Amneal Pharmaceuticals, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Amneal 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	1,018	1,034	1,663	1,626	1,993	2,094	2,212	2,394	2,794	3,019
Cost of revenue	421	507	939	1,147	1,330	1,325	1,428	1,573	1,774	1,905
Gross profit	597	526	716	353	628	769	785	821	1,020	1,113
Research and development	179	171	194	188	180	202	196	164	191	186
Selling, general and administrative	119	109	228	290	327	366	400	430	476	527
Operating income	285	245	-19.7	-249	91.2	153	-94.9	204	249	394
Other non-operating income	-70.1	-73.8	-183	28.4	-127	-121	-153	-245	-304	-255
Pre-tax income	215	171	-203	-220	-35.8	31.4	-248	-40.3	-55	139
Income tax	5.4	2	-1.42	383	-104	11.2	6.66	8.45	18.9	11.3
Net income to minority interests	2.05	1.68	-32.8	-242	-22.5	9.55	-125	35.3	43	55.9
Net income	0	0	-19.7	-604	67.8	13.2	-271	-84	-117	72.1
EBITDA	314	287	44.7	-185	152	213	-26.8	271	312	451
EPS, basic			-0.16	-2.74	0.62	0.07	-0.86	-0.48	-0.38	0.23
EPS, diluted			-0.16	-2.74	0.61	0.07	-0.86	-0.48	-0.38	0.22
Shares, basic (weighted)			127	132	147	149	151	176	309	313
Shares, diluted (weighted)			127	132	149	152	151	176	309	325

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	27.4	74.2	213	151	341	248	26	91.5	111	282
Receivables		351	481	604	639	663	742
Inventory		284	457	381	491	489	531	581	612	606
Other current assets		42.4	128	70.2	73.5	110	104	82.7	80.7	98.4
Total current assets		772	1,287	1,210	1,552	1,520	1,412	1,378	1,588	1,911
Property, plant and equipment		487	544	478	478	514	470	448	425	443
Lease right-of-use assets				69.9	58.7	60.4	56.1	43.3	42.4	54
Goodwill	28.4	26.4	426	420	523	593	599	599	597	595
Intangible assets		44.6	1,655	1,383	1,305	1,167	1,096	890	732	563
Other non-current assets		11.3	67.6	44.3	22.3	20.6	103	55.5	60.1	57.8
Total assets		1,342	4,353	3,666	4,006	3,940	3,799	3,473	3,501	3,678
Accounts payable		70	115	103	153	131	166	144	259
Accrued liabilities		24	77.1	36	58.9	62.1	54	71.1	73
Short-term debt		89.2	21.4	21.5	44.2	30.6	30	34.1	224	6.76
Total current liabilities		297	554	550	677	677	753	847	1,130	882
Long-term debt		1,355	2,631	2,609	2,735	2,680	2,592	2,386	2,162	2,565
Other non-current liabilities		7.79	38.8	39.6	83.4	38.9	87.5
Total liabilities		0	3,456	3,319	3,661	3,573	3,615	3,453	3,611	3,750
Total debt		1,444	2,652	2,631	2,779	2,711	2,622	2,420	2,386	2,572
Paid-in capital		8.56	530	607	628	658	692	539	560	572
Retained earnings		-383	-20.9	-378	-287	-276	-406	-490	-607	-535
Other comprehensive income		-14.2	-7.76	-0.07	-41.3	-24.8	9.94	-32.3	-65.5	-111
Shareholders' equity		0	505	232	303	360	298	19.8	-109	-70.8
Minority interests			392	115	41.7	6.63	-114	0.23	-0.25	-0.54
Total equity		0	896	347	345	367	184	20	-110	-71.3
Total liabilities and equity		1,342	4,353	3,666	4,006	3,940	3,799	3,473	3,501	3,678
Shares outstanding		0

