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Eton Pharmaceuticals, Inc. (ETON) stock

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NASDAQ: ETON Nasdaq Pharmaceuticals Next results ~November 5, 2026

B Fundamentals grade

Eton Pharmaceuticals, 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

Fair value per share

Under review: every model's value for Eton Pharmaceuticals, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: our cash-flow value ($9.61) was left out of our combined valuation (it is 0.18x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Eton Pharmaceuticals, 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, 5 selling0 purchases and 29 sales by directors and officers, last 12 monthsInsider trades
  • Funds111 adding, 40 cuttingOf 31 active managers that changed their stake, 23 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Eton Pharmaceuticals files

Where Eton Pharmaceuticals stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $106m, up 81.5% on a year earlier, faster than the 79.9% growth a quarter earlier. That growth ranks 3 of 47 among the pharmaceuticals companies we cover. Free-cash-flow margin fell to 14.0% from 21.0% a year earlier. Operating margin widened to 15.4% from -1.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 6 financial-health checks.

Our model value for Eton Pharmaceuticals is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 13, 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 5, 2026 (estimated)

Eton Pharmaceuticals, Inc.'s trailing-twelve-month revenue grew 81.5% year on year, with a free-cash-flow margin of 14.0%. Where it stands out: revenue growth of 81.5% ranks 5 of 74 pharmaceuticals companies we cover.

Our discounted-cash-flow model values the business at ~$9.6 per share in the base case (~$7.4–$12 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 126% in the quarter to 2026-06-30.

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 81.5% over the last 12 months, against a median of 10.0% for pharmaceuticals companies we cover.
  • Margins widening. Operating margin is up 16.8 points on a year ago.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 19.2% over 90 days.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Share dilution. Diluted shares rose 29.1% in a year.
  • High earnings multiple. The shares trade at 118 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 71% and a beta of 0.2 against the S&P 500.
  • Insiders selling. 5 insiders sold $29M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Short interest rising. Shares sold short rose 26% in a month to 9.4% of tradable shares.

Latest results: FY2026 Q2

Filed August 13, 2026
Earnings per share
$0.43 against an average estimate of $0.19: beat by 126.3%
Revenue
$38m, up 98.6% on a year earlier
Share reaction
+41.6% in the first session after the results on August 13, 2026, against +0.5% for the S&P 500
Guidance given
2026 revenues $145m (2026); adjusted EBITDA margin 35% (2026)
Next report
November 5, 2026; average EPS estimate $0.37

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

Price chart

  • 1 day-2.6%
  • 1 week+1.3%
  • 1 month-8.2%
  • This year+200.5%
  • 1 year+182.1%
  • 5 years+678.1%
  • 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)
$106M
Operating margin
15.4%
Net margin
12.0%
EPS (TTM, diluted)
$0.43

Growth

Revenue growth
+81.5%
Change in growth rate
+1.6 pts

Cash

Free cash flow (TTM)
$14.7M
FCF margin
14.0%
Stock pay % of revenue
4.9%

Earnings

Last results
August 13, 2026
Next results (est.)
November 5, 2026

News & updates

Updated November 3, 2026

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

  1. Announcement
  2. Deal
  3. Announcement
  4. Insider trade
  5. Insider trade
  6. Insider trade
  7. Results
  8. Guidance
  9. Deal
  10. Leadership
  11. Announcement
  12. Insider trade
  13. Insider trade

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

Eton Pharmaceuticals, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($9.61) was left out of our combined valuation (it is 0.18x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Eton Pharmaceuticals, Inc.'s free cash flow after stock-based pay ( $5.7M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Eton Pharmaceuticals, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.87 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$9.6 ~$7.4–$12 Left out: out of range vs price (0.19x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$6.0 ~$5.4–$12 Left out: out of range vs price (0.12x)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Eton Pharmaceuticals, 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 2019202020212022202320242025Now
Share price$7.20$8.13$4.29$2.82$4.38$13.32$16.91$50.81
Market value$128m$171m$108m$71m$112m$345m$455m$1.5bn
+ Net debt (− = net cash)−$7m−$14m−$7m−$10m−$16m$15m$5m$1m
Enterprise value$121m$157m$101m$61m$96m$360m$460m$1.5bn
Multiples
Price / sales 133.3xn/m5.0x3.3x3.5x8.8x5.7x14.2x
Price / earnings ———————118.3x
Price / free cash flow ———14.8x16.5xn/m44.6x101.9x
EV / EBITDA ——————143.6x72.0x

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

35 /100

Weak moat

How hard Eton Pharmaceuticals's competitive advantage looks for rivals to wear away, judged from 8 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 -29.0% of total assets over 8 years.

