ANI Pharmaceuticals Inc (ANIP) stock analysis
Close on Nov 12, 2026Market cap $1.63BP/E 13.4Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Solid15 of 30 checks passed
ANI Pharmaceuticals passes 15 of the 30 checks behind our score; 8 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 5/6
- Growth
- 2/6
- Past performance
- 4/6
- Financial health
- 4/6
- Dividend
- 0/6
What stands out
Margin of safety over 20%
The price is 53.8% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $71.09 is below our fair value estimate of $153.85.
Return on capital over 10%
Return on invested capital was 23.0%, above the 10% that usually covers the cost of capital.
Revenue growing 10%+ a year
Revenue grew 40.8% a year over the last three fiscal years.
What to watch
Return on equity under 15%
Return on equity was 20.4% over the last twelve months and averaged -2.7% over five years; we look for 15% on both.
High debt
Debt is 46.7% of shareholders' equity, above the 40% we consider low.
Bankruptcy risk in the grey zone
The Altman Z-score is 2.57; above 3 is the safe zone and below 1.8 the distress zone.
Guidance lowered
ANI Pharmaceuticals lowered its Full Year 2026 ILUVIEN Net Revenue outlook on Aug 7, 2026.
Valuation5/6
P/E below its 5-year median
ANI Pharmaceuticals's P/E of 13.4 is below its own 5-year median of 46.8.
P/E below the industry
ANI Pharmaceuticals's P/E of 13.4 is below the Drugs median of 25.1.
EV/EBITDA below its 5-year median
ANI Pharmaceuticals's EV/EBITDA of 6.1 is below its 5-year median of 14.4.
P/B above the industry
ANI Pharmaceuticals's price-to-book of 2.56 is above the Drugs median of 2.29.
Trading below fair value
The share price of $71.09 is below our fair value estimate of $153.85.
Margin of safety over 20%
The price is 53.8% below fair value, more than the 20% cushion we look for.
Growth2/6
Revenue growing 10%+ a year
Revenue grew 40.8% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 25.9% over the last twelve months; the Drugs median is 8.0%.
Guidance lowered
ANI Pharmaceuticals lowered its Full Year 2026 ILUVIEN Net Revenue outlook on Aug 7, 2026.
Gross margin slipping
Gross margin was 61.1% over the last twelve months, against 61.1% a year earlier.
Past performance4/6
Return on equity under 15%
Return on equity was 20.4% over the last twelve months and averaged -2.7% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 23.0%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
ANI Pharmaceuticals's return on equity of 20.4% is above the Drugs median of -58.9%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 11.2% over the last twelve months, against a 5-year average of -5.0%.
Net margin above the industry
ANI Pharmaceuticals's net margin of 11.2% is above the Drugs median of -53.0%.
Financial health4/6
High debt
Debt is 46.7% of shareholders' equity, above the 40% we consider low.
Debt falling against equity
Debt to equity fell from 94.9% five years ago to 46.7%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 77.0% of total debt.
Interest well covered
Operating income covers interest expense 5.4 times.
Short-term assets cover short-term debts
Current assets are 2.75 times current liabilities.
Bankruptcy risk in the grey zone
The Altman Z-score is 2.57; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
ANI Pharmaceuticals has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$153.85
The share price is 54% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 36.0× | 46.8× | 25.1× | $190.94 | 40% |
| EV/EBITDA | 15.7× | 14.4× | 17.1× | $176.01 | 35% |
| P/B | 2.5× | 2.6× | 2.3× | $68.17 | 10% |
| Earnings power | 7.9% cost of equity | – | – | $60.36 | 15% |
| Fair value | $153.85 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 46.8
- Drugs median 25.1
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $30.81M
- Value traded per 1% price move
- $19.27M
Downside
Low risk
- Typical loss in a bad month
- 9.9%
- Volatility (annualized)
- 32%
- Sharpe ratio, 1 year
- -0.77
- Beta to the S&P 500 (5Y)
- 0.61
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +43.8% | +40.8% | +33.5% | +27.7% | |
| Gross profit | +48.8% | +45.1% | +34.9% | +23.9% | |
| Operating income | +18922.8% | – | – | +13.0% | |
| Net income | – | – | – | +17.7% | |
| EPS, diluted | – | – | – | +9.7% | |
| Free cash flow | +258.7% | – | +79.8% | +27.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 2.4% | -11.0% | 16.6% | |
| Return on assets | 1.3% | -4.9% | 5.7% | |
| Current ratio | 3.22 | 2.17 | 2.71 | |
| Debt to equity | 0.00 | 0.95 | 0.57 | |
| Net debt to EBITDA | -0.65× | 6.21× | 0.12× | |
| Interest coverage | 1.8× | -1.7× | 3.4× | |
| Inventory turnover | 2.5× | 1.6× | 2.4× | |
| Capex to revenue | 3.5% | 2.9% | 1.6% | |
| Diluted shares | 12M | 12M | 21M |
Where the cash went
Fiscal 2021 to 2025, five years combined
ANI Pharmaceuticals generated $402.73M from operations and spent $87.60M on capital expenditure, dividends and share buybacks. 58% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 8.9% | 0.65× | 2.89× | 16.6% |
| FY2024 | -3.0% | 0.56× | 2.62× | -4.4% |
| FY2023 | 3.9% | 0.58× | 2.23× | 5.0% |
| FY2022 | -15.1% | 0.41× | 2.37× | -14.8% |
| FY2021 | -19.7% | 0.35× | 2.33× | -16.1% |
| FY2020 | -10.8% | 0.45× | 2.25× | -11.0% |
| FY2019 | 3.0% | 0.47× | 2.16× | 3.0% |
| FY2018 | 7.7% | 0.48× | 2.27× | 8.3% |
| FY2017 | -0.6% | 0.48× | 2.13× | -0.6% |
| FY2016 | 3.1% | 0.42× | 1.84× | 2.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$78.34M
- Cash generatingOperating cash flow above zero$185.23M
- Return on assets improvedROA up on the prior year-2.0% → 6.1%
- Earnings backed by cashOperating cash flow above net income$185.23M vs $78.34M
- Less leverageLong-term debt to assets fell24.1% → 20.3%
- Better liquidityCurrent ratio rose2.72 → 2.71
- No dilutionShare count did not rise19M → 21M
- Gross margin improvedGross margin up on the prior year59.27% → 61.36%
- More efficientAsset turnover rose0.68 → 0.69
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