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Anika Therapeutics Inc.

ANIK Healthcare Drug Manufacturers Specialty & Generic

Anika Therapeutics Inc.’s revenue for fiscal 2025 (year ended December 2025) was $112.8 million, down 5.91% from fiscal 2024.

Revenue
+15.6%
EPS
+189.3%
Free cash flow
+61.6%

Quarter to June 2026, against a year earlier

19.31 1.09 −5.34%
Market cap
$258.7M
P/E
0.0×
Fwd P/E
599×
Dividend yield
—
F-score
6/9
Altman Z
3.13
Beneish M
−2.84
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.26
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — 1 1 — — 1 — — —
Sell — — — — — — — — — — — —
Insider Ownership 5.93%

Capital & Financial Ratios $m

Size
Market Cap 258.69
Revenue ttm 120.65
Net income ttm (3.78)
Free cash flow ttm 0.56
Net debt Q (38.41)
Valuation
P/E 0.00
Forward P/E 599.00 (above 35: high)
Price / sales 2.13
Forward P/S Powerpack
Price / FCF 458.01
Price / book 1.88
Financial health
Current ratio Q 4.48 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q —
Growth
Revenue growth Q +15.56% (above 0%: growing)
Operating income growth Q +170.67% (above 0%: growing)
EPS, this year +854.55% (at or above 15%: strong)
EPS, next year A −9.52% (below 0%: weak)
Revenue, next year A +7.78%
EPS, past 5 yrs —
EPS, next 5 yrs A +118.66% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.0×, against a ten-year median of 3.2×; over the ten years it ranged from 0.8× in 2025 to 7.5× in 2019.
P/S against its own 10 years 15.66%
10-year low 10-year high
P/B against its own 10 years 50.53%
10-year low 10-year high
EV/Sales against its own 10 years 22.44%
10-year low 10-year high
EV/FCF against its own 10 years 94.14%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 69 56 57 38
Receivables 26 24 24 29
Inventory 24 24 19 29
Other 36 5 — —
163 114 103 99
2023 2024 2025 Q'26
Payables 6 6 6 6
ST’ Debt — — — —
Other 11 4 — —
31 23 22 22

Compound Annual Growth %

10y 5y 3y
Sales 1.95% (2.86%) (0.30%)
Cash Flow (11.94%) (3.05%) 36.40%
Earnings 0.00% 0.00% 0.00%
Book Value (3.78%) (12.04%) (20.50%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.03 Actual 0.42

