Amphastar Pharmaceuticals, Inc. (AMPH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+241.3%

$92.25

vs $27.03 price

Levered DCF

$72.48

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.19

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.75×	11.29×	21.7×	14.9×	17.92×	674.83×	18.55×	-165.83×
P/B	1.59×	2.46×	4.67×	2.57×	2.5×	2.35×	2.38×	2.78×
P/S	1.74×	2.46×	4.63×	2.73×	2.54×	2.7×	2.81×	3.13×
EV / EBITDA	8.18×	8.28×	14.42×	8.94×	9.87×	30.49×	11.01×	129.83×
Gross margin	49.5%	51.1%	54.5%	49.9%	45.6%	41.0%	40.9%	36.3%
Operating margin	19.5%	28.1%	30.6%	21.5%	16.0%	3.1%	-0.0%	-2.9%
Net margin	13.6%	21.8%	21.3%	18.3%	14.2%	0.4%	15.2%	-1.9%
Current ratio	4.02×	3.07×	2.17×	3.99×	3.06×	2.49×	2.84×	2.06×
Debt / equity	0.83×	0.89×	0.98×	0.19×	0.23×	0.17×	0.17×	0.15×
Interest coverage	5.51×	6.77×	7.25×	58.23×	78.97×	29.29×	-0.33×	-35.49×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.4%	21.8%	21.5%	17.3%	13.9%	0.3%	12.8%	-1.7%
Return on invested capital	7.5%	12.3%	12.4%	13.1%	9.2%	0.5%	-0.0%	-1.4%
Return on assets	6.0%	10.1%	9.1%	12.3%	9.2%	0.2%	8.3%	-1.1%
Free cash flow yield	9.7%	9.6%	4.9%	4.8%	6.3%	2.5%	0.0%	-0.9%
Earnings yield	7.8%	8.9%	4.6%	6.7%	5.6%	0.1%	5.4%	-0.6%
Enterprise value	$1.7B	$2.3B	$3.5B	$1.3B	$1.1B	$920.6M	$897.4M	$887.1M
Net debt / EBITDA	2.29×	1.8×	1.99×	-0.37×	-0.2×	-0.84×	-0.11×	-5.29×
Cash conversion cycle (days)	218	194	165	186	174	197	215	139