Latest Ratios: P/E Ratio 25.6x · EV/EBITDA 11.4x · ROE 16.2%. (1998–2025 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 | $1.9B | $1.7B | $1.1B | $1.0B | $654M | $580M | $347M | $743M | $530M | $744M | $702M |
| Enterprise Value | $2.0B | $1.7B | $1.5B | $1.1B | $892M | $767M | $525M | $866M | $670M | $915M | $795M |
| P/E Ratio → | 25.62 | 23.78 | — | 58.66 | — | — | — | 123.34 | 34.11 | — | 178.29 |
| P/S Ratio | 2.19 | 1.90 | 1.74 | 2.06 | 2.07 | 2.69 | 1.67 | 3.59 | 2.63 | 4.21 | 5.45 |
| P/B Ratio | 3.34 | 3.10 | 2.49 | 2.19 | 1.93 | 1.62 | 1.78 | 3.49 | 2.69 | 4.26 | 4.14 |
| P/FCF | 11.28 | 9.78 | 22.69 | 9.99 | — | — | — | 41.06 | 9.44 | — | — |
| P/OCF | 10.44 | 9.05 | 16.68 | 8.43 | — | 174.72 | 22.76 | 16.27 | 7.90 | 18.88 | 25.54 |
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 | — | 1.94 | 2.52 | 2.19 | 2.82 | 3.55 | 2.52 | 4.19 | 3.32 | 5.17 | 6.18 |
| EV / EBITDA | 11.43 | 9.94 | 22.65 | 10.00 | 36.62 | 102.89 | 18.35 | 14.20 | 9.70 | 16.26 | 18.74 |
| EV / EBIT | 24.29 | 14.81 | — | 22.81 | — | — | — | 53.71 | 19.25 | 31.29 | 23.40 |
| EV / FCF | — | 10.01 | 32.87 | 10.63 | — | — | — | 47.89 | 11.93 | — | — |
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 | 51.0% | 51.0% | 59.3% | 62.7% | 56.1% | 53.5% | 58.2% | 69.4% | 63.8% | 55.3% | 62.1% |
| Operating Margin | 9.2% | 9.2% | 0.1% | 9.6% | -11.2% | -18.4% | -7.7% | 7.9% | 17.5% | 16.0% | 15.6% |
| Net Profit Margin | 8.9% | 8.9% | -3.0% | 3.9% | -15.1% | -19.7% | -10.8% | 3.0% | 7.7% | -0.6% | 3.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.2% | 16.2% | -4.2% | 4.7% | -13.7% | -15.4% | -11.0% | 3.0% | 8.3% | -0.6% | 2.4% |
| ROA | 5.8% | 5.8% | -1.7% | 2.3% | -6.3% | -6.9% | -4.9% | 1.4% | 3.7% | -0.3% | 1.3% |
| ROIC | 8.2% | 8.2% | 0.1% | 6.4% | -4.7% | -6.5% | -3.4% | 3.6% | 7.8% | 7.0% | 7.9% |
| ROCE | 7.2% | 7.2% | 0.1% | 6.6% | -5.2% | -7.5% | -4.1% | 5.0% | 11.1% | 8.5% | 7.1% |
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 | 0.60 | 0.60 | 1.46 | 0.62 | 0.85 | 0.80 | 0.95 | 0.87 | 0.93 | 1.15 | 0.71 |
| Debt / EBITDA | 1.88 | 1.88 | 9.14 | 2.68 | 11.76 | 38.53 | 6.49 | 3.05 | 2.65 | 3.58 | 2.84 |
| Net Debt / Equity | — | 0.07 | 1.12 | 0.14 | 0.70 | 0.52 | 0.91 | 0.58 | 0.71 | 0.97 | 0.55 |
| Net Debt / EBITDA | 0.23 | 0.23 | 7.02 | 0.60 | 9.78 | 25.08 | 6.21 | 2.02 | 2.03 | 3.03 | 2.20 |
| Debt / FCF | — | 0.23 | 10.18 | 0.64 | — | — | — | 6.83 | 2.49 | — | — |
| Interest Coverage | 5.78 | 5.78 | -0.26 | 1.74 | -1.23 | -3.70 | -1.75 | 1.24 | 2.36 | 2.43 | 3.00 |
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 | 2.71 | 2.71 | 2.72 | 3.57 | 3.46 | 3.68 | 2.17 | 3.04 | 0.92 | 3.35 | 3.22 |
| Quick Ratio | 2.19 | 2.19 | 2.02 | 2.81 | 2.40 | 2.74 | 1.39 | 2.26 | 0.68 | 2.39 | 2.40 |
| Cash Ratio | 1.03 | 1.03 | 0.78 | 1.52 | 0.49 | 1.15 | 0.10 | 1.01 | 0.26 | 0.79 | 0.86 |
| Asset Turnover | — | 0.61 | 0.48 | 0.54 | 0.42 | 0.28 | 0.45 | 0.45 | 0.47 | 0.43 | 0.40 |
| Inventory Turnover | 3.02 | 3.02 | 1.83 | 1.63 | 1.32 | 1.23 | 1.43 | 1.31 | 1.80 | 2.09 | 1.86 |
| Days Sales Outstanding | — | 116.14 | 131.73 | 121.52 | 190.86 | 217.05 | 167.72 | 127.46 | 117.41 | 121.34 | 130.24 |
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 | 0.1% | 0.1% | 0.2% | 0.2% | 0.2% | 0.0% | — | — | — | — | — |
| 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 | 3.9% | 4.2% | — | 1.7% | — | — | — | 0.8% | 2.9% | — | 0.6% |
| FCF Yield | 8.9% | 10.2% | 4.4% | 10.0% | — | — | — | 2.4% | 10.6% | — | — |
| Buyback Yield | 0.6% | 0.7% | 1.0% | 0.5% | 0.3% | 0.2% | 0.4% | 0.1% | 0.1% | 0.0% | 0.4% |
| Total Shareholder Yield | 0.7% | 0.8% | 1.2% | 0.7% | 0.5% | 0.2% | 0.4% | 0.1% | 0.1% | 0.0% | 0.4% |
| Shares Outstanding | — | $21M | $19M | $18M | $16M | $13M | $12M | $12M | $12M | $12M | $12M |
Payer reimbursement and pricing
According to recent market data, ANIP trades at a forward P/E of 8.98, which appears to discount the company's rapid revenue expansion and suggests investors remain skeptical of the long-term sustainability of branded rare disease margins compared to the broader specialty pharmaceutical peer group valuations.