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	209	169	-201	-604	68.6	20.2	-255	-48.7	-73.9	128
Depreciation and amortization	29.3	42	64.4	63.3	60.4	60.7	68.1	66.2	62.6	57.3
Stock-based compensation	0	0	168	21.7	20.8	28.4	31.8	26.8	27.8	32
Deferred income tax	0.12	0.74	-9.44	372	0	0	0	0	0	0
Change in receivables	-122	35.3	89.1	-133	16.8	-23.6	-79.7	126	-163	-121
Change in inventory	-42.6	-31.8	-42	-20.4	-114	-49	-102	-126	-131	-87
Change in payables	6.27	18.1	-53.5	-10.3	0.31	-43.9	110	-94.4	235	21.3
Cash from operations	115	234	250	1.71	379	242	65.1	346	295	340
Capital expenditures	-123	-94.8	-83.1	-47.2	-56.4	-47.7	-46.4	-43.2	-51.9	-70.1
Acquisitions	0	0	-325	0	-251	-147	-84.7	0	0
Cash from investing	-125	-98.6	-396	-19.6	-318	-194	-174	-69.2	-63	-112
Debt issued						0	0	218	0	2,695
Stock issued	0	0	3.8	1.4	0.32	0.85	0.66	0.45	1.15	1.96
Share buybacks	-0.01
Dividends paid	-201	-375	-183	0	0
Cash from financing	-19.5	-95	288	-45.8	132	-138	-107	-213	-212	-31.5
Exchange rate effect	1.48	-0.24	-0.67	-2.25	1.04	0.1	-5.68	0.07	-1	-1.68
Net change in cash	-27.6	40.4	141	-66	194	-90.4	-222	63.9	19.3	195
Free cash flow	-7.7	139	167	-45.5	323	194	18.7	302	243	270
Interest paid	50.6	65.1	132	159	130	122	143	193	264	198
Income taxes paid	4.92	-5.78	35	10.3	100	-15.6	12.6	2.5	15.2	21.3

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 $19.77 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.3%	Gross profit / revenue.
Operating margin	14.6%	Operating income / revenue.
Pre-tax margin	6.5%	Pre-tax income / revenue.
Net margin	5.0%	Net income / revenue.
FCF margin	4.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.4%	Cash from operations / revenue.
Effective tax rate	-7.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	476.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.2%	Net income / average total assets.
Return on invested capital (ROIC)	14.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	5.6%	Research and development expense / revenue.
SG&A / revenue	18.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.3%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.4%	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	12.1%	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	58.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	34.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	44.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	24.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	1.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	-18.5%	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	15.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	73.5%	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	-2.1%	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	11.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	143.5%	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	-3.5%	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	5.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.1%	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	-1.7%	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	5.1%	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	29.1%	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	16.9%	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	2.20x	Current assets / current liabilities.
Quick ratio	0.14x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.14x	(Cash + short-term investments) / current liabilities.
Debt / equity	77.8x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	68.1%	Total debt / total assets.
Liabilities / assets	99.1%	Total liabilities / total assets.
Net debt	$2.44B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$1.06B	Current assets - current liabilities.
Goodwill and intangibles / assets	31.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.15B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.83x	Revenue / average total assets.
Fixed asset turnover	6.82x	Revenue / average property, plant and equipment.
Inventory turnover	2.79x	Cost of revenue / average inventory.
Days inventory	131 days	365 x average inventory / cost of revenue.
FCF conversion	81.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	36.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.48	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	$9.50	Revenue / diluted weighted shares.
FCF per share	$0.39	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.61	Cash from operations / diluted weighted shares.
Book value per share	$0.10	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$3.50	Tangible book value / shares outstanding.
Cash per share	$0.39	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$6.89B	Share price x shares outstanding.
Enterprise value	$9.33B	Market cap + total debt - cash - short-term investments.
P/E	43.8x	Market cap / net income. Only when net income is positive.
P/S	2.21x	Market cap / revenue.
P/B	209x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	53.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	34.3x	Market cap / cash from operations, when positive.
EV/Sales	2.99x	Enterprise value / revenue.
EV/EBIT	20.6x	Enterprise value / operating income, when both are positive.
EV/FCF	73.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.9%	Free cash flow / market cap.
Earnings yield	2.3%	Net income / market cap (the inverse of P/E).

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

Amneal Pharmaceuticals, Inc. reported revenue of $3.02B for fiscal 2025, 8% higher than the year before.

Was Amneal Pharmaceuticals, Inc. profitable in fiscal 2025?

Yes. Net income was $72.1M, a net margin of 2.4%.

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

Cash from operations of $340.0M minus capital expenditures of $70.1M left free cash flow of $269.9M.

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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