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Eton Pharmaceuticals (ETON) Financials

Eton Pharmaceuticals logo
$55.21 +0.46 (+0.84%)
Closing price 10/9/2026 04:00 PM Eastern
Extended Trading
$55.90 +0.69 (+1.24%)
As of 10/9/2026 07:50 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Annual Income Statements for Eton Pharmaceuticals

Annual Income Statements for Eton Pharmaceuticals

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

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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
-37 -18 -28 -1.96 -9.02 -0.94 -3.82 -4.60
Consolidated Net Income / (Loss)
-13 -18 -28 -1.96 -9.02 -0.94 -3.82 -4.60
Net Income / (Loss) Continuing Operations
-13 -18 -28 -1.96 -9.02 -0.94 -3.82 -4.60
Total Pre-Tax Income
-13 -18 -28 -1.96 -9.02 -0.69 -3.81 -4.56
Total Operating Income
-10 -19 -27 -1.50 -8.26 -1.19 -2.60 -0.84
Total Gross Profit
0.00 0.51 -0.40 19 14 21 23 43
Total Revenue
0.00 0.96 0.04 22 21 32 39 80
Operating Revenue
0.00 0.96 0.04 22 21 32 39 80
Total Cost of Revenue
0.00 0.45 0.44 2.83 6.93 11 16 37
Operating Cost of Revenue
0.00 0.45 0.44 2.83 6.93 11 16 37
Total Operating Expenses
10 19 27 21 23 22 26 44
Selling, General & Admin Expense
4.69 7.55 13 14 19 19 23 36
Research & Development Expense
5.63 12 14 6.24 4.00 3.32 3.26 7.77
Total Other Income / (Expense), net
-2.42 0.28 -0.86 -0.46 -0.76 0.50 -1.21 -3.71
Other Income / (Expense), net
-2.42 0.28 -0.86 -0.83 -0.76 0.50 -1.21 -3.71
Income Tax Expense
0.00 0.00 0.00 0.00 0.00 0.25 0.02 0.04
Basic Earnings per Share
($5.80) ($1.03) ($1.33) ($0.08) ($0.36) ($0.04) ($0.15) ($0.17)
Weighted Average Basic Shares Outstanding
6.42M 17.76M 21.01M 25.21M 25.15M 25.65M 25.90M 26.91M
Weighted Average Diluted Shares Outstanding
6.42M 17.76M 21.01M 25.21M 25.46M 25.69M 26.82M 27.28M
Weighted Average Basic & Diluted Shares Outstanding
6.42M 17.76M 21.01M 25.21M 25.46M 25.69M 26.82M 27.28M

Quarterly Income Statements for Eton Pharmaceuticals

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders
-2.26 -0.81 -3.04 0.63 -0.60 -1.57 -2.59 -1.93 1.48 1.55 12
Consolidated Net Income / (Loss)
-2.26 -0.81 -3.04 0.63 -0.60 -1.57 -2.59 -1.93 1.48 1.55 12
Net Income / (Loss) Continuing Operations
-2.26 -0.81 -3.04 0.63 -0.60 -1.57 -2.59 -1.93 1.48 1.55 12
Total Pre-Tax Income
-2.01 -0.81 -2.99 0.50 -0.51 -1.50 -2.52 -1.96 1.41 1.57 12
Total Operating Income
-1.99 -0.80 -2.94 0.51 0.63 -0.47 -1.48 -1.36 2.46 2.41 13
Total Gross Profit
3.63 5.01 5.63 6.30 6.48 9.86 12 7.86 13 15 25
Total Revenue
7.31 7.97 9.07 10 12 17 19 22 21 24 38
Operating Revenue
7.31 7.97 9.07 10 12 17 19 22 21 24 38
Total Cost of Revenue
3.68 2.96 3.45 4.02 5.17 7.42 7.00 15 8.18 9.53 12
Operating Cost of Revenue
3.68 2.96 3.45 4.02 5.17 7.42 7.00 15 8.18 9.53 12
Total Operating Expenses
5.62 5.81 8.56 5.79 5.85 10 13 9.22 11 12 13
Selling, General & Admin Expense
4.58 5.16 5.59 5.29 6.72 9.17 9.69 8.11 8.86 10 12
Research & Development Expense
1.05 0.65 2.97 0.51 -0.87 1.16 3.71 1.11 1.78 1.88 0.99
Total Other Income / (Expense), net
-0.02 -0.01 -0.05 -0.01 -1.14 -1.03 -1.04 -0.59 -1.05 -0.84 -1.08
Interest & Investment Income
- -0.01 -0.05 -0.01 - -1.03 -1.04 -0.59 - -0.84 -1.08
Income Tax Expense
0.25 0.00 0.05 -0.13 0.09 0.07 0.07 -0.03 -0.07 0.02 0.14
Basic Earnings per Share
($0.10) ($0.03) ($0.12) $0.02 ($0.02) ($0.06) ($0.10) ($0.07) $0.06 $0.06 $0.42
Weighted Average Basic Shares Outstanding
25.65M 25.76M 25.78M 25.90M 25.90M 26.89M 26.89M 26.89M 26.91M 27.29M 27.64M
Diluted Earnings per Share
- - - $0.02 - ($0.06) ($0.10) ($0.07) - $0.05 $0.35
Weighted Average Diluted Shares Outstanding
25.69M 25.69M 25.84M 26.55M 26.82M 26.89M 26.89M 26.89M 27.28M 31.55M 32.79M
Weighted Average Basic & Diluted Shares Outstanding
25.69M 25.69M 25.84M 25.84M 26.82M 26.82M 26.82M 26.82M 27.28M 27.39M 28.58M

