AMPH
Amphastar Pharmaceuticals, Inc.
AMPH's fundamentals are mixed, but it looks cheap: trading at 13x earnings, below its usual 19x. Analysts expect earnings growth, though they disagree widely on how much.
AMPH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Stable |
AMPH's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
AMPH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 8.9x | $28.87 | — |
| Cheap | 12x | $25.21 | -13% |
| Current | 13x | $28.87 | — |
| Fair | 19x | $40.83 | +41% |
| Expensive | 89x | $196 | +578% |
Historical ranges are pointers, not guarantees.
AMPH's PE is in its cheap range at 13x. If earnings grow as analysts expect, today's price would be 8.9x next year's earnings.
AMPH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for AMPH, with profitability holding steady. However, they disagree widely on these estimates.
AMPH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.26 | +49% |
| Q3 2026 | $2.19 | -3.1% |
| Q2 2026 | $1.69 | -37% |
| Q1 2026 | $1.66 | -40% |
| Q4 2025 | $2.03 | -34% |
| Q3 2025 | $2.26 | -25% |
| Q2 2025 | $2.67 | -15% |
| Q1 2025 | $2.76 | -5.2% |
| Q4 2024 | $3.06 | +18% |
AMPH's earnings per share have fallen from their peak: $2.19 over the past year, against $3.15 in mid-2024.
AMPH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $207.6M | +8.2% |
| Q2 2026 | $183.9M | +5.4% |
| Q1 2026 | $171.2M | +0.4% |
| Q4 2025 | $183.1M | -1.8% |
| Q3 2025 | $191.8M | +0.3% |
| Q2 2025 | $174.4M | -4.4% |
| Q1 2025 | $170.5M | -0.8% |
| Q4 2024 | $186.5M | +4.7% |
AMPH's revenue grew through 2024 and has held roughly level since: $208M last quarter, up 8.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 24% | +11 points |
| Q2 2026 | 22% | -2.6 points |
| Q1 2026 | 8% | -14 points |
| Q4 2025 | 19% | -4.8 points |
| Q3 2025 | 13% | -17 points |
| Q2 2025 | 24% | -6.1 points |
| Q1 2025 | 22% | -6.1 points |
| Q4 2024 | 24% | -6.1 points |
AMPH's operating margin was 24% last quarter, up 11 points from the same quarter a year ago.
AMPH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $33.4M | -29% |
| Q2 2026 | $42.7M | +71% |
| Q1 2026 | $38.3M | +57% |
| Q4 2025 | $24.6M | +48% |
| Q3 2025 | $47.2M | +2.3% |
| Q2 2025 | $25M | -60% |
| Q1 2025 | $24.4M | -48% |
| Q4 2024 | $16.6M | +15% |
AMPH generated $139M in free cash flow over the past year, up 23% from the year before.
AMPH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.9% | -848K shares |
| 1 year | -9% | -4.3M shares |
| 3 years | -20% | -10.5M shares |
| 5 years | -13% | -6.6M shares |
| Available history | -7.4% | -3.5M shares |
AMPH has 43M diluted shares, down 9% from a year ago, with $96M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $438,000 |
| Q2 2026 | $45.2M |
| Q1 2026 | $29.5M |
| Q4 2025 | $20.5M |
| Q3 2025 | $4.9M |
| Q2 2025 | $39.2M |
| Q1 2025 | $11M |
| Q4 2024 | $42M |
AMPH spent $96M buying back its own shares over the past year, down 1.5% from the year before.
AMPH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.1x | Moderate |
| Q2 2026 | 2.3x | Moderate |
| Q1 2026 | 2.5x | Moderate |
| Q4 2025 | 2.3x | Moderate |
| Q3 2025 | 1.9x | Healthy |
| Q2 2025 | 1.8x | Healthy |
| Q1 2025 | 1.8x | Healthy |
| Q4 2024 | 1.9x | Healthy |
AMPH's net debt is about 2.1 years of its operating earnings (EBITDA), up from 1.9 years a year ago.
AMPH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 67.2 | Neutral |
| Stochastic | 86.2 | Overbought |
AMPH's weekly RSI is 67 (neutral) and its Stochastic is 86 (overbought).
AMPH PE vs Healthcare Sector
| Metric | AMPH | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 26x | 49% below |
| PE % | 25 | 29 | 4 pts below |
AMPH is trading at 13x earnings, a 49% discount to the Healthcare sector's median of 26x.
AMPH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $26.8 | 7.8% above |
| 20 week MA | $23.4 | 24% above |
| 50 week MA | $23.0 | 26% above |
| 100 week MA | $25.3 | 14% above |
| 200 week MA | $35.8 | 19% below |
AMPH has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 19% below its 200-week average.
AMPH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $19.2 | $19.1 | -0.3% |
| 2021 | $19.1 | $22.6 | +18% |
| 2022 | $22.6 | $28.7 | +27% |
| 2023 | $28.7 | $61.9 | +116% |
| 2024 | $61.9 | $37.8 | -39% |
| 2025 | $37.8 | $27.1 | -28% |
| 2026 YTD | $27.1 | $28.9 | +6.5% |
AMPH has finished lower in three of the last six years. It's up 6.5% so far in 2026.