ANI Pharmaceuticals (ANIP) Financials

$81.86 -2.05 (-2.44%)

Closing price 05/8/2026 04:00 PM Eastern

Extended Trading

$81.84 -0.02 (-0.02%)

As of 05/8/2026 04:47 PM Eastern

Annual Income Statements for ANI Pharmaceuticals

This table shows ANI Pharmaceuticals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	15	3.93	-1.08	15	6.09	-23	-43	-50	17	-20	77
Consolidated Net Income / (Loss)	15	3.93	-1.08	15	6.09	-23	-43	-48	19	-19	78
Net Income / (Loss) Continuing Operations	15	3.93	-1.08	15	6.09	-23	-43	-48	19	-19	78
Total Pre-Tax Income	22	8.68	16	20	3.16	-26	-56	-63	20	-22	96
Total Operating Income	33	20	28	35	16	-16	-40	-35	47	0.58	111
Total Gross Profit	64	80	98	129	143	121	116	178	305	364	542
Total Revenue	76	129	177	202	207	208	216	316	487	614	883
Operating Revenue	76	129	177	202	207	208	216	316	487	614	883
Total Cost of Revenue	13	49	79	73	63	87	101	139	182	250	341
Operating Cost of Revenue	13	49	79	73	63	87	101	139	182	250	341
Total Operating Expenses	31	60	69	93	127	137	155	213	258	364	431
Selling, General & Admin Expense	21	28	32	44	56	65	84	124	162	250	318
Research & Development Expense	2.87	2.91	9.07	15	20	16	11	22	34	45	52
Depreciation Expense	6.90	22	28	34	45	45	47	57	60	68	91
Impairment Charge	0.00	6.69	0.90	0.00	0.08	0.45	2.37	-	0.00	7.60	0.77
Restructuring Charge	-	-	-	-	-	0.00	0.00	5.68	1.13	0.00	0.00
Other Special Charges / (Income)	-	-	-	-	0.00	0.00	9.25	3.76	1.43	-5.97	-31
Total Other Income / (Expense), net	-11	-11	-12	-15	-13	-9.95	-16	-27	-27	-23	-15
Interest Expense	-	-	-	-	-	-	-	0.00	0.00	7.47	0.00
Interest & Investment Income	-11	-11	-12	-15	-13	-9.45	-12	-28	-27	-18	-20
Other Income / (Expense), net	0.04	-0.07	0.06	-0.55	-0.23	-0.49	-4.34	0.67	-0.16	2.27	4.76
Income Tax Expense	6.36	4.74	17	4.56	-2.94	-3.41	-13	-15	1.09	-3.69	17
Preferred Stock Dividends Declared	-	-	-	-	0.00	0.00	0.19	1.63	1.63	1.63	1.16
Basic Earnings per Share	$1.34	$0.34	($0.09)	$1.31	$0.51	($1.88)	($3.40)	($3.05)	$0.86	($1.04)	$3.50
Weighted Average Basic Shares Outstanding	11.37M	11.45M	11.55M	11.68M	11.84M	11.96M	12.60M	16.26M	18.00M	19.32M	20.05M
Diluted Earnings per Share	$1.32	$0.34	($0.09)	$1.30	$0.50	($1.88)	($3.40)	($3.05)	$0.85	($1.04)	$3.32
Weighted Average Diluted Shares Outstanding	11.56M	11.57M	11.55M	11.77M	12.04M	11.96M	12.60M	16.26M	18.19M	19.32M	21.23M
Weighted Average Basic & Diluted Shares Outstanding	11.50M	11.60M	12M	11.80M	12.11M	12.37M	17.27M	17.50M	21.08M	21.77M	22.42M

This table shows ANI Pharmaceuticals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	5.84	9.53	0.75	18	-2.69	-25	-11	15	8.14	26	27
Consolidated Net Income / (Loss)	6.25	9.94	1.16	18	-2.29	-24	-10	16	8.55	27	27
Net Income / (Loss) Continuing Operations	6.25	9.94	1.16	18	-2.29	-24	-10	16	8.55	27	27
Total Pre-Tax Income	5.25	12	0.95	25	-2.29	-31	-14	20	11	34	31
Total Operating Income	12	18	6.73	20	5.17	-21	-4.38	26	14	36	35
Total Gross Profit	74	84	78	88	80	85	361	124	137	134	147
Total Revenue	117	132	132	137	138	148	191	197	211	228	247
Operating Revenue	117	132	132	137	138	148	191	197	211	228	247
Total Cost of Revenue	42	48	53	49	58	63	-170	73	75	93	100
Operating Cost of Revenue	42	48	53	49	58	63	-	73	75	93	100
Total Operating Expenses	62	66	72	68	75	106	365	98	123	98	112
Selling, General & Admin Expense	39	42	44	48	53	79	70	77	82	77	83
Research & Development Expense	7.37	11	9.87	11	7.30	10	17	11	17	12	12
Depreciation Expense	15	15	15	15	15	16	23	23	23	23	23
Other Special Charges / (Income)	1.04	-2.56	1.99	-5.26	0.36	0.83	-1.89	-12	1.28	-14	-5.64
Total Other Income / (Expense), net	-7.15	-6.44	-5.78	5.02	-7.46	-11	-9.38	-6.21	-3.37	-2.44	-3.29
Interest & Investment Income	-7.10	-6.40	-5.75	-4.60	-4.66	-2.33	0.29	-5.48	-5.44	-4.73	-4.41
Other Income / (Expense), net	-0.05	-0.04	-0.03	9.62	-2.80	-1.18	-9.68	-0.72	2.07	2.29	1.12
Income Tax Expense	-1.00	1.57	-0.21	7.13	0.00	-7.33	-3.49	4.31	1.98	7.18	3.99
Basic Earnings per Share	$0.30	$0.46	$0.04	$0.84	($0.14)	($1.27)	($0.47)	$0.70	$0.37	$1.19	$1.24
Weighted Average Basic Shares Outstanding	17.69M	18.88M	18.00M	19.10M	19.32M	19.40M	19.32M	19.61M	19.83M	20.07M	20.05M
Diluted Earnings per Share	$0.29	$0.45	$0.05	$0.82	($0.14)	($1.27)	($0.45)	$0.69	$0.36	$1.13	$1.14
Weighted Average Diluted Shares Outstanding	17.86M	19.13M	18.19M	19.42M	19.32M	19.40M	19.32M	20.05M	20.31M	21.09M	21.23M
Weighted Average Basic & Diluted Shares Outstanding	20.29M	20.44M	21.08M	20.97M	21.04M	21.03M	21.77M	21.66M	21.70M	22.47M	22.42M

