Amphastar Pharmaceuticals, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Amphastar Pharmaceuticals, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	255	240	295	322	350	438	499	644	732	720
Cost of revenue	151	150	188	190	207	238	250	293	358	364
Gross profit	104	90.5	107	132	143	200	249	351	374	356
Research and development	41.5	43.5	57.6	68.9	67.2	60.9	74.8	73.7	73.9	85.8
Selling and marketing	5.47	6.46	8.16	12.8	14.8	17.5	21.5	28.9	37.8	43.9
General and administrative	41.8	44.5	49.9	50.3	50.4	51.4	45.1	51.5	56.7	85.9
Operating expenses	88.8	91.8	116	132	132	130	141	154	168	216
Operating income	15.4	-1.27	-8.62	-0.04	11	69.9	107	197	205	140
Interest expense	1.02	0.83	0.24	0.12	0.37	0.89	1.85	27.2	30.3	25.5
Interest income	0.27	0.43	0.46	1	0.64	0.6	1.32	5.46	10.6	8.68
Other non-operating income	-0.75	2.52	-1.3	60.3	-6.32	14.3	8.54	-25.6	-15.7	-16.8
Pre-tax income	14.6	1.25	-9.93	60.2	4.64	84.1	116	171	190	124
Income tax	4.81	-2.4	-3.27	13.7	3.54	20.6	23.5	31.8	29.7	25.5
Net income to minority interests			-0.92	-2.43	-0.31	1.19
Net income	9.82	3.65	-5.74	48.9	1.4	62.1	91.4	138	160	98.1
EBITDA	27.5	5.15	-2.57	7.02	20	80.1	120	223	234	172
EPS, basic	0.22	0.08	-0.12	1.04	0.03	1.30	1.88	2.85	3.29	2.10
EPS, diluted	0.21	0.08	-0.12	0.98	0.03	1.25	1.74	2.60	3.06	2.03
Shares, basic (weighted)	45.4	46.1	46.4	47	47	47.8	48.6	48.3	48.4	46.7
Shares, diluted (weighted)	47.5	48.4	46.4	49.9	49.1	49.8	52.4	53	52.1	48.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	72.4	65.6	86.3	73.7	92.6	126	156	144	152	170
Short-term investments	0.53	2.64	2.83	11.7	13	10.3	19.7	113	70	113
Receivables	26.8	36	52.2	45.4	66	78.8	88.8	115	136	144
Inventory	79.8	63.6	69.3	111	96.8	92.8	104	106	154	177
Other current assets	3.27	9.75	5.49	9.54	6.78	7.27	7.56	9.06	18.2	13.2
Total current assets	184	188	220	255	280	318	378	490	534	636
Property, plant and equipment	153	181	210	234	260	244	238	283	297	311
Lease right-of-use assets				18.8	20	26.9	25.6	32.3	46.9	42.9
Goodwill	3.98	4.46	3.95	3.63	3.94	3.31	3.13	3.22	3.05	3.4
Intangible assets	17.1	11.5	9.09	8.29	7.45	6.33	4.95	581	558	533
Long-term investments								14.7	11
Other non-current assets	9.39	8.66	9.92	11.2	5.25	16.7	20.9	25.9	26	31.1
Total assets	428	451	514	587	631	672	742	1,513	1,577	1,629
Accounts payable	19.9	16.6	31.3	25.1	24.4	22.2	20.5	25.4	30.5	32.6
Accrued liabilities	27.6	40.9	56.1	52	71.1	67.3	63.7	67.9	127	116
Short-term debt	5.37	6.31	18.2	7.74	12.3	2.2	3.05	0.44	0.23	1.64
Total current liabilities	60.6	67.2	107	90	112	104	94.9	225	174	158
Long-term debt	36	45.7	49.1	46.3	45.9	78.2	76.6	603	614	620
Lease liabilities				16.3	17.5	24.7	23.7	29.7	41.9	37.7
Other non-current liabilities	3.21	7.06	8.94	9.43	13.2	15.7	14.6	22.7	20.9	30
Total liabilities	98.5	117	149	159	183	226	213	873	845	840
Total debt	36	45.7	49.1	46.3	45.9	78.2	76.6	603	614	620
Paid-in capital	283	314	344	367	410	422	455	486	505	535
Retained earnings	70.9	72.6	67.5	116	118	180	272	409	569	667
Treasury stock	-20	-50.7	-75.5	-97.6	-122	-150	-190	-247	-333	-408
Other comprehensive income	-4.7	-2.1	-4.01	-4.69	-3.72	-6.77	-8.62	-8.48	-9.18	-5.31
Shareholders' equity	329	334	332	381	402	446
Minority interests			31.9	46.2	46.4
Total equity	327	334	364	428	449	446	529	639	732	789
Total liabilities and equity	428	451	514	587	631	672	742	1,513	1,577	1,629
Shares outstanding	46.2	46.6	46.6	46.6	47.5	47.7	48.1	48.1	47.6	45.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	9.82	3.65	-6.66	46.5	1.1	63.3	91.4	138	160	98.1
Depreciation and amortization	12.2	6.42	6.05	7.06	9.03	10.2	12.6	25.7	28.2	31.6
Stock-based compensation	15.1	17.1	16.7	17.3	20.5	18.7	17.9	20.2	24.4	27.3
Deferred income tax	-3.6	3.21	-4.41	7.5	0.92	3.68	-15.9	-13.9	-17.1	28.7
Change in receivables	6.38	-8.1	-16.3	6.7	-20.2	-14.9	-10.1	-26.1	-21.7	-6.37
Change in inventory	-9.72	18.7	-5.98	-41.1	15.3	1.26	-11.7	-1.72	-48.8	-21.1
Change in payables	-0.75	6.69	29.2	-11.7	20.1	3.63	-0.74	13.2	63.6	-4.56
Cash from operations	38.6	39.2	38.2	41.8	57.3	98	89.2	184	213	156
Capital expenditures	-21.4	-35.1	-46.8	-41.6	-33.9	-27.5	-24	-38.2	-41	-34.9
Acquisitions	-12.5
Purchases of investments	-3.6	-5.65	-0.31	-8.82	-13.6	-17.4	-35.8	-145	-76.8	-119
Sales and maturities of investments	3.08	3.65	0.09		12.4	18.8	28	38.6	126	90.3
Cash from investing	-39.5	-36.9	-42.2	-50.5	-36.4	-28.7	-32.8	-649	-125	-70.3
Debt issued	10.2	19	8.43	3.57	6.28	70		845
Debt repaid	-14.7	-9.71	-5.71	-6.43	-8.4	-36.7	-1.78	-319	-8.26	-0.22
Stock issued	20.3	19.1	11.8	7.76	24.4	16.8	19.2	14.2	12.2	6.39
Share buybacks	-9.91	-30.7	-25	-22.3	-24.4	-28.9	-39.9	-58.1	-85.5	-75.6
Cash from financing	7.14	-7.72	25	-3.78	-2.25	-37	-26.4	454	-81	-67.4
Exchange rate effect		0.5	-0.27	-0.1	0.35	-0.22	-0.22	-0.28	-0.19	0.21
Net change in cash	6.28	-4.9	20.7	-12.7	19	32.1	29.7	-11.8	7.31	18.6
Free cash flow	17.2	4.11	-8.62	0.21	23.4	70.5	65.1	145	172	121
Interest paid	1.72	1.88	2.38	2.44	2.2	2.11	3.02	17.6	26.8	23.2