  • Pricing power 12 / 20

    Gross margin has been a median 59.5%, moving by 27.7 percentage points (standard deviation) across 7 years.

  • Durability 10 / 20

    Operating margin has been a median -20.0%; its worst year was -27073.1%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 4 of 6 years, at a median 7.0% 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 (40 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 5, 2026, after the close. Analysts expect revenue of $42m and EPS of $0.37 (range $0.32 to $0.42) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.40 +338% $150m +87%
Next $2.55 +82% $220m +47%

Next year's EPS estimate has moved +19.2% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +34.0% on 90 days ago. In the last 30 days, 1 analyst raised Eton Pharmaceuticals, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Eton Pharmaceuticals, Inc., last 90 days
$1.00 $1.50 $2.00 $2.50 $3.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.04 Current fiscal year, 60 days ago: $1.40 Current fiscal year, 30 days ago: $1.40 Current fiscal year, 7 days ago: $1.40 Current fiscal year, Now: $1.40 $1.40 Next fiscal year, 90 days ago: $2.14 Next fiscal year, 60 days ago: $2.58 Next fiscal year, 30 days ago: $2.58 Next fiscal year, 7 days ago: $2.58 Next fiscal year, Now: $2.55 $2.55

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.04$2.14
60 days ago $1.40$2.58
30 days ago $1.40$2.58
7 days ago $1.40$2.58
Now $1.40$2.55

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.19 $0.43 +126.3%
Mar 2026 $0.14 $0.14 0.0%
Dec 2025 $0.20 $0.19 −5.0%
Sept 2025 $0.16 $0.04 −75.0%

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

Management guidance

Earnings release, August 13, 2026
  • 2026 revenues 2026 about $145m Raised
    “The Company now expects 2026 revenues to exceed $145 million, an increase from prior guidance of more than $120 million.” source
  • adjusted gross margin full year 2026 about 70% Non-GAAP
    “The Company expects full year 2026 adjusted gross margin to exceed 70%, inclusive of the potential $4 million commercial milestone referred to above.” source
  • Adjusted EBITDA margin 2026 about 35% Non-GAAP Raised
    “In addition, the Company now expects to report at least a 35% Adjusted EBITDA margin, an increase from prior guidance of at least 30%.” source
  • R&D expenses full year 2026 $10m to $14m
    “The Company expects full year R&D expenses of between $10 and $14 million, with a significant increase in the second half of 2026 due to increased development activity, including the initiation of the INCRELEX label harmonization study, a $3 million expense related to the licensing of ASN-001, and incremental spending related to ASN-001's planned bioavailability study.” 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.

How our valuation uses these forecasts

Our cash-flow model grows Eton Pharmaceuticals, Inc.'s revenue by +56.7% next year and +19.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+75.5%, weight 33%) , management guidance (+70.0%, weight 40%) and the company's own record (+13.0%, weight 27%) . How the weights are set.

Analyst recommendations

4 analysts, Oct 2026
Buy4100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202644
  2. Sep 202644
  3. Aug 202644
  4. Jul 202644

Counts of recommendations published by analysts covering Eton Pharmaceuticals, 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
9.4%
of tradable shares
Days to cover
3.18
at average volume
Short interest, 1 month
+26%
to October 15, 2026
Held by institutions
72%
of shares
Held by insiders
4.9%
of shares
Employees
44
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 +182.1%

$18.01 on October 31, 2025 to $50.81

ThenNowEffect
Revenue (last 12 months) $58m $106m +81.5%
P/S multiple 8.2x 14.2x +73.1%
Share count 27m 30m −10.2%

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

Last 3 years +1016.7%

$4.55 on November 3, 2023 to $50.81

ThenNowEffect
Revenue (last 12 months) $29m $106m +263.9%
P/S multiple 4.0x 14.2x +256.7%
Share count 25m 30m −14.0%

Biggest factor: revenue. 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
ETON−47%−34%+55%+204%+27%+201%
Industry peers (median)−18%−52%−14%−2%+7%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ETON42%42%58%58%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ETON−64%−57%−39%−39%−37%−24%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 13, 2018: 80% from February 17, 2021 to October 20, 2022. Getting back needed a 399% gain, reached on November 13, 2024, 755 days after the low.