This table details how cash moves in and out of ANI Pharmaceuticals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-14	-122	3.78	12	19	-54	92	-52	168	-76	141
Net Cash From Operating Activities	17	27	39	67	46	15	3.32	-31	119	64	185
Net Cash From Continuing Operating Activities	17	27	39	67	46	15	3.32	-31	119	64	185
Net Income / (Loss) Continuing Operations	15	3.93	-1.08	15	6.09	-23	-43	-48	19	-19	78
Consolidated Net Income / (Loss)	15	3.93	-1.08	15	6.09	-23	-43	-48	19	-19	78
Depreciation Expense	6.90	22	28	34	45	45	47	60	60	68	91
Amortization Expense	6.83	7.28	7.67	8.47	7.02	1.88	2.51	3.96	3.92	14	1.36
Non-Cash Adjustments To Reconcile Net Income	7.43	19	12	11	13	26	16	23	21	49	42
Changes in Operating Assets and Liabilities, net	-19	-25	-7.55	-1.79	-25	-35	-20	-70	16	-48	-28
Net Cash From Investing Activities	-33	-149	-108	-27	-28	-68	-105	-16	-19	-405	-34
Net Cash From Continuing Investing Activities	-33	-149	-108	-27	-28	-68	-105	-16	-19	-405	-34
Purchase of Property, Plant & Equipment	-2.18	-4.57	-10	-5.74	-6.64	-6.14	-2.56	-8.88	-8.87	-16	-14
Acquisitions	-31	-144	-98	-22	-21	-62	-106	-7.61	-9.64	-402	-20
Sale of Property, Plant & Equipment	-	-	-	-	0.00	0.00	2.65	0.75	0.00	14	0.00
Net Cash From Financing Activities	1.07	-0.73	72	-28	1.25	-1.44	195	-5.13	67	265	-9.94
Net Cash From Continuing Financing Activities	1.07	-0.73	72	-28	1.25	-1.44	195	-5.13	67	265	-9.94
Repayment of Debt	0.00	-0.29	-2.74	-31	-121	-16	75	-3.00	-3.00	-313	-10
Repurchase of Common Equity	0.00	-2.50	-	-	-1.03	-1.52	-0.89	-1.96	-4.99	-11	-12
Payment of Dividends	-	-	-	-	0.00	0.00	-0.19	-1.63	-1.63	-1.63	-1.16
Issuance of Debt	0.00	0.00	75	0.00	118	15	24	0.00	0.00	641	0.00
Issuance of Common Equity	-	-	-	-	0.00	0.00	70	0.00	81	0.00	0.00
Other Financing Activities, net	1.07	2.07	0.09	2.69	5.74	0.62	2.07	1.46	-3.50	-50	14
Effect of Exchange Rate Changes	-	-	-	-	-	-	-	0.00	0.00	-0.47	-0.23
Cash Interest Paid	4.15	4.08	3.76	6.29	6.09	6.93	9.71	21	31	24	27
Cash Income Taxes Paid	13	9.54	18	6.40	10	4.98	10	0.29	1.23	19	18

This table details how cash moves in and out of ANI Pharmaceuticals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	94	31	28	7.48	12	-95	-0.12	4.94	68	45	23
Net Cash From Operating Activities	21	32	45	18	17	12	16	35	76	44	30
Net Cash From Continuing Operating Activities	21	32	45	18	17	12	16	35	76	44	30
Net Income / (Loss) Continuing Operations	6.25	9.94	1.16	18	-2.29	-24	-10	16	8.55	27	27
Consolidated Net Income / (Loss)	6.25	9.94	1.16	18	-2.29	-24	-10	16	8.55	27	27
Depreciation Expense	15	15	15	15	15	16	23	23	23	23	23
Amortization Expense	0.99	1.00	0.95	0.10	0.10	3.35	11	0.32	0.34	0.34	0.35
Non-Cash Adjustments To Reconcile Net Income	5.46	4.14	7.57	-21	14	17	28	2.08	31	-1.01	10
Changes in Operating Assets and Liabilities, net	-6.75	1.88	20	6.24	-9.22	0.08	-35	-5.98	13	-4.52	-30
Net Cash From Investing Activities	-6.83	-4.55	-4.78	8.93	-4.45	-399	-11	-20	-6.91	-6.16	-1.40
Net Cash From Continuing Investing Activities	-6.83	-4.55	-4.78	8.93	-4.45	-399	-11	-20	-6.91	-6.16	-1.40
Purchase of Property, Plant & Equipment	-2.50	-1.74	-2.28	-4.58	-4.45	-4.81	-2.39	-2.47	-4.01	-6.10	-1.24
Acquisitions	-4.33	-2.81	-2.50	0.00	-	-394	-8.29	-17	-2.90	-0.06	-0.16
Net Cash From Financing Activities	80	3.76	-12	-20	-1.45	291	-4.91	-9.91	-1.75	6.35	-4.64
Net Cash From Continuing Financing Activities	80	3.76	-12	-20	-1.45	291	-4.91	-9.91	-1.75	6.35	-4.64
Repayment of Debt	-0.75	-0.75	-0.75	-0.75	-0.75	-308	-4.01	-2.03	-2.03	-2.03	-4.06
Repurchase of Common Equity	-0.54	-0.67	-0.23	-8.66	-1.30	-0.68	-0.32	-10	-0.55	-1.04	-0.61
Other Financing Activities, net	1.29	5.58	-11	-9.91	1.01	-41	-0.18	2.53	1.24	9.76	0.04
Effect of Exchange Rate Changes	-	-	-	0.00	-	-	-0.40	-0.30	0.84	0.58	-1.35
Cash Interest Paid	11	7.97	8.01	7.95	8.21	3.08	5.15	8.90	4.97	8.46	4.61
Cash Income Taxes Paid	-2.60	0.79	0.30	0.85	16	0.01	1.85	0.29	16	0.14	1.06

This table presents ANI Pharmaceuticals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	285	323	412	431	457	461	772	760	904	1,284	1,440
Total Current Assets	193	103	132	153	188	170	322	344	520	528	753
Cash & Equivalents	155	27	31	43	62	7.86	100	48	221	145	286
Restricted Cash	-	-	-	-	-	-	0.00	5.01	0.00	0.03	0.04
Short-Term Investments	-	-	-	-	-	-	-	-	0.00	6.31	9.13
Accounts Receivable	22	46	59	65	72	96	129	165	162	222	281
Inventories, net	13	26	38	41	48	61	82	105	111	137	143
Prepaid Expenses	1.45	3.56	2.78	4.52	5.07	5.86	11	12	17	19	34
Plant, Property, & Equipment, net	7.13	11	20	38	41	41	53	43	45	57	62
Total Noncurrent Assets	86	209	260	240	229	250	397	373	340	699	625
Goodwill	1.84	1.84	1.84	3.58	3.58	3.58	28	28	28	60	62
Intangible Assets	66	176	230	202	180	189	294	252	209	542	480
Noncurrent Deferred & Refundable Income Taxes	17	26	23	28	38	52	68	81	91	85	69
Other Noncurrent Operating Assets	-	0.00	0.83	1.47	1.22	0.80	2.21	11	12	12	14
Total Liabilities & Shareholders' Equity	285	323	412	431	457	461	772	760	904	1,284	1,440
Total Liabilities	125	153	237	233	244	265	413	422	447	856	900
Total Current Liabilities	12	32	39	166	62	79	88	99	145	194	278
Short-Term Debt	-	0.00	3.35	3.26	9.94	13	0.85	0.85	13	9.20	17
Accounts Payable	2.07	3.39	3.63	8.88	15	11	23	29	37	46	63
Accrued Expenses	5.85	19	22	19	16	17	19	26	34	55	108
Current Deferred & Payable Income Tax Liabilities	0.00	2.40	0.00	5.02	0.00	3.91	-	0.00	8.16	7.52	2.24
Current Employee Benefit Liabilities	1.19	1.63	2.31	3.52	3.74	6.23	8.52	10	24	38	38
Other Current Liabilities	2.65	5.76	8.27	125	17	27	36	33	30	39	50
Total Noncurrent Liabilities	113	121	198	68	182	187	325	322	301	661	622
Long-Term Debt	113	121	198	67	176	172	287	286	285	615	600
Other Noncurrent Operating Liabilities	0.00	0.63	0.00	0.50	6.51	14	39	36	17	47	22
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	25	25	25	25	0.00
Total Equity & Noncontrolling Interests	160	170	175	197	213	196	334	314	433	404	541
Total Preferred & Common Equity	160	170	175	197	213	196	334	314	433	404	541
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	160	170	175	197	213	196	334	314	433	404	541
Common Stock	164	173	179	187	201	214	388	404	514	520	596
Retained Earnings	-4.35	-2.92	-4.01	11	18	-4.97	-48	-97	-80	-100	-23
Treasury Stock	-	0.00	-0.26	-0.66	-0.72	-2.25	-3.14	-5.09	-10	-21	-33
Accumulated Other Comprehensive Income / (Loss)	-	-	0.00	-0.38	-4.87	-11	-3.06	12	8.86	5.34	1.03
Other Equity Adjustments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