Annual Cash Flow Statements for Eton Pharmaceuticals

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

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 -15 9.23 -6.89 1.90 5.08 -6.45 11
Net Cash From Operating Activities
-8.15 -18 -22 -4.72 4.82 6.82 0.97 11
Net Cash From Continuing Operating Activities
-8.15 -18 -22 -4.72 4.82 6.82 0.97 11
Net Income / (Loss) Continuing Operations
-13 -18 -28 -1.96 -9.02 -0.94 -3.82 -4.60
Consolidated Net Income / (Loss)
-13 -18 -28 -1.96 -9.02 -0.94 -3.82 -4.60
Depreciation Expense
0.06 0.45 0.65 0.46 1.77 0.90 1.15 4.04
Amortization Expense
0.00 0.02 0.12 0.15 0.13 0.12 1.11 0.70
Non-Cash Adjustments To Reconcile Net Income
4.43 1.89 3.84 2.84 5.05 6.04 7.00 14
Changes in Operating Assets and Liabilities, net
0.10 -2.06 1.01 -6.21 6.89 0.70 -4.47 -3.31
Net Cash From Investing Activities
-0.24 -1.85 -0.05 -2.56 -2.79 -0.78 -40 -0.33
Net Cash From Continuing Investing Activities
-0.24 -1.85 -0.05 -2.56 -2.79 -0.78 -40 -0.33
Purchase of Property, Plant & Equipment
-0.24 -1.10 -0.05 -0.01 -0.04 0.00 -0.03 -0.33
Acquisitions
0.00 -0.75 0.00 -3.25 -2.75 -0.78 -40 0.00
Net Cash From Financing Activities
22 5.20 32 0.39 -0.13 -0.96 33 0.82
Net Cash From Continuing Financing Activities
22 5.20 32 0.39 -0.13 -0.96 33 0.82
Repayment of Debt
- 0.00 0.00 -0.15 -0.39 -1.16 -1.16 0.00
Issuance of Debt
0.00 4.75 2.48 - 0.00 0.00 25 0.00
Issuance of Common Equity
23 0.00 29 - 0.17 0.23 7.25 0.22
Other Financing Activities, net
0.00 0.45 0.37 0.54 0.08 -0.03 1.19 0.60
Cash Interest Paid
0.00 0.00 0.80 0.82 0.73 0.84 0.67 3.33
Cash Income Taxes Paid
0.00 0.00 0.00 0.00 0.00 0.25 0.08 0.12

Quarterly Cash Flow Statements for Eton Pharmaceuticals

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 3/31/2026 6/30/2026
Net Change in Cash & Equivalents
-0.68 -4.73 1.04 2.57 -5.33 2.48 7.96 12 -11 -6.28 7.18
Net Cash From Operating Activities
0.39 -2.47 1.26 2.95 -0.77 2.09 7.96 12 -12 7.41 7.26
Net Cash From Continuing Operating Activities
0.32 -2.47 1.26 2.95 -0.77 2.09 7.96 12 -12 7.40 7.26
Net Income / (Loss) Continuing Operations
-2.26 -0.81 -3.04 0.63 -0.60 -1.57 -2.59 -1.93 1.48 1.55 12
Consolidated Net Income / (Loss)
-2.26 -0.81 -3.04 0.63 -0.60 -1.57 -2.59 -1.93 1.48 1.55 12
Depreciation Expense
0.33 0.23 0.26 0.28 0.36 1.01 1.01 1.01 1.02 1.13 1.39
Amortization Expense
0.03 0.03 0.02 0.02 1.04 0.29 0.05 0.18 0.18 0.12 0.16
Non-Cash Adjustments To Reconcile Net Income
1.18 1.46 0.88 5.16 -0.38 8.54 6.60 4.23 -5.57 3.93 2.34
Changes in Operating Assets and Liabilities, net
1.05 -3.38 3.14 -3.13 -1.18 -6.19 2.89 8.54 -8.66 0.67 -8.20
Net Cash From Investing Activities
-0.78 -1.88 - - -38 0.00 - -0.28 -0.05 -15 0.01
Net Cash From Continuing Investing Activities
-0.78 -1.88 - - -38 0.00 - -0.28 -0.05 -15 0.01
Purchase of Property, Plant & Equipment
- -0.01 - - -0.01 0.00 - -0.28 -0.05 -0.08 0.01
Net Cash From Financing Activities
-0.29 -0.38 -0.22 -0.39 34 0.39 - - 0.42 1.39 -0.08
Net Cash From Continuing Financing Activities
-0.29 -0.38 -0.22 -0.39 34 0.39 - - 0.42 1.39 -0.08
Issuance of Common Equity
- - - - - 0.39 - - -0.18 1.39 -1.12
Cash Interest Paid
0.20 0.19 0.17 0.16 0.14 0.64 0.21 1.54 0.93 0.88 0.82
Cash Income Taxes Paid
0.25 0.00 - 0.18 -0.10 0.01 0.08 0.03 0.00 0.04 0.05

