Latest Ratios: P/E Ratio -21.1x · EV/EBITDA N/A · ROE -7.3%. (1996–2025 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 | $215M | $138M | $242M | $332M | $431M | $524M | $644M | $745M | $494M | $812M | $740M |
| Enterprise Value | $182M | $105M | $213M | $291M | $376M | $451M | $570M | $610M | $405M | $679M | $636M |
| P/E Ratio → | -21.09 | — | — | — | — | 127.96 | — | 27.43 | 26.46 | 25.55 | 22.77 |
| P/S Ratio | 1.90 | 1.22 | 2.02 | 2.75 | 3.79 | 3.55 | 4.93 | 6.50 | 4.68 | 7.16 | 7.16 |
| P/B Ratio | 1.60 | 0.96 | 1.57 | 1.56 | 1.51 | 1.83 | 2.36 | 2.58 | 1.87 | 3.08 | 3.32 |
| P/FCF | 49.25 | 31.59 | — | — | — | 161.14 | 56.28 | 21.81 | 16.31 | 25.52 | 75.62 |
| P/OCF | 19.20 | 12.32 | 44.85 | — | 97.76 | 62.44 | 49.27 | 20.14 | 14.14 | 19.90 | 31.09 |
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 | — | 0.93 | 1.77 | 2.41 | 3.30 | 3.05 | 4.37 | 5.33 | 3.83 | 5.99 | 6.15 |
| EV / EBITDA | — | — | 70.40 | 19.33 | 20.68 | 26.63 | — | 15.17 | 14.63 | 13.58 | 11.70 |
| EV / EBIT | — | — | — | 344.91 | 102.33 | — | — | 17.82 | 18.61 | 14.85 | 12.56 |
| EV / FCF | — | 23.96 | — | — | — | 138.57 | 49.87 | 17.86 | 13.37 | 21.33 | 64.97 |
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 | 56.6% | 56.6% | 63.4% | 68.3% | 64.3% | 56.1% | 52.9% | 74.9% | 70.4% | 75.9% | 76.8% |
| Operating Margin | -9.8% | -9.8% | -4.3% | 0.7% | 3.2% | 1.8% | -21.7% | 29.9% | 20.6% | 40.3% | 49.0% |
| Net Profit Margin | -9.6% | -9.6% | -47.0% | -68.4% | -13.1% | 2.8% | -18.4% | 23.7% | 17.7% | 28.1% | 31.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -7.3% | -7.3% | -30.8% | -33.2% | -5.2% | 1.5% | -8.6% | 9.9% | 7.1% | 13.1% | 15.0% |
| ROA | -5.5% | -5.5% | -23.8% | -26.7% | -4.3% | 1.2% | -6.9% | 8.9% | 6.7% | 12.2% | 13.7% |
| ROIC | -7.1% | -7.1% | -2.6% | 0.3% | 1.2% | 1.0% | -12.1% | 15.7% | 10.7% | 27.6% | 34.7% |
| ROCE | -6.4% | -6.4% | -2.4% | 0.3% | 1.1% | 0.8% | -8.8% | 11.8% | 8.1% | 18.3% | 22.5% |
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 | 0.17 | 0.17 | 0.17 | 0.13 | 0.11 | 0.07 | 0.08 | 0.08 | — | — | — |
| Debt / EBITDA | — | — | 8.59 | 1.84 | 1.70 | 1.24 | — | 0.56 | — | — | — |
| Net Debt / Equity | — | -0.23 | -0.19 | -0.19 | -0.19 | -0.26 | -0.27 | -0.47 | -0.34 | -0.51 | -0.47 |
| Net Debt / EBITDA | — | — | -9.83 | -2.72 | -3.05 | -4.34 | — | -3.35 | -3.22 | -2.66 | -1.92 |
| Debt / FCF | — | -7.63 | — | — | — | -22.57 | -6.41 | -3.95 | -2.94 | -4.19 | -10.65 |
| Interest Coverage | — | — | — | — | — | — | -18.09 | — | — | — | — |
Net cash position: cash ($57M) exceeds total debt ($24M)
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 | 4.72 | 4.72 | 4.88 | 5.26 | 6.07 | 5.66 | 4.81 | 14.39 | 17.98 | 15.78 | 19.37 |
| Quick Ratio | 3.86 | 3.86 | 3.85 | 4.47 | 4.65 | 4.45 | 3.56 | 13.04 | 16.09 | 14.10 | 17.55 |
| Cash Ratio | 2.62 | 2.62 | 2.39 | 2.21 | 3.09 | 3.17 | 2.67 | 11.36 | 14.09 | 12.03 | 14.18 |
| Asset Turnover | — | 0.59 | 0.59 | 0.45 | 0.33 | 0.43 | 0.36 | 0.35 | 0.38 | 0.40 | 0.43 |
| Inventory Turnover | 2.61 | 2.61 | 1.84 | 1.57 | 1.02 | 1.80 | 1.33 | 1.31 | 1.47 | 1.24 | 1.50 |
| Days Sales Outstanding | — | 76.64 | 71.82 | 79.65 | 111.04 | 73.70 | 67.43 | 73.50 | 71.84 | 76.67 | 97.44 |
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 | — | — | — | — | — | 0.8% | — | 3.6% | 3.8% | 3.9% | 4.4% |
| FCF Yield | 2.0% | 3.2% | — | — | — | 0.6% | 1.8% | 4.6% | 6.1% | 3.9% | 1.3% |
| Buyback Yield | 4.4% | 6.9% | 4.5% | 1.5% | 0.0% | 0.0% | 0.0% | 4.0% | 6.1% | 0.0% | 3.4% |
| Total Shareholder Yield | 4.4% | 6.9% | 4.5% | 1.5% | 0.0% | 0.0% | 0.0% | 4.0% | 6.1% | 0.0% | 3.4% |
| Shares Outstanding | — | $14M | $15M | $15M | $15M | $15M | $14M | $14M | $15M | $15M | $15M |
Persistent negative operating margins
