Latest Ratios: P/E Ratio 22.4x · EV/EBITDA 10.0x · ROE 16.2%. (1998–2025 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 | $1.7B | $1.7B | $1.1B | $1.0B | $654M | $580M | $347M | $743M | $530M | $744M | $702M |
| Enterprise Value | $1.7B | $1.7B | $1.5B | $1.1B | $892M | $767M | $525M | $866M | $670M | $915M | $795M |
| P/E Ratio → | 22.42 | 23.78 | — | 58.66 | — | — | — | 123.34 | 34.11 | — | 178.29 |
| P/S Ratio | 1.92 | 1.90 | 1.74 | 2.06 | 2.07 | 2.69 | 1.67 | 3.59 | 2.63 | 4.21 | 5.45 |
| P/B Ratio | 2.92 | 3.10 | 2.49 | 2.19 | 1.93 | 1.62 | 1.78 | 3.49 | 2.69 | 4.26 | 4.14 |
| P/FCF | 11.21 | 11.10 | 22.69 | 9.99 | — | — | — | 41.06 | 9.44 | — | — |
| P/OCF | 9.14 | 9.05 | 16.68 | 8.43 | — | 174.72 | 22.76 | 16.27 | 7.90 | 18.88 | 25.54 |
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 | — | 1.94 | 2.52 | 2.19 | 2.82 | 3.55 | 2.52 | 4.19 | 3.32 | 5.17 | 6.18 |
| EV / EBITDA | 10.03 | 9.94 | 22.65 | 10.00 | 36.62 | 102.89 | 18.35 | 14.20 | 9.70 | 16.26 | 18.74 |
| EV / EBIT | 21.32 | 14.81 | — | 22.81 | — | — | — | 53.71 | 19.25 | 31.29 | 23.40 |
| EV / FCF | — | 11.37 | 32.87 | 10.63 | — | — | — | 47.89 | 11.93 | — | — |
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 | 51.0% | 51.0% | 59.3% | 62.7% | 56.1% | 53.5% | 58.2% | 69.4% | 63.8% | 55.3% | 62.1% |
| Operating Margin | 9.2% | 9.2% | 0.1% | 9.6% | -11.2% | -18.4% | -7.7% | 7.9% | 17.5% | 16.0% | 15.6% |
| Net Profit Margin | 8.9% | 8.9% | -3.0% | 3.9% | -15.1% | -19.7% | -10.8% | 3.0% | 7.7% | -0.6% | 3.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.2% | 16.2% | -4.2% | 4.7% | -13.7% | -15.4% | -11.0% | 3.0% | 8.3% | -0.6% | 2.4% |
| ROA | 5.8% | 5.8% | -1.7% | 2.3% | -6.3% | -6.9% | -4.9% | 1.4% | 3.7% | -0.3% | 1.3% |
| ROIC | 8.2% | 8.2% | 0.1% | 6.4% | -4.7% | -6.5% | -3.4% | 3.6% | 7.8% | 7.0% | 7.9% |
| ROCE | 7.2% | 7.2% | 0.1% | 6.6% | -5.2% | -7.5% | -4.1% | 5.0% | 11.1% | 8.5% | 7.1% |
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 | 0.60 | 0.60 | 1.46 | 0.62 | 0.85 | 0.80 | 0.95 | 0.87 | 0.93 | 1.15 | 0.71 |
| Debt / EBITDA | 1.88 | 1.88 | 9.14 | 2.68 | 11.76 | 38.53 | 6.49 | 3.05 | 2.65 | 3.58 | 2.84 |
| Net Debt / Equity | — | 0.07 | 1.12 | 0.14 | 0.70 | 0.52 | 0.91 | 0.58 | 0.71 | 0.97 | 0.55 |
| Net Debt / EBITDA | 0.23 | 0.23 | 7.02 | 0.60 | 9.78 | 25.08 | 6.21 | 2.02 | 2.03 | 3.03 | 2.20 |
| Debt / FCF | — | 0.26 | 10.18 | 0.64 | — | — | — | 6.83 | 2.49 | — | — |
| Interest Coverage | 5.78 | 5.78 | -0.26 | 1.74 | -1.23 | -3.70 | -1.75 | 1.24 | 2.36 | 2.43 | 3.00 |
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 | 2.71 | 2.71 | 2.72 | 3.57 | 3.46 | 3.68 | 2.17 | 3.04 | 0.92 | 3.35 | 3.22 |
| Quick Ratio | 2.19 | 2.19 | 2.02 | 2.81 | 2.40 | 2.74 | 1.39 | 2.26 | 0.68 | 2.39 | 2.40 |
| Cash Ratio | 1.03 | 1.03 | 0.78 | 1.52 | 0.49 | 1.15 | 0.10 | 1.01 | 0.26 | 0.79 | 0.86 |
| Asset Turnover | — | 0.61 | 0.48 | 0.54 | 0.42 | 0.28 | 0.45 | 0.45 | 0.47 | 0.43 | 0.40 |
| Inventory Turnover | 3.02 | 3.02 | 1.83 | 1.63 | 1.32 | 1.23 | 1.43 | 1.31 | 1.80 | 2.09 | 1.86 |
| Days Sales Outstanding | — | 116.14 | 131.73 | 121.52 | 190.86 | 217.05 | 167.72 | 127.46 | 117.41 | 121.34 | 130.24 |
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 | 0.1% | 0.1% | 0.2% | 0.2% | 0.2% | 0.0% | — | — | — | — | — |
| 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 | 4.5% | 4.2% | — | 1.7% | — | — | — | 0.8% | 2.9% | — | 0.6% |
| FCF Yield | 8.9% | 9.0% | 4.4% | 10.0% | — | — | — | 2.4% | 10.6% | — | — |
| Buyback Yield | 0.7% | 0.7% | 1.0% | 0.5% | 0.3% | 0.2% | 0.4% | 0.1% | 0.1% | 0.0% | 0.4% |
| Total Shareholder Yield | 0.8% | 0.8% | 1.2% | 0.7% | 0.5% | 0.2% | 0.4% | 0.1% | 0.1% | 0.0% | 0.4% |
| Shares Outstanding | — | $21M | $19M | $18M | $16M | $13M | $12M | $12M | $12M | $12M | $12M |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying ANIP stock.
