Amphastar Pharmaceuticals, Inc.
AMPHdata completeness 100%14 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'dividendsPaid'
Amphastar Pharmaceuticals, Inc. earns about 15% on invested capital, comfortably above its ~9% cost of capital, and has bought back 3% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $20.89 and $167.5 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $437.8M1 | $499M2 | $644.4M3 | $732M3 | $719.9M3 |
| Net income | $62.1M4 | $91.4M5 | $137.5M6 | $159.5M6 | $98.1M6 |
| Operating cash flow | $98M7 | $89.2M8 | $183.5M9 | $213.4M9 | $156.1M9 |
| Capital expenditure | $27.5M10 | $24M11 | $38.2M12 | $41M12 | $34.9M12 |
| Free cash flow (derived) | $70.5M7 | $65.1M8 | $145.3M9 | $172.3M9 | $121.2M9 |
| Total debt | $78.2M13 | $76.6M14 | $603.2M15 | $613.5M16 | $619.7M17 |
| Cash & equivalents | $126.4M18 | $156.1M19 | $144.3M20 | $151.6M21 | $170.2M21 |
| Diluted shares | 49.8M | 52.4M | 53.0M | 52.1M | 48.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $163.6 of net worth that earned you $20.35 and generated $25.14 of cash last year, against $128.53 of debt.
It earned about 15% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 693% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $20.89 and $167.5 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$145.3M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$145.3M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$98.1M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $33.18 |
| Base | 20.0% | $87.55 |
| Bull | 20.0% | $87.55 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001297184-24-000009 (Revenues)
- 10-K · period ending 2022-12-31 · accession 0001297184-25-000008 (Revenues)
- 10-K · period ending 2023-12-31 · accession 0001297184-26-000009 (Revenues)
- 10-K · period ending 2021-12-31 · accession 0001297184-24-000009 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001297184-25-000008 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001297184-26-000009 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001297184-24-000009 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001297184-25-000008 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001297184-26-000009 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001297184-24-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001297184-25-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001297184-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001297184-22-000007 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0001297184-23-000019 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-12-31 · accession 0001297184-24-000009 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-31 · accession 0001297184-25-000008 (LongTermDebtNoncurrent)
- 10-K · period ending 2025-12-31 · accession 0001297184-26-000009 (LongTermDebtNoncurrent)
- 10-K · period ending 2021-12-31 · accession 0001297184-23-000019 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001297184-24-000009 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001297184-25-000008 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001297184-26-000009 (CashAndCashEquivalentsAtCarryingValue)