According to current market data, Anika trades at a price-to-sales multiple of 1.79, which appears to discount the company's transition-related revenue volatility compared to higher-growth orthopedic peers, suggesting investors remain skeptical of the firm's ability to successfully scale its direct sales model in the near term.
The negative P/E ratio of -19.87 highlights the market's focus on the company's current lack of profitability rather than its long-term potential. This valuation suggests that the market is pricing Anika as a distressed asset, potentially ignoring the embedded value of its proprietary hyaluronic acid technology platform.
Based on reported financial figures, Anika's ROIC has fluctuated significantly, reaching -3.6% in 2026Q1, which indicates that the company is currently failing to generate returns on invested capital that exceed its cost of capital, a trend that warrants further investigation into the efficacy of recent acquisitions.
The persistent negative ROIC suggests that the capital deployed into the joint preservation segment has yet to yield the expected synergies. Investors should monitor whether this trend is a temporary byproduct of the strategic pivot or a structural issue regarding the company's ability to allocate capital effectively.
As reported in recent financial statements, Anika's cash conversion cycle reached 199 days in 2026Q1, a substantial increase from historical norms, which suggests that the company is struggling to manage its inventory and receivables effectively during its transition toward a direct-to-surgeon sales model.
The elevated days inventory outstanding of 176 days implies that the company may be holding excess stock, potentially increasing the risk of obsolescence charges. This inefficiency in working capital management appears to be a primary driver of the company's current cash burn and liquidity constraints.
Based on the latest quarterly filings, Anika maintains a current ratio of 4.46, which provides a seemingly robust liquidity cushion, yet the rapid depletion of cash reserves suggests that the company's ability to sustain operations without external financing may be more vulnerable than the headline ratio implies.
While the quick ratio of 3.37 indicates that the company is not overly dependent on inventory to meet short-term obligations, the persistent negative operating cash flow necessitates a closer look at the burn rate. The company's liquidity position appears adequate for the immediate future, but the lack of operational cash generation remains a significant concern.
The price-to-sales ratio is frequently misapplied to Anika's business model, as it fails to account for the significant shift in revenue quality occurring as the company moves from high-margin royalty streams to lower-margin direct hardware sales, thereby obscuring the true underlying economic health of the firm.
Analysts should instead focus on gross margin trends and operating leverage, as these metrics better reflect the company's progress in its strategic transition. Relying on P/S multiples may lead to an overestimation of value by ignoring the margin dilution inherent in the current business model pivot.
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Quick answers to the most common questions about buying ANIK stock.
Anika Therapeutics, Inc.'s current P/E ratio is -21.1x. The historical average is 31.9x.
Anika Therapeutics, Inc.'s return on equity (ROE) is -7.3%. The historical average is 2.7%.
Based on historical data, Anika Therapeutics, Inc. is trading at a P/E of -21.1x. Compare with industry peers and growth rates for a complete picture.
Anika Therapeutics, Inc. has 56.6% gross margin and -9.8% operating margin.