Price behaviour

52-week range
$14.35 – $64.43
From 52-week high
−21.1%
vs 50-day average
−8.9%
vs 200-day average
+41.6%
Volatility (1 year)
71%
Beta vs S&P 500
0.24

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 ±11.7%
After a week
7 up, 5 down
typical move ±15.9%
After a month
6 up, 6 down
typical move ±19.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 13, 2026 +41.6% +0.5% +44.1% +38.6%
May 14, 2026 −1.8% −0.4% +13.6% +4.3%
March 19, 2026 +17.4% −1.7% +23.3% +32.9%
November 6, 2025 −12.2% −1.0% −12.3% −15.0%
August 7, 2025 +12.3% +0.7% +9.4% +16.5%
May 13, 2025 −1.3% +0.8% +13.0% −16.4%
March 18, 2025 −2.7% 0.0% −10.1% −7.9%
November 12, 2024 +9.2% −0.3% +8.1% +25.2%
August 8, 2024 +6.6% +2.8% +14.9% +33.8%
May 9, 2024 −7.8% +0.7% −1.9% −3.2%
March 14, 2024 −14.1% −0.9% −19.2% −28.1%
November 9, 2023 −13.7% +0.8% −20.7% −11.7%

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.

Eton Pharmaceuticals, Inc. in five measures

Fundamentals grade B
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) Eton Pharmaceuticals, Inc.
$0 $50M $100M $150M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $32.8M Revenue (TTM), FY23 Q4: $31.6M Revenue (TTM), FY24 Q1: $34.3M Revenue (TTM), FY24 Q2: $31.4M Revenue (TTM), FY24 Q3: $34.7M Revenue (TTM), FY24 Q4: $39M Revenue (TTM), FY25 Q1: $48.3M Revenue (TTM), FY25 Q2: $58.2M Revenue (TTM), FY25 Q3: $70.3M Revenue (TTM), FY25 Q4: $80M Revenue (TTM), FY26 Q1: $86.9M Revenue (TTM), FY26 Q2: $105.6M $105.6M

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

View chart data
Period Revenue (TTM)
FY23 Q3 $32.8M
FY23 Q4 $31.6M
FY24 Q1 $34.3M
FY24 Q2 $31.4M
FY24 Q3 $34.7M
FY24 Q4 $39M
FY25 Q1 $48.3M
FY25 Q2 $58.2M
FY25 Q3 $70.3M
FY25 Q4 $80M
FY26 Q1 $86.9M
FY26 Q2 $105.6M
Revenue growth, TTM YoY Eton Pharmaceuticals, Inc.
0% 50% 100% 150% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 74.2% Revenue growth, TTM YoY, FY23 Q4: 48.9% Revenue growth, TTM YoY, FY24 Q1: 40.7% Revenue growth, TTM YoY, FY24 Q2: 8.1% Revenue growth, TTM YoY, FY24 Q3: 5.6% Revenue growth, TTM YoY, FY24 Q4: 23.3% Revenue growth, TTM YoY, FY25 Q1: 40.9% Revenue growth, TTM YoY, FY25 Q2: 85.4% Revenue growth, TTM YoY, FY25 Q3: 102.8% Revenue growth, TTM YoY, FY25 Q4: 104.9% Revenue growth, TTM YoY, FY26 Q1: 79.9% Revenue growth, TTM YoY, FY26 Q2: 81.5% 81.5%

