Detailed financial statements for Aytu BioPharma, Inc. (AYTU): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Aytu BioPharma, Inc. is a specialized pharmaceutical firm dedicated to advancing and marketing innovative therapeutic drugs and consumer health products, serving both domestic U.S. and international markets.
Analysis Summary
Aytu BioPharma, Inc. reported revenue of $66.4M in the most recent fiscal year, growing at a 5-year CAGR of 19.2%.
Trailing-twelve-month margins: gross margin 62.5%, operating margin -26.8%, net margin -60.2%.
At the current price of $1.97, AYTU has negative trailing earnings (P/E not meaningful) and an ROE of -148.91%. Market capitalisation stands at $21M.
Balance sheet quality for AYTU: current ratio of 1.3, net cash position of $8.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.6M | $3.2M | $3.7M | $7.3M | $27.6M | $65.6M | $96.7M | $107.4M | $65.2M | $66.4M |
| Cost of Revenue | $957076 | $1.4M | $2.1M | $2.2M | $8.3M | $36.4M | $46.4M | $40.8M | $16.1M | $20.6M |
| Gross Profit | $1.6M | $1.8M | $1.6M | $5.1M | $19.4M | $29.2M | $50.3M | $66.6M | $49.1M | $45.8M |
| Research & Development | $6.3M | $1.3M | $167595 | $589072 | $1.7M | $5.6M | $12.7M | $4.1M | $2.8M | $1.3M |
| Selling, General & Admin | $8.8M | $17.6M | $17.7M | $19.2M | $31.1M | $55.8M | $69.9M | $70.1M | $42.0M | $38.3M |
| Operating Expenses | $15.8M | $20.7M | $19.5M | $22.0M | $40.5M | $88.1M | $160.2M | $83.7M | $50.6M | $53.7M |
| Operating Income | -$21.7M | -$20.1M | -$19.7M | -$16.8M | -$21.1M | -$58.9M | -$109.9M | -$17.1M | -$1.6M | -$7.8M |
| EBITDA | -$21.8M | -$18.1M | -$15.3M | -$14.6M | -$12.2M | -$29.0M | -$28.0M | -$3.3M | $1.4M | -$4.7M |
| Interest Expense | $5.5M | $2.5M | $749423 | 0 | 0 | 0 | $147.5M | $5.0M | $4.8M | $3.7M |
| Pre-tax Income | -$28.2M | -$22.5M | -$10.2M | -$27.1M | -$13.6M | -$58.0M | -$108.9M | -$17.1M | -$10.4M | -$13.7M |
| Income Tax | 0 | 0 | 0 | $20.0M | 0 | $259000 | -$110000 | 0 | $2.1M | $437000 |
| Net Income | -$28.2M | -$22.5M | -$10.2M | -$47.2M | -$13.6M | -$58.3M | -$108.8M | -$17.1M | -$15.8M | -$13.6M |
| EPS | $-1294738.36 | $-193194.38 | $-3061.23 | $-1210.28 | $-60.20 | $-69.60 | $-74.01 | $-5.11 | $-2.86 | $-2.16 |
| EPS (Diluted) | $-1294738.36 | $-193194.38 | $-3061.23 | $-1210.28 | $-60.20 | $-69.60 | $-74.01 | $-5.11 | $-2.86 | $-2.16 |
| Shares Outstanding (Diluted) | $22 | $117 | $3328 | $38972 | $230000 | $840000 | $1.5M | $3.3M | $5.5M | $6.3M |
Income Statement (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Revenue | $15.1M | $13.9M | $15.2M | $12.4M |
| Gross Profit | $10.3M | $9.2M | $9.1M | $6.8M |
| Operating Income | -$7.6M | -$1.5M | -$2.0M | -$4.1M |
| EBITDA | -$17.4M | $3.3M | -$9.1M | -$4.1M |
| Net Income | -$19.8M | $2.0M | -$10.6M | -$5.6M |
| EPS | $-2.92 | $0.21 | $-1.05 | $-0.53 |
| EPS (Diluted) | $-2.92 | $-0.08 | $-1.05 | $-0.53 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.1M | $802328 | $7.0M | $11.0M | $48.1M | $49.6M | $19.4M | $23.0M | $20.0M | $31.0M |
