Value Investor
Start free

ANI Pharmaceuticals

ANIP on Nasdaq. ANI Pharmaceuticals sells medicines to patients and doctors. Market value $1.3bn.

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
10.6%very high

For every $100 of what the whole company costs, it produced $10.60 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
10.5×fair

You pay 10.5 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
0.1%five-year median

Each dollar kept in the business earns 0 cents a year. Above 10 is good.

Quality score: 56 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.

$72.58 a share, 4% above its 1-year low

Over the past year the price has ranged from $69.58 to $97.00.

Dividend: 0.0% a year

Paid every year for at least 5 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

0.0
-0.0
0.1
0.0
0.2
0.2
2021202220232024202512 monthsto Jun '26
Revenue
$216m$316m$487m$614m$883m
Operating margin
-18.4%-11.2%9.6%0.1%12.6%
Debt to equity
0.860.910.660.790.57
Shares outstanding
0.01bn0.02bn0.02bn0.02bn0.02bn

Health checks

  • Free cash flow positive4 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)7 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.57× equity
  • Revenue growth, five yearsStrong, 33.5% a year
  • Buying back its own sharesNo, 79% more shares since 2021

The quarter to June 2026

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

  • Sales: $266 million last quarter, up 26% on a year ago.
  • Profit: $25 million, up 189% on a year ago.
  • It keeps 15 cents of each $1 of sales as operating profit, up from 2 cents a year earlier.
  • Spare cash over the past 12 months: $173 million, up from $125 million.
  • 8% more shares than a year ago. Each share owns a bit less of the company.
  • It has $59 million more cash than debt. A year ago debt was $97 million more than cash.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$148m
December 2024$191m
March 2025$197m
June 2025$211m
September 2025$228m
December 2025$247m
March 2026$237m
June 2026$266m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$24m
December 2024-$10m
March 2025$16m
June 2025$9m
September 2025$27m
December 2025$27m
March 2026$29m
June 2026$25m

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)
6 November 2026

Who owns it

5 long-term investors we follow own it, down from 6 last quarter. 307 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

2 investors own more than 5%.

  • BlackRock, Inc.
    Passive investor
    12.8%+1.5 pts
    Since 30 June 2026
  • Robert E. Brown, Jr.
    Passive investor
    at least 4.8%−0.6 pts
    (filed with 3 related holders)
    Since 21 August 2025
  • Sold down below 5%
    Since 31 March 2025
  • Millennium Management LLC
    Passive investor
    Sold down below 5%
    Since 30 September 2025
  • 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. 12 sold $15m, $5m of it under preset trading plans.

  • CAREY STEPHEN P.
    SVP & CFO
    Sold
    under a preset trading plan
    Date
    29 September 2026
    Shares
    2,850
    Price
    $73.00
    Value
    $208,050
  • Lalwani Nikhil
    PRESIDENT & CEO, Director
    Sold
    under a preset trading plan
    Date
    15 September 2026
    Shares
    5,400
    Price
    $71.00
    Value
    $383,400
  • Cook Meredith
    SR. VP, GENERAL COUNSEL & SEC.
    Sold
    under a preset trading plan
    Date
    14 September 2026
    Shares
    500
    Price
    $70.79
    Value
    $35,395
  • Thoma Jeanne
    Director
    Sold
    under a preset trading plan
    Date
    11 September 2026
    Shares
    1,000
    Price
    $71.53
    Value
    $71,530
  • CAREY STEPHEN P.
    SVP & CFO
    Sold
    under a preset trading plan
    Date
    31 August 2026
    Shares
    2,850
    Price
    $72.80
    Value
    $207,480
  • Lalwani Nikhil
    PRESIDENT & CEO, Director
    Sold
    under a preset trading plan
    Date
    25 August 2026
    Shares
    5,400
    Price
    $74.30
    Value
    $401,220
  • Cook Meredith
    SR. VP, GENERAL COUNSEL & SEC.
    Sold
    under a preset trading plan
    Date
    13 August 2026
    Shares
    500
    Price
    $75.48
    Value
    $37,740
  • Gutwerg Ori
    SVP, GENERICS
    Sold
    Date
    10 August 2026
    Shares
    3,162
    Price
    $77.00
    Value
    $243,474
  • CAREY STEPHEN P.
    SVP & CFO
    Sold
    under a preset trading plan
    Date
    29 July 2026
    Shares
    2,850
    Price
    $81.36
    Value
    $231,876
  • Cook Meredith
    SR. VP, GENERAL COUNSEL & SEC.
    Sold
    under a preset trading plan
    Date
    13 July 2026
    Shares
    500
    Price
    $81.84
    Value
    $40,920

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 27 Feb 2026, plus the 10-Q filed 7 Aug 2026 and 7 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On April 1, 2026, ANI Pharmaceuticals, Inc. (the “Company”) notified EisnerAmper LLP (“EisnerAmper”) that EisnerAmper would be dismissed as the Company’s independent registered public accounting firm.”

    From an 8-K filed 7 April 2026: Change of auditor. 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

Cheap for a reason is the question the numbers cannot answer.

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
Create a free account to run it

Your first deep dive is free.

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.