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

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 74.2%
FY23 Q4 48.9%
FY24 Q1 40.7%
FY24 Q2 8.1%
FY24 Q3 5.6%
FY24 Q4 23.3%
FY25 Q1 40.9%
FY25 Q2 85.4%
FY25 Q3 102.8%
FY25 Q4 104.9%
FY26 Q1 79.9%
FY26 Q2 81.5%
Operating margin (TTM) Eton Pharmaceuticals, Inc.
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 5.7% Operating margin (TTM), FY23 Q4: -3.8% Operating margin (TTM), FY24 Q1: 1.6% Operating margin (TTM), FY24 Q2: -20.0% Operating margin (TTM), FY24 Q3: -15.1% Operating margin (TTM), FY24 Q4: -6.7% Operating margin (TTM), FY25 Q1: -4.7% Operating margin (TTM), FY25 Q2: -1.4% Operating margin (TTM), FY25 Q3: -3.8% Operating margin (TTM), FY25 Q4: -1.1% Operating margin (TTM), FY26 Q1: 2.3% Operating margin (TTM), FY26 Q2: 15.4% 15.4%

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

View chart data
Period Operating margin (TTM)
FY23 Q3 5.7%
FY23 Q4 -3.8%
FY24 Q1 1.6%
FY24 Q2 -20.0%
FY24 Q3 -15.1%
FY24 Q4 -6.7%
FY25 Q1 -4.7%
FY25 Q2 -1.4%
FY25 Q3 -3.8%
FY25 Q4 -1.1%
FY26 Q1 2.3%
FY26 Q2 15.4%
FCF margin (TTM) Eton Pharmaceuticals, Inc.
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 28.2% FCF margin (TTM), FY23 Q4: 21.5% FCF margin (TTM), FY24 Q1: 17.1% FCF margin (TTM), FY24 Q2: 0.1% FCF margin (TTM), FY24 Q3: 6.1% FCF margin (TTM), FY24 Q4: 2.4% FCF margin (TTM), FY25 Q1: 11.4% FCF margin (TTM), FY25 Q2: 21.0% FCF margin (TTM), FY25 Q3: 29.9% FCF margin (TTM), FY25 Q4: 12.7% FCF margin (TTM), FY26 Q1: 17.8% FCF margin (TTM), FY26 Q2: 14.0% 14.0%

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

View chart data
Period FCF margin (TTM)
FY23 Q3 28.2%
FY23 Q4 21.5%
FY24 Q1 17.1%
FY24 Q2 0.1%
FY24 Q3 6.1%
FY24 Q4 2.4%
FY25 Q1 11.4%
FY25 Q2 21.0%
FY25 Q3 29.9%
FY25 Q4 12.7%
FY26 Q1 17.8%
FY26 Q2 14.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 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 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 1 0 22 21 32 39 80 106
Gross profit 1 −0 19 14 21 23 43 61
EBITDA −18 −27 −1 −8 −0 −1 3 21
Operating income −19 −27 −1 −8 −1 −3 −1 16
Net income −18 −28 −2 −9 −1 −4 −5 13
Diluted EPS −$1.03 −$1.33 −$0.08 — — — — $0.43
Growth (year on year)
Revenue — −95.9% +>999% −2.7% +48.9% +23.3% +104.9% +81.5%
EBITDA — — — — — — — +>999%
Margins
Gross margin 52.8% <−999% 87.1% 67.4% 66.6% 60.0% 53.5% 57.9%
EBITDA margin <−999% <−999% −6.1% −38.6% −0.9% −3.7% 4.0% 19.7%
Operating margin <−999% <−999% −6.8% −38.9% −3.8% −6.7% −1.1% 15.4%
Net margin <−999% <−999% −9.0% −42.4% −3.0% −9.8% −5.8% 12.0%
Free-cash-flow margin <−999% <−999% −21.7% 22.5% 21.5% 2.4% 12.7% 14.0%
Cash flow
Cash from operations −18 −22 −5 5 7 1 11 15
Capital spending 1 0 0 0 0 0 0 0
Free cash flow −19 −22 −5 5 7 1 10 15
Stock-based pay 2 3 3 4 3 3 6 5
Free cash flow after stock pay −21 −25 −8 1 4 −2 5 10
Balance sheet
Cash 12 21 14 16 21 15 26 27
Total debt 5 7 7 7 5 30 31 28
Net debt (negative = net cash) −7 −14 −7 −10 −16 15 5 1
Diluted shares 18m 21m 25m 25m 26m 26m 27m 30m

