Saturday 17 October 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. In the quarter to June 2026, revenue grew 38.2%, EPS fell 28.6%, free cash flow fell 20.4% and total debt rose 59.1%, each against the same quarter a year earlier.

3.78 0.28 −6.90%

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Market cap: $509.6M
P/E: 0.0×
Fwd P/E: −9.7×
Dividend yield: —
F-score: 2/9
Altman Z: −2.19
Beneish M: −1.91
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 2.29

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	7	—	1	2	1	1	2	—

Insider Ownership 12.12%

Capital & Financial Ratios $m

Market Cap 509.58

Revenue 54.09

Net Income (78.23)

Free Cash Flow (45.95)

Net Debt (47.84)

Current Ratio 7.19

Debt/Equity (0.90)

P/E ratio 0.00

Fwd P/E (9.70)

P/S ratio 8.74

P/B ratio 0.00

Past 5Y EPS Growth —

This Y EPS Growth 37.75%

Next Y EPS Growth (2.97%)

Next Y revenue growth 12.09%

Next 5Y EPS Growth 21.87%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 86.08%

10-year low 10-year high

EV/Sales against its own 10 years 87.14%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	24	72	121	98
Receivables	8	7	18	9
Inventory	7	6	6	7
Other	—	—	—	—
	41	88	149	118

	2023	2024	2025	Q'26
Payables	9	10	30	9
ST’ Debt	—	—	—	—
Other	1	1	1	1
	18	19	48	16

Compound Annual Growth %

	10y	5y	3y
Sales	—	(0.58%)	(2.24%)
Cash Flow	—	0.00%	0.00%
Earnings	—	0.00%	0.00%
Book Value	—	0.00%	0.00%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	14	14	—	—	—
’25	9	10	13	13	45
’24	12	20	14	12	58
’23	11	13	13	13	51
’22	12	13	11	11	48
’21	11	15	13	11	51
’20	9	22	8	7	46

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(15)	(9)	—	—	—
’25	(23)	(8)	(13)	(8)	(52)
’24	(10)	(7)	(12)	(6)	(36)
’23	9	(8)	(2)	(5)	(6)
’22	(14)	(7)	3	8	(10)
’21	(14)	(2)	(9)	(8)	(33)
’20	(14)	(10)	(8)	(14)	(45)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(15)	(10)	—	—	—
’25	(24)	(8)	(13)	(9)	(53)
’24	(10)	(7)	(12)	(7)	(36)
’23	9	(9)	(2)	(5)	(7)
’22	(15)	(7)	1	8	(12)
’21	(14)	(2)	(9)	(9)	(34)
’20	(14)	(10)	(8)	(14)	(46)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.07)	(0.18)	—	—	—
’25	(0.24)	(0.14)	(0.14)	(0.26)	(0.78)
’24	(0.17)	(0.03)	(0.13)	(0.19)	(0.51)
’23	0.11	(0.10)	(0.03)	(0.12)	(0.13)
’22	(0.32)	(0.36)	(0.23)	(0.23)	(1.12)
’21	(0.41)	(0.33)	(0.37)	(0.72)	(1.85)
’20	(0.49)	(0.07)	(0.49)	(0.60)	(1.66)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	5.80	2.95	1.41	3.10	0.62	0.72	1.95	2.12	Analyst estimates 2026–2028 Powerpack
	High	—	—	20.70	10.00	9.47	7.00	4.29	2.69	6.23	7.55
People
People	Employees	—	195	277	232	187	157	130	135	142	147
	Revenue/emp, $m	0.00	0.34	0.24	0.23	0.25	0.32	0.37	0.37	0.41	0.30
Income, $m
Income, $m	Revenue	52	67	67	53	46	51	48	51	58	45
	Gross margin, %	60.86	70.38	68.87	61.30	71.72	70.51	59.34	58.82	68.95	58.35
	EBT	(10)	(9)	(61)	(66)	(56)	(71)	(54)	(8)	(44)	(84)
	EBT margin, %	(18.54)	(13.36)	(91.02)	(125.92)	(121.67)	(138.77)	(114.11)	(15.07)	(76.70)	(188.09)
	Net income	(10)	(9)	(61)	(66)	(56)	(71)	(54)	(8)	(44)	(84)
	Depreciation	4	6	5	5	6	7	3	3	11	12
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
	Earnings	(0.48)	(0.45)	(2.96)	(2.61)	(1.66)	(1.85)	(1.12)	(0.13)	(0.51)	(0.78)
	Cash flow	(0.33)	0.23	(0.63)	(2.37)	(1.35)	(0.87)	(0.20)	(0.10)	(0.41)	(0.49)
	Capex	0.00	(0.08)	(0.09)	(0.03)	(0.02)	(0.02)	(0.05)	(0.02)	0.00	(0.01)
	Free cash flow	(0.33)	0.15	(0.71)	(2.40)	(1.37)	(0.89)	(0.25)	(0.12)	(0.41)	(0.50)
	Book value	(0.71)	(1.05)	0.49	(0.24)	(1.44)	(2.16)	(2.43)	(1.74)	(0.69)	(0.31)
	Shares, m	25	25	21	25	34	38	49	61	87	107
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	4.07	4.07	1.94	2.81	3.93	2.91	0.92	2.43	5.36	15.51
	P/B	0.00	0.00	12.95	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	EV/Sales	4.53	4.53	1.67	3.01	3.98	3.38	1.05	2.51	4.69	13.40
	EV/FCF	42.27	42.27	(7.60)	(2.61)	(3.97)	(5.06)	(4.61)	(17.19)	(7.51)	(11.27)
Cash, $m
Cash, $m	Operating cash flow	(8)	6	(13)	(60)	(45)	(33)	(10)	(6)	(36)	(52)
	Capex	(1)	(2)	(2)	(1)	(1)	(1)	(3)	(1)	0	(1)
	Free cash flow	(8)	4	(15)	(61)	(46)	(34)	(12)	(7)	(36)	(53)
Balance, $m
Balance, $m	Working capital	13	13	41	50	24	25	0	23	69	102
	Total debt	39	46	43	60	34	52	33	28	33	28
	Net debt	29	28	(18)	11	3	24	6	4	(39)	(94)
	Shareholders’ equity	(18)	(26)	10	(6)	(48)	(82)	(119)	(106)	(60)	(34)
Returns, %
Returns, %	ROA	(28.95)	(27.69)	(94.45)	(80.14)	(78.92)	(112.97)	(91.40)	(13.75)	(55.57)	(63.99)
	ROIC	0.00	(4.32)	0.00	(673.16)	0.00	0.00	0.00	0.00	0.00	0.00
	ROE	11.75	11.24	126.18	(3,347.45)	204.26	108.00	54.22	6.99	52.97	178.61