This table presents ANI Pharmaceuticals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	739	765	859	890	915	921	1,287	1,292	1,343	1,408
Total Current Assets	309	365	459	497	541	555	521	536	603	698
Cash & Equivalents	56	68	162	193	229	240	145	150	218	263
Restricted Cash	-	0.00	0.00	0.00	-	-	0.04	0.03	0.04	0.04
Short-Term Investments	-	-	-	-	9.66	6.94	8.30	5.39	5.72	8.86
Accounts Receivable	140	175	173	179	172	166	196	220	226	253
Inventories, net	96	104	104	107	114	125	148	137	138	146
Prepaid Expenses	8.75	11	12	11	16	17	24	23	15	28
Plant, Property, & Equipment, net	43	43	44	44	49	52	57	58	59	64
Total Noncurrent Assets	387	357	356	349	325	314	709	698	681	646
Goodwill	28	28	28	28	28	28	60	61	61	62
Intangible Assets	264	239	230	220	196	183	570	538	520	500
Noncurrent Deferred & Refundable Income Taxes	77	81	82	84	88	90	68	88	92	71
Other Noncurrent Operating Assets	12	9.23	16	16	14	13	11	10	8.25	12
Total Liabilities & Shareholders' Equity	739	765	859	890	915	921	1,287	1,292	1,343	1,408
Total Liabilities	402	426	425	435	438	440	857	849	881	902
Total Current Liabilities	82	126	123	134	137	140	190	202	237	271
Short-Term Debt	0.85	24	26	25	1.26	1.69	8.44	11	14	15
Accounts Payable	19	33	29	34	49	49	61	53	55	70
Accrued Expenses	20	22	27	28	32	40	54	58	84	102
Current Deferred & Payable Income Tax Liabilities	-	-	-	0.59	11	0.00	0.00	14	3.29	0.00
Current Employee Benefit Liabilities	7.75	13	11	15	9.53	16	30	22	33	33
Other Current Liabilities	34	34	30	31	33	34	37	42	49	50
Total Noncurrent Liabilities	321	300	302	301	301	300	667	647	645	632
Long-Term Debt	286	285	285	285	285	284	618	612	608	605
Other Noncurrent Operating Liabilities	35	14	17	16	16	16	48	36	36	27
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	25	25	25	25	25	25	25	25	25	0.00
Total Equity & Noncontrolling Interests	312	315	410	430	452	456	406	419	437	506
Total Preferred & Common Equity	312	315	410	430	452	456	406	419	437	506
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	312	315	410	430	452	456	406	419	437	506
Common Stock	399	408	495	507	524	532	511	531	542	586
Retained Earnings	-93	-96	-90	-81	-62	-65	-90	-85	-77	-51
Treasury Stock	-4.98	-8.64	-9.18	-9.85	-19	-20	-21	-31	-32	-33
Accumulated Other Comprehensive Income / (Loss)	10	11	14	14	9.41	8.33	5.37	3.61	3.31	2.81
Other Equity Adjustments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