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

3 of 6 checks passed · June 30, 2026
What it owns · $116m
Short-term assets $69mLonger-term assets $47m
What it owes, and who funded it · $116m
Short-term liabilities $45mLonger-term liabilities $24mShareholders' equity $47m
  • Short-term assets cover short-term liabilities $69m of assets due within a year against $45m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $69m short-term assets against $24m of longer-dated liabilities.
  • More cash than debt $27m of cash against $28m of debt.
  • Debt below 40% of shareholders' equity Debt is 60% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 30% to 60% over five years.
  • A year's operating cash flow covers at least 20% of debt $15m of operating cash flow against $28m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Eton 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.

Dividends, buybacks and capital spending

R&D spending
5.5%
of revenue
Days sales outstanding
86 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated ETON NAGE ZVRA NAII HRTX RMTI Median
Revenue, last 12 months $106m $129m $136m $143m $151m $69m $276m
Revenue growth, last 12 months 81.5% 11.0% 119.4% 9.7% 1.0% −21.1% 9.9%
Revenue growth, 3-year average 53.8% 16.8% 101.9% −2.6% 8.6% −2.9% 5.5%
Revenue growth, latest quarter 98.6% −4.3% 53.3% 1.9% 1.3% 10.6% 6.5%
Gross margin 57.9% 64.2% 89.3% 6.3% 70.1% 17.7% 62.0%
Operating margin 15.4% 8.2% 60.5% −13.2% −7.2% −6.5% −5.9%
Operating margin, 3-year average −2.0% 6.6% −149.1% −9.1% −13.5% −3.8% −7.4%
Net margin 12.0% 12.4% 42.8% −14.5% −22.5% −7.3% −7.3%
Cash from operations / revenue 14.3% 4.6% 24.5% −6.3% −7.7% 4.2% 10.2%
Free-cash-flow margin 14.0% 4.2% 24.0% −8.9% −8.0% 2.2% 8.6%
Free-cash-flow margin, 3-year average 11.7% 7.4% −96.2% −3.7% −47.0% — 7.4%
Stock pay / revenue 4.9% 5.4% 9.6% 0.4% 7.4% 2.7% 3.6%
Change in share count 29.1% 2.5% 13.4% 1.4% 5.9% 9.9% 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 81.5% 10.0% 5 of 74
Change in growth rate Growth +1.6pp -0.3pp 28 of 74
Gross margin Profitability 57.9% 59.8% 32 of 59
Operating margin Profitability 15.4% -5.9% 14 of 67
Net margin Profitability 12.0% -7.3% 19 of 75
Free-cash-flow margin Cash generation 14.0% 10.1% 30 of 74
Stock pay as % of revenue Cash generation 4.9% 3.6% 44 of 69
Long-term debt as % of assets Balance sheet 16.5% 23.8% 21 of 53
Days sales outstanding Balance sheet 86 days 72 days 38 of 59

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 Share YoY
Product Sales and Royalties $76.7M 95.9% ▲ 99.1%
Licenses $3.3M 4.1% ▲ 557.2%

From Eton Pharmaceuticals, Inc.'s 10-K filed March 19, 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
$765M
Institutions reporting
163
Shares held vs prior quarter
▲ 18.8%
Positions opened / closed
54 / 5

Top buyers and sellers, Q2 2026: 111 institutions bought and 40 sold ; the biggest buyer was Nantahala Capital Management, LLC (+1.2M shares) and the biggest seller Cannell Capital LLC (−171K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Opaleye Management Inc. $104M 2.9M 13.5% 0.0%
Nantahala Capital Management, LLC $85.1M 2.4M 11.1% ▲ 100.0%
Ecor1 Capital, LLC $78.6M 2.2M 10.3% 0.0%
Blackrock, Inc. $68.6M 1.9M 9.0% ▲ 10.4%
Vanguard Capital Management LLC $35.4M 977K 4.6% ▼ 1.8%
Morgan Stanley $27.8M 768K 3.6% ▲ 60.7%
State Street Corp $25.4M 702K 3.3% ▲ 32.4%
Geode Capital Management, LLC $23.6M 652K 3.1% ▲ 12.9%
Oberweis Asset Management Inc/ $18.2M 502K 2.4% ▲ 14.2%
National Philanthropic Trust $17.8M 492K 2.3% 0.0%
Westside Investment Management, Inc. $15.6M 431K 2.0% ▼ 7.9%
Pillsbury Lake Capital LLC $14M 387K 1.8% ▲ 6.1%

