Eton Pharmaceuticals, Inc. (ETON) vs Phibro Animal Health Corporation (PAHC)

Eton Pharmaceuticals, Inc. and Phibro Animal Health Corporation are both Drug Manufacturers Specialty & Generic companies. Eton Pharmaceuticals, Inc. and Phibro Animal Health Corporation are of similar size ($1.5B and $1.5B). Phibro Animal Health Corporation trades at the lower P/E: 15.8× against 107×. Eton Pharmaceuticals, Inc. grew revenue faster over the last twelve months: 81.5% against 17.1%. Eton Pharmaceuticals, Inc. has the higher net margin (12.0% vs 6.57%) and the higher return on invested capital (21.4% vs 11.7%). Across the 21 metrics below, Phibro Animal Health Corporation leads on 11 and Eton Pharmaceuticals, Inc. on 10.

Valuation

Metric ETON PAHC Drug Manufacturers Specialty & Generic median
P/E 107.23 15.78 19.25
P/S 13.19 1.04 2.11
P/B 29.91 4.08 1.78
Price to free cash flow n/m 159.54 16.14
EV/EBITDA 64.90 8.96 12.58
EV/Sales 13.20 1.47 2.73
Earnings yield 0.93% 6.34% (4.38%)
Free cash flow yield (0.60%) 0.63% 0.00%

Profitability

Metric ETON PAHC Drug Manufacturers Specialty & Generic median
Gross margin 57.87% 33.76% 53.94%
Operating margin 15.44% 12.81% 0.00%
Net margin 12.02% 6.57% 0.00%
Free cash flow margin (7.94%) 0.65% 0.00%
Return on equity 35.97% 29.72% (0.40%)
Return on assets 11.67% 6.97% (3.32%)
Return on invested capital 21.39% 11.72% 0.00%

Growth

Metric ETON PAHC Drug Manufacturers Specialty & Generic median
Revenue growth (TTM) 81.49% 17.12% 10.01%
EPS growth (last fiscal year) (13.33%) 104.20% 49.06%
Revenue growth, 5-year CAGR 359.57% 12.74% 6.74%
Net income growth, 5-year CAGR 0.00% 12.89% 0.00%

Health

Metric ETON PAHC Drug Manufacturers Specialty & Generic median
Debt to equity 0.60 1.90 0.05
Current ratio 1.52 2.96 2.31
Net debt to EBITDA 1.18 2.62 0.97

Dividend

Metric ETON PAHC Drug Manufacturers Specialty & Generic median
Dividend yield — 1.24% 1.57%
Payout ratio — 0.20 0.27

Size

Metric ETON PAHC Drug Manufacturers Specialty & Generic median
Market cap 1.47b 1.54b 276.90m

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