| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | 1 | 3 | 2 | 1 | 4 | 9 | 1 | 5 | 4 | 3 | 4 | 3 |
| total | individual payouts | |
|---|---|---|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2020 | ‡‡‡ |
|
| 2019 | ‡‡‡ |
|
| 2017 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 221.12 | 151.20 | 294.75 | 375.87 |
| Receivables | 162.08 | 221.73 | 281.08 | 274.47 |
| Inventory | 111.20 | 136.78 | 143.07 | 143.15 |
| Other | 8.02 | — | — | — |
| 519.82 | 528.46 | 753.12 | 825.43 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 36.68 | 45.66 | 62.58 | 73.83 |
| ST’ Debt | 0.85 | 9.17 | 17.27 | 21.33 |
| Other | 12.27 | 0.03 | 0.17 | — |
| 145.48 | 194.45 | 278.11 | 283.66 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 237.46 | 266.04 | — | — |
—
|
| ’25 | 197.12 | 211.37 | 227.81 | 247.06 |
883.37
|
| ’24 | 137.43 | 138.04 | 148.33 | 190.57 |
614.38
|
| ’23 | 106.79 | 116.55 | 131.83 | 131.65 |
486.82
|
| ’22 | 64.48 | 73.86 | 83.82 | 94.23 |
316.39
|
| ’21 | 54.52 | 48.63 | 52.06 | 60.93 |
216.14
|
| ’20 | 49.77 | 48.47 | 52.98 | 57.25 |
208.48
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 58.38 | 56.67 | — | — |
—
|
| ’25 | 34.99 | 75.81 | 44.06 | 30.37 |
185.23
|
| ’24 | 18.27 | 17.41 | 12.47 | 15.86 |
64.02
|
| ’23 | 21.42 | 20.63 | 32.17 | 44.74 |
118.96
|
| ’22 | (18.94) | (11.48) | 3.62 | (4.40) |
(31.20)
|
| ’21 | 20.67 | 0.24 | (5.40) | (12.18) |
3.32
|
| ’20 | 1.71 | 20.88 | (1.61) | (5.71) |
15.27
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 47.05 | 53.62 | — | — |
—
|
| ’25 | 15.15 | 68.90 | 37.89 | 28.96 |
150.90
|
| ’24 | 27.20 | 12.97 | 7.03 | 13.38 |
60.58
|
| ’23 | 19.07 | 13.80 | 27.62 | 39.96 |
100.45
|
| ’22 | (21.12) | (12.05) | (6.19) | (7.54) |
(46.91)
|
| ’21 | 19.93 | (21.71) | (5.98) | (9.90) |
(17.67)
|
| ’20 | (55.84) | 18.03 | (7.42) | (7.83) |
(53.05)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 1.28 | 1.05 | — | — |
—
|
| ’25 | 0.69 | 0.36 | 1.13 | 1.18 |
3.32
|
| ’24 | 0.82 | (0.14) | (1.27) | (0.55) |
(1.04)
|
| ’23 | 0.06 | 0.29 | 0.45 | 0.04 |
0.85
|
| ’22 | (1.27) | (0.94) | (0.55) | (0.28) |
(3.05)
|
| ’21 | 0.01 | (1.17) | (0.37) | (1.72) |
(3.40)
|
| ’20 | (0.59) | (1.03) | 0.04 | (0.30) |
(1.88)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | 22.31 | 36.54 | 52.50 | 52.74 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 48.26 | 65.89 | 70.81 | 99.50 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 600 | 642 | 897 | 970 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.53 | 0.76 | 0.68 | 0.91 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 316.39 | 486.82 | 614.38 | 883.37 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 56.13% | 62.71% | 59.27% | 61.36% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (62.66) | 19.87 | (22.21) | 95.79 | ‡‡‡‡‡ | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (19.81%) | 4.08% | (3.62%) | 10.84% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (47.90) | 18.78 | (18.52) | 78.34 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 59.65 | 59.79 | 81.33 | 91.42 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 19.46 | 27.04 | 31.80 | 44.05 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | (3.05) | 0.86 | (1.04) | 3.50 | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.92) | 6.61 | 3.31 | 9.24 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.97) | (1.03) | (0.18) | (1.71) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.88) | 5.58 | 3.14 | 7.53 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 20.82 | 25.42 | 22.18 | 26.96 | ‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.26 | 18.00 | 19.32 | 20.05 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 66.50 | 0.00 | 22.55 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.06 | 2.11 | 1.74 | 1.79 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.08 | 2.38 | 2.65 | 2.93 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.80 | 2.25 | 2.51 | 2.16 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (18.85) | 10.89 | 26.53 | 12.63 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (31.20) | 118.96 | 64.02 | 185.23 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (15.70) | (18.51) | (3.44) | (34.32) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (46.91) | 100.45 | 60.58 | 150.90 | ‡‡‡‡‡ | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 244.82 | 374.34 | 334.00 | 475.01 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 286.52 | 285.67 | 624.09 | 617.04 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 233.29 | 64.55 | 472.89 | 322.28 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 338.54 | 457.60 | 428.53 | 540.72 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (6.47%) | 2.06% | (1.84%) | 5.66% | ‡‡‡‡‡ | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.86%) | 5.62% | 0.04% | 8.05% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (15.29%) | 4.60% | (4.82%) | 16.34% | ‡‡‡‡‡ | — | — |
ROE
|
ANI Pharmaceuticals (ANIP) exemplifies a classic specialty pharma underdog tale, transforming from niche generics to a diversified powerhouse through aggressive acquisitions like the $176 million Novitium Pharma deal in 2023. This strategy ignited revenue from $316 million in 2022 to $487 million in 2023 (54% surge) and $614 million in 2024 (26% more), with per-share revenue more than doubling since 2016 at a 20%+ CAGR. Despite stabilizing gross margins around 59% and productivity gains, the ride has been volatile, marked by pandemic disruptions, integration costs, and inconsistent profitability—net losses exceeding $100 million cumulatively in 2020-2022, a brief 2023 rebound, and another dip in 2024.
Balance sheet pressures loom large, with debt ballooning to $624 million to fund growth, elevating leverage risks amid high interest rates and near-zero ROIC. Insider selling—over $40 million in shares with no buys—adds caution post-revenue beats, contrasting bullish analyst forecasts of $867 million revenue in 2025 (41% growth), profitability turnaround to $65 million net income, and EPS climbing to $3.14, implying 45% average upside from current levels.
Yet, leadership’s M&A track record, rare disease bets like Cortrophin Gel, and projected FCF surges to $102-121 million offer multi-bagger potential if debt is tamed and margins expand. Investors face a high-stakes thriller: rewarding revenue rockets but punishing any acquisition hangover—full analysis unpacks the path forward.
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