Eton Pharmaceuticals, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Eton 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

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue		0.96	0.04	21.8	21.3	31.6	39	80
Cost of revenue		0.45	0.44	2.83	6.93	10.6	15.6	37.2
Gross profit		0.51	-0.4	19	14.3	21.1	23.4	42.7
Research and development	5.63	11.6	14.1	6.24	4	3.32	3.26	7.77
General and administrative	4.69	7.55	12.6	14.3	18.6	18.9	22.8	35.8
Operating expenses	10.3	19.1	26.7	20.5	22.6	22.3	26	43.6
Operating income	-10.3	-18.6	-27.1	-1.5	-8.26	-1.19	-2.6	-0.84
Interest expense		0.1	0.88	1.04	0.96	1.06	2.01	4.78
Other non-operating income	0.16	0.28	-0.86	-1.01	-0.76	0.5	-1.21	-3.71
Pre-tax income	-12.7	-18.3	-28	-1.96	-9.02	-0.69	-3.81	-4.56
Income tax				0	0	0.25	0.02	0.04
Net income	-12.7	-18.3	-28	-1.96	-9.02	-0.94	-3.82	-4.6
EBITDA	-10.3	-18.3	-26.8	-1.34	-8.19	-0.29	-1.45	3.2
EPS, basic	-5.80	-1.03	-1.33	-0.08	-0.36	-0.04	-0.15	-0.17
EPS, diluted	-5.80	-1.03	-1.33	-0.08	-0.36	-0.04	-0.15	-0.17
Shares, basic (weighted)	6.42	17.8	21	25.2	25.1	25.6	25.9	26.9
Shares, diluted (weighted)	6.42	17.8	21	25.2	25.1	25.6	25.9	26.9

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	26.7	12.1	21.3	14.4	16.3	21.4	14.9	25.9
Receivables		0.47	0.05	5.47	1.85	3.41	5.36	11.8
Inventory		0.38	1.24	0.55	0.56	0.91	15.2	15.4
Other current assets	0.77	2.09	2.12	3.18	1.29	1.13	5.49	7.46
Total current assets	27.5	15	24.7	23.6	20	26.8	41	60.6
Property, plant and equipment	0.77	1.12	0.81	0.12	0.07	0.06	0.03	0.33
Lease right-of-use assets		0.16	0.19	0.1	0.19	0.09	0.18	0.31
Intangible assets		0.73	0.58	3.62	4.75	4.74	34.9	30.9
Other non-current assets	0.05	0.06	0.04	0.02	0.01	0.01	0.01	0.02
Total assets	28.3	17.1	26.3	27.5	25	31.7	76.1	92.1
Accounts payable	1.42	0.58	2.34	1.77	1.77	1.85	4.17	11
Accrued liabilities	0.6	1.39	1.17	1.37	3.66	5.39	8.91	9.41
Short-term debt				1.42	1.03	5.38	0	8.79
Total current liabilities	2.02	1.96	3.79	4.56	6.46	16.2	19.9	38.5
Long-term debt							29.8	21.8
Lease liabilities		0.02	0.1	0.02	0.11	0.02	0.11	0.46
Other non-current liabilities						0	1.83	5.24
Total liabilities	2.02	6.52	10.7	9.84	12	16.3	51.7	66
Total debt		4.54	6.53	5.26	5.38	0	29.8	30.6
Paid-in capital	72.2	74.7	108	112	116	120	132	139
Retained earnings	-45.9	-64.2	-92.2	-94.1	-103	-104	-108	-112
Shareholders' equity	26.3	10.6	17.6	17.6	13.1	15.5	24.4	26.2
Total equity	26.3	10.6	17.6	17.6	13.1	15.5	24.4	26.2
Total liabilities and equity	28.3	17.1	26.3	27.5	25	31.7	76.1	92.1
Shares outstanding	17.6	17.9	24.3	24.6	25.4	25.7	26.7	27

