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Aquestive Therapeutics, Inc. (AQST) stock

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NASDAQ: AQST Nasdaq Pharmaceuticals Next results ~November 3, 2026

D Fundamentals grade

Aquestive Therapeutics, Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

Not valued: the figures our models need are missing or failed our data-quality checks.

Price vs value

No model value: free cash flow after stock pay is not positive. How we value companies.

Aquestive Therapeutics, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 8 selling0 purchases and 16 sales by directors and officers, last 12 monthsInsider trades
  • Funds92 adding, 62 cuttingOf 27 active managers that changed their stake, 18 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Aquestive Therapeutics files

Where Aquestive Therapeutics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $54m, up 22.6% on a year earlier, against a decline of 7.3% a quarter earlier. Free-cash-flow margin rose to -85.0% from -113.3% a year earlier. Operating margin widened to -97.5% from -119.2%. The diluted share count is up 27.4% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 5 financial-health checks.

Our models give no value for Aquestive Therapeutics at present, so past values are not shown.

Source: 10-Q filed August 11, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Aquestive Therapeutics, Inc.'s trailing-twelve-month revenue grew 22.6% year on year, with a free-cash-flow margin of -85.0%. Where it stands out: change in growth rate of +29.9pp ranks 4 of 74 pharmaceuticals companies we cover. Where it lags: change in share count of 27.4% ranks 56 of 62 pharmaceuticals companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 22.6% (+29.9pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 22.6% over the last 12 months, against a median of 10.0% for pharmaceuticals companies we cover.
  • Growth speeding up. The growth rate is 29.9 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 21.7 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -97.5%: costs exceed revenue.
  • Burning cash. Free cash flow was -85.0% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 17.3% of revenue, against a median of 3.6% for pharmaceuticals companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 27.4% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 77% and a beta of 0.9 against the S&P 500.

Latest results: FY2026 Q2

Filed August 11, 2026
Earnings per share
-$0.07 against an average estimate of -$0.12: beat by 45.7%
Revenue
$14m, up 38.1% on a year earlier
Share reaction
-1.4% in the first session after the results on August 11, 2026, against -0.1% for the S&P 500
Guidance given
total revenue $46m to $50m (full-year 2026); non-GAAP adjusted EBITDA loss $30m to $35m (full-year 2026)
Next report
November 3, 2026; average EPS estimate -$0.14

Aquestive Therapeutics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.1%
  • 1 week-5.0%
  • 1 month-17.1%
  • This year-41.6%
  • 1 year-44.7%
  • 5 years-36.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$54.1M
Operating margin
-97.5%
Net margin
-144.6%
EPS (TTM, diluted)
$-0.65

Growth

Revenue growth
+22.6%
Change in growth rate
+29.9 pts
Share count change
+27.4%

Cash

Free cash flow (TTM)
-$45.9M
FCF margin
-85.0%
Stock pay % of revenue
17.3%

Earnings

Last results
August 11, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Governance
  2. Announcement
  3. Agreement
  4. Leadership
  5. Announcement
  6. Announcement
  7. Results
  8. Guidance
  9. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Aquestive Therapeutics, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

Valuation models

We value Aquestive Therapeutics, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.82 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. — 0 Does not apply: no positive value
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. — No model applies: the filings don’t yet support a value.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Aquestive Therapeutics, Inc. with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20182019202020212022202320242025Now
Share price$6.30$5.82$5.35$3.89$0.90$2.02$3.56$6.46$3.77
Market value$131m$148m$180m$148m$44m$124m$309m$691m$453m
+ Net debt (− = net cash)−$56m$21m$22m$26m$25m$21m−$27m−$66m−$43m
Enterprise value$75m$168m$202m$174m$69m$145m$282m$625m$409m
Multiples
Price / sales 1.9x2.8x3.9x2.9x0.9x2.4x5.4x15.5x8.4x
Price / earnings —————————
Price / free cash flow —————————
EV / EBITDA —————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

24 /100

Weak moat

How hard Aquestive Therapeutics'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 0 / 20

    Net income has been a median -78.5% of total assets over 9 years.

  • Pricing power 17 / 20

    Gross margin has been a median 67.8%, moving by 5.4 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -84.4%; its worst year was -119.2%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 9 years, at a median -83.4% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 243.0% over five years; stock-based pay has been a median 13.5% 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 (29 before it).

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

Forecasts and guidance

Next results: November 3, 2026, after the close. Analysts expect revenue of $11m and EPS of −$0.14 (range −$0.15 to −$0.12) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.45 +24% $51m +15%
Next −$0.57 −27% $68m +33%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −2.2% on 90 days ago. In the last 30 days, 1 analyst raised Aquestive Therapeutics, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Aquestive Therapeutics, Inc., last 90 days
−$0.60 −$0.40 −$0.20 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.46 Current fiscal year, 60 days ago: −$0.42 Current fiscal year, 30 days ago: −$0.42 Current fiscal year, 7 days ago: −$0.42 Current fiscal year, Now: −$0.45 −$0.45 Next fiscal year, 90 days ago: −$0.58 Next fiscal year, 60 days ago: −$0.45 Next fiscal year, 30 days ago: −$0.45 Next fiscal year, 7 days ago: −$0.45 Next fiscal year, Now: −$0.57 −$0.57

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.46−$0.58
60 days ago −$0.42−$0.45
30 days ago −$0.42−$0.45
7 days ago −$0.42−$0.45
Now −$0.45−$0.57

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.12 −$0.07 +45.7%
Mar 2026 −$0.13 −$0.05 +64.7%
Dec 2025 −$0.12 −$0.14 −18.1%
Sept 2025 −$0.11 −$0.11 −4.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 11, 2026
  • Total revenue full-year 2026 $46m to $50m Maintained
    “Total revenue (in millions) $46 to $50” source
  • Non-GAAP adjusted EBITDA loss full-year 2026 $30m to $35m Non-GAAP Maintained
    “Non-GAAP adjusted EBITDA loss (in millions) $35 to $30” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

9 analysts, Oct 2026
Buy9100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026279
  2. Sep 2026279
  3. Aug 2026279

Counts of recommendations published by analysts covering Aquestive Therapeutics, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
23.0%
of tradable shares
Days to cover
13.15
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
58%
of shares
Held by insiders
10.8%
of shares
Employees
147
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −44.7%

$6.82 on October 31, 2025 to $3.77

ThenNowEffect
Revenue (last 12 months) $44m $54m +22.6%
P/S multiple 14.6x 8.4x −42.5%
Share count 94m 120m −21.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AQST−27%−77%+124%+76%+82%−42%
Industry peers (median)−18%−49%−14%−2%+7%−12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AQST42%33%50%58%58%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AQST−52%−85%−48%−62%−40%−54%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since July 25, 2018: 97% from September 7, 2018 to July 1, 2022. Getting back needed a 2910% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.95 – $6.62
From 52-week high
−43.1%
vs 50-day average
−18.8%
vs 200-day average
−10.5%
Volatility (1 year)
77%
Beta vs S&P 500
0.89

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±8.1%
After a week
8 up, 4 down
typical move ±8.5%
After a month
9 up, 3 down
typical move ±12.9%
Results releasedNext dayS&P 500 next day5 days21 days
August 11, 2026 −1.4% −0.1% +0.7% +16.3%
May 13, 2026 +13.7% +1.4% +0.2% +0.2%
March 4, 2026 +3.4% +0.1% +3.6% +0.2%
November 5, 2025 +0.8% −0.7% −8.2% +4.9%
August 11, 2025 −3.1% +0.9% +7.2% +25.1%
May 12, 2025 −17.9% +4.0% −12.2% +22.2%
March 5, 2025 −5.5% −0.7% +7.7% +5.1%
January 13, 2025 −1.0% +0.3% +4.2% +10.1%
November 4, 2024 −13.9% +1.0% −8.2% −21.9%
August 6, 2024 +4.3% +0.2% +19.1% +28.6%
May 7, 2024 −11.9% +0.1% −8.6% −19.7%
March 5, 2024 +20.3% −0.5% +22.0% −0.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Aquestive Therapeutics, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Aquestive Therapeutics, Inc.
$40M $45M $50M $55M $60M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $48.1M Revenue (TTM), FY23 Q4: $50.6M Revenue (TTM), FY24 Q1: $51.5M Revenue (TTM), FY24 Q2: $58.4M Revenue (TTM), FY24 Q3: $58.9M Revenue (TTM), FY24 Q4: $57.6M Revenue (TTM), FY25 Q1: $54.2M Revenue (TTM), FY25 Q2: $44.1M Revenue (TTM), FY25 Q3: $43.4M Revenue (TTM), FY25 Q4: $44.5M Revenue (TTM), FY26 Q1: $50.3M Revenue (TTM), FY26 Q2: $54.1M $54.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $48.1M
FY23 Q4 $50.6M
FY24 Q1 $51.5M
FY24 Q2 $58.4M
FY24 Q3 $58.9M
FY24 Q4 $57.6M
FY25 Q1 $54.2M
FY25 Q2 $44.1M
FY25 Q3 $43.4M
FY25 Q4 $44.5M
FY26 Q1 $50.3M
FY26 Q2 $54.1M
Revenue growth, TTM YoY Aquestive Therapeutics, Inc.
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -0.0% Revenue growth, TTM YoY, FY23 Q4: 6.1% Revenue growth, TTM YoY, FY24 Q1: 10.7% Revenue growth, TTM YoY, FY24 Q2: 25.5% Revenue growth, TTM YoY, FY24 Q3: 22.6% Revenue growth, TTM YoY, FY24 Q4: 13.8% Revenue growth, TTM YoY, FY25 Q1: 5.3% Revenue growth, TTM YoY, FY25 Q2: -24.4% Revenue growth, TTM YoY, FY25 Q3: -26.3% Revenue growth, TTM YoY, FY25 Q4: -22.6% Revenue growth, TTM YoY, FY26 Q1: -7.3% Revenue growth, TTM YoY, FY26 Q2: 22.6% 22.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -0.0%
FY23 Q4 6.1%
FY24 Q1 10.7%
FY24 Q2 25.5%
FY24 Q3 22.6%
FY24 Q4 13.8%
FY25 Q1 5.3%
FY25 Q2 -24.4%
FY25 Q3 -26.3%
FY25 Q4 -22.6%
FY26 Q1 -7.3%
FY26 Q2 22.6%
Operating margin (TTM) Aquestive Therapeutics, Inc.
-200% -150% -100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -45.6% Operating margin (TTM), FY23 Q4: -29.9% Operating margin (TTM), FY24 Q1: -37.8% Operating margin (TTM), FY24 Q2: -26.0% Operating margin (TTM), FY24 Q3: -35.8% Operating margin (TTM), FY24 Q4: -53.5% Operating margin (TTM), FY25 Q1: -75.9% Operating margin (TTM), FY25 Q2: -119.2% Operating margin (TTM), FY25 Q3: -128.6% Operating margin (TTM), FY25 Q4: -159.5% Operating margin (TTM), FY26 Q1: -111.2% Operating margin (TTM), FY26 Q2: -97.5% -97.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -45.6%
FY23 Q4 -29.9%
FY24 Q1 -37.8%
FY24 Q2 -26.0%
FY24 Q3 -35.8%
FY24 Q4 -53.5%
FY25 Q1 -75.9%
FY25 Q2 -119.2%
FY25 Q3 -128.6%
FY25 Q4 -159.5%
FY26 Q1 -111.2%
FY26 Q2 -97.5%
FCF margin (TTM) Aquestive Therapeutics, Inc.
-150% -100% -50% 0% 50% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 12.4% FCF margin (TTM), FY23 Q4: -14.6% FCF margin (TTM), FY24 Q1: -51.7% FCF margin (TTM), FY24 Q2: -42.7% FCF margin (TTM), FY24 Q3: -58.4% FCF margin (TTM), FY24 Q4: -62.4% FCF margin (TTM), FY25 Q1: -90.4% FCF margin (TTM), FY25 Q2: -113.3% FCF margin (TTM), FY25 Q3: -117.4% FCF margin (TTM), FY25 Q4: -119.0% FCF margin (TTM), FY26 Q1: -88.2% FCF margin (TTM), FY26 Q2: -85.0% -85.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 12.4%
FY23 Q4 -14.6%
FY24 Q1 -51.7%
FY24 Q2 -42.7%
FY24 Q3 -58.4%
FY24 Q4 -62.4%
FY25 Q1 -90.4%
FY25 Q2 -113.3%
FY25 Q3 -117.4%
FY25 Q4 -119.0%
FY26 Q1 -88.2%
FY26 Q2 -85.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

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

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 67 67 53 46 51 48 51 58 45 54
Gross profit — — 32 33 — 28 30 40 26 36
EBITDA 4 −46 −50 −39 −32 −40 −14 −30 −71 −52
Operating income −0 −49 −53 −43 −35 −42 −15 −31 −71 −53
Net income −9 −61 −66 −56 −71 −54 −8 −44 −84 −78
Diluted EPS — −$2.96 −$2.61 −$1.66 −$1.85 −$1.12 −$0.13 −$0.51 −$0.78 −$0.65
Growth (year on year)
Revenue — +0.8% −22.0% −12.8% +10.9% −6.2% +6.1% +13.8% −22.6% +22.6%
EBITDA — <−999% — — — — — — — —
Margins
Gross margin — — 61.3% 71.7% — 59.3% 58.8% 69.0% 58.3% 67.0%
EBITDA margin 5.4% −67.8% −94.6% −86.0% −62.4% −83.2% −27.2% −52.2% −158.3% −96.6%
Operating margin −0.2% −72.6% −100.1% −93.6% −68.2% −88.2% −29.9% −53.5% −159.5% −97.5%
Net margin −13.4% −91.0% −125.9% −121.7% −138.8% −114.1% −15.6% −76.7% −188.1% −144.6%
Free-cash-flow margin 5.6% −22.0% −115.7% −100.3% −66.7% −22.7% −14.6% −62.4% −119.0% −85.0%
Cash flow
Cash from operations 6 −13 −60 −45 −33 −10 −6 −36 −52 −45
Capital spending 2 2 1 1 1 1 1 0 1 1
Free cash flow 4 −15 −61 −46 −34 −11 −7 −36 −53 −46
Stock-based pay 0 30 7 7 7 4 3 7 8 9
Free cash flow after stock pay 4 −45 −68 −53 −41 −15 −10 −43 −61 −55
Balance sheet
Cash 17 61 49 32 28 27 24 72 121 98
Total debt 0 5 70 54 54 52 45 45 55 55
Net debt (negative = net cash) −17 −56 21 22 26 25 21 −27 −66 −43
Diluted shares — 21m 25m 34m 38m 49m 61m 87m 107m 120m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $132m
Short-term assets $118mLonger-term assets $14m
What it owes, and who funded it · $189m
Short-term liabilities $16mLonger-term liabilities $172mShareholders' equity $-57m
  • Short-term assets cover short-term liabilities $118m of assets due within a year against $16m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $118m short-term assets against $172m of longer-dated liabilities.
  • More cash than debt $98m of cash against $55m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$45m of operating cash flow against $55m of debt.
  • Operating profit covers interest at least five times over Operating income of −$53m against $11m of interest.

