AMPH
Amphastar Pharmaceuticals, Inc.
Next earnings Aug 5, 2026 · consensus $0.65 EPS, $186M rev
Last earnings +0.5% on 2026-05-07
$19.64
▼ -5.17%$19.64▼ -14.90%
over 1Y
L $16.87H $30.81
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-5.2%
1W-6.7%
1M+6.4%
3M-4.0%
YTD-25.8%
1Y-14.9%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 12 analysts
Hold
Cheap at 10.6x earnings but concentration risk and 38.5% net income drop in FY2025 justify a wait-and-see hold.
P/E 10.6 · FY2025
The read
Fundamentals and price both look middling — no strong edge either way.
Amphastar trades at a deceptively cheap 10.6x P/E and 1.4x P/S on a $974M market cap, with a strong balance sheet showing $170M cash, $789M equity (+7.7% YoY), and $667M retained earnings (+17.2%). The company is buying back stock aggressively ($75.6M in FY2025, with share count down 4.8%), and FY2025 operating cash flow of $156M comfortably covers $34.9M capex and the $620M long-term debt load. Gross margin of 49.5% and ROE of 12.4% reflect a respectable specialty-injectables franchise built around BAQSIMI, Primatene MIST, epinephrine, glucagon, and lidocaine.
The problem is the FY2025 reversal. After four years of compounding growth (revenue $438M→$732M from 2021→2024), FY2025 revenue slipped 1.7% to $720M, net income collapsed 38.5% to $98.1M, operating income fell 31.7%, and diluted EPS dropped from $3.06 to $2.03. The 10-K explicitly flags that BAQSIMI, Primatene MIST, glucagon, epinephrine, and lidocaine 'collectively represent a significant portion of our net revenues' and warns that volume or pricing declines would have a 'material adverse effect.' R&D rose 16.1% to $85.8M against falling revenue — investment is up while the core is softening. Management also discloses meaningful China manufacturing exposure and tariff uncertainty as material risks.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 25, 2026, 10:43 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Is AMPH a buy? The one-page verdict, explained →
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $438M | $499M | $644M | $732M | $720M |
| Gross profit | $200M | $249M | $351M | $374M | $356M |
| Operating income | $69.9M | $107M | $197M | $205M | $140M |
| Net income | $62.1M | $91.4M | $138M | $160M | $98.1M |
| Diluted EPS | $1.25 | $1.74 | $2.60 | $3.06 | $2.03 |
| Net margin | 14.2% | 18.3% | 21.3% | 21.8% | 13.6% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$1.32B
EV / EBITDA7.9
EV / Sales1.8
EV / FCF10.9
P / FCF7.1
PEG (trailing)—
Earnings yield11.3%
FCF yield14.0%
Quality & risk
ROIC (est.)7.9%
Free cash flow$121M
Total debt$620M
Net cash-$450M
Altman Z-Score2.27 grey
Piotroski F-Score6/9
Capital returns
Buyback yield8.7%
Dividend yield (est.)—
Shareholder yield8.7%
Shares Δ YoY-4.8%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Shareholder vote2026-06-03
Annual meeting: directors elected, auditor ratified — routine governance vote.
- 8-K Earnings results2026-05-07
Q1 2026 10-Q filed amid FY2025 earnings slide; margin trajectory in focus.
- 10-Q Quarterly report2026-05-07
Q1 2026 10-Q filed amid FY2025 earnings slide; margin trajectory in focus.
- DEF 14A Proxy statement2026-04-13
- 8-K Other event2026-03-16
Other-events disclosure (Item 8.01) outside the earnings cycle.
- 8-K Officer / director change2026-03-06
Entered new material agreement (Item 1.01) — likely licensing/partnership add.
- 8-K Material agreement2026-03-06
Entered new material agreement (Item 1.01) — likely licensing/partnership add.
- 8-K Earnings results2026-02-26
FY2025 10-K: rev $720M (-1.7%), NI $98M (-38.5%), R&D +16%, OCF -27%.
- 10-K Annual report2026-02-26
FY2025 10-K: rev $720M (-1.7%), NI $98M (-38.5%), R&D +16%, OCF -27%.
Recent filings
all on EDGAR ↗4Period ending 2024-08-192026-06-03open ↗4Period ending 2026-06-012026-06-03open ↗4Period ending 2026-06-012026-06-03open ↗4Period ending 2026-06-012026-06-03open ↗4Period ending 2026-06-012026-06-03open ↗4Period ending 2026-06-012026-06-03open ↗8-KPeriod ending 2026-06-012026-06-03open ↗10-QPeriod ending 2026-03-312026-05-07open ↗8-KPeriod ending 2026-05-072026-05-07open ↗ARSPeriod ending 2025-12-312026-04-13open ↗DEFA14AFiling2026-04-13open ↗DEF 14APeriod ending 2026-06-012026-04-13open ↗
Frequently asked
- Is Amphastar Pharmaceuticals, Inc. (AMPH) a buy?
- AMPH currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Cheap at 10.6x earnings but concentration risk and 38.5% net income drop in FY2025 justify a wait-and-see hold.
- What is AMPH's fair value?
- A Modified-Graham model based on AMPH's SEC fundamentals estimates a fair value of about $17.26. It is an estimate from reported earnings, not a price target.
- Is AMPH overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, AMPH currently appears fairly valued relative to its SEC-grounded earnings power.
- What is Amphastar Pharmaceuticals, Inc.'s quality score?
- AMPH scores 62.72812063196043/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001297184, latest 10-Q filed 2026-05-07) · EODHD · Proprietary analysis · as of 6/25/2026, 2:43:47 PM.
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