The significant spread between the TTM P/E of 25.45 and the forward multiple indicates that the market is pricing in a substantial earnings inflection as Cortrophin Gel scales. This valuation gap warrants investigation into whether the market is correctly identifying the shift from a generic-heavy model to a specialty-branded powerhouse or if it is merely pricing in a temporary peak in profitability.
Based on reported financial statements, ANIP's ROIC has trended toward 5.0% in 2026Q1, reflecting a recovery from the negative returns observed in 2024, as the company successfully leverages its specialized manufacturing infrastructure to drive higher returns on its invested capital base during this growth phase.
The improvement in ROIC suggests that the company's internal manufacturing strategy is beginning to yield better overhead absorption as branded volumes increase. Investors should monitor whether this trend continues as the integration of recent acquisitions like Alimera Sciences potentially dilutes capital efficiency in the near term.
As reported in quarterly filings, the company's cash conversion cycle remains elevated at 162 days in 2026Q1, which is largely driven by high inventory days, suggesting that the specialized nature of hormone and steroid production necessitates significant buffer stocks to ensure consistent supply chain reliability.
The extended CCC highlights the operational reality of managing niche biological products where supply chain disruptions could be catastrophic. While this efficiency metric appears weak compared to standard generic peers, it may be a structural necessity for maintaining the high barriers to entry that protect the company's branded rare disease franchise.
According to balance sheet data, ANIP has successfully reduced its debt-to-equity ratio to 0.58 as of 2026Q1, a marked improvement from the 1.46 peak in 2024Q4, which indicates a more conservative approach to capital structure as the firm transitions toward a more stable branded revenue profile.
The reduction in leverage significantly lowers the company's interest coverage risk, providing a more comfortable cushion against potential regulatory or reimbursement shocks. This improved balance sheet health suggests that the company is better positioned to fund future organic growth or targeted M&A without relying on dilutive equity financing.
Market participants frequently misapply generic-sector EV/EBITDA multiples to ANIP, which obscures the value of its rare disease segment and fails to account for the higher margins and structural barriers inherent in the company's specialized hormone and controlled substance manufacturing capabilities compared to standard generic peers.
Using generic-sector benchmarks ignores the 'stickiness' of the branded rare disease revenue, which behaves more like a specialty pharmaceutical asset than a commodity generic. Analysts should instead utilize a weighted-average valuation approach that separates the legacy generic business from the high-growth branded segment to avoid undervaluing the company's core earnings power.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying ANIP stock.
ANI Pharmaceuticals, Inc.'s current P/E ratio is 25.6x. The historical average is 61.9x. This places it at the 38th percentile of its historical range.
ANI Pharmaceuticals, Inc.'s current EV/EBITDA is 11.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.4x.
ANI Pharmaceuticals, Inc.'s return on equity (ROE) is 16.2%. The historical average is -56.3%.
Based on historical data, ANI Pharmaceuticals, Inc. is trading at a P/E of 25.6x. This is at the 38th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ANI Pharmaceuticals, Inc.'s current dividend yield is 0.06%.
ANI Pharmaceuticals, Inc. has 51.0% gross margin and 9.2% operating margin.
ANI Pharmaceuticals, Inc.'s Debt/EBITDA ratio is 1.9x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.