Latest Ratios: P/E Ratio 9.9x · EV/EBITDA 9.2x · ROE 12.9%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $885M | $1.3B | $1.9B | $3.3B | $1.5B | $1.2B | $988M | $963M | $923M | $931M | $875M |
| Enterprise Value | $1.4B | $1.8B | $2.4B | $3.8B | $1.4B | $1.1B | $963M | $954M | $887M | $912M | $840M |
| P/E Ratio → | 9.89 | 13.19 | 12.13 | 23.79 | 16.10 | 18.63 | 703.15 | 19.68 | — | 213.78 | 83.73 |
| P/S Ratio | 1.23 | 1.79 | 2.64 | 5.09 | 2.94 | 2.65 | 2.82 | 2.99 | 3.13 | 3.87 | 3.43 |
| P/B Ratio | 1.23 | 1.64 | 2.64 | 5.13 | 2.78 | 2.60 | 2.20 | 2.25 | 2.53 | 2.76 | 2.66 |
| P/FCF | 7.30 | 10.65 | 11.22 | 22.56 | 22.55 | 16.44 | 42.20 | 4650.75 | — | 226.42 | 50.94 |
| P/OCF | 5.67 | 8.27 | 9.06 | 17.86 | 16.47 | 11.83 | 17.25 | 23.05 | 24.17 | 23.73 | 22.69 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.47 | 3.32 | 5.83 | 2.84 | 2.60 | 2.75 | 2.96 | 3.01 | 3.80 | 3.29 |
| EV / EBITDA | 9.20 | 11.92 | 9.26 | 15.74 | 10.43 | 11.80 | 26.64 | 45.24 | 112.40 | 61.16 | 27.78 |
| EV / EBIT | 9.77 | 11.92 | 11.05 | 18.93 | 12.01 | 13.38 | 192.08 | 15.80 | — | 439.59 | 52.62 |
| EV / FCF | — | 14.66 | 14.11 | 25.85 | 21.73 | 16.13 | 41.11 | 4607.64 | — | 221.93 | 48.92 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.5% | 49.5% | 51.1% | 54.5% | 49.9% | 45.6% | 41.0% | 40.9% | 36.3% | 37.8% | 40.8% |
| Operating Margin | 19.5% | 19.5% | 28.1% | 30.6% | 21.5% | 16.0% | 3.1% | -0.0% | -2.9% | -0.4% | 6.1% |
| Net Profit Margin | 13.6% | 13.6% | 21.8% | 21.3% | 18.3% | 14.2% | 0.4% | 15.2% | -1.9% | 1.9% | 4.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.9% | 12.9% | 23.3% | 23.6% | 18.8% | 13.9% | 0.3% | 12.4% | -1.6% | 1.4% | 3.4% |
| ROA | 6.1% | 6.1% | 10.3% | 12.2% | 12.9% | 9.5% | 0.2% | 8.9% | -1.2% | 1.0% | 2.6% |
| ROIC | 8.4% | 8.4% | 13.1% | 18.5% | 17.9% | 12.4% | 2.0% | -0.0% | -2.0% | -0.2% | 4.2% |
| ROCE | 9.8% | 9.8% | 15.3% | 20.4% | 17.7% | 12.9% | 2.2% | -0.0% | -2.2% | -0.2% | 4.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.83 | 0.83 | 0.89 | 0.98 | 0.19 | 0.23 | 0.15 | 0.16 | 0.14 | 0.14 | 0.11 |
| Debt / EBITDA | 4.40 | 4.40 | 2.48 | 2.61 | 0.76 | 1.09 | 1.86 | 3.16 | 6.36 | 3.16 | 1.25 |
| Net Debt / Equity | — | 0.62 | 0.68 | 0.75 | -0.10 | -0.05 | -0.06 | -0.02 | -0.10 | -0.05 | -0.11 |
| Net Debt / EBITDA | 3.26 | 3.26 | 1.90 | 2.01 | -0.39 | -0.22 | -0.70 | -0.42 | -4.58 | -1.24 | -1.14 |
| Debt / FCF | — | 4.01 | 2.90 | 3.30 | -0.82 | -0.31 | -1.08 | -43.12 | — | -4.49 | -2.02 |
| Interest Coverage | 5.85 | 5.85 | 7.25 | 7.31 | 63.86 | 96.07 | 13.40 | 507.12 | -39.85 | 2.51 | 15.60 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.02 | 4.02 | 3.07 | 2.17 | 3.99 | 3.06 | 2.49 | 2.84 | 2.06 | 2.79 | 3.04 |
| Quick Ratio | 2.90 | 2.90 | 2.19 | 1.70 | 2.90 | 2.17 | 1.63 | 1.61 | 1.41 | 1.85 | 1.72 |
| Cash Ratio | 1.79 | 1.79 | 1.28 | 1.14 | 1.85 | 1.32 | 0.94 | 0.99 | 0.83 | 1.02 | 1.20 |
| Asset Turnover | — | 0.44 | 0.46 | 0.43 | 0.67 | 0.65 | 0.55 | 0.55 | 0.57 | 0.53 | 0.60 |
| Inventory Turnover | 2.06 | 2.06 | 2.33 | 2.77 | 2.41 | 2.56 | 2.13 | 1.72 | 2.71 | 2.35 | 1.89 |
| Days Sales Outstanding | — | 72.79 | 68.83 | 65.40 | 64.96 | 65.70 | 68.86 | 51.38 | 64.61 | 54.70 | 38.30 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.1% | 7.6% | 8.2% | 4.2% | 6.2% | 5.4% | 0.1% | 5.1% | — | 0.5% | 1.2% |
| FCF Yield | 13.7% | 9.4% | 8.9% | 4.4% | 4.4% | 6.1% | 2.4% | 0.0% | — | 0.4% | 2.0% |
| Buyback Yield | 8.5% | 5.9% | 4.4% | 1.8% | 2.7% | 2.5% | 2.5% | 2.3% | 2.7% | 3.3% | 1.1% |
| Total Shareholder Yield | 8.5% | 5.9% | 4.4% | 1.8% | 2.7% | 2.5% | 2.5% | 2.3% | 2.7% | 3.3% | 1.1% |
| Shares Outstanding | — | $48M | $52M | $53M | $52M | $50M | $49M | $50M | $46M | $48M | $48M |
Margin compression and R&D
