ANI Pharmaceuticals, Inc. (ANIP) 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

+1187.9%

$910.13

vs $70.67 price

Levered DCF

$1,182.90

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	22.55×	-53.15×	58.04×	-13.19×	-13.55×	-15.45×	120.92×	33.85×
P/B	2.93×	2.49×	2.17×	1.93×	1.62×	1.78×	3.43×	2.66×
P/S	1.79×	1.74×	2.04×	2.07×	2.69×	1.67×	3.54×	2.61×
EV / EBITDA	7.83×	24.51×	9.92×	35.64×	246.31×	18.67×	14.06×	9.63×
Gross margin	51.0%	59.3%	62.7%	56.1%	53.5%	58.2%	69.4%	63.8%
Operating margin	9.2%	0.1%	9.6%	-11.2%	-18.4%	-7.7%	7.9%	17.5%
Net margin	8.9%	-3.0%	3.9%	-15.1%	-19.7%	-10.8%	3.0%	7.7%
Current ratio	2.71×	2.72×	3.57×	3.46×	3.68×	2.17×	3.04×	0.92×
Debt / equity	0.6×	1.46×	0.62×	0.85×	0.8×	0.95×	0.87×	0.93×
Interest coverage	4.05×	0.03×	1.74×	-1.26×	-3.34×	-1.69×	1.26×	2.4×
Dividend yield	0.1%	0.2%	0.2%	0.2%	0.0%	0.0%	0.0%	0.0%
Payout ratio	1.5%	-8.8%	8.7%	-3.4%	-0.4%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.5%	-4.3%	4.1%	-14.1%	-11.9%	-11.5%	2.9%	7.9%
Return on invested capital	5.6%	0.0%	5.8%	-4.1%	-4.4%	-3.5%	4.0%	7.2%
Return on assets	5.4%	-1.4%	2.1%	-6.3%	-5.5%	-4.9%	1.3%	3.6%
Free cash flow yield	9.5%	4.4%	10.1%	-7.3%	-3.5%	-15.3%	2.5%	10.7%
Earnings yield	4.9%	-1.7%	1.9%	-7.3%	-7.3%	-6.5%	0.8%	2.9%
Enterprise value	$1.6B	$1.5B	$1.1B	$892.4M	$767.5M	$525.3M	$853.7M	$665.7M
Net debt / EBITDA	0.19×	7.59×	0.61×	9.52×	60.04×	6.32×	2.03×	2.03×
Cash conversion cycle (days)	184	265	271	391	430	375	321	275