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Friday 6 November 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.
- Revenue
- +157.9%
- EPS
- +1,857.1%
- Free cash flow
- +172.6%
- Total debt
- −24.0%
Quarter to September 2026, against a year earlier
47.45
3.27
−6.45%
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Target Price Range
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 | — | — | — | 1 | 0 | 22 | 21 | 32 | 39 | 80 | 141 | +109.0% | 150 | 220 | 306 | +56.4% | |
| Gross margin, % | — | 0.00 | 0.00 | 52.76 | (1,017.95) | 87.05 | 67.38 | 66.56 | 60.01 | 53.46 | 69.15 | +53.5 pt | ||||||
| EBT | — | (7) | (13) | (18) | (28) | (2) | (9) | (1) | (4) | (5) | 37 | (5.5%) | ||||||
| EBT margin, % | — | 0.00 | 0.00 | (1,910.32) | (71,717.95) | (8.95) | (42.45) | (2.18) | (9.76) | (5.70) | 26.27 | (5.7) pt | ||||||
| Net income | — | 0 | (13) | (18) | (28) | (2) | (9) | (1) | (4) | (5) | 50 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | 0.00 | 0.00 | 0.05 | 0.00 | 0.87 | 0.85 | 1.23 | 1.51 | 2.97 | 4.92 | n/m | |||||
| Earnings | — | (0.49) | (5.80) | (1.03) | (1.33) | (0.08) | (0.36) | (0.04) | (0.15) | (0.17) | 1.77 | (12.4%) | ||||||
| Cash flow | — | (0.27) | (1.27) | (1.01) | (1.06) | (0.19) | 0.19 | 0.27 | 0.04 | 0.39 | 1.34 | n/m | ||||||
| Capex | — | 0.00 | (0.04) | (0.10) | 0.00 | (0.10) | (0.11) | (0.03) | (0.39) | (0.01) | (0.64) | n/m | ||||||
| Free cash flow | — | (0.27) | (1.31) | (1.12) | (1.07) | (0.29) | 0.08 | 0.24 | (0.35) | 0.38 | 0.70 | n/m | ||||||
| Book value | — | (0.39) | 4.10 | 0.59 | 0.75 | 0.70 | 0.52 | 0.60 | 0.94 | 0.97 | 3.03 | n/m | ||||||
| Shares, m | — | 17 | 6 | 18 | 21 | 25 | 25 | 26 | 26 | 27 | 28 | +5.6% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 26.81 | 0.0 | |||||
| P/S | — | — | — | 0.00 | 4,379.78 | 4.95 | 3.42 | 3.72 | 8.84 | 5.69 | 9.64 | 629.5 | ||||||
| P/B | — | — | — | 12.12 | 10.91 | 6.13 | 5.56 | 7.61 | 14.12 | 17.40 | 15.65 | 10.5 | ||||||
| EV/Sales | — | — | — | 0.00 | 4,014.34 | 4.60 | 2.95 | 3.35 | 9.33 | 5.75 | 9.41 | 577.2 | ||||||
| EV/FCF | — | — | — | (6.30) | (6.99) | (24.65) | (51.59) | 32.56 | (40.23) | 223.23 | 66.39 | 18.0 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | (5) | (8) | (18) | (22) | (5) | 5 | 7 | 1 | 11 | 38 | n/m | |||||
| Capex | — | 0 | 0 | (2) | 0 | (3) | (3) | (1) | (10) | 0 | (18) | +12.5% | ||||||
| Free cash flow | — | (5) | (8) | (20) | (22) | (7) | 2 | 6 | (9) | 10 | 20 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | 12 | 25 | 13 | 21 | 19 | 14 | 11 | 21 | 22 | 43 | +7.4% | |||||
| Net debt | — | (13) | (27) | (7) | (14) | (8) | (10) | (16) | 15 | 5 | (33) | n/m | ||||||
| Shareholders’ equity | — | (7) | 26 | 11 | 16 | 18 | 13 | 15 | 24 | 26 | 87 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | (41.36) | (178.26) | (80.71) | (128.92) | (7.27) | (34.37) | (3.30) | (7.09) | (5.47) | 38.10 | +35.9 pt | |||||
