Latest Ratios: P/E Ratio 77.5x · EV/EBITDA 12.2x · ROE 1208.4%. (2015–2025 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 | $5.4B | $4.1B | $2.4B | $1.1B | $300M | $727M | $681M | $637M | $1.7B | $1.9B | $2.5B |
| Enterprise Value | $7.9B | $6.5B | $4.9B | $3.7B | $3.1B | $3.4B | $3.3B | $3.3B | $4.2B | $3.3B | $3.7B |
| P/E Ratio → | 77.50 | 57.27 | — | — | — | 68.43 | 7.49 | — | — | 11.40 | 12.05 |
| P/S Ratio | 1.80 | 1.36 | 0.88 | 0.45 | 0.14 | 0.35 | 0.34 | 0.39 | 1.04 | 1.85 | 2.46 |
| P/B Ratio | 928.70 | 686.31 | — | 17.44 | 1.44 | 1.98 | 1.91 | 1.84 | 1.34 | — | — |
| P/FCF | 20.15 | 15.16 | 11.12 | 3.87 | — | 3.75 | 2.15 | — | 11.24 | 15.95 | — |
| P/OCF | 16.00 | 12.04 | 8.29 | 3.09 | 4.61 | 3.01 | 1.80 | 373.46 | 6.88 | 8.17 | 21.76 |
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 | — | 2.16 | 1.76 | 1.56 | 1.41 | 1.60 | 1.68 | 2.00 | 2.53 | 3.21 | 3.61 |
| EV / EBITDA | 12.16 | 10.08 | 10.15 | 8.59 | 21.48 | 8.69 | 10.22 | — | 35.67 | 11.42 | 11.56 |
| EV / EBIT | 18.59 | 17.14 | 24.21 | 13.74 | 15.60 | 20.01 | 30.29 | — | — | 13.71 | 13.60 |
| EV / FCF | — | 24.15 | 22.40 | 13.49 | — | 17.29 | 10.52 | — | 27.42 | 27.71 | — |
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 | 37.6% | 37.6% | 36.5% | 36.1% | 35.8% | 36.7% | 31.5% | 21.7% | 43.1% | 50.9% | 58.7% |
| Operating Margin | 14.0% | 14.0% | 8.9% | 8.5% | -4.3% | 7.3% | 4.6% | -15.3% | -1.2% | 23.7% | 28.0% |
| Net Profit Margin | 2.4% | 2.4% | -4.2% | -3.5% | -5.9% | 0.5% | 4.6% | -22.3% | -10.2% | 16.2% | 20.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1208.4% | 1208.4% | -1394.3% | -62.2% | -45.1% | 2.9% | 25.9% | -44.3% | -37.2% | — | — |
| ROA | 2.0% | 2.0% | -3.4% | -2.3% | -3.4% | 0.3% | 2.4% | -9.0% | -6.0% | 13.1% | 18.6% |
| ROIC | 13.0% | 13.0% | 7.3% | 5.3% | -2.4% | 3.8% | 2.3% | -5.5% | -0.6% | 18.1% | 24.3% |
| ROCE | 16.4% | 16.4% | 10.0% | 7.2% | -3.0% | 4.6% | 2.8% | -7.2% | -0.8% | 24.0% | 32.2% |
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 | 458.91 | 458.91 | — | 44.87 | 13.62 | 7.84 | 8.41 | 7.99 | 2.09 | — | — |
| Debt / EBITDA | 4.23 | 4.23 | 5.34 | 6.34 | 19.59 | 7.45 | 9.18 | — | 22.86 | 5.10 | 3.77 |
| Net Debt / Equity | — | 406.78 | — | 43.37 | 13.49 | 7.16 | 7.45 | 7.55 | 1.92 | — | — |
| Net Debt / EBITDA | 3.75 | 3.75 | 5.11 | 6.13 | 19.41 | 6.81 | 8.14 | — | 21.05 | 4.85 | 3.68 |
| Debt / FCF | — | 8.99 | 11.28 | 9.62 | — | 13.54 | 8.38 | — | 16.18 | 11.76 | — |
| Interest Coverage | 1.58 | 1.58 | 0.79 | 1.29 | 1.26 | 1.23 | 0.75 | -0.31 | -0.41 | 3.41 | 4.89 |
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 | 2.17 | 2.17 | 1.41 | 1.63 | 1.88 | 2.24 | 2.29 | 2.20 | 2.32 | 2.60 | 3.23 |
| Quick Ratio | 1.48 | 1.48 | 0.86 | 0.94 | 1.17 | 1.52 | 1.57 | 1.51 | 1.50 | 1.64 | 2.04 |
| Cash Ratio | 0.35 | 0.35 | 0.10 | 0.11 | 0.04 | 0.37 | 0.51 | 0.28 | 0.39 | 0.25 | 0.14 |
| Asset Turnover | — | 0.82 | 0.80 | 0.69 | 0.58 | 0.53 | 0.50 | 0.44 | 0.38 | 0.77 | 0.84 |
| Inventory Turnover | 3.11 | 3.11 | 2.90 | 2.63 | 2.68 | 2.71 | 2.78 | 3.34 | 2.07 | 1.79 | 1.58 |
| Days Sales Outstanding | — | 113.64 | 101.34 | 98.46 | 122.39 | 121.12 | 117.05 | 135.64 | 124.08 | 124.07 | 141.52 |
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 | — | — | — | — | — | — | — | — | 10.6% | 19.6% | 8.0% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | 223.8% | 96.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.3% | 1.7% | — | — | — | 1.5% | 13.3% | — | — | 8.8% | 8.3% |
| FCF Yield | 5.0% | 6.6% | 9.0% | 25.9% | — | 26.7% | 46.6% | — | 8.9% | 6.3% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 10.6% | 19.6% | 8.0% |
| Shares Outstanding | — | $325M | $309M | $176M | $151M | $152M | $149M | $132M | $127M | $115M | $189M |
Excessive Debt-to-Equity Ratio
According to current market data, Amneal trades at a trailing P/E of 78.32, which appears significantly elevated compared to peers like Teva, suggesting that investors are pricing in a successful turnaround of the specialty pipeline rather than reflecting current earnings power or the company's substantial debt burden.