Annual Balance Sheets for Eton Pharmaceuticals

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

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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
13 28 17 26 27 25 32 76 92
Total Current Assets
13 28 15 25 24 20 27 41 61
Cash & Equivalents
13 27 12 21 14 16 21 15 26
Accounts Receivable
- 0.00 0.47 0.05 5.47 1.85 3.41 5.36 12
Inventories, net
- 0.00 0.38 1.24 0.55 0.56 0.91 15 15
Prepaid Expenses
0.14 0.77 2.09 2.12 3.18 1.29 1.13 5.49 7.46
Plant, Property, & Equipment, net
0.12 0.77 1.12 0.81 0.12 0.07 0.06 0.03 0.33
Total Noncurrent Assets
0.03 0.05 0.95 0.81 3.75 4.95 4.84 35 31
Intangible Assets
- 0.00 0.73 0.58 3.62 4.75 4.74 35 31
Other Noncurrent Operating Assets
0.03 0.05 0.22 0.23 0.13 0.20 0.10 0.19 0.33
Total Liabilities & Shareholders' Equity
13 28 17 26 27 25 32 76 92
Total Liabilities
1.31 2.02 6.52 11 9.84 12 16 52 66
Total Current Liabilities
0.79 2.02 1.96 3.79 4.56 6.46 16 20 38
Short-Term Debt
- - 0.00 0.00 1.42 1.03 5.38 0.00 8.79
Accounts Payable
0.54 1.42 0.58 2.34 1.77 1.77 1.85 4.17 11
Accrued Expenses
0.25 0.60 1.39 1.17 1.37 3.66 9.01 16 19
Total Noncurrent Liabilities
0.52 0.00 4.56 6.86 5.28 5.49 0.02 32 27
Long-Term Debt
- 0.00 4.54 6.76 5.26 5.38 0.00 30 22
Other Noncurrent Operating Liabilities
0.52 0.00 0.02 0.10 0.02 0.11 0.02 1.94 5.70
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
-6.87 26 11 16 18 13 15 24 26
Total Preferred & Common Equity
-6.87 26 11 16 18 13 15 24 26
Total Common Equity
-6.87 26 11 16 18 13 15 24 26
Common Stock
1.77 72 75 108 112 116 120 132 139
Retained Earnings
-8.64 -46 -64 -92 -94 -103 -104 -108 -112

Quarterly Balance Sheets for Eton Pharmaceuticals

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

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 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 3/31/2026 6/30/2026
Total Assets
24 31 32 31 32 36 84 102 105 98 116
Total Current Assets
19 26 27 24 25 30 50 68 72 53 69
Cash & Equivalents
15 22 22 17 18 20 17 25 37 20 27
Accounts Receivable
2.87 3.08 3.50 4.24 4.87 5.59 16 14 13 13 25
Inventories, net
0.44 0.82 1.05 2.32 2.07 1.94 14 24 17 14 10
Prepaid Expenses
1.10 0.87 0.54 1.05 0.80 1.96 2.52 4.82 4.94 5.71 6.73
Plant, Property, & Equipment, net
0.06 0.05 0.04 0.06 0.05 0.03 0.02 0.02 0.29 0.37 0.35
Total Noncurrent Assets
4.75 4.55 4.33 6.47 6.34 6.06 34 33 32 44 47
Intangible Assets
4.57 4.39 4.21 6.39 6.12 5.85 34 33 32 44 46
Other Noncurrent Operating Assets
0.18 0.16 0.12 0.09 0.22 0.21 0.17 0.34 0.34 0.36 1.18
Total Liabilities & Shareholders' Equity
24 31 32 31 32 36 84 102 105 98 116
Total Liabilities
13 14 15 15 18 20 60 78 81 67 69
Total Current Liabilities
7.49 9.59 10 15 18 20 25 39 44 44 45
Short-Term Debt
1.34 1.54 1.54 5.02 4.66 4.13 - 2.77 2.78 12 8.83
Accounts Payable
1.23 2.30 1.71 2.26 2.13 2.68 4.87 12 14 13 14
Accrued Expenses
4.92 5.75 7.14 8.02 11 13 20 24 27 19 22
Total Noncurrent Liabilities
5.19 4.62 4.24 0.00 0.15 0.13 34 39 37 23 24
Long-Term Debt
5.11 4.55 4.20 - - - 30 27 28 19 19
Other Noncurrent Operating Liabilities
0.09 0.07 0.04 0.00 0.15 0.13 4.24 12 9.61 3.98 5.02
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
11 17 17 15 13 16 24 24 23 31 47
Total Preferred & Common Equity
11 17 17 15 13 16 24 24 23 31 47
Total Common Equity
11 17 17 15 13 16 24 24 23 31 47
Common Stock
117 118 119 120 121 123 134 136 137 142 146
Retained Earnings
-106 -101 -102 -105 -108 -107 -109 -112 -114 -111 -99

