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Amneal Pharmaceuticals

AMRX on Nasdaq. Amneal sells generic and specialty medicines to pharmacies, hospitals, governments, and patients. Market value $6.5bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
2.0%low

For every $100 of what the whole company costs, it produced $1.97 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
19.7×full

You pay 19.7 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
6.7%five-year median

Each dollar kept in the business earns 7 cents a year. Above 10 is good.

Quality score: 60 of 100. Price score: 43 of 100. Our list needs 70 on quality and 60 on price.

$20.30 a share, 112% above its 1-year low

Over the past year the price has ranged from $9.56 to $21.17.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.2
0.0
0.3
0.2
0.3
0.1
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $128 million in the past 12 months, $270 million in the year to December 2025.

Revenue
$2.1bn$2.2bn$2.4bn$2.8bn$3.0bn
Operating margin
7.3%-4.3%8.5%8.9%13.1%
Debt to equity
7.709.00125.43n/an/a
Shares outstanding
0.15bn0.15bn0.31bn0.31bn0.32bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)7 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsSlow, 8.7% a year
  • Buying back its own sharesNo, 110% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $796 million last quarter, up 10% on a year ago.
  • Profit: $58 million, up 157% on a year ago.
  • It keeps 15 cents of each $1 of sales as operating profit, up from 13 cents a year earlier.
  • Spare cash over the past 12 months: $128 million, down from $283 million.
  • 2% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $2.4 billion more than cash, up from $2.1 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$702m
December 2024$731m
March 2025$695m
June 2025$725m
September 2025$785m
December 2025$814m
March 2026$723m
June 2026$796m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$156,000
December 2024-$31m
March 2025$12m
June 2025$22m
September 2025$2m
December 2025$35m
March 2026$62m
June 2026$58m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
27 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

1 long-term investor we follow owns it, down from 2 last quarter. 308 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

  • Tushar Patel
    17.6%+1.9 pts
    Since 10 August 2026
    What they said

    This Amendment No. 6 to Schedule 13D (this "Amendment No. 6") amends and supplements the Schedule 13D filed with the SEC on July 9, 2018 (the "Initial 13D" and, as amended and supplemented through the date of this Amendment No. 6, the "Schedule 13D"), by the Reporting Person…

    Read the filing
  • Chintu Patel
    Insider or founder
    9.4%+1.2 pts
    Since 10 August 2026
    What they said

    This Amendment No. 5 to Schedule 13D (this "Amendment No. 5") amends and supplements the Schedule 13D filed with the SEC on July 9, 2018 (the "Initial 13D" and, as amended and supplemented through the date of this Amendment No. 5, the "Schedule 13D"), by the Reporting Person…

    Read the filing
  • Chirag Patel
    Insider or founder
    8.4%+1.3 pts
    Since 10 August 2026
    What they said

    This Amendment No. 7 to Schedule 13D (this "Amendment No. 7") amends and supplements the Schedule 13D filed with the SEC on July 9, 2018 (the "Initial 13D" and, as amended and supplemented through the date of this Amendment No. 7, the "Schedule 13D"), by the Reporting Person…

    Read the filing
  • BlackRock, Inc.
    Passive investor
    7.6%
    Since 31 March 2026
  • Akram Mahesh
    Passive investor
    6.6%
    Since 31 March 2025
  • Patel Dipan
    Passive investor
    5.4%−2.2 pts
    Since 31 December 2025
    What they said

    This Amendment No. 5 to Schedule 13D (this "Amendment No. 5") amends and supplements the Schedule 13D filed with the SEC on July 9, 2018 (the "Initial 13D" and, as amended and supplemented through the date of this Amendment No. 5, the "Schedule 13D"), by the Reporting Person…

    Read the filing
  • UBS Group AG
    Passive investor
    n/a
    Since 31 December 2024
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 5 sold $10m.

  • Kiely John
    Director
    Sold
    Date
    13 August 2026
    Shares
    50,000
    Price
    $17.64
    Value
    $882,000
  • Shah Nikita
    Executive Vice President
    Sold
    Date
    12 August 2026
    Shares
    146,403
    Price
    $17.51
    Value
    $3m
  • Daly Jason B.
    EVP, Chief Legal Officer
    Sold
    Date
    12 August 2026
    Shares
    210,000
    Price
    $17.40
    Value
    $4m
  • Daly Jason B.
    EVP, Chief Legal Officer
    Sold
    Date
    11 August 2026
    Shares
    6,613
    Price
    $17.70
    Value
    $117,050
  • Autor Deborah M.
    Director
    Sold
    Date
    11 May 2026
    Shares
    34,819
    Price
    $12.94
    Value
    $450,558
  • Nark Ted C
    Director
    Sold
    Date
    17 November 2025
    Shares
    50,000
    Price
    $11.72
    Value
    $586,000
  • Shah Nikita
    Executive Vice President
    Sold
    Date
    12 November 2025
    Shares
    131,856
    Price
    $11.92
    Value
    $2m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 7 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.