stockrowANI Pharmaceuticals, Inc.
ANIP Healthcare Drug Manufacturers Specialty & Generic
ANI Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $883.4 million, up 43.8% from fiscal 2024.
- Revenue
- +27.6%
- EPS
- +29.4%
- Free cash flow
- +85.5%
- Total debt
- −96.2%
Quarter to September 2026, against a year earlier
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ANI Pharmaceuticals, Inc. (ANIP) Altman Z-score
ANI Pharmaceuticals, Inc.'s Altman Z-score for fiscal 2025 is 2.30, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.30 | 0.87 |
| FY2024 | 1.43 | (0.98) |
| FY2023 | 2.42 | 1.01 |
| FY2022 | 1.40 | 0.17 |
| FY2021 | 1.23 | (0.12) |
| FY2020 | 1.35 | (1.40) |
| FY2019 | 2.75 | 0.66 |
| FY2018 | 2.09 | (0.70) |
| FY2017 | 2.79 | (0.78) |
| FY2016 | 3.57 | (0.27) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.33 | — | 0.40 | |
| Retained earnings / total assets | (0.02) | — | −0.02 | |
| EBIT / total assets | 0.08 | — | 0.25 | |
| Market value of equity / total liabilities | 1.76 | — | 1.06 | |
| Sales / total assets | 0.61 | — | 0.61 | |
| Altman Z-score | Grey zone | 2.30 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.26 | ||
Z and Z″ put ANI Pharmaceuticals, Inc. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CRON Cronos Group Inc. compare | 12.7× |
| ETON Eton Pharmaceuticals, Inc. compare | 3.6× |
| PAHC Phibro Animal Health Corporation compare | 2.9× |
| ANIP ANI Pharmaceuticals, Inc. | 2.3× |
| PCRX Pacira BioSciences, Inc. compare | 2.0× |
| BCRX BioCryst Pharmaceuticals, Inc. compare | 1.8× |
| XERS Xeris Biopharma Holdings, Inc. compare | 1.0× |
| PRGO Perrigo Company plc compare | −0.1× |
| ALVO Alvotech compare | −1.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets