Aquestive Therapeutics, Inc. key statistics and ratios

In fiscal 2025, Aquestive Therapeutics, Inc. had an operating margin of -159.5% and a current ratio of 3.14. 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.

Aquestive Therapeutics, Inc.: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	—	61.3%	71.7%	—	59.3%	58.8%	69.0%	58.3%	67.0%
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%
Return on assets	−20.7%	−94.4%	−80.1%	−78.9%	−113.0%	−91.4%	−13.7%	−55.6%	−64.0%	−53.5%
Asset turnover	1.55	1.04	0.64	0.65	0.81	0.80	0.88	0.72	0.34	0.37
Current ratio	1.83	2.25	3.68	2.11	2.15	1.01	2.24	4.68	3.14	7.19
Debt to equity	—	45.6%	—	—	—	—	—	—	—	—
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	33.1%	34.3%	39.1%	43.4%	33.5%	36.7%	25.9%	35.2%	38.6%	29.4%
SG&A as % of revenue	37.5%	107.2%	122.3%	121.9%	105.2%	110.9%	62.8%	87.2%	179.3%	135.2%
Capital spending as % of revenue	3.1%	2.7%	1.3%	1.1%	1.8%	2.1%	2.0%	0.3%	1.3%	1.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Aquestive Therapeutics, 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	67.2%	61.9%	58.1%	54.4%	64.8%	55.2%	76.0%	70.9%
Operating margin	−61.2%	−114.4%	−222.1%	−113.6%	−89.6%	−221.6%	−29.1%	−59.5%
Net margin	−85.0%	−143.7%	−263.0%	−135.4%	−120.6%	−244.8%	−55.8%	−165.5%
Free-cash-flow margin	−88.3%	−54.8%	−269.9%	−80.2%	−100.6%	−65.7%	−102.9%	−69.9%
Current ratio	6.37	4.68	4.87	3.53	5.93	3.14	4.10	7.19
R&D as % of revenue	38.9%	41.4%	61.5%	41.0%	35.4%	24.6%	29.1%	28.7%
SG&A as % of revenue	89.5%	134.9%	218.7%	127.0%	119.1%	252.2%	76.0%	101.8%

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

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.

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.

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Figures from Aquestive Therapeutics, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Aquestive Therapeutics, Inc.