This table displays calculated financial ratios and metrics derived from ANI Pharmaceuticals' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	36.36%	68.53%	37.49%	13.99%	2.47%	0.93%	3.67%	46.38%	53.87%	26.20%	43.78%
EBITDA Growth	88.89%	6.79%	28.91%	20.38%	-12.02%	-55.72%	-81.24%	415.30%	281.11%	-28.95%	145.93%
EBIT Growth	62.36%	-38.90%	41.88%	22.64%	-53.68%	-202.40%	-167.33%	21.58%	235.24%	-107.37%	3,953.57%
NOPAT Growth	-22.05%	-60.65%	-120.48%	1,565.46%	15.52%	-135.52%	-148.46%	11.33%	279.72%	-99.08%	22,123.79%
Net Income Growth	-46.52%	-74.41%	-127.35%	1,539.96%	-60.67%	-470.00%	-88.94%	-12.42%	139.21%	-198.63%	522.94%
EPS Growth	-49.03%	-74.24%	-126.47%	1,544.44%	-61.54%	-476.00%	-80.85%	10.29%	127.87%	-222.35%	419.23%
Operating Cash Flow Growth	-21.64%	59.13%	43.49%	70.16%	-31.97%	-66.54%	-78.24%	-1,039.28%	481.24%	-46.19%	189.34%
Free Cash Flow Firm Growth	-3.66%	-606.37%	35.34%	275.66%	-154.07%	39.18%	-312.24%	72.16%	246.82%	-548.20%	135.22%
Invested Capital Growth	53.74%	117.06%	31.87%	-35.38%	50.68%	11.27%	46.75%	5.74%	-6.54%	68.68%	-4.25%
Revenue Q/Q Growth	-3.78%	18.60%	5.41%	5.13%	-4.24%	4.66%	1.73%	11.76%	8.33%	10.61%	6.83%
EBITDA Q/Q Growth	-5.35%	-2.26%	13.11%	7.52%	-18.71%	22.61%	-80.74%	2,362.17%	4.24%	-4.38%	23.44%
EBIT Q/Q Growth	-12.30%	-20.04%	27.49%	11.50%	-49.41%	23.08%	-151.47%	44.89%	11.73%	-119.94%	75.78%
NOPAT Q/Q Growth	-47.49%	-36.52%	-111.66%	3,324.49%	7.85%	23.80%	-152.83%	41.99%	4.07%	-95.00%	57.33%
Net Income Q/Q Growth	-54.11%	-50.14%	-114.40%	3,461.84%	-62.75%	5.05%	-92.76%	29.35%	40.34%	-161.20%	93.09%
EPS Q/Q Growth	-55.10%	-50.00%	-114.29%	6,400.00%	-62.96%	4.57%	-85.79%	34.13%	66.67%	-92.59%	91.91%
Operating Cash Flow Q/Q Growth	-25.92%	36.73%	10.43%	20.53%	-32.95%	-40.78%	-66.10%	19.97%	70.38%	-31.09%	8.50%
Free Cash Flow Firm Q/Q Growth	-57.65%	1.50%	-194.16%	496.53%	-149.62%	69.15%	-733.51%	75.94%	145.49%	-12.98%	20.47%
Invested Capital Q/Q Growth	-1.12%	-3.21%	9.34%	-37.04%	52.29%	2.33%	44.94%	1.73%	-6.48%	-0.30%	0.99%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	83.37%	62.07%	55.31%	63.77%	69.42%	58.19%	53.45%	56.13%	62.71%	100.00%	61.36%
EBITDA Margin	60.89%	38.59%	36.18%	38.21%	32.81%	14.39%	2.60%	9.17%	22.70%	12.78%	23.62%
Operating Margin	42.84%	15.61%	16.02%	17.54%	7.92%	-7.68%	-18.41%	-11.15%	9.65%	0.10%	12.58%
EBIT Margin	42.90%	15.55%	16.05%	17.27%	7.81%	-7.92%	-20.42%	-10.94%	9.62%	-0.56%	13.11%
Profit (Net Income) Margin	20.14%	3.06%	-0.61%	7.69%	2.95%	-10.82%	-19.71%	-15.14%	3.86%	-3.01%	8.87%
Tax Burden Percent	70.75%	45.33%	-6.58%	77.27%	193.03%	86.85%	76.00%	76.43%	94.50%	83.39%	81.78%
Interest Burden Percent	66.38%	43.38%	57.60%	57.60%	19.58%	157.25%	127.01%	181.04%	42.45%	644.01%	82.68%
Effective Tax Rate	29.26%	54.67%	106.58%	22.73%	-93.03%	0.00%	0.00%	0.00%	5.50%	0.00%	18.22%
Return on Invested Capital (ROIC)	23.59%	4.83%	-0.62%	9.76%	11.46%	-3.20%	-6.13%	-4.44%	8.02%	0.06%	10.30%
ROIC Less NNEP Spread (ROIC-NNEP)	38.55%	-17.15%	0.00%	-2.83%	-24.69%	-10.99%	-14.44%	-15.61%	-8.49%	-6.83%	7.15%
Return on Net Nonoperating Assets (RNNOA)	-13.34%	-2.45%	0.00%	-1.43%	-8.48%	-7.84%	-9.24%	-9.30%	-3.31%	-4.24%	5.87%
Return on Equity (ROE)	10.25%	2.39%	-0.62%	8.33%	2.97%	-11.04%	-15.37%	-13.74%	4.72%	-4.18%	16.16%
Cash Return on Invested Capital (CROIC)	-18.77%	-69.01%	-28.11%	52.74%	-28.98%	-13.88%	-44.02%	-10.01%	14.79%	-51.07%	14.64%
Operating Return on Assets (OROA)	12.02%	6.58%	7.72%	8.26%	3.63%	-3.60%	-7.16%	-4.52%	5.62%	-0.32%	8.50%
Return on Assets (ROA)	5.64%	1.29%	-0.29%	3.68%	1.37%	-4.91%	-6.91%	-6.25%	2.26%	-1.69%	5.75%
Return on Common Equity (ROCE)	10.25%	2.39%	-0.62%	8.33%	2.97%	-11.04%	-14.68%	-12.76%	4.42%	-3.95%	15.75%
Return on Equity Simple (ROE_SIMPLE)	9.60%	2.32%	-0.62%	7.85%	2.86%	-11.52%	-12.76%	-15.27%	4.34%	-4.59%	0.00%
Net Operating Profit after Tax (NOPAT)	23	9.10	-1.86	27	32	-11	-28	-25	44	0.41	91
NOPAT Margin	30.31%	7.08%	-1.05%	13.55%	15.28%	-5.38%	-12.89%	-7.81%	9.12%	0.07%	10.28%
Net Nonoperating Expense Percent (NNEP)	-14.96%	21.98%	-0.62%	12.59%	36.15%	7.79%	8.31%	11.17%	16.52%	6.89%	3.15%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-4.11%	6.07%	0.04%	7.85%
Cost of Revenue to Revenue	16.63%	37.93%	44.69%	36.23%	30.58%	41.81%	46.55%	43.87%	37.29%	0.00%	38.64%
SG&A Expenses to Revenue	27.72%	21.64%	17.86%	21.86%	27.04%	31.17%	39.00%	39.21%	33.22%	40.63%	35.97%
R&D to Revenue	3.77%	2.26%	5.13%	7.63%	9.59%	7.68%	5.26%	7.05%	7.04%	7.26%	5.85%
Operating Expenses to Revenue	40.53%	46.46%	39.29%	46.23%	61.51%	65.88%	71.86%	67.25%	53.07%	99.90%	48.79%
Earnings before Interest and Taxes (EBIT)	33	20	28	35	16	-17	-44	-35	47	-3.45	116
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	46	50	64	77	68	30	5.63	29	111	79	209
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.24	4.14	4.30	2.71	3.50	1.83	1.76	2.24	2.60	2.88	3.28
Price to Tangible Book Value (P/TBV)	5.65	0.00	0.00	0.00	25.87	99.44	49.46	20.77	5.76	0.00	0.00
Price to Revenue (P/Rev)	6.80	5.46	4.25	2.65	3.61	1.72	2.72	2.22	2.31	1.89	2.01
Price to Earnings (P/E)	33.75	178.61	0.00	34.45	122.36	0.00	0.00	0.00	65.69	0.00	22.98
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.96%	0.56%	0.00%	2.90%	0.82%	0.00%	0.00%	0.00%	1.52%	0.00%	4.35%
Enterprise Value to Invested Capital (EV/IC)	4.02	3.09	2.71	2.55	2.62	1.46	1.48	1.68	2.30	1.84	2.43
Enterprise Value to Revenue (EV/Rev)	6.26	6.19	5.21	2.78	4.21	2.57	3.70	3.04	2.52	2.70	2.37
Enterprise Value to EBITDA (EV/EBITDA)	10.28	16.04	14.40	7.29	12.83	17.89	142.06	33.13	11.12	21.14	10.05
Enterprise Value to EBIT (EV/EBIT)	14.59	39.79	32.46	16.13	53.90	0.00	0.00	0.00	26.25	0.00	18.09
Enterprise Value to NOPAT (EV/NOPAT)	20.65	87.44	0.00	20.55	27.53	0.00	0.00	0.00	27.68	4,061.24	23.07
Enterprise Value to Operating Cash Flow (EV/OCF)	27.67	28.97	23.38	8.37	19.05	35.15	240.67	0.00	10.33	25.93	11.32
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	3.80	0.00	0.00	0.00	0.00	15.02	0.00	16.23
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.71	0.71	1.15	0.36	0.87	0.95	0.80	0.85	0.65	1.46	1.14
Long-Term Debt to Equity	0.71	0.71	1.13	0.34	0.83	0.88	0.80	0.84	0.62	1.44	1.11
Financial Leverage	-0.35	0.14	0.74	0.51	0.34	0.71	0.64	0.60	0.39	0.62	0.82
Leverage Ratio	1.82	1.84	2.13	2.27	2.16	2.25	2.22	2.20	2.09	2.47	2.81
Compound Leverage Factor	1.21	0.80	1.23	1.30	0.42	3.53	2.82	3.98	0.89	15.90	2.32
Debt to Total Capital	41.47%	41.56%	53.55%	26.34%	46.61%	48.69%	44.48%	45.84%	39.43%	59.29%	53.30%
Short-Term Debt to Total Capital	0.00%	0.00%	0.89%	1.22%	2.49%	3.47%	0.13%	0.14%	1.74%	0.87%	1.51%
Long-Term Debt to Total Capital	41.47%	41.56%	52.66%	25.13%	44.11%	45.21%	44.35%	45.70%	37.70%	58.42%	51.80%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.85%	3.98%	3.29%	2.36%	0.00%
Common Equity to Total Capital	58.53%	58.44%	46.45%	73.66%	53.39%	51.31%	51.68%	50.19%	57.28%	38.35%	46.70%
Debt to EBITDA	2.44	2.43	3.15	0.92	2.74	6.19	51.06	9.88	2.70	7.95	2.96
Net Debt to EBITDA	-0.89	1.88	2.66	0.36	1.82	5.93	33.24	8.04	0.70	6.02	1.55
Long-Term Debt to EBITDA	2.44	2.43	3.10	0.87	2.59	5.75	50.91	9.85	2.58	7.83	2.87
Debt to NOPAT	4.90	13.25	-108.08	2.58	5.89	-16.56	-10.32	-11.60	6.71	1,526.71	6.79
Net Debt to NOPAT	-1.78	10.25	-91.37	1.01	3.91	-15.86	-6.72	-9.45	1.73	1,156.85	3.55
Long-Term Debt to NOPAT	4.90	13.25	-106.28	2.46	5.57	-15.38	-10.29	-11.57	6.42	1,504.21	6.60
Altman Z-Score	3.87	3.61	2.81	2.11	2.79	1.37	1.22	1.47	2.60	1.49	2.43
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.48%	7.13%	6.24%	5.61%	2.56%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	16.38	3.22	3.35	0.92	3.04	2.17	3.68	3.46	3.57	2.72	2.71
Quick Ratio	15.02	2.29	2.29	0.65	2.18	1.32	2.61	2.15	2.63	1.93	2.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-18	-130	-84	148	-80	-49	-200	-56	82	-367	129
Operating Cash Flow to CapEx	790.84%	601.66%	380.16%	1,167.93%	687.73%	248.85%	0.00%	-383.99%	1,341.44%	2,351.84%	1,338.81%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-49.09	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8.57	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8.21	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.28	0.42	0.48	0.48	0.47	0.45	0.35	0.41	0.58	0.56	0.65
Accounts Receivable Turnover	3.89	3.79	3.38	3.26	3.02	2.48	1.93	2.15	2.97	3.20	3.51
Inventory Turnover	1.21	2.47	2.47	1.87	1.42	1.60	1.41	1.48	1.68	0.00	2.44
Fixed Asset Turnover	12.36	14.19	11.26	6.89	5.25	5.10	4.60	6.60	11.08	12.11	14.80
Accounts Payable Turnover	5.38	17.88	22.52	11.67	5.38	6.74	5.88	5.31	5.50	0.00	6.31
Days Sales Outstanding (DSO)	93.80	96.24	108.03	111.93	121.02	147.00	189.41	169.57	122.78	114.01	103.88
Days Inventory Outstanding (DIO)	300.60	148.04	147.58	195.51	256.22	228.17	258.48	245.97	217.73	0.00	149.64
Days Payable Outstanding (DPO)	67.87	20.41	16.21	31.27	67.88	54.16	62.09	68.74	66.35	0.00	57.88
Cash Conversion Cycle (CCC)	326.53	223.87	239.40	276.17	309.37	321.00	385.80	346.80	274.16	114.01	195.64
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	119	258	340	220	331	369	541	572	534	901	863
Invested Capital Turnover	0.78	0.68	0.59	0.72	0.75	0.60	0.48	0.57	0.88	0.86	1.00
Increase / (Decrease) in Invested Capital	42	139	82	-120	111	37	172	31	-37	367	-38
Enterprise Value (EV)	478	796	921	561	869	537	800	961	1,229	1,660	2,096
Market Capitalization	519	703	751	534	746	359	588	703	1,127	1,162	1,774
Book Value per Share	$13.92	$14.64	$15.00	$16.64	$17.60	$15.84	$26.18	$17.96	$21.17	$19.20	$24.07
Tangible Book Value per Share	$7.99	($0.69)	($4.88)	($0.67)	$2.38	$0.29	$0.93	$1.94	$9.57	($9.42)	($0.06)
Total Capital	274	290	376	268	399	381	646	625	756	1,053	1,158
Total Debt	113	121	202	71	186	186	287	287	298	624	617
Total Long-Term Debt	113	121	198	67	176	172	287	286	285	615	600
Net Debt	-41	93	170	28	123	178	187	233	77	473	322
Capital Expenditures (CapEx)	2.18	4.57	10	5.74	6.64	6.14	-0.09	8.13	8.87	2.72	14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	26	44	65	-52	74	97	135	192	166	192	198
Debt-free Net Working Capital (DFNWC)	181	71	96	-9.42	136	105	235	246	387	343	492
Net Working Capital (NWC)	181	71	92	-13	126	92	234	245	374	334	475
Net Nonoperating Expense (NNE)	7.76	5.17	-0.79	12	25	11	15	23	26	19	13
Net Nonoperating Obligations (NNO)	-41	88	165	23	118	173	182	233	77	473	322
Total Depreciation and Amortization (D&A)	14	30	36	42	52	47	50	64	64	82	93
Debt-free, Cash-free Net Working Capital to Revenue	34.25%	33.97%	36.52%	-26.01%	35.65%	46.59%	62.36%	60.82%	34.17%	31.25%	22.38%
Debt-free Net Working Capital to Revenue	236.93%	55.25%	54.13%	-4.67%	65.83%	50.37%	108.77%	77.65%	79.59%	55.86%	55.75%
Net Working Capital to Revenue	236.93%	55.25%	52.24%	-6.29%	61.01%	44.01%	108.38%	77.38%	76.90%	54.36%	53.77%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.34	$0.34	($0.09)	$1.31	$0.51	($1.88)	($3.40)	($3.05)	$0.86	($1.04)	$3.50
Adjusted Weighted Average Basic Shares Outstanding	11.37M	11.45M	11.55M	11.68M	11.84M	11.96M	12.60M	16.26M	18.00M	19.32M	20.05M
Adjusted Diluted Earnings per Share	$1.32	$0.34	($0.09)	$1.30	$0.50	($1.88)	($3.40)	($3.05)	$0.85	($1.04)	$3.32
Adjusted Weighted Average Diluted Shares Outstanding	11.56M	11.57M	11.55M	11.77M	12.04M	11.96M	12.60M	16.26M	18.19M	19.32M	21.23M
Adjusted Basic & Diluted Earnings per Share	$1.34	$0.00	$0.00	$0.00	$0.51	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	11.46M	11.60M	11.66M	11.86M	12.11M	12.37M	17.27M	17.50M	21.08M	21.77M	22.42M
Normalized Net Operating Profit after Tax (NOPAT)	23	19	20	27	11	-11	-20	-18	47	1.55	66
Normalized NOPAT Margin	30.31%	14.57%	11.57%	13.55%	5.57%	-5.23%	-9.12%	-5.72%	9.61%	0.25%	7.52%
Pre Tax Income Margin	28.48%	6.75%	9.25%	9.95%	1.53%	-12.45%	-25.94%	-19.81%	4.08%	-3.62%	10.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.46	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.05	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.83	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.31	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.45%	-3.39%	8.65%	-8.77%	1.48%
Augmented Payout Ratio	0.00%	63.55%	0.00%	0.00%	16.92%	-6.75%	-2.54%	-7.48%	35.21%	-67.94%	17.06%