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 Eton Pharmaceuticals, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $29.4M 29 trades by 5 insiders · 0% under pre-set plans
Net ▼ $29.4M net selling
Insider Date Trade Shares Price Value
Krempa David Chief Business Officer October 6, 2026 Sell 4,166 $55.07 $229,406
Maier Paul V Director August 28, 2026 Sell 36,387 $58.64 $2.1M
Maier Paul V Director August 28, 2026 Sell 13,485 $60.21 $811,932
Maier Paul V Director August 28, 2026 Sell 128 $61.77 $7,907
Maier Paul V Director August 28, 2026 Sell 36,387 $58.64 $2.1M
Maier Paul V Director August 28, 2026 Sell 128 $61.77 $7,907
Maier Paul V Director August 28, 2026 Sell 13,485 $60.21 $811,932
Krempa David Chief Business Officer August 24, 2026 Sell 25,000 $65.07 $1.6M
Brynjelsen Sean President & CEO August 20, 2026 Sell 47,307 $60.17 $2.8M
Brynjelsen Sean President & CEO August 20, 2026 Sell 36,373 $61.11 $2.2M
Brynjelsen Sean President & CEO August 20, 2026 Sell 7,342 $62.12 $456,085
Brynjelsen Sean President & CEO August 19, 2026 Sell 8,978 $62.65 $562,472

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 5, 2026 estimated from the company's past filing pattern, not announced

  • August 13, 2026
  • May 14, 2026
  • March 19, 2026
  • November 6, 2025
  • August 7, 2025
  • May 13, 2025

Recent SEC filings

Data status

When each part of this page on Eton Pharmaceuticals, 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.

Eton Pharmaceuticals, Inc. in brief

What does Eton Pharmaceuticals, Inc. do?
Eton Pharmaceuticals, Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Eton Pharmaceuticals, Inc.'s stock ticker?
Eton Pharmaceuticals, Inc. trades under the ticker ETON on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Eton Pharmaceuticals, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Eton Pharmaceuticals, Inc. reported revenue of $106M, 81.5% higher than a year earlier, according to its SEC filings.
What is Eton Pharmaceuticals, Inc.'s free cash flow?
Eton Pharmaceuticals, Inc.'s free-cash-flow margin is 14.0% of revenue over the trailing twelve months, ranking 30 of the 74 pharmaceuticals companies we cover.
Who are Eton Pharmaceuticals, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Opaleye Management Inc., Nantahala Capital Management, LLC and Ecor1 Capital, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Eton Pharmaceuticals, Inc.'s market cap?
On November 2, 2026, Eton Pharmaceuticals, Inc.'s market capitalisation was about $1.5B, with a price-to-earnings ratio of 118.3 and net debt of $1.1M. Market figures come from third-party market data and may be delayed.
How much debt does Eton Pharmaceuticals, Inc. have?
Eton Pharmaceuticals, Inc.'s debt-to-equity ratio is 59.9%, from its latest balance sheet (29.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Eton Pharmaceuticals, Inc.'s competitors?
In our Pharmaceuticals peer group, the companies closest to Eton Pharmaceuticals, Inc. are Niagen Bioscience, Inc., Zevra Therapeutics, Inc., Natural Alternatives International Inc, Heron Therapeutics, Inc. and Rockwell Medical, Inc. The side-by-side comparison below sets their revenue, margins and growth against Eton Pharmaceuticals, Inc.'s.
Are insiders buying or selling Eton Pharmaceuticals, Inc. stock?
Over the last 12 months, Eton Pharmaceuticals, Inc.'s directors and officers reported 0 open-market purchases and 29 sales on Form 4. The insider trading page charts every trade.
When is Eton Pharmaceuticals, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Eton Pharmaceuticals, Inc. announces its own schedule.