ANI PHARMACEUTICALS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ANI 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	129	177	202	207	208	216	316	487	614	883
Cost of revenue	48.8	79	73	63.2	87.2	101	139	182	250	341
Gross profit	79.8	97.8	129	143	121	116	178	305	364	542
Research and development	2.91	9.07	15.4	19.8	16	11.4	22.3	34.3	44.6	51.7
Selling, general and administrative	27.8	31.6	44.1	55.8	65	84.3	124	162	250	318
Operating income	20.1	28.3	35.4	16.4	-16	-39.8	-35.3	47	0.58	111
Interest expense	11.3	11.3	14.9	13.5	9.48	11.9	28.5	35.6	33.6	32.6
Other non-operating income	-0.07	0.06	-0.55	-0.23	-0.49	-4.34	0.67	-0.16	-4.03	1.93
Pre-tax income	8.68	16.3	20.1	3.16	-26	-56.1	-62.7	19.9	-22.2	95.8
Income tax	4.74	17.4	4.56	-2.94	-3.41	-13.5	-14.8	1.09	-3.69	17.5
Income from continuing operations	3.93	-1.08	15.5	6.09
Net income	3.93	-1.08	15.5	6.09	-22.5	-42.6	-47.9	18.8	-18.5	78.3
EBITDA	42.4	56.3	69.1	61	28.6	7.46	21.7	107	68.3	203
EPS, basic	0.34	-0.09	1.31	0.51	-1.88	-3.40	-3.05	0.86	-1.04	3.50
EPS, diluted	0.34	-0.09	1.30	0.50	-1.88	-3.40	-3.05	0.85	-1.04	3.32
Shares, basic (weighted)	11.4	11.5	11.7	11.8	12	12.6	16.3	18	19.3	20.1
Shares, diluted (weighted)	11.6	11.5	11.8	12	12	12.6	16.3	18.2	19.3	21.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	27.4	31.1	43	62.3	7.86	100	48.2	221	145	286
Receivables	45.9	58.8	64.8	72.1	95.8	129	165	162	222	281
Inventory	26.2	37.7	40.5	48.2	60.8	81.7	105	111	137	143
Other current assets	3.56	2.78	4.52	4	5.86	7.59	8.39	17.4	18	34.2
Total current assets	103	132	153	188	170	322	344	520	528	753
Property, plant and equipment	11	20.4	38.1	40.6	41.3	52.7	43.2	44.6	56.9	62.5
Goodwill	1.84	1.84	3.58	3.58	3.58	27.9	28.2	28.2	60	62.5
Intangible assets	176	230	202	180	189	294	252	209	542	480
Other non-current assets	0	0.83	1.47	1.22	0.8	2.21	11.4	12.1	12.2	13.7
Total assets	323	412	431	457	461	772	760	904	1,284	1,440
Accounts payable	3.39	3.63	8.88	14.6	11.3	23	29.3	36.7	45.7	62.6
Accrued liabilities	0.93	1.57	1.71	2.36	2.46	7.65	5.39	5.61	13.7	17
Deferred revenue	0	0	0.71	0.45	0.08	0.1	0	0
Short-term debt	0	3.35	3.26	9.94	13.2	0.85	0.85	0.85	9.17	17.3
Total current liabilities	31.9	39.2	166	61.7	78.6	87.5	99.4	145	194	278
Long-term debt	0	69.9	67.3	176	172	287	286	285	309	292
Lease liabilities				0.29	0.17	1	1.38	4.11	4.39	9.17
Other non-current liabilities		0	0.5	6.51	14.5	7.8	1.38	4.81	5.78	12.2
Total liabilities	153	237	233	244	265	413	422	447	856	900
Total debt	121	128	70.6	186	186	287	287	286	318	309
Paid-in capital	173	179	187	201	214	388	404	514	520	596
Retained earnings	-2.92	-4.01	11.5	17.6	-4.97	-47.8	-97.3	-80.1	-100	-23.1
Treasury stock	0	-0.26	-0.66	-0.72	-2.25	-3.14	-5.09	-10.1	-21	-33.2
Other comprehensive income		0	-0.38	-4.87	-11.4	-3.06	12.2	8.86	5.34	1.03
Shareholders' equity	170	175	197	213	196	334	314	433	404	541
Total equity	170	175	197	213	196	334	314	433	404	541
Total liabilities and equity	323	412	431	457	461	772	760	904	1,284	1,440
Shares outstanding									21.1	22.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3.93	-1.08	15.5	6.09	-22.5	-42.6	-47.9	18.8	-18.5	78.3
Depreciation and amortization	22.3	27.9	33.7	44.6	44.6	47.3	57	59.8	67.7	91.4
Stock-based compensation	6.07	6.09	6.78	9.22	12.9	10.5	14.6	20.7	29.3	37.9
Deferred income tax	-9.05	3.51	-5.4	-7.3	-13	-16.9	-15.2	-11.6	-23	11.8
Change in receivables	-24	-12.9	-4.74	-7.29	-23.7	-5.55	-36.9	3.36	-21.1	-58.5
Change in inventory	-1.94	5.36	-0.38	-7.66	-2.76	3.22	-23.6	-5.84	-21.3	-5.96
Change in payables	1.08	0	3.47	5.04	-2.29	10.2	5.04	7.55	0.48	15.2
Cash from operations	27.5	39.4	67.1	45.6	15.3	3.32	-31.2	119	64	185
Capital expenditures	-4.57	-10.4	-5.74	-6.64	-6.14	-2.56	-8.88	-8.87	-16.2	-13.8
Acquisitions	0	0	-16.5	0	0	-84.5	-0.03	0
Cash from investing	-149	-108	-27.4	-27.5	-68.3	-105	-15.7	-18.5	-405	-34.3
Debt issued	0	75	0	0
Debt repaid					-8.03	0	-3	-3
Stock issued	1.57	0.35	2.98	0	0	69.6	0	80.6	0	0
Share buybacks	-2.5	0	0	-1.03	-1.52	-0.89	-1.96	-4.99	-11	-12.2
Dividends paid				0	0	-0.19	-1.63	-1.63	-1.63	-1.16
Cash from financing	-0.73	72.4	-27.8	1.25	-1.44	195	-5.13	67.4	265	-9.94
Exchange rate effect							0	0	-0.47	-0.23
Net change in cash	-127	3.78	11.9	19.3	-54.5	92.4	-52.1	168	-76.2	141
Free cash flow	22.9	29.1	61.3	39	9.13	0.77	-40.1	110	47.8	171
Interest paid	4.08	3.76	6.29	6.09	6.93	9.71	21.5	31.4	24.4	26.9
Income taxes paid	9.54	17.8	6.4	10	4.98	10.4	0.29	1.23	19.1	17.7