This table displays calculated financial ratios and metrics derived from ANI Pharmaceuticals' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	57.81%	57.27%	39.71%	28.70%	18.44%	12.52%	44.75%	43.43%	53.12%	53.58%	29.64%
EBITDA Growth	830.44%	199.60%	24.48%	75.05%	-38.76%	-107.64%	-15.74%	8.86%	130.65%	2,459.90%	130.34%
EBIT Growth	201.65%	461.21%	276.43%	203.57%	-80.82%	-221.16%	-309.98%	-14.91%	573.83%	277.55%	563.28%
NOPAT Growth	263.24%	543.26%	543.90%	121.95%	-75.48%	-192.68%	-137.36%	40.79%	211.86%	298.69%	1,090.71%
Net Income Growth	141.85%	215.58%	127.22%	1,165.25%	-136.62%	-343.12%	-989.70%	-13.87%	473.81%	210.14%	367.52%
EPS Growth	130.85%	181.82%	117.24%	1,266.67%	-148.28%	-382.22%	-1,000.00%	-15.85%	357.14%	188.98%	353.33%
Operating Cash Flow Growth	279.61%	787.91%	1,116.82%	-14.73%	-15.57%	-61.22%	-64.55%	91.53%	335.35%	253.17%	91.47%
Free Cash Flow Firm Growth	93.10%	103.20%	253.37%	410.18%	598.54%	-5,726.90%	-911.35%	-616.24%	-585.08%	122.47%	118.55%
Invested Capital Growth	5.11%	1.66%	-6.54%	-9.70%	-11.00%	58.22%	68.68%	73.77%	65.52%	-5.47%	-4.25%
Revenue Q/Q Growth	9.14%	13.11%	-0.13%	4.39%	0.44%	7.46%	28.48%	3.44%	7.23%	7.78%	8.45%
EBITDA Q/Q Growth	9.70%	21.72%	-33.05%	95.82%	-61.63%	-115.18%	838.45%	152.99%	-18.69%	55.36%	-4.30%
EBIT Q/Q Growth	25.23%	45.02%	-62.63%	347.26%	-92.09%	-1,015.96%	35.23%	281.24%	-37.33%	141.35%	-6.84%
NOPAT Q/Q Growth	124.35%	5.04%	-47.07%	77.94%	-75.21%	-496.96%	78.66%	770.59%	-45.09%	152.91%	6.39%
Net Income Q/Q Growth	333.98%	59.17%	-88.38%	1,476.36%	-112.56%	-956.67%	57.48%	252.60%	-45.48%	211.35%	3.28%
EPS Q/Q Growth	383.33%	55.17%	-88.89%	1,540.00%	-117.07%	-807.14%	64.57%	253.33%	-47.83%	213.89%	0.89%
Operating Cash Flow Q/Q Growth	-3.72%	55.96%	39.08%	-59.17%	-4.68%	-28.37%	27.14%	120.62%	116.66%	-41.89%	-31.07%
Free Cash Flow Firm Q/Q Growth	40.50%	145.31%	639.61%	55.56%	-4.37%	-611.40%	-6.65%	1.02%	10.14%	123.69%	-11.98%
Invested Capital Q/Q Growth	0.53%	-2.13%	-6.48%	-1.87%	-0.91%	73.99%	-0.30%	1.09%	-5.62%	-0.63%	0.99%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.72%	63.51%	59.42%	64.23%	58.20%	57.48%	189.17%	62.95%	64.70%	59.01%	59.42%
EBITDA Margin	24.05%	25.88%	17.35%	32.54%	12.43%	-1.76%	10.10%	24.70%	18.73%	27.00%	23.82%
Operating Margin	10.64%	13.61%	5.11%	14.78%	3.74%	-13.83%	-2.30%	13.29%	6.57%	15.91%	14.07%
EBIT Margin	10.60%	13.59%	5.08%	21.78%	1.72%	-14.63%	-7.37%	12.92%	7.55%	16.91%	14.53%
Profit (Net Income) Margin	5.36%	7.54%	0.88%	13.25%	-1.66%	-16.29%	-5.39%	7.96%	4.04%	11.68%	11.13%
Tax Burden Percent	118.98%	86.35%	121.96%	71.87%	100.00%	76.72%	74.67%	78.46%	81.23%	78.75%	87.33%
Interest Burden Percent	42.51%	64.27%	14.15%	84.63%	-96.54%	145.16%	97.92%	78.47%	65.93%	87.73%	87.71%
Effective Tax Rate	-18.98%	13.65%	-21.96%	28.14%	0.00%	0.00%	0.00%	21.54%	18.77%	21.25%	12.67%
Return on Invested Capital (ROIC)	8.92%	9.32%	5.48%	9.95%	2.56%	-7.29%	-1.38%	9.79%	5.78%	11.78%	12.30%
ROIC Less NNEP Spread (ROIC-NNEP)	4.29%	6.07%	0.94%	12.44%	-3.71%	-10.61%	-4.00%	7.90%	4.53%	11.31%	11.58%
Return on Net Nonoperating Assets (RNNOA)	2.05%	2.63%	0.37%	4.40%	-0.76%	-7.07%	-2.48%	4.42%	2.11%	9.93%	9.50%
Return on Equity (ROE)	10.97%	11.95%	5.85%	14.35%	1.80%	-14.36%	-3.86%	14.21%	7.89%	21.71%	21.81%
Cash Return on Invested Capital (CROIC)	-2.63%	5.88%	14.79%	18.78%	18.56%	-43.98%	-51.07%	-53.26%	-47.81%	12.19%	14.64%
Operating Return on Assets (OROA)	5.28%	7.50%	2.97%	13.42%	1.04%	-7.46%	-4.14%	7.89%	4.99%	10.38%	9.42%
Return on Assets (ROA)	2.67%	4.16%	0.51%	8.16%	-1.00%	-8.31%	-3.03%	4.86%	2.67%	7.17%	7.21%
Return on Common Equity (ROCE)	10.26%	11.20%	5.48%	13.48%	1.70%	-13.56%	-3.64%	13.45%	7.47%	21.13%	21.25%
Return on Equity Simple (ROE_SIMPLE)	-1.26%	3.11%	0.00%	7.87%	5.93%	-1.75%	0.00%	-5.03%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	15	15	8.20	15	3.62	-14	-3.06	21	11	29	30
NOPAT Margin	12.66%	11.76%	6.23%	10.62%	2.62%	-9.68%	-1.61%	10.43%	5.34%	12.53%	12.29%
Net Nonoperating Expense Percent (NNEP)	4.63%	3.25%	4.55%	-2.50%	6.27%	3.32%	2.62%	1.89%	1.25%	0.47%	0.72%
Return On Investment Capital (ROIC_SIMPLE)	-	-	1.12%	-	-	-	-0.30%	1.97%	1.07%	2.53%	2.62%
Cost of Revenue to Revenue	36.28%	36.49%	40.58%	35.77%	41.80%	42.52%	-89.17%	37.05%	35.30%	40.99%	40.58%
SG&A Expenses to Revenue	33.26%	31.86%	33.77%	34.94%	38.27%	53.31%	36.58%	38.82%	38.69%	33.65%	33.51%
R&D to Revenue	6.33%	8.44%	7.49%	7.65%	5.29%	6.83%	8.73%	5.36%	7.82%	5.40%	4.96%
Operating Expenses to Revenue	53.08%	49.90%	54.32%	49.45%	54.46%	71.31%	191.46%	49.66%	58.13%	43.10%	45.34%
Earnings before Interest and Taxes (EBIT)	12	18	6.69	30	2.37	-22	-14	25	16	39	36
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	28	34	23	45	17	-2.61	19	49	40	61	59
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.36	2.74	2.60	3.22	2.93	3.09	2.88	3.48	3.24	3.93	3.28
Price to Tangible Book Value (P/TBV)	6.40	6.48	5.76	6.40	5.46	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.41	2.62	2.31	2.82	2.48	2.26	1.89	2.16	1.89	2.40	2.01
Price to Earnings (P/E)	0.00	100.22	65.69	42.96	52.60	0.00	0.00	0.00	0.00	50.96	22.98
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	1.00%	1.52%	2.33%	1.90%	0.00%	0.00%	0.00%	0.00%	1.96%	4.35%
Enterprise Value to Invested Capital (EV/IC)	1.96	2.31	2.30	2.92	2.69	1.94	1.84	2.14	2.14	2.73	2.43
Enterprise Value to Revenue (EV/Rev)	2.84	2.94	2.52	2.96	2.60	3.16	2.70	2.89	2.46	2.83	2.37
Enterprise Value to EBITDA (EV/EBITDA)	13.71	12.45	11.12	11.79	11.78	21.35	21.14	23.65	17.51	13.82	10.05
Enterprise Value to EBIT (EV/EBIT)	60.00	31.50	26.25	22.87	24.59	101.37	0.00	0.00	323.32	35.45	18.09
Enterprise Value to NOPAT (EV/NOPAT)	85.30	30.94	27.68	32.27	36.67	214.32	4,061.24	430.92	172.76	40.46	23.07
Enterprise Value to Operating Cash Flow (EV/OCF)	27.66	18.90	10.33	13.21	12.43	18.88	25.93	24.16	13.20	13.69	11.32
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	39.61	15.02	14.74	13.67	0.00	0.00	0.00	0.00	21.80	16.23
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.72	0.68	0.65	0.60	0.60	1.45	1.46	1.40	1.35	1.23	1.14
Long-Term Debt to Equity	0.66	0.63	0.62	0.60	0.59	1.44	1.44	1.38	1.32	1.20	1.11
Financial Leverage	0.48	0.43	0.39	0.35	0.21	0.67	0.62	0.56	0.46	0.88	0.82
