Detailed financial statements for Eton Pharmaceuticals, Inc. (ETON): 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.
Eton Pharmaceuticals, Inc., a pharmaceutical company, focuses on developing and commercializing treatments for rare diseases. Its commercial rare disease products include Increlex for the treatment of severe primary igf-1 deficiency; Alkindi Sprinkle for adrenal insufficiency; Khindivi for adrenocortical insufficiency; Galzin for Wilson disease; PKU Golike for phenylketonuria; Carglumic Acid for N-acetylglutamate synthase deficiency; Betaine Anhydrous for homocystinuria; and...
Analysis Summary
Eton Pharmaceuticals, Inc. reported revenue of $80.0M in the most recent fiscal year, growing at a 5-year CAGR of 359.6%.
Trailing-twelve-month margins: gross margin 57.9%, operating margin 15.4%, net margin 12.0%.
At the current price of $56.35, ETON trades at a P/E of 121.18 and an ROE of 40.13%. Market capitalisation stands at $1.5B.
Balance sheet quality for ETON: current ratio of 1.6, net debt of $5.1M. 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 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | $959000 | $39000 | $21.8M | $21.3M | $31.6M | $39.0M | $80.0M |
| Cost of Revenue | $13000 | $63000 | $453000 | $286000 | $2.6M | $6.9M | $10.6M | $15.6M | $37.2M |
| Gross Profit | -$13000 | -$63000 | $506000 | -$247000 | $19.2M | $14.3M | $21.1M | $23.4M | $42.7M |
| Research & Development | $3.9M | $5.6M | $11.6M | $14.1M | $6.2M | $4.0M | $3.3M | $3.3M | $7.8M |
| Selling, General & Admin | $3.2M | $4.7M | $7.6M | $12.8M | $14.5M | $18.6M | $18.9M | $22.8M | $35.8M |
| Operating Expenses | $7.1M | $10.3M | $19.1M | $26.9M | $20.7M | $22.6M | $22.3M | $26.0M | $42.7M |
| Operating Income | -$7.2M | -$10.3M | -$18.6M | -$27.1M | -$1.5M | -$8.3M | -$1.2M | -$2.6M | $72000 |
| EBITDA | -$7.1M | -$10.3M | -$18.2M | -$26.5M | -$1.5M | -$7.2M | $212000 | -$657000 | $4.3M |
| Interest Expense | 0 | 0 | 0 | $889000 | $1.0M | $955000 | $1.1M | $2.0M | $4.8M |
| Pre-tax Income | -$7.2M | -$12.7M | -$18.3M | -$28.0M | -$2.0M | -$9.0M | -$689000 | -$3.8M | -$4.6M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | $247000 | $15000 | $43000 |
| Net Income | -$7.2M | -$12.7M | -$18.3M | -$28.0M | -$2.0M | -$9.0M | -$936000 | -$3.8M | -$4.6M |
| EPS | $-0.41 | $-1.99 | $-1.02 | $-1.33 | $-0.08 | $-0.36 | $-0.04 | $-0.15 | $-0.17 |
| EPS (Diluted) | $-0.41 | $-1.99 | $-1.02 | $-1.33 | $-0.08 | $-0.36 | $-0.04 | $-0.15 | $-0.17 |
| Shares Outstanding (Diluted) | $17.5M | $6.4M | $17.8M | $21.0M | $25.2M | $25.1M | $25.6M | $25.9M | $26.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $22.5M | $21.3M | $24.3M | $37.6M |
| Gross Profit | $7.9M | $13.1M | $14.7M | $25.4M |
| Operating Income | -$1.4M | $2.5M | $2.4M | $12.8M |
| EBITDA | $265999 | $3.6M | $1.9M | $12.8M |
| Net Income | -$1.9M | $1.5M | $1.6M | $11.6M |
| EPS | $-0.07 | $0.06 | $0.06 | $0.42 |
| EPS (Diluted) | $-0.07 | $0.05 | $0.05 | $0.35 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $13.2M | $26.7M | $12.1M | $21.3M | $14.4M | $16.3M | $21.4M | $14.9M | $25.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | $473000 | $48000 | $5.5M | $1.9M | $3.4M | $5.4M | $11.8M |
| Inventory | 0 | 0 | $380000 | $1.2M | $550000 | $557000 | $911000 | $15.2M | $15.4M |
| Total Current Assets | $13.3M | $27.5M | $15.0M | $24.7M | $23.6M | $20.0M | $26.8M | $41.0M | $60.6M |
| Property, Plant & Equipment | $119000 | $773000 | $1.3M | $1.0M | $219000 | $260000 | $150000 | $209000 | $636000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | $725000 | $575000 | $3.6M | $4.8M | $4.7M | $34.9M | $30.9M |
| Total Assets | $13.4M | $28.3M | $17.1M | $26.3M | $27.5M | $25.0M | $31.7M | $76.1M | $92.1M |
| Accounts Payable | $539000 | $1.4M | $575000 | $2.3M | $1.8M | $1.8M | $1.8M | $4.2M | $11.0M |
| Short-term Debt | 0 | 0 | 0 | $280000 | $1.4M | $1.0M | $5.4M | $76000 | $8.8M |
| Total Current Liabilities | $793000 | $2.0M | $2.0M | $3.8M | $4.6M | $6.5M | $16.2M | $19.9M | $38.5M |
| Long-term Debt | 0 | 0 | $4.5M | $6.8M | $5.3M | $5.4M | 0 | $29.8M | $21.8M |
| Total Liabilities | $1.3M | $2.0M | $6.5M | $10.7M | $9.8M | $12.0M | $16.3M | $51.7M | $66.0M |
