Aquestive Therapeutics, Inc. (AQST) vs Kamada Ltd. (KMDA)

Aquestive Therapeutics, Inc. and Kamada Ltd. are both Drug Manufacturers Specialty & Generic companies. Aquestive Therapeutics, Inc. is the larger, with a market value of $605.0M against $509.4M — 1.2× the size. Aquestive Therapeutics, Inc. has negative trailing earnings, so its P/E is not meaningful; Kamada Ltd. trades at 22.9×. Aquestive Therapeutics, Inc. grew revenue faster over the last twelve months: 22.6% against 13.2%. Kamada Ltd. has the higher net margin (11.6% vs −144.6%) and the higher return on invested capital (8.47% vs 0.00%). Across the 18 metrics below, Kamada Ltd. leads on 13 and Aquestive Therapeutics, Inc. on 5.

Valuation

Metric AQST KMDA Drug Manufacturers Specialty & Generic median
P/E n/m 22.95 20.14
P/S 10.82 2.63 2.25
P/B n/m 1.87 1.90
Price to free cash flow n/m 19.18 16.54
EV/EBITDA n/m 10.33 12.29
EV/Sales 9.93 2.32 2.56
Earnings yield (13.89%) 4.36% (2.99%)
Free cash flow yield (7.85%) 5.21% 0.00%

Profitability

Metric AQST KMDA Drug Manufacturers Specialty & Generic median
Gross margin 67.04% 40.82% 53.94%
Operating margin (97.52%) 14.51% 0.00%
Net margin (144.63%) 11.60% 0.00%
Free cash flow margin (84.95%) 13.72% 0.00%
Return on equity 121.12% 8.40% (0.40%)
Return on assets (69.29%) 5.92% (3.32%)
Return on invested capital 0.00% 8.47% 0.00%

Growth

Metric AQST KMDA Drug Manufacturers Specialty & Generic median
Revenue growth (TTM) 22.56% 13.17% 10.01%
EPS growth (last fiscal year) (52.94%) 40.00% —
Revenue growth, 5-year CAGR (0.58%) 6.25% 6.74%
Net income growth, 5-year CAGR 0.00% 3.34% 0.00%

Health

Metric AQST KMDA Drug Manufacturers Specialty & Generic median
Debt to equity (0.90) 0.02 0.05
Current ratio 7.19 4.06 2.31
Net debt to EBITDA 1.57 (1.59) 0.85

Dividend

Metric AQST KMDA Drug Manufacturers Specialty & Generic median
Dividend yield — — 1.70%
Payout ratio 0.00 0.00 0.00

Size

Metric AQST KMDA Drug Manufacturers Specialty & Generic median
Market cap 604.97m 509.40m 337.35m

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