Leverage Ratio	2.09	2.06	2.09	2.06	1.95	2.46	2.47	2.40	2.40	2.88	2.81
Compound Leverage Factor	0.89	1.32	0.30	1.74	-1.88	3.57	2.42	1.88	1.58	2.52	2.47
Debt to Total Capital	41.73%	40.52%	39.43%	37.48%	37.31%	59.26%	59.29%	58.42%	57.40%	55.09%	53.30%
Short-Term Debt to Total Capital	3.47%	3.24%	1.74%	0.17%	0.22%	0.80%	0.87%	1.07%	1.26%	1.36%	1.51%
Long-Term Debt to Total Capital	38.26%	37.28%	37.70%	37.32%	37.09%	58.46%	58.42%	57.35%	56.14%	53.73%	51.80%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.33%	3.25%	3.29%	3.26%	3.24%	2.35%	2.36%	2.33%	2.29%	0.00%	0.00%
Common Equity to Total Capital	54.94%	56.23%	57.28%	59.26%	59.44%	38.39%	38.35%	39.25%	40.30%	44.91%	46.70%
Debt to EBITDA	3.73	2.92	2.70	2.20	2.41	7.63	7.95	7.55	5.93	3.67	2.96
Net Debt to EBITDA	1.79	1.10	0.70	0.37	0.33	5.76	6.02	5.67	3.80	2.06	1.55
Long-Term Debt to EBITDA	3.42	2.69	2.58	2.19	2.39	7.53	7.83	7.41	5.80	3.58	2.87
Debt to NOPAT	23.24	7.26	6.71	6.03	7.50	76.59	1,526.71	137.65	58.51	10.74	6.79
Net Debt to NOPAT	11.16	2.74	1.73	1.00	1.02	57.85	1,156.85	103.36	37.48	6.04	3.55
Long-Term Debt to NOPAT	21.31	6.68	6.42	6.01	7.45	75.56	1,504.21	135.13	57.22	10.48	6.60
Altman Z-Score	2.20	2.56	2.45	3.11	2.86	1.47	1.46	1.84	1.80	2.31	2.25
Noncontrolling Interest Sharing Ratio	6.44%	6.28%	6.24%	6.09%	5.43%	5.61%	5.61%	5.40%	5.27%	2.65%	2.56%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.74	3.70	3.57	3.95	3.97	2.74	2.72	2.66	2.54	2.58	2.71
Quick Ratio	2.72	2.77	2.63	3.00	2.95	1.84	1.93	1.86	1.90	1.94	2.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-14	6.17	46	71	68	-347	-370	-366	-329	78	69
Operating Cash Flow to CapEx	824.71%	1,849.86%	1,963.14%	0.00%	391.41%	259.23%	662.49%	1,414.35%	1,888.69%	721.86%	2,441.08%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	-46.47	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	1.67	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	1.03	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.50	0.55	0.58	0.62	0.61	0.51	0.56	0.61	0.66	0.61	0.65
Accounts Receivable Turnover	2.48	2.82	2.97	2.98	3.18	2.96	3.20	3.43	3.82	3.68	3.51
Inventory Turnover	1.52	1.62	1.68	1.77	1.81	1.75	0.00	0.19	0.31	0.48	2.44
Fixed Asset Turnover	9.11	10.33	11.08	11.27	11.23	11.01	12.11	12.63	13.48	13.75	14.80
Accounts Payable Turnover	5.32	6.20	5.50	4.70	5.40	4.70	0.00	0.47	0.79	1.09	6.31
Days Sales Outstanding (DSO)	147.01	129.66	122.78	122.43	114.80	123.28	114.01	106.34	95.66	99.09	103.88
Days Inventory Outstanding (DIO)	240.79	224.75	217.73	205.70	201.24	208.06	0.00	1,920.11	1,179.91	755.85	149.64
Days Payable Outstanding (DPO)	68.67	58.90	66.35	77.66	67.60	77.60	0.00	783.25	461.88	335.39	57.88
Cash Conversion Cycle (CCC)	319.13	295.50	274.16	250.46	248.43	253.74	114.01	1,243.19	813.69	519.55	195.64
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	584	571	534	524	520	904	901	911	860	855	863
Invested Capital Turnover	0.70	0.79	0.88	0.94	0.98	0.75	0.86	0.94	1.08	0.94	1.00
Increase / (Decrease) in Invested Capital	28	9.33	-37	-56	-64	333	367	387	340	-49	-38
Enterprise Value (EV)	1,142	1,320	1,229	1,530	1,399	1,753	1,660	1,950	1,837	2,337	2,096
Market Capitalization	968	1,178	1,127	1,457	1,336	1,255	1,162	1,458	1,413	1,988	1,774
Book Value per Share	$22.79	$21.18	$21.17	$21.44	$21.73	$19.29	$19.20	$19.23	$20.16	$23.31	$24.07
Tangible Book Value per Share	$8.41	$8.96	$9.57	$10.80	$11.66	($10.66)	($9.42)	($8.29)	($6.65)	($2.60)	($0.06)
Total Capital	746	765	756	763	767	1,057	1,053	1,067	1,084	1,126	1,158
Total Debt	311	310	298	286	286	627	624	623	622	620	617
Total Long-Term Debt	285	285	285	285	284	618	615	612	608	605	600
Net Debt	149	117	77	48	39	473	473	468	398	349	322
Capital Expenditures (CapEx)	2.50	1.74	2.28	-8.93	4.45	4.81	2.39	2.47	4.01	6.10	1.24
Debt-free, Cash-free Net Working Capital (DFCFNWC)	201	195	166	167	170	186	192	191	156	172	198
Debt-free Net Working Capital (DFNWC)	362	388	387	405	417	340	343	346	379	443	492
Net Working Capital (NWC)	336	363	374	404	415	331	334	334	366	428	475
Net Nonoperating Expense (NNE)	8.51	5.56	7.05	-3.61	5.91	9.80	7.21	4.87	2.73	1.92	2.87
Net Nonoperating Obligations (NNO)	149	117	77	48	39	473	473	468	398	349	322
Total Depreciation and Amortization (D&A)	16	16	16	15	15	19	33	23	24	23	23
Debt-free, Cash-free Net Working Capital to Revenue	49.98%	43.30%	34.17%	32.21%	31.56%	33.57%	31.25%	28.29%	20.86%	20.76%	22.38%
Debt-free Net Working Capital to Revenue	90.27%	86.26%	79.59%	78.25%	77.40%	61.17%	55.86%	51.31%	50.78%	53.59%	55.75%
Net Working Capital to Revenue	83.82%	80.75%	76.90%	78.01%	77.09%	59.66%	54.36%	49.62%	48.94%	51.74%	53.77%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.30	$0.46	$0.04	$0.84	($0.14)	($1.27)	($0.47)	$0.70	$0.37	$1.19	$1.24
Adjusted Weighted Average Basic Shares Outstanding	17.69M	18.88M	18.00M	19.10M	19.32M	19.40M	19.32M	19.61M	19.83M	20.07M	20.05M
Adjusted Diluted Earnings per Share	$0.29	$0.45	$0.05	$0.82	($0.14)	($1.27)	($0.45)	$0.69	$0.36	$1.13	$1.14
Adjusted Weighted Average Diluted Shares Outstanding	17.86M	19.13M	18.19M	19.42M	19.32M	19.40M	19.32M	20.05M	20.31M	21.09M	21.23M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	20.29M	20.44M	21.08M	20.97M	21.04M	21.03M	21.77M	21.66M	21.70M	22.47M	22.42M
Normalized Net Operating Profit after Tax (NOPAT)	9.41	13	6.10	11	3.87	-14	-4.39	11	12	18	25
Normalized NOPAT Margin	8.07%	10.08%	4.63%	7.87%	2.80%	-9.29%	-2.30%	5.61%	5.83%	7.89%	10.30%
Pre Tax Income Margin	4.50%	8.73%	0.72%	18.43%	-1.66%	-21.23%	-7.22%	10.14%	4.98%	14.84%	12.74%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	-2.91	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	-1.92	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-3.55	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-2.57	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-31.52%	12.15%	8.65%	4.57%	6.02%	-22.92%	-8.77%	-7.72%	-15.91%	3.85%	1.48%
Augmented Payout Ratio	-117.66%	48.58%	35.21%	32.98%	46.22%	-176.24%	-67.94%	-66.16%	-129.03%	33.22%	17.06%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways for ANI Pharmaceuticals (ANIP) based on quarterly results from the last four years. The bullets highlight trends in revenue, profitability, cash flow, liquidity, and leverage that could matter to retail investors.

