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Eton Pharmaceuticals

ETON on Nasdaq. Eton sells drugs for rare diseases to patients and doctors. Market value $1.6bn.

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
0.9%low

For every $100 of what the whole company costs, it produced $0.94 of spare cash in the past 12 months. A savings account pays about $4.

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

You pay 96.1 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
-9.6%five-year median

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

Quality score: 54 of 100. Price score: 9 of 100. Our list needs 70 on quality and 60 on price.

$54.77 a share, 284% above its 1-year low

Over the past year the price has ranged from $14.27 to $66.37.

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: $15 million in the past 12 months, $10 million in the year to December 2025.

Revenue
$22m$21m$32m$39m$80m
Operating margin
-6.8%-38.9%-3.8%-6.7%-1.1%
Debt to equity
0.300.410.001.221.17
Shares outstanding
0.03bn0.03bn0.03bn0.03bn0.03bn

Health checks

  • Free cash flow positive4 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)3 of 9
  • Profit backed by cash (accruals)No
  • Debt1.17× equity
  • Revenue growth, five yearsStrong, 359.7% a year
  • Buying back its own sharesNo, 13% more shares since 2021

The quarter to June 2026

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

  • Sales: $38 million last quarter, up 99% on a year ago.
  • Profit: $12 million, after a loss of $3 million a year ago.
  • It keeps 15 cents of each $1 of sales as operating profit, after losing 1 cents a year earlier.
  • Spare cash over the past 12 months: $15 million, up from $12 million.
  • 22% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $1 million more than cash, down from $5 million 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$10m
December 2024$12m
March 2025$17m
June 2025$19m
September 2025$22m
December 2025$21m
March 2026$24m
June 2026$38m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$627,000
December 2024-$598,000
March 2025-$2m
June 2025-$3m
September 2025-$2m
December 2025$1m
March 2026$2m
June 2026$12m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
19 March 2026
Next quarterly (estimated, 10-Q)
12 November 2026

Who owns it

3 long-term investors we follow own it, up from 2 last quarter. 165 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

2 investors own more than 5%.

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. 4 sold $20m.

  • Krempa David
    Chief Business Officer
    Sold
    Date
    6 October 2026
    Shares
    4,166
    Price
    $55.07
    Value
    $229,406
  • MAIER PAUL V
    Director
    Sold
    Date
    28 August 2026
    Shares
    50,000
    Price
    $59.07
    Value
    $3m
  • Krempa David
    Chief Business Officer
    Sold
    Date
    24 August 2026
    Shares
    25,000
    Price
    $65.07
    Value
    $2m
  • BRYNJELSEN SEAN
    President & CEO, Director
    Sold
    Date
    20 August 2026
    Shares
    91,022
    Price
    $60.70
    Value
    $6m
  • BRYNJELSEN SEAN
    President & CEO, Director
    Sold
    Date
    19 August 2026
    Shares
    8,978
    Price
    $62.65
    Value
    $562,472
  • Adams Jennifer McKie
    Director
    Sold
    Date
    17 June 2026
    Shares
    50,000
    Price
    $32.48
    Value
    $2m
  • BRYNJELSEN SEAN
    President & CEO, Director
    Sold
    Date
    28 May 2026
    Shares
    120,000
    Price
    $31.88
    Value
    $4m
  • Krempa David
    Chief Business Officer
    Sold
    Date
    27 May 2026
    Shares
    19,679
    Price
    $31.47
    Value
    $619,298
  • Krempa David
    Chief Business Officer
    Sold
    Date
    26 May 2026
    Shares
    37,524
    Price
    $31.49
    Value
    $1m
  • Krempa David
    Chief Business Officer
    Sold
    Date
    22 May 2026
    Shares
    42,797
    Price
    $33.39
    Value
    $1m

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. 2 things 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 19 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 12 later 8-Ks.

  • Changed auditor

    Worth knowing

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

    “On June 13, 2025, the Company dismissed Crowe LLP as the Company’s independent registered public accounting firm, effective June 13, 2025.”

    From an 8-K filed 20 June 2025: Change of auditor. Read it in the filing

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 84.6% last year. Losing that customer would hurt.

    “For the years ended December 31, 2025, 2024 and 2023, AnovoRx product sales represented 84.6%, 93.6% and 78.2% of net revenues, respectively.”

    From the 10-K filed 19 March 2026, Item 8. Financial Statements and Notes. 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

  • It isn't cheap on profits: 96.1× operating profit.

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.