| Short-term Investments | $1.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $162427 | $528039 | $578782 | $1.7M | $5.6M | $28.2M | $21.7M | $28.9M | $23.5M | $31.2M |
| Inventory | $524707 | $1.3M | $1.3M | $1.4M | $10.0M | $16.3M | $10.8M | $12.0M | $12.1M | $11.4M |
| Total Current Assets | $10.1M | $3.0M | $9.5M | $15.4M | $75.4M | $105.2M | $59.9M | $72.8M | $61.9M | $79.2M |
| Property, Plant & Equipment | $231430 | $647254 | $219000 | $203733 | $893000 | $8.7M | $6.3M | $3.9M | $1.5M | $1.6M |
| Goodwill | $221000 | $238426 | 0 | 0 | $28.1M | $65.8M | 0 | 0 | 0 | 0 |
| Intangible Assets | $13.6M | $11.1M | $11.4M | $19.1M | $48.9M | $85.5M | $70.6M | $59.0M | $52.5M | $42.2M |
| Total Assets | $24.3M | $15.0M | $21.1M | $34.7M | $153.3M | $265.7M | $137.6M | $137.8M | $118.9M | $124.2M |
| Accounts Payable | $2.3M | $2.2M | $2.1M | $2.1M | $11.6M | $19.3M | $11.0M | $13.5M | $10.3M | $10.6M |
| Short-term Debt | 0 | 0 | 0 | 0 | $982000 | $24.6M | $3.8M | $8.7M | $4.3M | $10.9M |
| Total Current Liabilities | $10.1M | $3.6M | $3.4M | $5.4M | $28.8M | $109.4M | $64.4M | $69.0M | $62.2M | $63.1M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | $2.8M | $14.2M | $20.9M | $10.9M | $10.9M |
| Total Liabilities | $14.3M | $11.0M | $7.6M | $27.6M | $58.3M | $128.1M | $93.3M | $98.5M | $91.1M | $105.2M |
| Retained Earnings | -$46.6M | -$69.1M | -$79.3M | -$106.4M | -$120.0M | -$178.3M | -$287.1M | -$304.1M | -$320.0M | -$333.5M |
| Total Equity | $10.1M | $4.0M | $13.4M | $7.1M | $95.0M | $137.6M | $44.3M | $39.4M | $27.7M | $19.0M |
| Total Debt | 0 | 0 | 0 | 0 | $2.0M | $31.0M | $18.2M | $30.4M | $16.4M | $22.9M |
| Net Debt | -$9.1M | -$802328 | -$7.0M | -$11.0M | -$46.1M | -$18.7M | -$1.2M | $7.4M | -$3.6M | -$8.0M |
| Working Capital | $15802 | -$581906 | $6.1M | $10.1M | $46.7M | -$4.2M | -$4.5M | $3.8M | -$337000 | $16.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Cash & Equivalents | $31.0M | $32.6M | $30.0M | $26.7M |
| Total Assets | $124.2M | $125.0M | $122.0M | $111.7M |
| Total Liabilities | $105.2M | $101.8M | $107.8M | $76.5M |
| Total Equity | $19.0M | $23.2M | $14.2M | $35.1M |
| Total Debt | $22.9M | $27.2M | $23.1M | $22.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$28.2M | -$22.5M | -$10.2M | -$27.1M | -$13.6M | -$58.3M | -$108.8M | -$17.1M | -$15.8M | -$13.6M |
| Depreciation & Amortization | $874789 | $4.4M | $2.6M | $2.7M | $6.2M | $9.2M | $10.1M | $8.8M | $6.7M | $5.4M |
| Stock-based Compensation | $902946 | $2.5M | $348515 | $1.0M | $1.1M | $3.6M | $5.2M | $6.0M | $2.4M | $576000 |
| Change in Working Capital | $1.8M | -$1.0M | -$718809 | -$210199 | -$12.6M | $1.7M | -$10.9M | -$5.8M | -$4.7M | -$5.7M |
| Operating Cash Flow | -$10.7M | -$13.8M | -$15.9M | -$13.8M | -$28.4M | -$26.0M | -$28.8M | -$5.1M | -$1.4M | -$1.9M |
| Capital Expenditure | -$2.3M | -$111608 | -$74707 | -$59848 | 0 | 0 | 0 | 0 | -$329000 | -$3.2M |
| Acquisitions | -$3.1M | -$4.0M | -$7385 | -$505025 | $188228 | -$481000 | -$3.2M | -$5000 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$12.9M | -$13.9M | -$16.0M | -$13.9M | -$28.4M | -$26.0M | -$28.8M | -$5.1M | -$1.7M | -$5.2M |
