Saturday 17 October 2026 Export ETON’s income statement to Excel — free account

Eton Pharmaceuticals, Inc.

ETON Healthcare Drug Manufacturers Specialty & Generic

Eton Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $80.0 million, up 104.9% from fiscal 2024. In the quarter to June 2026, revenue grew 98.6%, EPS grew 520.0%, free cash flow fell 8.78% and total debt fell 7.54%, each against the same quarter a year earlier. Revenue growth for three consecutive years.

50.40 0.93 −1.81%

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Market cap: $1.5B
P/E: 107×
Fwd P/E: 40.3×
Dividend yield: —
F-score: 5/9
Altman Z: 3.55
Beneish M: −2.24
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 25.18

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	2	1	2	3	—	—

Insider Ownership 1.71%

Capital & Financial Ratios $m

Market Cap 1,470.00

Revenue 105.60

Net Income 12.69

Free Cash Flow (8.39)

Net Debt 1.06

Current Ratio 1.52

Debt/Equity 0.60

P/E ratio 107.23

Fwd P/E 40.30

P/S ratio 13.19

P/B ratio 29.91

Past 5Y EPS Growth —

This Y EPS Growth 210.54%

Next Y EPS Growth 91.79%

Next Y revenue growth 87.24%

Next 5Y EPS Growth 107.84%

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 82.31%

10-year low 10-year high

P/B against its own 10 years 94.18%

10-year low 10-year high

EV/Sales against its own 10 years 82.69%

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	21	15	26	27
Receivables	3	5	12	25
Inventory	1	15	15	10
Other	—	—	—	—
	27	41	61	69

	2023	2024	2025	Q'26
Payables	2	4	11	14
ST’ Debt	5	—	9	9
Other	—	—	—	—
	16	20	38	45

Compound Annual Growth %

	10y	5y	3y
Sales	—	359.57%	55.53%
Cash Flow	—	0.00%	29.72%
Earnings	—	0.00%	0.00%
Book Value	—	10.80%	25.99%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	24	38	—	—	—
’25	17	19	22	21	80
’24	8	9	10	12	39
’23	5	12	7	7	32
’22	2	7	3	8	21
’21	12	3	1	6	22
’20	0	0	0	0	0

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	7	7	—	—	—
’25	2	8	12	(12)	11
’24	(2)	1	3	(1)	1
’23	(2)	7	1	0	7
’22	1	2	(2)	3	5
’21	4	0	(3)	(5)	(5)
’20	(7)	(3)	(5)	(7)	(22)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(8)	7	—	—	—
’25	2	8	12	(12)	10
’24	(4)	1	3	(9)	(9)
’23	(2)	7	1	0	6
’22	1	2	(4)	3	2
’21	4	0	(3)	(8)	(7)
’20	(7)	(3)	(5)	(7)	(22)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.05	0.35	—	—	—
’25	(0.06)	(0.10)	(0.07)	0.05	(0.17)
’24	(0.03)	(0.12)	0.02	(0.02)	(0.15)
’23	(0.10)	0.18	(0.02)	(0.09)	(0.04)
’22	(0.21)	(0.06)	(0.12)	0.04	(0.36)
’21	0.19	(0.08)	(0.24)	0.04	(0.08)
’20	(0.50)	(0.23)	(0.31)	(0.32)	(1.33)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	5.79	5.13	2.50	3.54	1.95	2.42	3.03	11.09	Analyst estimates 2026–2028 Powerpack
	High	—	—	6.68	10.20	9.40	10.30	4.78	5.81	13.98	23.00
People
People	Employees	—	10	15	17	16	17	28	30	31	44
	Revenue/emp, $m	—	0.00	0.00	0.06	0.00	1.28	0.76	1.05	1.26	1.82
Income, $m
Income, $m	Revenue	—	—	—	1	0	22	21	32	39	80
	Gross margin, %	—	0.00	0.00	52.76	(1,017.95)	87.05	67.38	66.56	60.01	53.46
	EBT	—	(7)	(13)	(18)	(28)	(2)	(9)	(1)	(4)	(5)
	EBT margin, %	—	0.00	0.00	(1,910.32)	(71,717.95)	(8.95)	(42.45)	(2.18)	(9.76)	(5.70)
	Net income	—	0	(13)	(18)	(28)	(2)	(9)	(1)	(4)	(5)
	Depreciation	—	0	0	0	1	1	2	1	2	5
Per share, $
Per share, $	Revenue	—	0.00	0.00	0.05	0.00	0.87	0.85	1.23	1.51	2.97
	Earnings	—	(0.49)	(5.80)	(1.03)	(1.33)	(0.08)	(0.36)	(0.04)	(0.15)	(0.17)
	Cash flow	—	(0.27)	(1.27)	(1.01)	(1.06)	(0.19)	0.19	0.27	0.04	0.39
	Capex	—	0.00	(0.04)	(0.10)	0.00	(0.10)	(0.11)	(0.03)	(0.39)	(0.01)
	Free cash flow	—	(0.27)	(1.31)	(1.12)	(1.07)	(0.29)	0.08	0.24	(0.35)	0.38
	Book value	—	(0.39)	4.10	0.59	0.75	0.70	0.52	0.60	0.94	0.97
	Shares, m	—	17	6	18	21	25	25	26	26	27
Valuation, ×
Valuation, ×	P/E	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	—	—	—	0.00	4,379.78	4.95	3.42	3.72	8.84	5.69
	P/B	—	—	—	12.12	10.91	6.13	5.56	7.61	14.12	17.40
	EV/Sales	—	—	—	0.00	4,014.34	4.60	2.95	3.35	9.33	5.75
	EV/FCF	—	—	—	(6.30)	(6.99)	(24.65)	(51.59)	32.56	(40.23)	223.23
Cash, $m
Cash, $m	Operating cash flow	—	(5)	(8)	(18)	(22)	(5)	5	7	1	11
	Capex	—	0	0	(2)	0	(3)	(3)	(1)	(10)	0
	Free cash flow	—	(5)	(8)	(20)	(22)	(7)	2	6	(9)	10
Balance, $m
Balance, $m	Working capital	—	12	25	13	21	19	14	11	21	22
	Total debt	—	—	—	5	7	7	6	5	30	31
	Net debt	—	(13)	(27)	(7)	(14)	(8)	(10)	(16)	15	5
	Shareholders’ equity	—	(7)	26	11	16	18	13	15	24	26
Returns, %
Returns, %	ROA	—	(41.36)	(178.26)	(80.71)	(128.92)	(7.27)	(34.37)	(3.30)	(7.09)	(5.47)
	ROIC	—	0.00	0.00	(368.25)	(1,200.88)	(9.43)	(161.83)	0.00	(4.13)	(1.71)
	ROE	—	(88.93)	(383.23)	(99.42)	(213.41)	(11.74)	(58.75)	(6.56)	(19.16)	(18.19)