From Aquestive Therapeutics, 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.

Dividends, buybacks and capital spending

Diluted share count
+27.4%
year over year
R&D spending
29.4%
of revenue
Sales & admin spending
135.2%
of revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated AQST AYTU BFRI DERM RMTI CPIX Median
Revenue, last 12 months $54m $58m $46m $68m $69m $40m $276m
Revenue growth, last 12 months 22.6% −13.3% 17.8% 20.9% −21.1% −5.2% 9.9%
Revenue growth, 3-year average 5.2% −18.8% 16.7% 3.5% −2.9% −0.6% 5.5%
Revenue growth, latest quarter 38.1% 6.4% 32.9% 23.3% 10.6% −18.8% 6.5%
Gross margin 67.0% 64.0% — 69.4% 17.7% 82.9% 62.0%
Operating margin −97.5% −14.4% −14.2% −4.4% −6.5% −24.1% −5.9%
Operating margin, 3-year average −80.9% −9.6% −36.6% −4.6% −3.8% −19.0% −7.4%
Net margin −144.6% −24.8% −13.8% −9.0% −7.3% −27.4% −7.3%
Cash from operations / revenue −83.9% 5.7% −17.2% −11.0% 4.2% 1.9% 10.2%
Free-cash-flow margin −85.0% 5.6% −17.2% 0.3% 2.2% 1.7% 8.6%
Free-cash-flow margin, 3-year average −80.3% 5.8% −31.6% — — 5.4% 7.4%
Stock pay / revenue 17.3% 1.2% 2.4% 8.9% 2.7% 1.1% 3.6%
Change in share count 27.4% 52.9% — 21.6% 9.9% 1.5% 1.9%

Median of all 75 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth 22.6% 10.0% 20 of 74
Change in growth rate Growth +29.9pp -0.3pp 4 of 74
Gross margin Profitability 67.0% 59.8% 23 of 59
Operating margin Profitability -97.5% -5.9% 55 of 67
Net margin Profitability -144.6% -7.3% 64 of 75
Free-cash-flow margin Cash generation -85.0% 10.1% 65 of 74
Stock pay as % of revenue Cash generation 17.3% 3.6% 61 of 69
Long-term debt as % of assets Balance sheet 41.6% 23.8% 38 of 53
Change in share count Balance sheet 27.4% 1.5% 56 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Manufacture and Supply Revenue $40.2M ▲ 0.6%
License and Royalty Revenue $3.5M ▼ 77.1%
Co Development and Research Fees $1.3M ▼ 33.6%
Royalty $938,000 ▼ 6.9%
Proprietary Product Revenue -$478,000 ▼ 251.7%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $29.6M 66.5% ▼ 25.9%
Outside the US $14.9M 33.5% ▼ 15.3%

From Aquestive Therapeutics, Inc.'s 10-K filed March 4, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$300M
Institutions reporting
185
Shares held vs prior quarter
▲ 0.2%
Positions opened / closed
22 / 18