Income taxes paid	3.4	4.88	0.34	5.72	3.41	8.1	44.4	49	40.1	22.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $26.13 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	47.7%	Gross profit / revenue.
Operating margin	15.7%	Operating income / revenue.
EBITDA margin	21.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.0%	Pre-tax income / revenue.
Net margin	10.8%	Net income / revenue.
FCF margin	20.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.3%	Cash from operations / revenue.
Effective tax rate	23.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	4.5%	Net income / average total assets.
R&D / revenue	13.0%	Research and development expense / revenue.
Stock-based pay / revenue	4.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.3%	Capital expenditures / revenue.
D&A / revenue	6.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-4.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-31.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	9.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	66.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-26.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	53.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-38.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	133.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-33.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	5.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	132.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-26.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	20.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	22.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-29.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	23.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	38.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	30.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	20.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-7.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.40x	Current assets / current liabilities.
Quick ratio	1.65x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.10x	(Cash + short-term investments) / current liabilities.
Debt / assets	35.1%	Total debt / total assets.
Liabilities / assets	55.9%	Total liabilities / total assets.
Net debt	$321.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.03x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.37x	Operating income / interest expense.
Working capital	$367.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	35.5%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.42x	Revenue / average total assets.
Fixed asset turnover	2.31x	Revenue / average property, plant and equipment.
Inventory turnover	2.12x	Cost of revenue / average inventory.
Days inventory	172 days	365 x average inventory / cost of revenue.
Receivables turnover	5.04x	Revenue / average receivables.
Days sales outstanding	72 days	365 x average receivables / revenue.
Days payables	28 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	217 days	Days inventory + days sales outstanding - days payables.
FCF conversion	194.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	17.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.78	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$16.51	Revenue / diluted weighted shares.
FCF per share	$3.46	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.17	Cash from operations / diluted weighted shares.
Cash per share	$6.82	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	65.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.11B	Share price x shares outstanding.
Enterprise value	$1.43B	Market cap + total debt - cash - short-term investments.
P/E	14.2x	Market cap / net income. Only when net income is positive.
P/S	1.52x	Market cap / revenue.
P/FCF	7.27x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.02x	Market cap / cash from operations, when positive.
EV/Sales	1.96x	Enterprise value / revenue.
EV/EBIT	12.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.02x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.38x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.8%	Free cash flow / market cap.
Earnings yield	7.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	9.0%	(Dividends paid + share buybacks) / market cap.
PEG	2.68x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Amphastar Pharmaceuticals, Inc.'s revenue in fiscal 2025?

Amphastar Pharmaceuticals, Inc. reported revenue of $719.9M for fiscal 2025, 1.7% lower than the year before.

Was Amphastar Pharmaceuticals, Inc. profitable in fiscal 2025?

Yes. Net income was $98.1M, a net margin of 13.6%.

How much free cash flow did Amphastar Pharmaceuticals, Inc. generate in fiscal 2025?

Cash from operations of $156.1M minus capital expenditures of $34.9M left free cash flow of $121.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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