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
BCRX BioCryst Pharmaceuticals, Inc.	$2.1B	— (loss-making)	— (loss-making)	+33.61% (above 0%: growing)	+1,450.00% (above 0%: growing)	+153.22% (above 0%: growing)	98.24%	45.12%	Compare
XERS Xeris Biopharma Holdings, Inc.	$1.8B	— (loss-making)	54.5×	+28.74% (above 0%: growing)	n/m	+8,403.09% (above 0%: growing)	86.41%	5.62%	Compare
ANIP ANI Pharmaceuticals, Inc.	$1.7B	14.9×	14.5×	+25.87% (above 0%: growing)	+194.59% (above 0%: growing)	−22.19% (below 0%: shrinking)	62.35%	15.21%	Compare
PAHC Phibro Animal Health Corporation	$1.5B	15.8×	11.1×	+4.77% (above 0%: growing)	+28.57% (above 0%: growing)	−35.73% (below 0%: shrinking)	33.88%	12.14%	Compare
ETON Eton Pharmaceuticals, Inc.	$1.5B	107×	40.3×	+98.59% (above 0%: growing)	n/m	−8.78% (below 0%: shrinking)	67.61%	34.04%
PCRX Pacira BioSciences, Inc.	$1.5B	104×	33.7×	+6.24% (above 0%: growing)	n/m	+502.51% (above 0%: growing)	77.05%	2.22%	Compare
CRON Cronos Group Inc.	$1.2B	16.1×	32.2×	+58.44% (above 0%: growing)	n/m	+2,279.22% (above 0%: growing)	53.67%	13.97%	Compare
AMPH Amphastar Pharmaceuticals, Inc.	$1.1B	14.9×	14.7×	+5.44% (above 0%: growing)	+4.55% (above 0%: growing)	+87.61% (above 0%: growing)	50.83%	21.60%	Compare
HROW Harrow, Inc.	$1.1B	— (loss-making)	134×	+10.85% (above 0%: growing)	n/m	−838.78% (below 0%: shrinking)	71.27%	(15.58%)	Compare
Median of peers	$1.5B	15.8×	32.2×	+18.36%	+111.58%	+120.42%	66.81%	13.06%

All 86 Drug Manufacturers Specialty & Generic stocks →

Eton Pharmaceuticals, Inc. (ETON) key facts

Strength: Eton Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $80.0 million, up 104.9% from fiscal 2024.
Eton Pharmaceuticals, Inc. (ETON) is a Drug Manufacturers Specialty & Generic company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, ETON traded at $50.40, a market capitalization of $1.5 billion.
Return on equity was −18.2% and debt-to-equity 0.60.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 3.55 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.