Strong revenue growth with stable margins. Total revenue rose to 247,060,000 in Q4 2025 from 190,574,000 in Q4 2024, while gross margin remained around 59–60% (146,791,000 gross profit on 247,060,000 revenue in Q4 2025).
Net income improved to positive levels in 2025. Net income attributable to common shareholders reached 27,490,000 in Q4 2025 (26,273,000 in Q3 2025), signaling a material profitability upturn vs prior years.
Robust quarterly operating cash flow and solid cash conversion. Net cash from continuing operating activities was 30,367,000 in Q4 2025, contributing to a positive net change in cash of 22,975,000 for the quarter.
Free cash flow remains healthy. After roughly 1,244,000 of capital expenditures in Q4 2025, free cash flow was about 29,100,000 (roughly operating cash flow minus capex).
Strong liquidity and an solid balance sheet base. Cash and cash equivalents were 262,610,000 at Q3 2025, with total assets around 1.408B and total equity about 506M, indicating solid liquidity and a durable capital base.
Solid earnings per share in latest quarter. Q4 2025 basic EPS was 1.24 and diluted EPS was 1.14, supported by roughly 20.0–21.0 million weighted shares outstanding.
Intangible assets form a large part of the asset base. Intangible assets were about 499.8M as of late 2025, with depreciation expense of 22.613M in Q4 2025, reflecting ongoing IP investments and amortization cash outflows.
Working capital movements are normal for pharma manufacturing. Changes in operating assets and liabilities in Q4 2025 net to about -30.118M, typical for a business with inventories and receivables fluctuating with launches and timing of shipments.
Leverage remains a key risk. Long-term debt around 605–608M and total liabilities near 902M (as of mid-2025) keep the company highly levered and sensitive to interest costs or financing conditions.
Notable one-time charges in some quarters. Q4 2025 included Other Special Charges / (Income) of about -5.64M, which reduced operating income despite strong revenue and net income in that quarter.