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-12.7	-18.3	-28	-1.96	-9.02	-0.94	-3.82	-4.6
Depreciation and amortization	0.06	0.28	0.35	0.16	0.07	0.9	1.15	4.04
Stock-based compensation	1.85	1.89	2.58	3.38	4.22	3.14	3.17	5.51
Change in receivables		-0.47	0.43	-5.42	3.62	-1.56	-3.12	-6.4
Change in inventory		-0.38	-0.86	0.69	-0.01	-0.37	-1.84	-5.88
Change in payables	0.41	-0.38	1.77	-0.57	-0.01	0.05	2.32	6.81
Cash from operations	-8.15	-18	-22.3	-4.72	4.82	6.82	0.97	10.5
Capital expenditures	-0.24	-1.1	-0.05	-0.01	-0.04	0	-0.03	-0.33
Acquisitions					0	0	-30	0
Cash from investing	-0.24	-1.85	-0.05	-2.56	-2.79	-0.78	-40	-0.33
Debt issued		4.75	1.97		0	0	25.3	0
Debt repaid				-0.15	-0.39	-1.16	-1.16	0
Stock issued		0.45	28.8	0.54	0.04	0.15	1.19	0.6
Cash from financing	22	5.2	31.6	0.39	-0.13	-0.96	32.6	0.82
Net change in cash	13.6	-14.7	9.23	-6.89	1.9	5.08	-6.45	11
Free cash flow	-8.38	-19.1	-22.4	-4.73	4.78	6.82	0.94	10.2
Interest paid			0.8	0.82	0.73	0.84	0.67	3.33
Income taxes paid				0	0	0.25	0.08	0.12

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 $57.68 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	57.9%	Gross profit / revenue.
Operating margin	15.4%	Operating income / revenue.
EBITDA margin	19.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.1%	Pre-tax income / revenue.
Net margin	12.0%	Net income / revenue.
FCF margin	14.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.3%	Cash from operations / revenue.
Effective tax rate	0.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	27.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.0%	Net income / average total assets.
Return on invested capital (ROIC)	41.8%	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	5.5%	Research and development expense / revenue.
Stock-based pay / revenue	4.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	4.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	104.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	55.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	359.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	82.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	44.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	986.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	29.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	980.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	28.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	7.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	26.0%	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	8.2%	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	21.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	54.4%	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	28.5%	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	3.9%	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	2.3%	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	5.1%	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	1.52x	Current assets / current liabilities.
Quick ratio	1.15x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.59x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.41x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	16.5%	Total debt / total assets.
Liabilities / assets	59.8%	Total liabilities / total assets.
Net debt	-$7.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.37x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$23.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	39.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$907.0K	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.91x	Revenue / average total assets.
Fixed asset turnover	300x	Revenue / average property, plant and equipment.
Inventory turnover	4.39x	Cost of revenue / average inventory.
Days inventory	83 days	365 x average inventory / cost of revenue.
Receivables turnover	4.24x	Revenue / average receivables.
Days sales outstanding	86 days	365 x average receivables / revenue.
Days payables	118 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	51 days	Days inventory + days sales outstanding - days payables.
FCF conversion	116.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.39	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	$3.22	Revenue / diluted weighted shares.
FCF per share	$0.45	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.46	Cash from operations / diluted weighted shares.
Book value per share	$1.65	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.03	Tangible book value / shares outstanding.
Cash per share	$0.95	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.65B	Share price x shares outstanding.
Enterprise value	$1.64B	Market cap + total debt - cash - short-term investments.
P/E	130x	Market cap / net income. Only when net income is positive.
P/S	15.6x	Market cap / revenue.
P/B	35.4x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1,818x	Market cap / tangible book value, when positive.
P/FCF	112x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	109x	Market cap / cash from operations, when positive.
EV/Sales	15.5x	Enterprise value / revenue.
EV/EBIT	101x	Enterprise value / operating income, when both are positive.
EV/EBITDA	78.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	111x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.9%	Free cash flow / market cap.
Earnings yield	0.8%	Net income / market cap (the inverse of P/E).

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

Eton Pharmaceuticals, Inc. reported revenue of $80.0M for fiscal 2025, 104.9% higher than the year before.

Was Eton Pharmaceuticals, Inc. profitable in fiscal 2025?

No. It reported a net loss of $4.6M.

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

Cash from operations of $10.5M minus capital expenditures of $333.0K left free cash flow of $10.2M.

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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