AQSTNasdaqPharmaceutical PreparationsFiscal year ends December 31
Aquestive Therapeutics, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 11, 2026
$3.83+0.05 (+1.32%)
Close on Oct 19, 2026
- Market cap
- $478.73M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
58.3%−13.4 pts over 5 years
Operating margin
-159.5%−66.0 pts over 5 years
Net margin
-188.1%−66.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -22.6% | -2.2% | -0.6% | – | |
| Gross profit | -34.5% | -2.8% | -4.6% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 204.3% | 178.6% | |
| Return on assets | – | -78.9% | -64.0% | |
| Current ratio | – | 2.11 | 3.14 | |
| Debt to equity | – | – | -1.11 | |
| Net debt to EBITDA | – | – | 1.19× | |
| Interest coverage | – | -3.9× | -6.4× | |
| Inventory turnover | – | 4.9× | 3.0× | |
| Capex to revenue | – | 1.1% | 1.3% | |
| Diluted shares | – | 34M | 107M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Aquestive Therapeutics generated $137.37M from operations and spent $3.65M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$137.37M
Used
$3.65M
Capital expenditure$3.65M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-188.1%
×Asset turnover0.34×
×Equity multiplier-2.79×
=Return on equity, FY2025178.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -188.1% | 0.34× | -2.79× | 178.6% |
| FY2024 | -76.7% | 0.72× | -0.95× | 53.0% |
| FY2023 | -15.6% | 0.88× | -0.51× | 7.0% |
| FY2022 | -114.1% | 0.80× | -0.59× | 54.2% |
| FY2021 | -138.8% | 0.81× | -0.96× | 108.0% |
| FY2020 | -121.7% | 0.65× | -2.59× | 204.3% |
| FY2019 | -125.9% | 0.64× | 41.77× | -3347.4% |
| FY2018 | -91.0% | 1.04× | -7.92× | 747.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
2of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$83.78M
- Cash generatingOperating cash flow above zero-$52.43M
- Return on assets improvedROA up on the prior year-76.9% → -82.6%
- Earnings backed by cashOperating cash flow above net income-$52.43M vs -$83.78M
- Less leverageLong-term debt to assets fell32.0% → 17.2%
- Better liquidityCurrent ratio rose4.68 → 3.14
- No dilutionShare count did not rise87M → 107M
- Gross margin improvedGross margin up on the prior year68.95% → 58.35%
- More efficientAsset turnover rose1.00 → 0.44