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
COLL Collegium Pharmaceutical, Inc.	$754.6M	15.2×	12.5×	+6.32% (above 0%: growing)	n/m	−2.14% (below 0%: shrinking)	55.18%	1.85%	Compare
IRWD Ironwood Pharmaceuticals, Inc.	$623.0M	4.4×	2.8×	+32.62% (above 0%: growing)	+106.67% (above 0%: growing)	+486.70% (above 0%: growing)	100.00%	70.16%	Compare
AQST Aquestive Therapeutics, Inc.	$509.6M	— (loss-making)	— (loss-making)	+38.15% (above 0%: growing)	n/m	−20.35% (below 0%: shrinking)	70.93%	(59.51%)
EVO Evotec AG	$504.4M	— (loss-making)	— (loss-making)	−12.98% (below 0%: shrinking)	n/m	−9,727.20% (below 0%: shrinking)	(1.00%)	(77.50%)	Compare
EOLS Evolus, Inc.	$500.0M	— (loss-making)	— (loss-making)	+21.18% (above 0%: growing)	n/m	+84.90% (above 0%: growing)	68.00%	(5.40%)	Compare
TLRY Tilray Brands, Inc.	$474.4M	— (loss-making)	— (loss-making)	+22.74% (above 0%: growing)	n/m	−36.60% (below 0%: shrinking)	30.14%	(9.35%)	Compare
KMDA Kamada Ltd.	$451.7M	20.4×	— (loss-making)	+22.72% (above 0%: growing)	+23.08% (above 0%: growing)	+165.71% (above 0%: growing)	40.91%	17.32%	Compare
TKNO Alpha Teknova, Inc.	$408.0M	— (loss-making)	— (loss-making)	+18.45% (above 0%: growing)	n/m	+74.18% (above 0%: growing)	40.09%	(23.72%)	Compare
EBS Emergent Biosolutions Inc.	$368.1M	— (loss-making)	— (loss-making)	+66.29% (above 0%: growing)	n/m	−47.68% (below 0%: shrinking)	58.56%	(53.39%)	Compare
Median of peers	$487.2M	15.2×	—	+21.95%	—	+36.02%	48.05%	(7.37%)

All 86 Drug Manufacturers Specialty & Generic stocks →

Aquestive Therapeutics, Inc. (AQST) key facts

Concern: Aquestive Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $44.5 million, down 22.6% from fiscal 2024.
Aquestive Therapeutics, Inc. (AQST) is a Drug Manufacturers Specialty & Generic company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, AQST traded at $3.78, a market capitalization of $509.6 million.
Return on equity was 178.6% and debt-to-equity -0.90.
Its Piotroski F-score is 2 out of 9 and its Altman Z-score is −2.19 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.