Amneal Pharmaceuticals, Inc. key statistics and ratios

In fiscal 2025, Amneal Pharmaceuticals, Inc. had an operating margin of 13.1% and a current ratio of 2.17. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Amneal Pharmaceuticals, Inc.: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	58.7%	50.9%	43.1%	21.7%	31.5%	36.7%	35.5%	34.3%	36.5%	36.9%	39.3%
Operating margin	28.0%	23.7%	−1.2%	−15.3%	4.6%	7.3%	−4.3%	8.5%	8.9%	13.1%	14.6%
Net margin	0.0%	0.0%	−1.2%	−37.1%	3.4%	0.6%	−12.2%	−3.5%	−4.2%	2.4%	5.0%
Free-cash-flow margin	−0.8%	13.5%	10.1%	−2.8%	16.2%	9.3%	0.8%	12.6%	8.7%	8.9%	4.1%
Return on equity	—	—	−7.8%	−163.8%	25.3%	4.0%	−82.1%	−52.8%	—	—	—
Return on assets	—	0.0%	−0.7%	−15.1%	1.8%	0.3%	−7.0%	−2.3%	−3.4%	2.0%	4.2%
Asset turnover	—	0.77	0.58	0.41	0.52	0.53	0.57	0.66	0.80	0.84	0.84
Current ratio	—	2.60	2.32	2.20	2.29	2.24	1.88	1.63	1.41	2.17	2.20
Debt to equity	—	—	532.2%	>999%	925.2%	757.8%	898.7%	>999%	—	—	>999%
Effective tax rate	2.5%	1.2%	—	—	—	35.7%	—	—	—	8.1%	−7.0%
R&D as % of revenue	17.6%	16.6%	11.7%	11.6%	9.0%	9.6%	8.8%	6.8%	6.8%	6.2%	5.6%
SG&A as % of revenue	11.7%	10.5%	13.7%	17.8%	16.4%	17.5%	18.1%	18.0%	17.1%	17.5%	18.3%
Capital spending as % of revenue	12.1%	9.2%	5.0%	2.9%	2.8%	2.3%	2.1%	1.8%	1.9%	2.3%	2.3%
Free cash flow ÷ net income	—	—	—	—	475.8%	>999%	—	—	—	374.6%	81.2%
Dividends ÷ net income	—	—	—	—	0.0%	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	—	269.2%	109.5%	—	0.0%	—	—	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Amneal Pharmaceuticals, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	38.4%	36.0%	36.8%	39.5%	34.9%	36.5%	44.3%	42.0%
Operating margin	12.6%	10.4%	14.4%	15.4%	9.0%	13.8%	19.6%	16.3%
Net margin	−0.0%	−4.3%	1.8%	3.1%	0.3%	4.3%	8.6%	7.2%
Free-cash-flow margin	17.8%	14.1%	−0.8%	8.4%	13.5%	13.3%	−4.8%	−6.5%
Current ratio	1.38	1.41	1.40	1.43	2.13	2.17	2.47	2.20
Debt to equity	—	—	—	—	—	—	—	>999%
R&D as % of revenue	8.7%	7.4%	5.8%	6.6%	8.1%	4.3%	5.3%	4.9%
SG&A as % of revenue	16.9%	17.6%	17.0%	17.2%	17.6%	18.0%	19.2%	18.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 5 checks passed · June 30, 2026

What it owns · $3.8bn

Short-term assets $1.9bnLonger-term assets $1.8bn

What it owes, and who funded it · $916m

Short-term liabilities $883mShareholders' equity $33m

Short-term assets cover short-term liabilities $1.9bn of assets due within a year against $883m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $128m of cash against $2.6bn of debt.
Debt below 40% of shareholders' equity Debt is 7783% of equity.
Debt burden no higher than five years ago Debt to equity moved from 744% to 7783% over five years.
A year's operating cash flow covers at least 20% of debt $201m of operating cash flow against $2.6bn of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Amneal Pharmaceuticals, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

34 /100

Weak moat

How hard Amneal Pharmaceuticals's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 11 / 20

Cash operating profit has been a median 9.1% of total assets over 5 years.
Pricing power 5 / 20

Gross margin has been a median 34.9%, moving by 9.9 percentage points (standard deviation) across 9 years.
Durability 1 / 20

Operating margin has been a median 6.6%; its worst year was -6.4%.
Cash conversion 13 / 20

Free cash flow was positive in 8 of 9 years, at a median 8.1% of revenue.
Discipline 10 / 20

The diluted share count rose 130.6% over five years; stock-based pay has been a median 1.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (39 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Amneal Pharmaceuticals, Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Amneal Pharmaceuticals, Inc.