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Friday 6 November 2026
Export AQST’s income statement to Excel — free account
Aquestive Therapeutics, Inc.
AQST Healthcare Drug Manufacturers Specialty & Generic
Aquestive Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $44.5 million, down 22.6% from fiscal 2024.
- Revenue
- −41.0%
- EPS
- +6.14%
- Free cash flow
- +40.8%
- Total debt
- +69.5%
Quarter to September 2026, against a year earlier
3.64
0.16
−4.21%
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Analyst price targets
Free accountTen 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 Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 52 | 67 | 67 | 53 | 46 | 51 | 48 | 51 | 58 | 45 | 49 | (1.7%) | 51 | 68 | 107 | +33.8% | |
| Gross margin, % | 60.86 | 70.38 | 68.87 | 61.30 | 71.72 | 70.51 | 59.34 | 58.82 | 68.95 | 58.35 | 65.34 | (2.5) pt | ||||||
| EBT | (10) | (9) | (61) | (66) | (56) | (71) | (54) | (8) | (44) | (84) | (79) | +27.2% | ||||||
| EBT margin, % | (18.54) | (13.36) | (91.02) | (125.92) | (121.67) | (138.77) | (114.11) | (15.07) | (76.70) | (188.09) | (162.33) | (169.5) pt | ||||||
| Net income | (10) | (9) | (61) | (66) | (56) | (71) | (54) | (8) | (44) | (84) | (79) | +27.2% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 2.10 | 2.66 | 3.25 | 2.07 | 1.36 | 1.34 | 0.98 | 0.83 | 0.66 | 0.42 | 0.39 | (16.4%) | |||||
| Earnings | (0.48) | (0.45) | (2.96) | (2.61) | (1.66) | (1.85) | (1.12) | (0.13) | (0.51) | (0.78) | (0.64) | +5.5% | ||||||
| Cash flow | (0.33) | 0.23 | (0.63) | (2.37) | (1.35) | (0.87) | (0.20) | (0.10) | (0.41) | (0.49) | (0.32) | +4.5% | ||||||
| Capex | 0.00 | (0.08) | (0.09) | (0.03) | (0.02) | (0.02) | (0.05) | (0.02) | 0.00 | (0.01) | (0.01) | n/m | ||||||
| Free cash flow | (0.33) | 0.15 | (0.71) | (2.40) | (1.37) | (0.89) | (0.25) | (0.12) | (0.41) | (0.50) | (0.32) | +4.6% | ||||||
| Book value | (0.71) | (1.05) | 0.49 | (0.24) | (1.44) | (2.16) | (2.43) | (1.74) | (0.69) | (0.31) | (0.56) | (8.7%) | ||||||
| Shares, m | 25 | 25 | 21 | 25 | 34 | 38 | 49 | 61 | 87 | 107 | 120 | +17.7% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | 4.07 | 4.07 | 1.94 | 2.81 | 3.93 | 2.91 | 0.92 | 2.43 | 5.36 | 15.51 | 9.36 | 4.4 | ||||||
| P/B | 0.00 | 0.00 | 12.95 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.3 | ||||||
| EV/Sales | 4.53 | 4.53 | 1.67 | 3.01 | 3.98 | 3.38 | 1.05 | 2.51 | 4.69 | 13.40 | 8.55 | 4.3 | ||||||
| EV/FCF | 42.27 | 42.27 | (7.60) | (2.61) | (3.97) | (5.06) | (4.61) | (17.19) | (7.51) | (11.27) | (10.26) | 2.5 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (8) | 6 | (13) | (60) | (45) | (33) | (10) | (6) | (36) | (52) | (40) | +22.9% | |||||
| Capex | (1) | (2) | (2) | (1) | (1) | (1) | (3) | (1) | 0 | (1) | (1) | (5.9%) | ||||||
| Free cash flow | (8) | 4 | (15) | (61) | (46) | (34) | (12) | (7) | (36) | (53) | (41) | +23.1% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 13 | 13 | 41 | 50 | 24 | 25 | 0 | 23 | 69 | 102 | 89 | +26.2% | |||||
| Net debt | 29 | 28 | (18) | 11 | 3 | 24 | 6 | 4 | (39) | (94) | (40) | n/m | ||||||
| Shareholders’ equity | (18) | (26) | 10 | (6) | (48) | (82) | (119) | (106) | (60) | (34) | (71) | +7.5% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (28.95) | (27.69) | (94.45) | (80.14) | (78.92) | (112.97) | (91.40) | (13.75) | (55.57) | (63.99) | (56.05) | (35.0) pt | |||||
| ROIC | 0.00 | (4.32) | 0.00 | (673.16) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | 11.75 | 11.24 | 126.18 | (3,347.45) | 204.26 | 108.00 | 54.22 | 6.99 | 52.97 | 178.61 | 211.59 | +166.9 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | 195 | 277 | 232 | 187 | 157 | 130 | 135 | 142 | 147 | — | (3.5%) | |||||
| Revenue/emp, $m | 0.00 | 0.34 | 0.24 | 0.23 | 0.25 | 0.32 | 0.37 | 0.37 | 0.41 | 0.30 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Aquestive 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 |
|---|---|---|---|---|---|---|---|---|---|
| IRWD Ironwood Pharmaceuticals, Inc. | $665.9M | 4.3× | 2.9× | +9.00% (above 0%: growing) | +44.00% (above 0%: growing) | +41.66% (above 0%: growing) | 100.00% | 70.00% | Compare |
| EVO Evotec AG | $630.4M | — (loss-making) | — (loss-making) | −12.98% (below 0%: shrinking) | n/m | −9,727.20% (below 0%: shrinking) | (1.00%) | (77.50%) | Compare |
| TKNO Alpha Teknova, Inc. | $486.2M | — (loss-making) | — (loss-making) | +21.52% (above 0%: growing) | n/m | +40.94% (above 0%: growing) | 37.99% | (25.24%) | Compare |
| AQST Aquestive Therapeutics, Inc. | $460.0M | — (loss-making) | — (loss-making) | −40.99% (below 0%: shrinking) | n/m | +40.78% (above 0%: growing) | 52.28% | (191.46%) | |
| EOLS Evolus, Inc. | $448.8M | — (loss-making) | — (loss-making) | +13.03% (above 0%: growing) | n/m | +77.73% (above 0%: growing) | 65.02% | (10.81%) | Compare |
| TLRY Tilray Brands, Inc. | $415.3M | — (loss-making) | — (loss-making) | +22.74% (above 0%: growing) | n/m | −159.66% (below 0%: shrinking) | 30.14% | (9.35%) | Compare |
| KMDA Kamada Ltd. | $396.3M | 18.1× | — (loss-making) | +22.72% (above 0%: growing) | +23.08% (above 0%: growing) | +165.71% (above 0%: growing) | 40.91% | 17.32% | 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 |
| 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 |
| Median of peers | $432.1M | — | — | +12.72% | — | −38.33% | 39.45% | (11.86%) |
Pay and ownership Proxy statement filed 24 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 3.49m | 11.03m | 716.11 |
| 2024 | 4.18m | 5.23m | 394.63 |
| 2023 | 2.50m | 3.28m | 223.92 |
Ownership
Directors and executive officers, together
6.81%
Douglas K. Bratton
7.93%
BlackRock, Inc.
5.17%
RTW Investments, LP
5.03%
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