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Anika Therapeutics

ANIK on Nasdaq. Anika Therapeutics sells hyaluronic acid products for joint pain to surgeons and patients. Market value $264m.

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.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

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
0.2%low

For every $100 of what the whole company costs, it produced $0.22 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 28 of 100. Price score: 1 of 100. Our list needs 70 on quality and 60 on price.

$19.12 a share, 121% above its 1-year low

Over the past year the price has ranged from $8.67 to $22.88.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.0
-0.0
-0.0
-0.0
0.0
0.0
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $562,000 in the past 12 months, $4 million in the year to December 2025.

Revenue
$148m$114m$121m$120m$113m
Operating margin
1.8%3.2%0.7%-4.3%-9.8%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.01bn0.01bn0.01bn0.01bn0.01bn

Health checks

  • Free cash flow positive2 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)4 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsShrinking, 2.9% a year
  • Buying back its own sharesYes, 8% fewer since 2021

The quarter to June 2026

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

  • Sales: $33 million last quarter, up 16% on a year ago.
  • Profit: $3 million, after a loss of $4 million a year ago.
  • It loses 4 cents on each $1 of sales, compared with 8 cents a year earlier.
  • Spare cash over the past 12 months: $562,000. A year earlier it spent $535,000 more than it brought in.
  • 6% fewer shares than a year ago. Each share owns a bit more of the company.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$30m
December 2024Not reported
March 2025$26m
June 2025$28m
September 2025$28m
December 2025$31m
March 2026$30m
June 2026$33m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$30m
December 2024-$22m
March 2025-$5m
June 2025-$4m
September 2025-$2m
December 2025$292,000
March 2026-$5m
June 2026$3m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
3 March 2026
Next quarterly (estimated, 10-Q)
28 October 2026

Who owns it

None of the long-term investors we follow own it. 133 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

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

Big holders and activists

3 investors own more than 5%.

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

What insiders did

In the last 12 months, 3 insiders bought $264,298 of shares on the open market.

  • Fischetti Gary P
    Director
    Bought
    Date
    4 August 2026
    Shares
    1,000
    Price
    $20.32
    Value
    $20,315
  • Fischetti Gary P
    Director
    Bought
    Date
    3 August 2026
    Shares
    1,000
    Price
    $20.75
    Value
    $20,745
  • HENNEMAN JOHN B III
    Director
    Bought
    Date
    1 May 2026
    Shares
    5,000
    Price
    $14.66
    Value
    $73,300
  • Griffin Stephen D.
    President and CEO, Director
    Bought
    Date
    30 April 2026
    Shares
    12,200
    Price
    $12.29
    Value
    $149,938

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 serious warning signs we check for were found. 1 thing worth knowing.

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 3 Mar 2026, plus the 10-Q filed 29 Jul 2026 and 4 later 8-Ks.

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 50% last year. Losing that customer would hurt.

    “Our largest customer, J&J MedTech, represented 50% of total revenues for the year ended December 31, 2025.”

    From the 10-K filed 3 March 2026, Item 7. Management's Discussion and Analysis. Read it in the filing

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

  • Sales have shrunk: 2.9% a year.

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.