Annual Metrics And Ratios for Eton Pharmaceuticals

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

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding
17,607,928.00 17,807,167.00 24,213,533.00 24,606,175.00 - - - 26,817,535.00
DEI Adjusted Shares Outstanding
17,607,928.00 17,807,167.00 24,213,533.00 24,606,175.00 - - - 26,817,535.00
DEI Earnings Per Adjusted Shares Outstanding
-2.11 -1.03 -1.16 -0.08 - - - -0.17
Growth Metrics
- - - - - - - -
Profitability Metrics
- - - - - - - -
Net Operating Profit after Tax (NOPAT)
-7.22 -13 -19 -1.05 -5.78 -0.83 -1.82 -0.59
Return On Investment Capital (ROIC_SIMPLE)
- - - - -29.66% -4.00% -3.35% -1.04%
Earnings before Interest and Taxes (EBIT)
-13 -18 -28 -2.32 -9.02 -0.69 -3.81 -4.56
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-13 -18 -27 -1.71 -7.12 0.33 -1.55 0.18
Valuation Ratios
- - - - - - - -
Leverage & Solvency
- - - - - - - -
Liquidity Ratios
- - - - - - - -
Cash Flow Metrics
- - - - - - - -
Free Cash Flow to Firm (FCFF)
0.00 -16 -17 -9.82 0.93 2.89 -42 7.94
Efficiency Ratios
- - - - - - - -
Capital & Investment Metrics
- - - - - - - -
Invested Capital
-0.43 3.02 1.13 9.90 3.19 -0.53 39 31
Increase / (Decrease) in Invested Capital
0.00 3.46 -1.89 8.77 -6.71 -3.72 40 -8.53
Book Value per Share
$1.49 $0.59 $0.65 $0.72 $0.52 $0.60 $0.95 $0.98
Tangible Book Value per Share
$1.49 $0.55 $0.62 $0.57 $0.33 $0.42 ($0.40) ($0.18)
Total Capital
26 15 22 24 19 21 54 57
Total Debt
0.00 4.54 6.76 6.68 6.42 5.38 30 31
Total Long-Term Debt
0.00 4.54 6.76 5.26 5.38 0.00 30 22
Net Debt
-27 -7.53 -15 -7.73 -9.89 -16 15 4.62
Capital Expenditures (CapEx)
0.24 1.10 0.05 -0.69 0.04 0.00 0.03 0.33
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-1.26 0.98 -0.39 6.06 -1.73 -5.41 6.14 4.94
Debt-free Net Working Capital (DFNWC)
25 13 21 20 15 16 21 31
Net Working Capital (NWC)
25 13 21 19 14 11 21 22
Net Nonoperating Expense (NNE)
5.52 5.30 8.99 0.91 3.24 0.10 2.01 4.01
Net Nonoperating Obligations (NNO)
-27 -7.53 -15 -7.73 -9.89 -16 15 4.62
Total Depreciation and Amortization (D&A)
0.06 0.46 0.77 0.61 1.90 1.02 2.26 4.74
Earnings Adjustments
- - - - - - - -
Adjusted Basic Earnings per Share
($5.80) ($1.03) ($1.33) ($0.08) ($0.36) ($0.04) ($0.15) ($0.17)
Adjusted Weighted Average Basic Shares Outstanding
17.63M 17.88M 24.41M 24.63M 25.15M 25.65M 25.90M 26.91M
Adjusted Diluted Earnings per Share
($5.80) ($1.03) ($1.33) ($0.08) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding
17.63M 17.88M 24.41M 24.63M 25.46M 25.69M 26.82M 27.28M
Adjusted Basic & Diluted Earnings per Share
($5.80) ($1.03) ($1.33) ($0.08) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
6.42M 17.76M 21.01M 25.21M 25.46M 25.69M 26.82M 27.28M
Normalized Net Operating Profit after Tax (NOPAT)
-7.22 -13 -19 -1.05 -5.78 -0.83 -1.82 -0.59
Debt Service Ratios
- - - - - - - -
Payout Ratios
- - - - - - - -