05/10/26 12:06 AM ETAI Generated. May Contain Errors.

ANI Pharmaceuticals Financials - Frequently Asked Questions

According to the most recent income statement we have on file, ANI Pharmaceuticals' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

ANI Pharmaceuticals' net income appears to be on an upward trend, with a most recent value of $78.34 million in 2025, rising from $15.38 million in 2015. The previous period was -$18.52 million in 2024. Check out ANI Pharmaceuticals' forecast to explore projected trends and price targets.

ANI Pharmaceuticals' total operating income in 2025 was $111.09 million, based on the following breakdown:

Total Gross Profit: $542.06 million
Total Operating Expenses: $430.96 million

Over the last 10 years, ANI Pharmaceuticals' total revenue changed from $76.32 million in 2015 to $883.37 million in 2025, a change of 1,057.4%.

ANI Pharmaceuticals' total liabilities were at $899.65 million at the end of 2025, a 5.1% increase from 2024, and a 618.7% increase since 2015.

In the past 10 years, ANI Pharmaceuticals' cash and equivalents has ranged from $7.86 million in 2020 to $285.59 million in 2025, and is currently $285.59 million as of their latest financial filing in 2025.

Over the last 10 years, ANI Pharmaceuticals' book value per share changed from 13.92 in 2015 to 24.07 in 2025, a change of 72.9%.

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Financial statements for NASDAQ:ANIP last updated on 3/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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ANI Pharmaceuticals (ANIP) Financials

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