6% in 2025Q4 to 32.6% in 2025Q2, reflecting the lumpy nature of capital expenditures and the timing of cash receipts associated with the company's transition toward higher-margin branded specialty pharmaceutical products.
The erratic FCF trajectory suggests that the company's cash generation is highly sensitive to operational timing and investment cycles. While the peak margin of 32.6% highlights the potential profitability of the rare disease segment, the subsequent compression warrants further investigation into whether this is a structural shift or merely a temporary timing mismatch.
According to historical filings, ANIP maintains a relatively low capital intensity, with CapEx/Revenue ratios fluctuating between 1.3% and 4.8%, indicating that the company's specialized manufacturing infrastructure requires moderate ongoing investment to support its complex production of hormones and controlled substances while maintaining regulatory compliance standards.
The modest capital expenditure levels suggest that the company is successfully leveraging its existing Baudette facility rather than requiring massive, recurring infrastructure outlays. This capital-light approach appears to support the company's ability to generate free cash flow, provided that maintenance requirements do not escalate due to aging equipment or new regulatory mandates.
Analysis of quarterly cash flow statements reveals that working capital changes are a primary driver of cash flow volatility, with swings ranging from a $36.2M inflow in 2025Q2 to a $26.9M outflow in 2025Q4, highlighting the inherent unpredictability of inventory and receivables management in specialty pharma.
The significant fluctuations in working capital suggest that the company's cash flow is susceptible to the timing of product launches and payer reimbursement cycles. Investors should monitor these shifts closely, as they may indicate underlying challenges in managing inventory levels or collecting payments from PBMs in a timely manner.
Financial disclosures indicate that stock-based compensation has risen to $9.8M per quarter by 2025Q4, which, when combined with significant acquisition-related cash outflows, suggests that the company's reported cash flow may overstate the true economic value available to shareholders after accounting for dilution and inorganic growth costs.
The reliance on stock-based compensation as a non-cash add-back to operating cash flow masks the true cost of talent retention in a competitive specialty pharma landscape. Furthermore, the substantial acquisition activity, such as the $393.1M outflow in 2024Q3, implies that the company is aggressively deploying capital to fuel growth, which may obscure the underlying organic cash generation capability.
Quick answers to the most common questions about buying ANIP stock.
ANI Pharmaceuticals, Inc. (ANIP) generated $185.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ANI Pharmaceuticals, Inc. (ANIP) generated $171.4M 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.
ANI Pharmaceuticals, Inc. (ANIP) spent $34.3M 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, ANI Pharmaceuticals, Inc. (ANIP) returned $1.2M to shareholders via cash dividends and spent $12.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.