Cash Flow (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Operating Cash Flow | $2.8M | -$618000 | $3.7M | -$4.2M |
| Capital Expenditure | -$17000 | 0 | -$17000 | 0 |
| Free Cash Flow | $2.8M | -$618000 | $3.7M | -$4.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $114000 | $283000 | $148000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +25.7% | +13.6% | +100.0% | +277.5% | +137.5% | +47.3% | +11.1% | -39.3% | +1.8% | |
| Net Income Growth (YoY) | +20.1% | +54.7% | -363.0% | +71.1% | -327.9% | -86.6% | +84.3% | +7.1% | +14.4% | |
| EPS Growth (YoY) | +85.1% | +98.4% | +60.5% | +95.0% | -15.6% | -6.3% | +93.1% | +44.0% | +24.5% | |
| Shares Change (YoY) | +435.3% | +2756.5% | +1071.0% | +490.2% | +265.2% | +75.0% | +127.2% | +65.8% | +13.4% | |
| FCF Growth (YoY) | -8.0% | -14.9% | +13.3% | -104.3% | +8.5% | -11.0% | +82.2% | +66.5% | -200.8% | |
| Gross Margin | 62.6% | 56.0% | 44.0% | 69.9% | 70.0% | 44.5% | 52.0% | 62.0% | 75.3% | 69.0% |
| Operating Margin | -847.0% | -624.7% | -538.3% | -230.1% | -76.5% | -89.7% | -113.7% | -15.9% | -2.4% | -11.8% |
| EBITDA Margin | -851.3% | -562.8% | -416.7% | -199.6% | -44.2% | -44.2% | -28.9% | -3.0% | 2.2% | -7.0% |
| Net Margin | -1099.7% | -698.7% | -278.4% | -644.3% | -49.3% | -88.8% | -112.5% | -15.9% | -24.3% | -20.4% |
| FCF Margin | -503.8% | -432.7% | -437.6% | -189.8% | -102.7% | -39.6% | -29.8% | -4.8% | -2.6% | -7.8% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -73.8% | -0.0% | -0.4% | 0.1% | -0.0% | -20.6% | -3.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-593169.47 | $-119661.30 | $-4812.17 | $-356.44 | $-123.36 | $-30.91 | $-19.61 | $-1.54 | $-0.31 | $-0.82 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $22 | $117 | $3328 | $38972 | $230000 | $840000 | $1.5M | $3.3M | $5.5M | $6.3M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -148.91% |
| Return on Invested Capital | -23.62% |
| Return on Assets | -30.49% |
| Gross Margin | 62.50% |
| Operating Margin | -26.79% |
| Net Margin | -60.17% |
Financial Health
| Debt / Equity | 0.65 |
| Current Ratio | 1.12 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -3.20 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -0.29 | -0.24 | -0.34 | -0.32 | -4.72 | -1.44 | -0.19 | -0.31 | -1.00 | -1.01 |
| P/B | 0.81 | 1.37 | 0.26 | 2.11 | 0.69 | 0.61 | 0.46 | 0.14 | 0.57 | 0.72 |
| P/S | 3.18 | 1.71 | 0.95 | 2.04 | 2.36 | 1.28 | 0.21 | 0.05 | 0.24 | 0.21 |
| Gross Margin | 62.6% | 56.0% | 44.0% | 69.9% | 70.0% | 44.5% | 52.0% | 62.0% | 75.3% | 69.0% |
| Operating Margin | -847.0% | -624.7% | -538.3% | -230.1% | -76.5% | -89.7% | -113.7% | -15.9% | -2.4% | -11.8% |
| Net Margin | -1099.7% | -698.7% | -278.4% | -644.3% | -49.3% | -88.8% | -112.5% | -15.9% | -24.3% | -20.4% |
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Explore sector: Healthcare · Drug Manufacturers - Specialty & Generic
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