Anika Therapeutics, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Anika Therapeutics, 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	103	113	106	115	130	148	114	121	120	113
Cost of revenue	24	27.4	31.3	28.7	61.4	64.9	40.6	38.3	43.9	49
Gross profit	79.4	86.1	74.3	85.9	69	82.9	73.2	82.5	76	63.8
Research and development	10.7	18.8	18.2	16.7	23.4	27.3	18.3	21.8	25.5	25.8
Selling, general and administrative	18	21.5	34.3	35	60.1	74.1	51.2	59.9	55.6	49.1
Operating income	50.6	45.7	21.7	34.2	-28.3	2.62	3.67	0.84	-5.1	-11.1
Pre-tax income	50.9	46.2	23.2	36.1	-28.6	2.43	4.32	3.16	-2.76	-9.31
Income tax	18.3	14.4	4.49	8.93	-4.64	-1.71	2.12	6.6	6.06	0.67
Income from continuing operations							2.2	-3.44	-8.83	-9.98
Net income	32.5	31.8	18.7	27.2	-24	4.13	-14.9	-82.7	-56.4	-10.9
EBITDA	54.3	50	27.7	39.2	-22.2	9.1	10.4	7.28	1.78	-5.68
EPS, basic	2.22	2.18	1.30	1.93	-1.69	0.29	-1.02	-5.64	-3.83	-0.76
EPS, diluted	2.15	2.11	1.27	1.89	-1.69	0.28	-1.02	-5.64	-3.83	-0.76
Shares, basic (weighted)	14.7	14.6	14.4	14.1	14.2	14.4	14.6	14.7	14.7	14.3
Shares, diluted (weighted)	15.1	15.1	14.7	14.4	14.2	14.6	14.8	14.7	14.7	14.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	104	133	89	157	95.8	94.4	86.3	68.7	55.6	57.5
Short-term investments	20.5	24	70	27.5	2.5	29.8	34.6	26.4	23.6	23.7
Receivables	27.6	23.8	20.8	23.1	24.1	29.8	34.6	26.4	23.6	23.7
Inventory	16	22	21.3	22	46.2	36	39.8	24.4	23.8	18.8
Other current assets	2.1	3.21	1.85	4.29	8.75	8.29	8.83	7.48	5.49	3.4
Total current assets	170	206	203	234	177	169	170	163	114	103
Property, plant and equipment	52.3	56.2	54.1	50.8	50.6	47.6	48.3	37.4	39	40.3
Lease right-of-use assets				22.9	22.6	21	30.7	27.6	25.7	25.9
Goodwill	7.21	8.22	7.85	7.69	8.41	7.78	7.34	7.57	7.13	8.05
Intangible assets	10.2	10.6	9.19	7.59	91.2	82.4	74.6	2.58	2.49	1.65
Long-term investments				0	0	0	0	0	0	0
Other non-current assets	0.07	1.25	4.9	7.48	15.4	20.3	17.2	5.73	5.66	4.03
Total assets	240	283	279	331	366	348	349	271	203	190
Accounts payable	2.3	6.75	3.14	3.83	8.98	7.63	9.07	6.19	5.62	6.04
Accrued liabilities	6.5	6.33	4.45	5.83	7.35	9.52	11.3	7.93	6.83	8.66
Deferred revenue										0
Total current liabilities	8.8	13.1	11.3	16.3	36.9	29.8	27.9	31.1	23.3	21.9
Long-term debt				0
Lease liabilities				21.4	20.9	19.2	28.8	25.9	24	24.2
Other non-current liabilities	2.13	0.66	0.55	0.36	1.24	1.26	0.4	0.4	0.77	0.7
Total liabilities	17.5	19.1	15.4	42.3	93.2	60.5	63.6	58.4	48.8	46.8
Total debt				0
Paid-in capital	61.7	68.6	50.8	48.7	55.4	67.1	81.1	90	89	87.5
Retained earnings	168	200	218	245	221	226	211	128	71.7	60.8
Other comprehensive income	-7.32	-4.78	-5.53	-5.9	-4.54	-5.72	-6.44	-5.94	-6.78	-4.96
Shareholders' equity	223	263	264	288	272	287	286	212	154	143
Total equity	223	263	264	288	272	287	286	212	154	143
Total liabilities and equity	240	283	279	331	366	348	349	271	203	190
Shares outstanding	14.6	14.7	14.2	14.3	14.3	14.4	14.6	14.7	14.4	13.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	32.5	31.8	18.7	27.2	-24	4.13	-14.9	-82.7	-56.4	-10.9
Depreciation and amortization	3.73	4.29	5.91	4.96	6.08	6.48	6.7	6.43	6.88	5.37
Stock-based compensation	3.39	5.81	11	6.09	5.39	11.1	14.3	15.2	13.1	10.1
Deferred income tax	-0.07	-1.2	-1.82	0.79	-3.54	-1.77	-5.27	-6.33	0.26	-0.01
Change in receivables	-6.2	2.67	2.91	-1.84	5.86	-6.22	-5.63	-1.31	3.37	0.41
Change in inventory	-1.74	-6.52	-7.58	-5.59	-14.2	-6.62	-6.87	-11.4	-9.42	0.03
Change in payables	-5.06	3.89	-1.67	0.77	0.82	-1.1	1.97	-0.01	-2.51	0.04
Cash from operations	24.4	40.8	34.9	37	13.1	8.4	4.41	-1.79	5.4	11.2
Capital expenditures	-14	-8.98	-4.66	-2.83	-1.63	-5.14	-7.49	-5.43	-7.73	-6.83
Acquisitions			0	0	-94.6	-0.48	0	0
Purchases of investments	-39.2	-45	-91.6	-104	-0.02	0	0
Sales and maturities of investments	46.5	41.5	46	146	45	2.5	0	0
Cash from investing	-6.76	-12.5	-50.3	39.7	-71.3	-3.12	-7.49	-5.43	-8.33	-0.4
Debt issued			0	0	50	0	0
Debt repaid			0	0	-50.4	0	0
Stock issued	1.01	0.31	2.89	22.2	1.52	1.13	0.02	0.02	0.08	0
Share buybacks	-25		-30	-30	0	0	0	-5	-10.9	-9.49
Cash from financing	-24	0.31	-28.9	-8.14	-3.77	-6.78	-4.85	-6.32	-12.7	-10.6
Exchange rate effect	-0.14	0.35	0.03	-0.13
Net change in cash	-6.45	29	-44.2	68.4	-61.6	-1.43	-8.06	-13.5	-15.7	0.32
Free cash flow	10.4	31.8	30.3	34.2	11.4	3.25	-3.08	-7.22	-2.33	4.36
Income taxes paid	22.8	15.1	5.56	9.26	0.99	1.23	0.11	3.12	3.99	1.08