Top buyers and sellers, Q2 2026: 92 institutions bought and 62 sold ; the biggest buyer was Nuveen, LLC (+962K shares) and the biggest seller Balyasny Asset Management L.P (−2.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Bratton Capital Management, L.P. $40.8M 9.8M 13.6% 0.0%
Blackrock, Inc. $33.6M 8.1M 11.2% ▲ 7.5%
RTW Investments, LP $30.9M 7.4M 10.3% 0.0%
Vanguard Capital Management LLC $19.1M 4.6M 6.4% ▲ 3.2%
Federated Hermes, Inc. $12.9M 3.1M 4.3% ▲ 5.9%
State Street Corp $12.2M 2.9M 4.1% ▲ 15.0%
Geode Capital Management, LLC $10.9M 2.6M 3.6% ▲ 8.9%
Samsara Biocapital, LLC $10.4M 2.5M 3.5% 0.0%
Bank Of America Corp $6.9M 1.7M 2.3% ▼ 30.6%
Sio Capital Management, LLC $6.2M 1.5M 2.1% ▼ 22.7%
Propel Bio Management, LLC $6M 1.4M 2.0% ▲ 102.9%
Wasatch Advisors LP $5.8M 1.4M 1.9% ▲ 57.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Aquestive Therapeutics, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $2.4M 16 trades by 8 insiders · 31% under pre-set plans
Net ▼ $2.4M net selling
Insider Date Trade Shares Price Value
Barber Daniel President and CEO October 15, 2026 Sell pre-set plan 25,000 $4.22 $105,600
Barber Daniel President and CEO September 15, 2026 Sell pre-set plan 25,000 $4.82 $120,500
Korczynski Sherry Chief Commercial Officer September 9, 2026 Sell pre-set plan 8,750 $5.22 $45,675
Barber Daniel President and CEO August 17, 2026 Sell pre-set plan 25,000 $4.29 $107,250
Barber Daniel President and CEO July 16, 2026 Sell pre-set plan 20,369 $4.00 $81,476
Barber Daniel President and CEO July 15, 2026 Sell pre-set plan 4,631 $4.03 $18,663
Krop Julie Director June 23, 2026 Sell pre-set plan 25,000 $5.02 $125,500
Barber Daniel President and CEO June 15, 2026 Sell pre-set plan 25,000 $4.16 $104,000
Barber Daniel President and CEO May 15, 2026 Sell pre-set plan 8,257 $4.29 $35,423
Jung Cassie Chief Operating Officer March 10, 2026 Sell 45,791 $4.17 $190,948
Korczynski Sherry Chief Commercial Officer March 10, 2026 Sell 15,741 $4.17 $65,640
Toth A Ernest Jr Chief Financial Officer March 10, 2026 Sell 58,254 $4.17 $242,919

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 11, 2026
  • May 13, 2026
  • March 4, 2026
  • November 5, 2025
  • August 11, 2025
  • May 12, 2025

Recent SEC filings

Data status

When each part of this page on Aquestive Therapeutics, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Aquestive Therapeutics, Inc. in brief

What does Aquestive Therapeutics, Inc. do?
Aquestive Therapeutics, Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Aquestive Therapeutics, Inc.'s stock ticker?
Aquestive Therapeutics, Inc. trades under the ticker AQST on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Aquestive Therapeutics, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Aquestive Therapeutics, Inc. reported revenue of $54.1M, 22.6% higher than a year earlier, according to its SEC filings.
What is Aquestive Therapeutics, Inc.'s free cash flow?
Aquestive Therapeutics, Inc.'s free-cash-flow margin is -85.0% of revenue over the trailing twelve months, ranking 65 of the 74 pharmaceuticals companies we cover.
Who are Aquestive Therapeutics, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Bratton Capital Management, L.P., Blackrock, Inc. and RTW Investments, LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Aquestive Therapeutics, Inc.'s market cap?
On November 2, 2026, Aquestive Therapeutics, Inc.'s market capitalisation was about $453M and net debt of -$43.5M. Market figures come from third-party market data and may be delayed.
Who are Aquestive Therapeutics, Inc.'s competitors?
In our Pharmaceuticals peer group, the companies closest to Aquestive Therapeutics, Inc. are Aytu Biopharma, Inc, Biofrontera Inc., Journey Medical Corp, Rockwell Medical, Inc. and Cumberland Pharmaceuticals Inc. The side-by-side comparison below sets their revenue, margins and growth against Aquestive Therapeutics, Inc.'s.
Are insiders buying or selling Aquestive Therapeutics, Inc. stock?
Over the last 12 months, Aquestive Therapeutics, Inc.'s directors and officers reported 0 open-market purchases and 16 sales on Form 4. The insider trading page charts every trade.
When is Aquestive Therapeutics, Inc.'s next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Aquestive Therapeutics, Inc. announces its own schedule.