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 $74.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	60.4%	Gross profit / revenue.
Operating margin	15.4%	Operating income / revenue.
EBITDA margin	24.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.6%	Pre-tax income / revenue.
Net margin	11.1%	Net income / revenue.
FCF margin	17.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.4%	Cash from operations / revenue.
Effective tax rate	24.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.2%	Net income / average total assets.
Return on invested capital (ROIC)	21.2%	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	5.1%	Research and development expense / revenue.
SG&A / revenue	33.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	4.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	8.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	43.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	40.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	33.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	48.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	45.1%	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	34.9%	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	18,923.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	196.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	110.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	47.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	189.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	64.7%	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	258.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	79.8%	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	33.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	19.9%	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	22.5%	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	12.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	23.7%	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	25.6%	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	9.9%	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	9.3%	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	12.2%	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	2.91x	Current assets / current liabilities.
Quick ratio	2.24x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.27x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.50x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	20.2%	Total debt / total assets.
Liabilities / assets	60.0%	Total liabilities / total assets.
Net debt	-$58.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.25x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.81x	Operating income / interest expense.
Working capital	$541.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	34.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$84.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.65x	Revenue / average total assets.
Fixed asset turnover	13.4x	Revenue / average property, plant and equipment.
Inventory turnover	2.71x	Cost of revenue / average inventory.
Days inventory	135 days	365 x average inventory / cost of revenue.
Receivables turnover	3.56x	Revenue / average receivables.
Days sales outstanding	102 days	365 x average receivables / revenue.
Days payables	70 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	168 days	Days inventory + days sales outstanding - days payables.
FCF conversion	159.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	8.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.94	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	$44.64	Revenue / diluted weighted shares.
FCF per share	$7.89	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.65	Cash from operations / diluted weighted shares.
Book value per share	$27.25	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.87	Tangible book value / shares outstanding.
Cash per share	$16.44	(Cash + short-term investments) / shares outstanding.
Payout ratio	0.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	0.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	12.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.70B	Share price x shares outstanding.
Enterprise value	$1.64B	Market cap + total debt - cash - short-term investments.
P/E	15.7x	Market cap / net income. Only when net income is positive.
P/S	1.74x	Market cap / revenue.
P/B	2.84x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	20.0x	Market cap / tangible book value, when positive.
P/FCF	9.82x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.97x	Market cap / cash from operations, when positive.
EV/Sales	1.68x	Enterprise value / revenue.
EV/EBIT	10.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.95x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.48x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.2%	Free cash flow / market cap.
Earnings yield	6.4%	Net income / market cap (the inverse of P/E).
Dividend yield	0.0%	Dividends paid over the period / market cap.
Shareholder yield	1.3%	(Dividends paid + share buybacks) / market cap.

What was ANI PHARMACEUTICALS INC's revenue in fiscal 2025?

ANI PHARMACEUTICALS INC reported revenue of $883.4M for fiscal 2025, 43.8% higher than the year before.

Was ANI PHARMACEUTICALS INC profitable in fiscal 2025?

Yes. Net income was $78.3M, a net margin of 8.9%.

How much free cash flow did ANI PHARMACEUTICALS INC generate in fiscal 2025?

Cash from operations of $185.2M minus capital expenditures of $13.8M left free cash flow of $171.4M.

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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