| ROIC | — | 0.00 | 0.00 | (368.25) | (1,200.88) | (9.43) | (161.83) | 0.00 | (4.13) | (1.71) | 46.77 | (1.7) pt | ||||||
| ROE | — | (88.93) | (383.23) | (99.42) | (213.41) | (11.74) | (58.75) | (6.56) | (19.16) | (18.19) | 90.62 | +70.7 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | 10 | 15 | 17 | 16 | 17 | 28 | 30 | 31 | 44 | — | +20.3% | |||||
| Revenue/emp, $m | — | 0.00 | 0.00 | 0.06 | 0.00 | 1.28 | 0.76 | 1.05 | 1.26 | 1.82 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Eton Pharmaceuticals, 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 |
|---|---|---|---|---|---|---|---|---|---|
| XERS Xeris Biopharma Holdings, Inc. | $2.4B | — (loss-making) | — (loss-making) | +44.16% (above 0%: growing) | +1,478.95% (above 0%: growing) | +93.18% (above 0%: growing) | 88.41% | 15.78% | Compare |
| ALVO Alvotech | $1.8B | — (loss-making) | 111× | +2,310.95% (above 0%: growing) | −99.51% (below 0%: shrinking) | −496.58% (below 0%: shrinking) | 56.47% | 9.14% | Compare |
| ANIP ANI Pharmaceuticals, Inc. | $1.6B | 13.3× | 14.3× | +27.64% (above 0%: growing) | +29.41% (above 0%: growing) | +85.49% (above 0%: growing) | 61.64% | 18.01% | Compare |
| PCRX Pacira BioSciences, Inc. | $1.5B | 38.4× | 56.6× | −1.59% (below 0%: shrinking) | +500.00% (above 0%: growing) | −18.47% (below 0%: shrinking) | 0.00% | 12.61% | Compare |
| PAHC Phibro Animal Health Corporation | $1.4B | 14.0× | 12.6× | +6.29% (above 0%: growing) | +12.31% (above 0%: growing) | +262.08% (above 0%: growing) | 33.23% | 12.83% | Compare |
| CRON Cronos Group Inc. | $1.4B | 21.9× | 19.5× | +74.61% (above 0%: growing) | −42.86% (below 0%: shrinking) | +179.64% (above 0%: growing) | 50.88% | 14.23% | Compare |
| ETON Eton Pharmaceuticals, Inc. | $1.4B | 26.8× | 48.0× | +157.91% (above 0%: growing) | n/m | +172.55% (above 0%: growing) | 76.48% | 39.73% | |
| AMPH Amphastar Pharmaceuticals, Inc. | $1.2B | 12.3× | 12.8× | +8.22% (above 0%: growing) | +134.21% (above 0%: growing) | −29.38% (below 0%: shrinking) | 47.99% | 24.46% | Compare |
| HROW Harrow, Inc. | $976.2M | — (loss-making) | — (loss-making) | +10.85% (above 0%: growing) | n/m | −838.78% (below 0%: shrinking) | 71.27% | (15.58%) | Compare |
| Median of peers | $1.4B | 14.0× | 16.9× | +19.24% | +29.41% | +33.51% | 53.68% | 13.53% |
Pay and ownership Proxy statement filed 24 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 2.91m | 6.90m | — |
| 2024 | 2.41m | 7.91m | — |
| 2023 | 1.75m | 2.26m | — |
Ownership
Directors and executive officers, together
16.49%
Sean E. Brynjelsen
10.58%
One Boston Place,
10.46%
357 Tehama Street #3 San Francisco, CA
7.26%
50 Hudson Yards New York, NY
5.70%
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