Amneal Pharmaceuticals, Inc. (AMRX) 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

-33.0%

$13.72

vs $20.47 price

Levered DCF

$9.66

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.58

Grey zone

Rating

Overall 3 / 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	54.78×	-20.84×	-12.65×	-2.31×	68.43×	7.49×	-1.05×	-10.17×
P/B	-55.77×	-22.4×	53.7×	1.01×	1.98×	2.24×	2.74×	1.92×
P/S	1.31×	0.88×	0.44×	0.14×	0.34×	0.34×	0.39×	1.04×
EV / EBITDA	10.56×	11.21×	7.43×	7.09×	8.33×	9.66×	20.98×	-213.48×
Gross margin	37.6%	36.5%	36.1%	35.8%	36.7%	31.5%	21.7%	43.1%
Operating margin	14.0%	8.9%	8.5%	-4.3%	7.3%	4.6%	-15.3%	-1.2%
Net margin	2.4%	-4.2%	-3.5%	-5.9%	0.5%	4.6%	-22.3%	-10.2%
Current ratio	2.17×	1.41×	1.63×	1.88×	2.24×	2.29×	2.2×	2.32×
Debt / equity	-38.65×	-23.73×	139.05×	9.53×	7.98×	9.89×	11.94×	3×
Interest coverage	1.75×	0.96×	0.97×	-0.6×	1.12×	0.62×	-1.48×	-0.14×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	10.6%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-107.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-101.8%	107.0%	-424.6%	-43.6%	2.9%	30.0%	-156.0%	-18.9%
Return on invested capital	13.8%	9.2%	7.2%	-3.0%	3.0%	-5.2%	-7.9%	-0.5%
Return on assets	2.0%	-3.3%	-2.4%	-3.4%	0.3%	2.3%	-9.9%	-3.9%
Free cash flow yield	6.8%	9.0%	26.0%	-8.5%	27.2%	46.6%	-15.0%	8.9%
Earnings yield	1.8%	-4.8%	-7.9%	-43.3%	1.5%	13.4%	-56.8%	-9.9%
Enterprise value	$6.4B	$4.9B	$3.7B	$3.1B	$3.3B	$3.3B	$3.3B	$4.2B
Net debt / EBITDA	4.02×	5.65×	5.31×	6.4×	6.55×	7.69×	16.87×	-125.96×
Cash conversion cycle (days)	182	174	203	216	220	207	215	256