According to current market data, Amphastar trades at a forward P/E of 8.12, which appears to discount the company as a commodity generic player rather than a specialty firm, despite its proprietary drug-device portfolio and the recent strategic integration of the Baqsimi branded asset.
The low forward P/E relative to historical averages suggests that investors remain skeptical of the company's ability to sustain premium pricing in its specialty segments. This valuation gap warrants further investigation into whether the market is underestimating the durability of its inhalation and intranasal product lines.
Based on reported financial statements, ROIC has trended downward from 3.8% in 2023Q4 to 0.8% in 2026Q1, indicating that the company is struggling to generate adequate returns on its expanding asset base as manufacturing costs and R&D investments outpace incremental profit growth.
The decline in ROIC suggests that recent capital expenditures in specialized manufacturing facilities have yet to yield the expected operational leverage. Investors should monitor whether this trend is a temporary byproduct of acquisition integration or a more permanent erosion of the company's competitive advantage.
As reported in recent quarterly filings, the cash conversion cycle has expanded significantly from 149 days in 2023Q4 to 201 days in 2026Q1, primarily driven by a substantial increase in days inventory outstanding, which suggests potential bottlenecks in the specialized fill-finish production process.
The lengthening of the cash conversion cycle indicates that Amphastar is tying up more capital in inventory, which may reflect either strategic stockpiling or inefficiencies in managing its complex supply chain. This trend appears to be a drag on liquidity and warrants close monitoring of inventory turnover ratios.
Based on the provided quarterly data, Amphastar maintains a stable debt-to-equity ratio of 0.89 as of 2026Q1, which, when paired with an interest coverage ratio of 2.08, suggests that the company retains sufficient financial flexibility to navigate its current capital-intensive growth phase without immediate refinancing risk.
While the interest coverage ratio has fluctuated, the company's conservative leverage profile provides a necessary buffer against the volatility in operating income. The current debt structure appears adequate, though investors should watch for any further compression in operating margins that could tighten debt service capacity.
The most commonly misapplied metric for Amphastar is the standard EV/Sales multiple, which obscures the company's transition from a high-volume generic manufacturer to a specialty pharma firm with proprietary, high-barrier assets that command significantly different margin profiles and long-term terminal value expectations.
Using generic-sector valuation multiples fails to account for the 'stickiness' of the company's inhalation and intranasal portfolio, which faces higher regulatory hurdles than oral solids. Analysts should instead focus on adjusted EBITDA margins and R&D productivity to better capture the underlying value of the specialty branded assets.
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Quick answers to the most common questions about buying AMPH stock.
Amphastar Pharmaceuticals, Inc.'s current P/E ratio is 9.9x. The historical average is 26.8x.
Amphastar Pharmaceuticals, Inc.'s current EV/EBITDA is 9.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 31.7x.
Amphastar Pharmaceuticals, Inc.'s return on equity (ROE) is 12.9%. The historical average is 8.3%.
Based on historical data, Amphastar Pharmaceuticals, Inc. is trading at a P/E of 9.9x. Compare with industry peers and growth rates for a complete picture.
Amphastar Pharmaceuticals, Inc. has 49.5% gross margin and 19.5% operating margin. Operating margin between 10-20% is typical for established companies.
Amphastar Pharmaceuticals, Inc.'s Debt/EBITDA ratio is 4.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.