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $14.46 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	63.4%	Gross profit / revenue.
Operating margin	-2.1%	Operating income / revenue.
EBITDA margin	2.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.8%	Pre-tax income / revenue.
Net margin	-1.4%	Net income / revenue.
FCF margin	1.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.1%	Cash from operations / revenue.
Return on equity (ROE)	-1.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.9%	Net income / average total assets.
Return on invested capital (ROIC)	-2.2%	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	23.0%	Research and development expense / revenue.
SG&A / revenue	42.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	12.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.2%	Capital expenditures / revenue.
D&A / revenue	4.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-2.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-16.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-4.5%	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	-1.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-418.5%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	107.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	36.4%	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	-3.1%	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 CAGR, 5y	-17.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-6.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-20.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-12.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-6.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-18.3%	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	-12.2%	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	-2.6%	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	-1.0%	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	0.2%	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	3.86x	Current assets / current liabilities.
Quick ratio	2.59x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.68x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	27.4%	Total liabilities / total assets.
Working capital	$76.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$128.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.65x	Revenue / average total assets.
Fixed asset turnover	3.03x	Revenue / average property, plant and equipment.
Inventory turnover	1.49x	Cost of revenue / average inventory.
Days inventory	245 days	365 x average inventory / cost of revenue.
Receivables turnover	5.09x	Revenue / average receivables.
Days sales outstanding	72 days	365 x average receivables / revenue.
Days payables	49 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	268 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	69.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.13	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	$9.22	Revenue / diluted weighted shares.
FCF per share	$0.17	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.56	Cash from operations / diluted weighted shares.
Book value per share	$10.27	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$9.57	Tangible book value / shares outstanding.
Cash per share	$3.36	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	656.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$193.5M	Share price x shares outstanding.
Enterprise value	$148.5M	Market cap + total debt - cash - short-term investments.
P/S	1.57x	Market cap / revenue.
P/B	1.41x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.51x	Market cap / tangible book value, when positive.
P/FCF	84.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	25.8x	Market cap / cash from operations, when positive.
EV/Sales	1.20x	Enterprise value / revenue.
EV/EBITDA	48.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	64.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.2%	Free cash flow / market cap.
Earnings yield	-0.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	7.8%	(Dividends paid + share buybacks) / market cap.

What was Anika Therapeutics, Inc.'s revenue in fiscal 2025?

Anika Therapeutics, Inc. reported revenue of $112.8M for fiscal 2025, 5.9% lower than the year before.

Was Anika Therapeutics, Inc. profitable in fiscal 2025?

No. It reported a net loss of $10.9M.

How much free cash flow did Anika Therapeutics, Inc. generate in fiscal 2025?

Cash from operations of $11.2M minus capital expenditures of $6.8M left free cash flow of $4.4M.

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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