MeritValue

Amphastar Pharmaceuticals, Inc.

AMPHdata completeness 100%14 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 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 shares49.8M52.4M53.0M52.1M48.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000021%
of the whole company
Your share of last year’s profit
$20.35
Your share of its debt
$128.53
Your share of free cash flow
$25.14
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$175.92
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$145.3M
DCF · Growth Exit 5Y
$91.54
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$145.3M
Earnings Power Value
$21.44
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$98.1M
  • growthAssumed0.0%
Graham Number
$27.34
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $91.54

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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001297184-24-000009 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001297184-25-000008 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001297184-26-000009 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001297184-24-000009 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001297184-25-000008 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001297184-26-000009 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001297184-24-000009 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001297184-25-000008 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001297184-26-000009 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001297184-24-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001297184-25-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001297184-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001297184-22-000007 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001297184-23-000019 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001297184-24-000009 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001297184-25-000008 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2025-12-31 · accession 0001297184-26-000009 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001297184-23-000019 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001297184-24-000009 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001297184-25-000008 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001297184-26-000009 (CashAndCashEquivalentsAtCarryingValue)