The forward P/E of 17.55 implies a market expectation of meaningful earnings growth, yet this valuation remains sensitive to the company's ability to execute on high-barrier biosimilar launches. Given the high debt-to-equity profile, the current P/S of 1.82 may be a more reliable indicator of market sentiment, as it avoids the distortions caused by interest-heavy net income figures.
As reported in financial statements, Amneal's ROIC has struggled to maintain consistency, fluctuating between -0.0% and 4.1% over the last ten quarters, which indicates that the company is currently failing to generate returns that meaningfully exceed its cost of capital in a sustained manner.
The volatility in ROIC suggests that the firm's capital allocation strategy is still heavily influenced by the legacy of past acquisitions rather than organic compounding. Investors should monitor whether the shift toward complex generics can drive a structural improvement in capital efficiency, as current levels remain insufficient to justify the high leverage employed.
Based on the provided quarterly data, the cash conversion cycle has remained elevated, peaking at 200 days in 2026Q1, which reflects significant inefficiencies in inventory management and receivables collection compared to the leaner operational profiles typically seen in more mature pharmaceutical manufacturing entities.
The high DIO of 140 days suggests that the company may be carrying excess inventory to mitigate supply chain risks, which ties up critical liquidity. This inefficiency, combined with a DSO of 115 days, indicates that Amneal lacks the bargaining power to accelerate cash inflows, further pressuring its already thin liquidity buffer.
According to recent filings, the company's debt-to-equity ratio of 458.91% as of 2025Q4 highlights a precarious balance sheet structure that leaves the firm highly vulnerable to interest rate volatility and limits its capacity to fund future R&D initiatives without further dilutive financing.
The interest coverage ratio, which has hovered near or below 2.0x in several recent periods, suggests that the company's ability to service its debt is fragile and highly dependent on stable cash flows from the AvKARE segment. Any disruption in government procurement cycles could quickly impair the firm's ability to meet its interest obligations.
Based on an analysis of the business model, the P/E ratio is the most commonly misapplied metric for Amneal, as it fails to account for the significant non-cash charges and interest expenses that frequently distort the company's reported net income and mask its true operational cash generation.
Investors should instead focus on EV/EBITDA or P/FCF to better understand the company's underlying earning power, as these metrics provide a clearer view of the business before the impact of its heavy debt-servicing requirements. Relying on P/E in this context likely leads to an inaccurate assessment of the company's valuation relative to its peers.
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Quick answers to the most common questions about buying AMRX stock.
Amneal Pharmaceuticals, Inc.'s current P/E ratio is 77.5x. The historical average is 34.0x. This places it at the 100th percentile of its historical range.
Amneal Pharmaceuticals, Inc.'s current EV/EBITDA is 12.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.4x.
Amneal Pharmaceuticals, Inc.'s return on equity (ROE) is 1208.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -26.7%.
Based on historical data, Amneal Pharmaceuticals, Inc. is trading at a P/E of 77.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Amneal Pharmaceuticals, Inc. has 37.6% gross margin and 14.0% operating margin. Operating margin between 10-20% is typical for established companies.
Amneal Pharmaceuticals, Inc.'s Debt/EBITDA ratio is 4.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.