Quarterly Metrics And Ratios for Eton Pharmaceuticals

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 3/31/2026 6/30/2026
DEI Shares Outstanding
- - - - - 26,817,535.00 26,817,535.00 26,817,535.00 26,817,535.00 27,284,491.00 27,392,358.00
DEI Adjusted Shares Outstanding
- - - - - 26,817,535.00 26,817,535.00 26,817,535.00 26,817,535.00 27,284,491.00 27,392,358.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - -0.06 -0.10 -0.07 0.06 0.06 0.42
Growth Metrics
- - - - - - - - - - -
Revenue Growth
-13.94% 50.19% -24.36% 46.90% 59.26% 116.95% 108.60% 117.54% - 40.41% 98.59%
EBITDA Growth
-334.34% 77.18% -154.25% 346.65% 141.90% 254.71% 83.97% -121.63% - 337.63% 3,498.10%
EBIT Growth
-520.96% 68.43% -162.67% 192.88% 74.59% 41.25% 49.74% -367.78% - 613.62% 967.39%
NOPAT Growth
-231.37% 68.43% -152.91% 266.06% 131.56% 41.25% 49.74% -249.78% - 824.42% 1,324.32%
Net Income Growth
-347.37% 69.51% -166.70% 208.29% 73.49% -93.83% 15.00% -407.34% - 198.86% 547.89%
EPS Growth
0.00% 70.00% -166.67% 200.00% 0.00% 0.00% 0.00% -450.00% - 183.33% 450.00%
Operating Cash Flow Growth
-86.37% -59.75% -82.33% 238.14% -297.67% 184.51% 534.18% 307.38% - 254.31% -8.85%
Free Cash Flow Firm Growth
-70.09% -437.71% -123.70% -58.38% -1,793.70% -2,225.83% -2,290.44% -1,393.93% - 93.15% 78.75%
Invested Capital Growth
-116.65% 29.54% -65.97% -127.73% 7,501.69% 859.37% 6,651.17% 10,662.58% - 12.64% 65.66%
Revenue Q/Q Growth
4.06% 8.93% 13.91% 13.78% 12.81% 48.38% 9.52% 18.65% - 14.03% 54.90%
EBITDA Q/Q Growth
-490.85% 73.69% -406.88% 130.52% 0.37% 3.08% -150.42% 58.53% - 0.19% 291.48%
EBIT Q/Q Growth
-317.88% 65.07% -266.88% 117.34% -214.34% 19.24% -213.83% 7.59% - -2.03% 429.99%
NOPAT Q/Q Growth
-263.69% 59.86% -266.88% 131.01% -30.88% -174.72% -213.83% 7.59% - -7.77% 430.40%
Net Income Q/Q Growth
-289.64% 64.05% -274.97% 120.62% -195.37% -162.88% -64.44% 25.45% - 4.79% 645.05%
EPS Q/Q Growth
0.00% 0.00% -300.00% 116.67% 0.00% 0.00% 0.00% 0.00% - 0.00% 600.00%
Operating Cash Flow Q/Q Growth
-55.67% -739.02% 150.75% 135.22% -125.91% 373.20% 280.81% 51.10% - 164.11% -2.03%
Free Cash Flow Firm Q/Q Growth
-28.35% -161.91% 14.69% 209.97% -3,015.87% 14.98% 12.32% 40.47% - -120.65% -171.90%
Invested Capital Q/Q Growth
-194.99% 826.74% -88.96% -136.39% 25,456.77% -5.80% -22.32% -43.07% - 35.52% 14.25%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
49.64% 62.85% 62.00% 61.04% 55.60% 57.06% 63.00% 34.97% - 60.72% 67.61%
EBITDA Margin
-26.50% -6.57% -29.22% 7.84% 6.97% 4.84% -2.23% -0.78% - 15.10% 38.15%
Operating Margin
-27.25% -10.04% -32.35% 4.93% 5.40% -2.72% -7.79% -6.07% - 9.95% 34.04%
EBIT Margin
-31.31% -10.04% -32.35% 4.93% -5.00% -2.72% -7.79% -6.07% - 9.95% 34.04%
Profit (Net Income) Margin
-30.85% -10.18% -33.51% 6.07% -5.13% -9.10% -13.66% -8.58% - 6.40% 30.80%
Tax Burden Percent
112.29% 100.00% 101.81% 125.15% 117.03% 104.94% 102.62% 98.57% - 98.73% 98.81%
Interest Burden Percent
87.73% 101.38% 101.77% 98.43% 87.80% 318.72% 170.78% 143.43% - 65.20% 91.59%
Effective Tax Rate
0.00% 0.00% 0.00% -25.15% 0.00% 0.00% 0.00% 0.00% - 1.27% 1.19%
Return on Invested Capital (ROIC)
-454.03% -70.53% -846.86% 1,059.23% 7.61% -4.50% -21.75% -36.84% - 21.69% 92.96%
ROIC Less NNEP Spread (ROIC-NNEP)
-447.38% -68.01% -839.94% 1,059.29% 190.89% -269.82% 15.95% -28.34% - 14.68% 56.66%
Return on Net Nonoperating Assets (RNNOA)
405.72% 50.62% 793.25% -1,046.27% -5.42% -6.33% -3.51% 16.59% - 6.31% 4.70%
Return on Equity (ROE)
-48.31% -19.92% -53.61% 12.96% 2.19% -10.83% -25.26% -20.25% - 28.00% 97.66%
Cash Return on Invested Capital (CROIC)
0.00% -13.26% -425.17% 0.00% -105.98% -170.01% -198.03% -112.40% - -8.26% -6.95%
Operating Return on Assets (OROA)
-34.91% -12.59% -32.35% 5.08% -3.61% -2.29% -6.79% -6.08% - 9.52% 33.05%
Return on Assets (ROA)
-34.39% -12.76% -33.52% 6.25% -3.71% -7.66% -11.90% -8.60% - 6.13% 29.91%
Return on Common Equity (ROCE)
-48.31% -19.92% -53.61% 12.96% 2.19% -10.83% -25.26% -20.25% - 28.00% 97.66%
Return on Equity Simple (ROE_SIMPLE)
0.00% 5.89% -49.67% -34.30% 0.00% -18.75% 0.00% 0.00% - 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)
-1.40 -0.56 -2.05 0.64 0.44 -0.33 -1.03 -0.95 2.58 2.38 13
NOPAT Margin
-19.08% -7.03% -22.64% 6.17% 3.78% -1.90% -5.45% -4.25% - 9.82% 33.63%
Net Nonoperating Expense Percent (NNEP)
-6.65% -2.52% -6.92% -0.06% -183.28% 265.31% -37.70% -8.50% - 7.01% 36.30%
Return On Investment Capital (ROIC_SIMPLE)
-6.69% - - - 0.81% -0.60% -1.91% -1.78% 4.56% 3.88% 16.97%
Cost of Revenue to Revenue
50.36% 37.15% 38.00% 38.96% 44.40% 42.94% 37.00% 65.03% - 39.28% 32.39%
SG&A Expenses to Revenue
62.57% 64.73% 61.62% 51.22% 57.68% 53.06% 51.18% 36.09% - 43.05% 30.93%
R&D to Revenue
14.32% 8.17% 32.73% 4.89% -7.48% 6.72% 19.61% 4.95% - 7.73% 2.64%
Operating Expenses to Revenue
76.89% 72.90% 94.35% 56.11% 50.20% 59.78% 70.79% 41.04% - 50.77% 33.57%
Earnings before Interest and Taxes (EBIT)
-2.29 -0.80 -2.94 0.51 -0.58 -0.47 -1.48 -1.36 2.46 2.41 13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-1.94 -0.52 -2.65 0.81 0.81 0.84 -0.42 -0.18 3.66 3.66 14
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
7.26 6.22 6.28 9.70 14.09 14.24 15.95 25.20 - 22.00 21.29
Price to Tangible Book Value (P/TBV)
10.47 10.58 11.52 15.31 0.00 0.00 0.00 0.00 - 0.00 1,093.28
Price to Revenue (P/Rev)
3.55 2.81 2.69 4.47 8.82 7.20 6.57 8.29 - 7.75 9.39
Price to Earnings (P/E)
0.00 105.51 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 78.15
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Earnings Yield
0.00% 0.95% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 1.28%
Enterprise Value to Invested Capital (EV/IC)
0.00 21.95 167.81 0.00 9.13 9.74 13.45 35.18 - 16.41 20.84
Enterprise Value to Revenue (EV/Rev)
3.05 2.47 2.28 4.01 9.20 7.46 6.65 8.19 - 7.87 9.40
Enterprise Value to EBITDA (EV/EBITDA)
292.94 40.37 0.00 0.00 0.00 348.13 119.17 254.53 - 101.82 46.20
Enterprise Value to EBIT (EV/EBIT)
0.00 81.05 0.00 0.00 0.00 0.00 0.00 0.00 - 335.52 60.87
Enterprise Value to NOPAT (EV/NOPAT)
0.00 198.54 0.00 0.00 0.00 0.00 0.00 0.00 - 479.32 61.17
Enterprise Value to Operating Cash Flow (EV/OCF)
14.14 14.38 1,702.05 65.48 370.50 65.20 31.62 27.03 - 43.21 65.59
Enterprise Value to Free Cash Flow (EV/FCFF)