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.02 0.04 Beat by 0.02
Q4 FY25 0.02 0.31 Beat by 0.29
Q1 FY26 0.00 0.27 Beat by 0.27
Q2 FY26 0.03 0.42 Beat by 0.39
Q3 FY26 0.17 — Reports 6 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.37) 0.24 — — —
’25 (0.34) (0.28) (0.16) 0.02 (0.76)
’24 (0.31) (0.01) (2.03) (1.50) (3.83)
’23 (0.71) (0.19) (0.45) (4.30) (5.64)
’22 (0.20) (0.20) (0.29) (0.34) (1.02)
’21 0.20 0.45 0.04 (0.40) 0.28
’20 0.40 (0.54) (0.45) (1.10) (1.69)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 30 33 — — —
’25 26 28 28 31 113
’24 29 31 30 31 120
’23 38 44 41 (3) 121
’22 37 40 40 (3) 114
’21 34 38 40 36 148
’20 35 31 32 33 130
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (5) (1) — — —
’25 0 0 7 5 11
’24 0 (1) 5 2 5
’23 (4) (8) 6 4 (2)
’22 (2) 3 3 0 4
’21 (2) 4 2 4 8
’20 1 4 6 3 13
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (6) (2) — — —
’25 2 (6) 5 4 5
’24 (2) (4) 4 0 (2)
’23 (5) (10) 6 2 (7)
’22 (3) 1 1 (2) (3)
’21 (3) 2 1 3 3
’20 0 3 6 2 11
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 103 113 106 115 130 148 114 121 120 113 121 +1.0% 122 128 137 +6.6%
Gross margin, % 76.76 75.87 70.37 74.92 52.91 56.12 64.33 68.33 63.38 56.56 62.16 (20.2) pt
EBT 51 46 23 36 (29) 2 4 3 (3) (9) (3) n/m
EBT margin, % 49.21 40.74 21.99 31.52 (21.94) 1.64 3.80 2.61 (2.31) (8.25) (2.41) (57.5) pt
Net income 33 32 19 27 (24) 4 (15) (83) (56) (11) (4) n/m
Per share, $
Per share, $ Revenue 7.04 7.78 7.31 8.12 9.17 10.26 7.82 8.24 8.15 7.87 9.05 +1.2%
Earnings 2.22 2.18 1.30 1.93 (1.69) 0.29 (1.02) (5.64) (3.83) (0.76) (0.26) n/m
Cash flow 1.67 2.80 2.42 2.62 0.92 0.58 0.30 (0.12) 0.37 0.78 0.45 (8.1%)
Capex (0.95) (0.62) (0.32) (0.20) (0.11) (0.36) (0.51) (0.37) (0.53) (0.43) (0.41) (8.4%)
Free cash flow 0.71 2.18 2.10 2.42 0.80 0.23 (0.21) (0.49) (0.16) 0.35 0.04 (7.7%)
Book value 15.17 18.08 18.25 20.42 19.15 19.94 19.61 14.48 10.46 10.01 10.30 (4.5%)
Shares, m 15 15 14 14 14 14 15 15 15 14 14 (0.3%)
Valuation, ×
Valuation, × P/E 22.57 25.19 25.85 26.87 0.00 123.55 0.00 0.00 0.00 0.00 0.00 22.4
P/S 7.12 7.06 4.60 6.39 4.93 3.49 3.77 2.75 2.02 1.22 2.13 4.3
P/B 3.30 3.04 1.84 2.54 2.36 1.80 1.50 1.56 1.57 0.96 1.88 2.0
EV/Sales 5.91 5.67 3.09 4.96 4.37 3.02 3.23 2.39 1.77 0.93 2.02 3.5
EV/FCF 58.56 20.20 10.79 16.64 49.87 137.25 (119.57) (39.97) (90.81) 21.22 434.15 6.4
Cash, $m
Cash, $m Operating cash flow 24 41 35 37 13 8 4 (2) 5 11 6 (8.3%)
Capex (14) (9) (5) (3) (2) (5) (7) (5) (8) (6) (5) (8.6%)
Free cash flow 10 32 30 34 11 3 (3) (7) (2) 5 1 (7.9%)
Balance, $m
Balance, $m Working capital 162 193 192 218 141 139 142 132 90 81 77 (7.3%)
Net debt (125) (157) (159) (185) (98) (94) (86) (69) (56) (57) (38) (8.3%)
Shareholders’ equity 223 263 264 288 272 287 286 212 154 143 137 (4.8%)
Returns, %
Returns, % ROA 13.68 12.17 6.67 8.92 (6.89) 1.16 (4.27) (26.68) (23.82) (5.54) (2.04) (19.2) pt
ROIC 32.27 26.90 13.00 20.69 (10.17) 0.85 1.15 0.37 (3.24) (8.03) (3.24) (40.3) pt
ROE 15.01 13.09 7.10 9.85 (8.55) 1.48 (5.19) (33.21) (30.79) (7.32) (2.66) (22.3) pt
People
People Employees 122 123 133 154 277 297 345 357 288 235 — +7.6%
Revenue/emp, $m 0.85 0.92 0.79 0.74 0.47 0.50 0.33 0.34 0.42 0.48 — (6.1%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Anika Therapeutics Inc. vs peers in Drug Manufacturers Specialty & Generic (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ACB Aurora Cannabis Inc. $341.2M — (loss-making) — (loss-making) −31.15% (below 0%: shrinking) n/m −293.56% (below 0%: shrinking) 52.73% (12.92%) Compare
EBS Emergent Biosolutions Inc. $300.8M — (loss-making) — (loss-making) −52.40% (below 0%: shrinking) n/m +1,892.98% (above 0%: growing) 26.55% (33.91%) Compare
CGC Canopy Growth Corporation $283.5M — (loss-making) — (loss-making) +12.41% (above 0%: growing) n/m −117.60% (below 0%: shrinking) 27.40% (27.24%) Compare
ANIK Anika Therapeutics Inc. $258.7M — (loss-making) 599× +15.56% (above 0%: growing) n/m +61.58% (above 0%: growing) 65.15% 9.06%
BIOA BioAge Labs, Inc. $254.3M — (loss-making) — (loss-making) −85.49% (below 0%: shrinking) n/m −92.81% (below 0%: shrinking) 100.00% (12,554.03%) Compare
LFCR Lifecore Biomedical, Inc. $242.6M — (loss-making) — (loss-making) −18.60% (below 0%: shrinking) n/m +27,684.00% (above 0%: growing) 26.96% (3.53%) Compare
SIGA Siga Technologies Inc. $213.4M — (loss-making) 60.8× −49.45% (below 0%: shrinking) −66.00% (below 0%: shrinking) −75.95% (below 0%: shrinking) 57.17% 33.91% Compare
ADCT ADC Therapeutics SA $209.4M — (loss-making) — (loss-making) +2.17% (above 0%: growing) n/m +50.98% (above 0%: growing) 87.80% (132.03%) Compare
GLAS Glass House Brands Inc. $172.7M — (loss-making) — (loss-making) −1.24% (below 0%: shrinking) n/m −123.36% (below 0%: shrinking) 33.54% (6.37%) Compare
Median of peers $248.4M — — −24.87% — −84.38% 43.14% (20.08%)

All 84 Drug Manufacturers Specialty & Generic stocks →

Pay and ownership Proxy statement filed 28 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 4.89m 2.08m 21.00
2024 5.10m 2.53m 36.00
2023 4.46m 1.87m 50.00
2022 5.94m 3.60m 65.00
2021 4.20m 1.82m 79.00

Ownership

Directors and executive officers, together 12.08%
Caligan Partners LP 10.79%
Cheryl R. Blanchard, Ph.D. 7.45%
BlackRock Portfolio Management LLC 5.79%
The Vanguard Group 5.74%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Anika Therapeutics Inc. (ANIK) Latest News

25 Sep

Impact 3 · · Zacks

21 Aug

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7 Aug

Impact 3 · · The Motley Fool transcript
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2 Aug

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29 Jul

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3 May

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29 Apr

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3 Mar

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27 Feb

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26 Feb

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4 Feb

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8 Jan

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3 Dec

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6 Nov

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5 Nov

Impact 4 · · The Motley Fool transcript
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stockrow.com/ANIK · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com