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. is the larger, with a market value of $1.7B against $1.4B — 1.2× the size. Phibro Animal Health Corporation trades at the lower P/E: 14.0× against 123×. 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 122.72 14.00 20.14
P/S 15.10 0.92 2.25
P/B 34.23 3.62 1.90
Price to free cash flow n/m 141.58 16.54
EV/EBITDA 74.26 8.25 12.29
EV/Sales 15.11 1.35 2.56
Earnings yield 0.81% 7.14% (2.99%)
Free cash flow yield (0.53%) 0.71% 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% —
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 0.85

Dividend

Metric ETON PAHC Drug Manufacturers Specialty & Generic median
Dividend yield — 4.19% 1.70%
Payout ratio 0.00 0.59 0.00

Size

Metric ETON PAHC Drug Manufacturers Specialty & Generic median
Market cap 1.72b 1.38b 337.35m

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