| Retained Earnings | -$8.6M | -$45.9M | -$64.2M | -$92.2M | -$94.1M | -$103.1M | -$104.1M | -$107.9M | -$112.5M |
| Total Equity | $12.1M | $26.3M | $10.6M | $15.7M | $17.6M | $13.1M | $15.5M | $24.4M | $26.2M |
| Total Debt | 0 | 0 | $4.6M | $7.1M | $6.7M | $6.5M | $5.4M | $30.0M | $31.0M |
| Net Debt | -$13.2M | -$26.7M | -$7.5M | -$14.2M | -$7.7M | -$9.8M | -$16.0M | $15.1M | $5.1M |
| Working Capital | $12.5M | $25.5M | $13.0M | $20.9M | $19.0M | $13.5M | $10.6M | $21.1M | $22.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $37.1M | $25.9M | $19.7M | $26.8M |
| Total Assets | $104.5M | $92.1M | $97.7M | $115.8M |
| Total Liabilities | $81.4M | $66.0M | $67.1M | $69.2M |
| Total Equity | $23.1M | $26.2M | $30.6M | $46.6M |
| Total Debt | $3.3M | $9.2M | $12.2M | $29.0M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$7.2M | -$12.7M | -$18.3M | -$28.0M | -$2.0M | -$9.0M | -$936000 | -$3.8M | -$4.6M |
| Depreciation & Amortization | $13000 | $63000 | $447000 | $651000 | $462000 | $1.8M | $901000 | $1.1M | $4.0M |
| Stock-based Compensation | $2.6M | $1.9M | $1.9M | $2.6M | $3.4M | $4.2M | $3.1M | $3.2M | $5.5M |
| Change in Working Capital | $623000 | $99000 | -$2.1M | $1.0M | -$6.2M | $7.7M | $3.5M | -$698000 | -$859000 |
| Operating Cash Flow | -$4.7M | -$8.1M | -$18.0M | -$22.3M | -$4.7M | $4.8M | $6.8M | $969000 | $10.5M |
| Capital Expenditure | -$130000 | -$236000 | -$1.8M | -$50000 | -$3.3M | -$2.8M | -$775000 | -$26000 | -$333000 |
| Acquisitions | 0 | 0 | 0 | 0 | $700000 | 0 | 0 | -$30.0M | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | -$1.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$4.8M | -$8.4M | -$19.9M | -$22.4M | -$8.0M | $2.0M | $6.0M | $943000 | $10.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $12.0M | -$11.6M | $7.4M | $7.3M |
| Capital Expenditure | -$284000 | -$49000 | -$75000 | $5000 |
| Free Cash Flow | $11.7M | -$11.6M | $7.3M | $7.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.1M | $1.1M | $1.5M | $1.5M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -95.9% | +55879.5% | -2.7% | +48.9% | +23.3% | +104.9% | |||
| Net Income Growth (YoY) | -78.0% | -43.8% | -52.7% | +93.0% | -361.4% | +89.6% | -308.4% | -20.4% | |
| EPS Growth (YoY) | -385.4% | +48.7% | -30.4% | +94.2% | -363.9% | +89.9% | -311.0% | -13.3% | |
| Shares Change (YoY) | -63.2% | +176.7% | +18.3% | +20.0% | -0.2% | +2.0% | +1.0% | +3.9% | |
| FCF Growth (YoY) | -72.9% | -137.1% | -12.7% | +64.4% | +125.5% | +197.1% | -84.4% | +980.7% | |
| Gross Margin | 52.8% | -633.3% | 88.0% | 67.4% | 66.6% | 60.0% | 53.5% | ||
| Operating Margin | -1939.6% | -69515.4% | -6.8% | -38.9% | -3.8% | -6.7% | 0.1% | ||
| EBITDA Margin | -1893.0% | -67846.2% | -6.8% | -34.1% | 0.7% | -1.7% | 5.3% | ||
| Net Margin | -1910.3% | -71717.9% | -9.0% | -42.4% | -3.0% | -9.8% | -5.8% | ||
| FCF Margin | -2072.2% | -57425.6% | -36.6% | 9.6% | 19.1% | 2.4% | 12.7% | ||
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -35.8% | -0.4% | -0.9% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.28 | $-1.31 | $-1.12 | $-1.07 | $-0.32 | $0.08 | $0.24 | $0.04 | $0.38 |
| Dividends Per Share | $0.00 | $0.16 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $17.5M | $6.4M | $17.8M | $21.0M | $25.2M | $25.1M | $25.6M | $25.9M | $26.9M |
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 | 40.13% |
| Return on Invested Capital | 20.41% |
| Return on Assets | 10.96% |
| Gross Margin | 57.87% |
| Operating Margin | 15.44% |
| Net Margin | 12.02% |
Financial Health
| Debt / Equity | 0.62 |
| Current Ratio | 1.52 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | -15.24 | -3.08 | -7.06 | -6.11 | -55.28 | -7.83 | -120.00 | -88.80 | -99.47 |
| P/B | 9.00 | 1.49 | 12.12 | 10.91 | 6.13 | 5.42 | 7.26 | 14.12 | 17.40 |
| P/S | 0.00 | 0.00 | 133.34 | 4379.78 | 4.95 | 3.34 | 3.55 | 8.84 | 5.69 |
| Gross Margin | 0.0% | 0.0% | 52.8% | -633.3% | 88.0% | 67.4% | 66.6% | 60.0% | 53.5% |
| Operating Margin | 0.0% | 0.0% | -1939.6% | -69515.4% | -6.8% | -38.9% | -3.8% | -6.7% | 0.1% |
| Net Margin | 0.0% | 0.0% | -1910.3% | -71717.9% | -9.0% | -42.4% | -3.0% | -9.8% | -5.8% |
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