AMPHAmphastar Pharmaceuticals, Inc.

Pharmaceutical Preparations

Revenue: $720M; 1.7% YoY
Operating margin: 19.5%; 31% YoY
EBITDA: $172M; 26% YoY
Market cap: $1.2B
Employees: 163; $4M revenue each
Net debt / EBITDA: 2.2×; $386M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
159% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
48% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$4M · 97th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$438M	$499M	$644M	$732M	$720M	1.7%
Operating income	$70M	$107M	$197M	$205M	$140M	32%
Net income	$62M	$91M	$138M	$160M	$98M	39%
Operating cash flow	$98M	$89M	$184M	$213M	$156M	27%
Capex	$27M	$24M	$38M	$41M	$35M	15%
Stock-based comp	$19M	$18M	$20M	$24M	$27M	12%
Buybacks	$29M	$40M	$58M	$85M	$76M	12%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 11
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$8M	$2M	133	125
FY2024	$8M	−$8M	185	93
FY2023	$8M	$29M	308	94
FY2022	$7M	$13M	139	90
FY2021	$7M	$9M	116	100