33.39 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.35 0.32 0.35 0.26 1.22 1.23 1.26 1.31 - 1.00 0.60
Long-Term Debt to Equity
0.00 0.00 0.00 0.00 1.22 1.23 1.14 1.19 - 0.62 0.41
Financial Leverage
-0.91 -0.74 -0.94 -0.99 -0.03 0.02 -0.22 -0.59 - 0.43 0.08
Leverage Ratio
1.99 2.05 2.08 2.05 2.70 2.87 3.57 3.59 - 3.30 3.08
Compound Leverage Factor
1.74 2.08 2.12 2.02 2.37 9.16 6.09 5.15 - 2.15 2.82
Debt to Total Capital
25.79% 24.47% 25.71% 20.52% 54.96% 55.09% 55.74% 56.77% - 50.11% 37.46%
Short-Term Debt to Total Capital
25.79% 24.47% 25.71% 20.52% 0.00% 0.00% 5.11% 5.19% - 19.24% 11.85%
Long-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 54.96% 55.09% 50.63% 51.58% - 30.86% 25.61%
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%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Common Equity to Total Capital
74.21% 75.53% 74.29% 79.48% 45.04% 44.91% 44.26% 43.23% - 49.89% 62.54%
Debt to EBITDA
16.35 2.39 -0.86 -0.96 -19.20 28.95 9.29 13.42 - 4.57 1.30
Net Debt to EBITDA
-48.66 -5.55 2.40 3.75 -9.58 12.14 1.48 -2.98 - 1.65 0.05
Long-Term Debt to EBITDA
0.00 0.00 0.00 0.00 -19.20 28.95 8.44 12.19 - 2.82 0.89
Debt to NOPAT
-6.45 11.77 -1.06 -1.13 -16.40 -18.90 -53.42 -16.19 - 21.53 1.72
Net Debt to NOPAT
19.19 -27.27 2.97 4.42 -8.18 -7.92 -8.50 3.60 - 7.76 0.07
Long-Term Debt to NOPAT
0.00 0.00 0.00 0.00 -16.40 -18.90 -48.52 -14.71 - 13.26 1.18
Altman Z-Score
0.72 0.39 -1.03 1.84 2.83 2.59 2.28 3.72 - 5.51 8.91
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
1.65 1.59 1.40 1.51 2.06 1.97 1.77 1.63 - 1.21 1.52
Quick Ratio
1.53 1.37 1.24 1.31 1.02 1.33 1.03 1.14 - 0.75 1.15
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
2.33 -1.44 -1.23 1.35 -39 -33 -29 -17 11 -2.30 -6.24
Operating Cash Flow to CapEx
0.00% -17,664.29% 0.00% 0.00% -6,375.00% 0.00% 0.00% 4,234.51% - 9,873.33% 0.00%
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 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 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 0.00
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
1.11 1.25 1.00 1.03 0.72 0.84 0.87 1.00 - 0.96 0.97
Accounts Receivable Turnover
12.02 9.64 7.89 7.63 8.89 4.68 6.02 7.53 - 5.83 5.37
Inventory Turnover
14.42 8.41 8.82 9.44 1.93 2.52 1.83 3.64 - 2.80 2.62
Fixed Asset Turnover
486.80 607.15 689.69 976.82 848.07 1,223.47 1,847.02 430.07 - 441.29 570.78
Accounts Payable Turnover
5.86 6.63 5.74 6.42 5.19 5.62 3.31 4.04 - 4.28 3.35
Days Sales Outstanding (DSO)
30.36 37.85 46.27 47.82 41.04 77.94 60.62 48.46 - 62.58 67.99
Days Inventory Outstanding (DIO)
25.32 43.41 41.39 38.65 188.85 144.99 199.82 100.28 - 130.37 139.19
Days Payable Outstanding (DPO)
62.33 55.09 63.63 56.85 70.37 64.91 110.31 90.41 - 85.20 108.89
Cash Conversion Cycle (CCC)
-6.66 26.17 24.04 29.62 159.52 158.03 150.13 58.34 - 107.74 98.29
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
-0.53 3.86 0.43 -0.16 39 37 29 16 31 42 48
Invested Capital Turnover
23.80 10.03 37.40 171.67 2.01 2.36 3.99 8.67 - 2.21 2.76
Increase / (Decrease) in Invested Capital
-3.72 0.88 -0.83 -0.71 40 33 28 17 -8.53 4.68 19
Enterprise Value (EV)
96 85 71 139 359 361 387 576 - 684 993
Market Capitalization
112 96 85 155 344 348 382 583 - 673 992
Book Value per Share
$0.60 $0.60 $0.52 $0.62 $0.95 $0.91 $0.89 $0.86 $0.98 $1.12 $1.70
Tangible Book Value per Share
$0.42 $0.35 $0.29 $0.39 ($0.40) ($0.35) ($0.33) ($0.33) ($0.18) ($0.48) $0.03
Total Capital
21 21 18 20 54 54 54 53 57 61 74
Total Debt
5.38 5.02 4.66 4.13 30 30 30 30 31 31 28
Total Long-Term Debt
0.00 0.00 0.00 0.00 30 30 27 28 22 19 19
Net Debt
-16 -12 -13 -16 15 13 4.80 -6.75 4.62 11 1.06
Capital Expenditures (CapEx)
0.00 0.01 0.00 0.00 0.01 0.00 0.00 0.28 0.05 0.08 -0.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-5.41 -2.67 -5.82 -6.12 6.14 7.19 7.24 -6.53 4.94 1.21 5.46
Debt-free Net Working Capital (DFNWC)
16 14 12 14 21 25 33 31 31 21 32
Net Working Capital (NWC)
11 8.96 7.22 10 21 25 30 28 22 9.07 23
Net Nonoperating Expense (NNE)
0.86 0.25 0.99 0.01 1.04 1.24 1.55 0.97 1.10 0.83 1.06
Net Nonoperating Obligations (NNO)
-16 -12 -13 -16 15 13 4.80 -6.75 4.62 11 1.06
Total Depreciation and Amortization (D&A)
0.35 0.28 0.28 0.30 1.39 1.31 1.05 1.19 1.19 1.25 1.55
Debt-free, Cash-free Net Working Capital to Revenue
-17.10% -7.79% -18.54% -17.65% 15.73% 14.88% 12.44% -9.28% - 1.40% 5.17%
Debt-free Net Working Capital to Revenue
50.50% 40.76% 37.84% 40.78% 54.02% 50.92% 56.06% 43.51% - 24.01% 30.59%
Net Working Capital to Revenue
33.49% 26.13% 23.00% 28.88% 54.02% 50.92% 51.30% 39.56% - 10.43% 22.23%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
($0.10) ($0.03) ($0.12) $0.02 ($0.02) ($0.06) ($0.10) ($0.07) $0.06 $0.06 $0.42
Adjusted Weighted Average Basic Shares Outstanding
25.65M 25.76M 25.78M 25.90K 25.90M 26.89M 26.89M 26.89M 26.91M 27.29M 27.64M
Adjusted Diluted Earnings per Share
$0.00 ($0.03) ($0.12) $0.02 $0.00 $0.00 $0.00 ($0.07) $0.00 $0.05 $0.35
Adjusted Weighted Average Diluted Shares Outstanding
25.69M 25.76M 25.78M 26.55K 26.82M 26.82M 26.82M 26.89M 27.28M 31.55M 32.79M
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
25.69M 25.69M 25.84M 25.84M 26.82M 26.82M 26.82M 26.82M 27.28M 27.39M 28.58M
Normalized Net Operating Profit after Tax (NOPAT)
-1.40 -0.56 -2.05 0.36 0.44 -0.33 -1.03 -0.95 1.72 2.38 13
Normalized NOPAT Margin
-19.08% -7.03% -22.64% 3.45% 3.78% -1.90% -5.45% -4.25% - 9.82% 33.63%
Pre Tax Income Margin
-27.47% -10.18% -32.92% 4.85% -4.39% -8.67% -13.31% -8.70% - 6.49% 31.17%
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 0.00
NOPAT to Interest Expense
0.00 0.00 0.00 0.00 0.00 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 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 0.00 0.00 0.00 - 0.00 0.00
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Augmented Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Eton Pharmaceuticals (NASDAQ:ETON) has shown a significant improvement in operating performance through the first half of 2026. Revenue reached $37.6 million in Q2 2026, nearly double the $18.9 million reported in Q2 2025 and up from $24.3 million in Q1 2026. The company has progressed from quarterly losses in 2024 and much of 2025 to consecutive quarterly profits in 2026.

