ETONNasdaqPharmaceutical PreparationsFiscal year ends December 31
Eton Pharmaceuticals, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 13, 2026
$49.22−1.09 (-2.17%)
Close on Oct 19, 2026
- Market cap
- $1.61B
- P/E (TTM)
- 126.2
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
53.5%+1071.4 pts over 5 years
Operating margin
-1.1%+69514.3 pts over 5 years
Net margin
-5.8%+71712.2 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 | +104.9% | +55.5% | +359.6% | – | |
| Gross profit | +82.6% | +44.0% | – | – | |
| Free cash flow | +980.7% | +28.7% | – | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -198.5% | -18.2% | |
| Return on assets | – | -128.9% | -5.5% | |
| Current ratio | 16.76 | 6.51 | 1.57 | |
| Debt to equity | – | – | 1.17 | |
| Net debt to EBITDA | – | – | 1.44× | |
| Interest coverage | – | -30.7× | -0.2× | |
| Inventory turnover | – | 0.5× | 2.4× | |
| Capex to revenue | – | 128.2% | 0.4% | |
| Diluted shares | – | 21M | 27M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Eton Pharmaceuticals generated $27.85M from operations and spent $406.00K on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$27.85M
Used
$406.00K
Capital expenditure$406.00K100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-5.8%
×Asset turnover0.95×
×Equity multiplier3.33×
=Return on equity, FY2025-18.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -5.8% | 0.95× | 3.33× | -18.2% |
| FY2024 | -9.8% | 0.72× | 2.70× | -19.2% |
| FY2023 | -3.0% | 1.11× | 1.99× | -6.6% |
| FY2022 | -42.4% | 0.81× | 1.71× | -58.8% |
| FY2021 | -9.0% | 0.81× | 1.53× | -11.1% |
| FY2020 | -71717.9% | 0.00× | 1.54× | -198.5% |
| FY2019 | -1910.3% | 0.04× | 1.23× | -99.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$4.60M
- Cash generatingOperating cash flow above zero$10.52M
- Return on assets improvedROA up on the prior year-12.0% → -6.0%
- Earnings backed by cashOperating cash flow above net income$10.52M vs -$4.60M
- Less leverageLong-term debt to assets fell39.2% → 23.6%
- Better liquidityCurrent ratio rose2.06 → 1.57
- No dilutionShare count did not rise26M → 27M
- Gross margin improvedGross margin up on the prior year60.01% → 53.46%
- More efficientAsset turnover rose1.23 → 1.05