ANI Pharmaceuticals, Inc.'s current P/E ratio is 22.4x. The historical average is 61.9x. This places it at the 25th percentile of its historical range.
ANI Pharmaceuticals, Inc.'s current EV/EBITDA is 10.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.4x.
ANI Pharmaceuticals, Inc.'s return on equity (ROE) is 16.2%. The historical average is -56.3%.
Based on historical data, ANI Pharmaceuticals, Inc. is trading at a P/E of 22.4x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ANI Pharmaceuticals, Inc.'s current dividend yield is 0.07%.
ANI Pharmaceuticals, Inc. has 51.0% gross margin and 9.2% operating margin.
ANI Pharmaceuticals, Inc.'s Debt/EBITDA ratio is 1.9x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
ACTH pricing and reimbursement scrutiny
Metrics are mathematically derived from official filings.
Margin Mix Shift Toward Rare Disease
Gross margin swung from 49.1% in 2025Q3 to 96.2% in 2025Q4, then settled at 62.4% in 2026Q2, per reported figures, reflecting the growing contribution of high-margin Cortrophin Gel.
The volatility in gross margin, particularly the anomalous 96.2% in 2025Q4, likely stems from one-time items or inventory adjustments, but the underlying trend suggests a structural mix shift toward the Rare Disease segment. Operating margin improved to 15.2% in 2026Q2 from 6.6% a year earlier, indicating that the fixed-cost base is being leveraged more effectively as revenue scales. However, the 34.5% SG&A-to-revenue ratio, driven by the sales force expansion, may temper near-term margin expansion until productivity materializes.
ROIC Recovery Signals Value Creation
ROIC turned positive from -2.1% in 2024Q3 to 5.3% in 2026Q2, per financial statements, as the company leveraged its asset base and improved margins, though returns remain below cost of capital.
The improvement in ROIC from negative territory to 5.3% in 2026Q2 is driven by both margin expansion and asset turnover, which rose from 0.13 to 0.18. This suggests that the company is beginning to generate returns on its invested capital, but the level is still modest relative to the cost of capital, implying that the market's forward P/E of 8.10 may be pricing in further acceleration. The recent acquisition of Alimera adds goodwill, which could pressure future ROIC if integration fails to deliver synergies.
Working Capital Drag Persists
Cash conversion cycle improved to 156 days in 2026Q2 from 239 days in 2024Q1, per reported data, but remains elevated due to high DIO of 130 days, indicating inventory management challenges.
The reduction in CCC is primarily driven by a decline in DSO from 111 to 91 days, suggesting improved receivables collection, likely due to a shift toward branded products with better payer terms. However, DIO remains high at 130 days, reflecting the need to hold specialized inventory for controlled substances and hormones, which may be a structural feature of the business. DPO has also increased to 65 days, indicating some supplier leverage, but the overall working capital intensity still ties up significant cash.
Deleveraging Enhances Financial Flexibility
Debt-to-equity fell from 1.46 in 2024Q4 to 0.55 in 2026Q2, while interest coverage improved to 11.2x, per balance sheet data, indicating a significantly more comfortable debt service position.
The halving of leverage, combined with a reduction in total debt from $624.1M to $330.3M, suggests a strategic deleveraging that reduces refinancing risk. Interest coverage of 11.2x in 2026Q2 is a marked improvement from negative coverage in 2024Q3, indicating that earnings are now more than sufficient to cover interest expenses. This strengthened balance sheet provides capacity for future M&A or investment in the Rare Disease franchise, though investors should monitor the integration of recent acquisitions.
Liquidity Cushion Supports Expansion
Current ratio improved to 2.91 in 2026Q2 from 2.72 in 2024Q4, with cash at $360.2M, per balance sheet data, providing a solid buffer against operational shocks and funding growth initiatives.
The quick ratio of 2.41 indicates that even without inventory, the company can cover current liabilities nearly 2.5 times, reflecting a strong liquidity position. This is particularly important given the high DIO and potential for inventory write-downs in the generic segment. The cash balance, which more than doubled over the period, supports the sales force expansion and potential pipeline investments, but also raises questions about capital deployment efficiency.
Misapplied P/E on Cyclical Earnings
The trailing P/E of 23.05 is misleading given the recent earnings volatility, as forward P/E of 8.10 better reflects normalized earnings power, per valuation data, but investors should adjust for one-time items.
The most commonly misapplied ratio for ANIP is the trailing P/E, which is distorted by the company's transition from losses to profitability. The forward P/E of 8.10 appears more reasonable, but it may overstate earnings quality if the recent EPS beat was driven by non-recurring items. Analysts should instead focus on EV/EBITDA, which at 10.31 (forward 3.84) better captures the company's operating performance and is more comparable to specialty pharma peers. Additionally, the high stock-based compensation, which exceeded 50% of operating income in 2026Q2, suggests that reported earnings may overstate true economic profitability, warranting adjustments to cash-based metrics.