  • Revenue growth has accelerated. Quarterly revenue increased from $7.3 million in Q4 2023 and $11.6 million in Q4 2024 to $21.3 million in Q4 2025 and $37.6 million in Q2 2026. This suggests Eton’s product portfolio and commercial operations are gaining scale.
  • Profitability improved sharply. Q2 2026 operating income was $12.8 million, compared with operating losses of $1.5 million in Q2 2025 and $2.9 million in Q2 2024. Net income rose to $11.6 million, or $0.42 per basic share, from a $2.6 million loss in the year-ago quarter.
  • Gross margins strengthened. Q2 2026 gross profit was $25.4 million on $37.6 million of revenue, implying a margin of approximately 67.6%, compared with roughly 63.0% in Q2 2025. Higher-margin products and increased scale appear to be improving profitability.
  • Operating cash flow remains positive. Eton generated $7.3 million of operating cash flow in Q2 2026 and $7.4 million in Q1 2026, following negative operating cash flow in Q4 2025. This provides support for ongoing operations without relying entirely on external financing.
  • Liquidity improved during Q2 2026. Cash and equivalents increased to $26.8 million from $19.7 million at the end of Q1. Total current assets rose to $68.6 million, while the current ratio improved to approximately 1.5 from 1.2 in Q1.
  • Debt levels have declined from 2025. Short- and long-term debt totaled approximately $27.9 million at June 30, 2026, down from $39.2 million at June 30, 2025. Total liabilities also declined as a percentage of assets, while total equity increased to $46.6 million from $24.0 million over the same period.
  • Acquisitions are an important growth driver. Eton spent $15.0 million on acquisitions in Q1 2026 after spending $38.1 million in Q4 2024. These transactions have contributed to the company’s larger intangible asset base and may support future revenue, but their ultimate returns will depend on successful commercialization.
  • Accounts receivable increased substantially. Receivables rose to $24.9 million in Q2 2026 from $13.4 million at the end of Q1 and $14.5 million a year earlier. The increase is consistent with higher sales, but it also absorbed working capital and contributed to an $8.2 million negative change in operating assets and liabilities during the quarter.
  • The balance sheet is increasingly dependent on intangible assets. Intangible assets totaled $45.7 million, or roughly 39% of total assets, at June 30, 2026. This concentration increases the risk of impairment charges if acquired products underperform or expected cash flows do not materialize.
  • Shareholder dilution remains a consideration. Q2 2026 diluted weighted-average shares rose to 32.8 million versus 26.9 million in Q2 2025, while basic shares were 27.6 million. The difference indicates that options, warrants or other potentially dilutive securities could reduce per-share benefits from future earnings growth.

Overall, the statements show a company transitioning toward a more profitable and cash-generative operating model. Investors should focus on whether the strong 2026 revenue growth can continue, whether receivables convert into cash on a timely basis, and whether acquisitions produce sustainable returns rather than simply expanding the intangible asset balance.

10/10/26 04:09 AM ETAI Generated. May Contain Errors.

Eton Pharmaceuticals Financials - Frequently Asked Questions

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

Eton Pharmaceuticals' net income appears to be on an upward trend, with a most recent value of -$4.60 million in 2025, rising from -$12.74 million in 2018. The previous period was -$3.82 million in 2024. Check out Eton Pharmaceuticals' forecast to explore projected trends and price targets.

Eton Pharmaceuticals' total operating income in 2025 was -$844 thousand, based on the following breakdown:
  • Total Gross Profit: $42.74 million
  • Total Operating Expenses: $43.58 million

Over the last 7 years, Eton Pharmaceuticals' total revenue changed from $0.00 in 2018 to $79.95 million in 2025, a change of 7,995,000,000.0%.

In the past 13 quarters, Eton Pharmaceuticals' cash and equivalents has ranged from $14.71 million in Q1 2023 to $37.12 million in Q3 2025, and is currently $26.85 million as of their latest financial filing in Q2 2026.

Eton Pharmaceuticals had total debt of $30.56 million at the end of 2025, a 2.5% increase from 2024, and none in 2018.

Over the last 7 years, Eton Pharmaceuticals' book value per share changed from 1.49 in 2018 to 0.98 in 2025, a change of -34.7%.



Financial statements for NASDAQ:ETON last updated on 8/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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