What is Aquestive Therapeutics, Inc.'s earnings per share (EPS)?

Aquestive Therapeutics, Inc. (AQST) reported diluted earnings per share of -$0.78 for fiscal year 2025. This represents a -52.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Aquestive Therapeutics, Inc. (AQST) Financials

AQST

Trailing 12 months to June 30, 2026

Revenue $54.1M +22.6% YoY

Net Income -$78.2M -20.3% YoY

EPS (Diluted) -$0.66 +5.7% YoY

Free Cash Flow -$45.9M +8.1% YoY

Market Cap $599.9M as of Oct 10, 2026

Price / Sales 11.1x on $54.1M revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book n/m negative shareholder equity, so no book multiple, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 11, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AQST SEC filings page.

Aquestive Therapeutics, Inc. (AQST) reported $54.1M in revenue over the twelve months to Jun 30, 2026, up 22.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AQST FY2025 2026-10-03

FY2025 shows shrinking revenue of $44.5M alongside deeper cash consumption and sharply higher operating costs.

The near match between operating cash flow of -$52.4M and free cash flow of -$53.0M shows that the cash shortfall came mainly from operations, not reinvestment. At the same time, revenue fell to $44.5M while SG&A rose to $79.8M, pointing to cost expansion as the immediate driver of deterioration.

External financing reshaped liquidity: financing cash flow reached $102.6M in FY2025, while total equity remained negative at -$33.7M. The current ratio was 3.1x, indicating improved short-term coverage without accumulated positive equity.

Gross margin compressed from 68.9% in FY2024 to 58.4% in FY2025, so the setback was not confined to overhead. Operating margin reached -159.5%, showing that costs below gross profit consumed far more than the gross profit generated.

Financial Health Signals

Financial Health Score 35/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Aquestive Therapeutics, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

Aquestive Therapeutics, Inc. held $121.2M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $52.4M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Aquestive Therapeutics, Inc. scores 53/100 among other emerging companies.

Dilution

Aquestive Therapeutics, Inc. had 122M shares outstanding at the end of fiscal year 2025, against 99M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Aquestive Therapeutics, Inc. scores 27/100 among other emerging companies.

R&D Intensity

Aquestive Therapeutics, Inc. spent $17.2M on research and development in fiscal year 2025, which was 14.9% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Aquestive Therapeutics, Inc. scores 45/100 among other emerging companies.

Revenue Progress

Aquestive Therapeutics, Inc. reported revenue of $44.5M in fiscal year 2025, against $57.6M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Aquestive Therapeutics, Inc. scores 35/100 among other emerging companies.

Burn Trend

Aquestive Therapeutics, Inc.'s operations used $52.4M of cash in fiscal year 2025, against $35.8M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Aquestive Therapeutics, Inc. scores 4/100 among other emerging companies.

Balance Sheet

Aquestive Therapeutics, Inc.'s cash, cash equivalents and investments came to $121.2M at the end of fiscal year 2025, against $194.1M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Aquestive Therapeutics, Inc. scores 48/100 among other emerging companies.

Altman Z-Score Distress

-2.47

Aquestive Therapeutics, Inc. scores -2.47, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($599.9M) relative to total liabilities ($194.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Weak

2/9

Aquestive Therapeutics, Inc. passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality No Cash Backing

N/A

Aquestive Therapeutics, Inc. reported a net loss of $83.8M while operations used $52.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Aquestive Therapeutics, Inc. reported an operating loss of $71.1M against $11.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$13.8M

YoY+38.1%

QoQ-4.3%

5Y CAGR-2.1%

Aquestive Therapeutics, Inc. generated $13.8M in revenue in Q2 2026. This represents an increase of 38.1% from the same quarter a year earlier. Against the prior quarter it is down 4.3%.

EBITDA

-$8.1M

YoY+28.0%

QoQ-97.7%

Aquestive Therapeutics, Inc.'s EBITDA was -$8.1M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 28.0% from the same quarter a year earlier. Against the prior quarter it is down 97.7%.

Net Income

-$22.9M

YoY-68.8%

QoQ-183.8%

Aquestive Therapeutics, Inc. reported -$22.9M in net income in Q2 2026. This represents a decrease of 68.8% from the same quarter a year earlier. Against the prior quarter it is down 183.8%.

EPS (Diluted)

-$0.18

YoY-28.6%

QoQ-157.1%

Aquestive Therapeutics, Inc. earned -$0.18 per diluted share (EPS) in Q2 2026. This represents a decrease of 28.6% from the same quarter a year earlier. Against the prior quarter it is down 157.1%.

Cash & Balance Sheet

Free Cash Flow

-$9.7M

YoY-20.3%

QoQ+35.0%

Aquestive Therapeutics, Inc. recorded an outflow of $9.7M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 20.3% from the same quarter a year earlier. Against the prior quarter it is up 35.0%.

Cash & Debt

$98.5M

YoY+62.7%

QoQ-11.1%

5Y CAGR+23.5%

Aquestive Therapeutics, Inc. held $98.5M in cash against $50.7M in long-term debt as of Q2 2026.

Shares Outstanding

126M

YoY+25.9%

QoQ0.0%

5Y CAGR+26.4%

Aquestive Therapeutics, Inc. had 126M shares outstanding in Q2 2026. This represents an increase of 25.9% from the same quarter a year earlier. It is unchanged from the prior quarter.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

70.9%

YoY+16.5pp

QoQ-5.1pp

Aquestive Therapeutics, Inc.'s gross margin was 70.9% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 16.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 5.1 percentage points.

Operating Margin

-59.5%

QoQ-30.4pp

5Y change-17.0pp

Aquestive Therapeutics, Inc.'s operating margin was -59.5% in Q2 2026, reflecting core business profitability. Against the prior quarter it is down 30.4 percentage points. No change is given against Q2 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Return on Equity

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$4.0M

YoY-3.5%

QoQ-5.8%

5Y CAGR-1.4%

Aquestive Therapeutics, Inc. invested $4.0M in research and development in Q2 2026. This represents a decrease of 3.5% from the same quarter a year earlier. Against the prior quarter it is down 5.8%.

Capital Expenditures

$212K

YoY+98.1%

QoQ+307.7%

5Y CAGR+1.8%

Aquestive Therapeutics, Inc. invested $212K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 98.1% from the same quarter a year earlier. Against the prior quarter it is up 307.7%.

Share Buybacks

Not reported for Q2 2026.

AQST Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AQST quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Revenue	$54.1M	$44.5M-22.6%	$57.6M+13.8%	$50.6M+6.1%	$47.7M-6.2%	$50.8M+10.9%	$45.8M-12.8%	$52.6M-22.0%	$67.4M+0.8%	$66.9M
Cost of Revenue	$17.8M	$18.6M+3.8%	$17.9M-14.2%	$20.8M+7.5%	$19.4M	N/A	$13.0M-36.3%	$20.4M	N/A	N/A
Gross Profit	$36.3M	$26.0M-34.5%	$39.7M+33.4%	$29.8M+5.2%	$28.3M	N/A	$32.9M+2.0%	$32.2M	N/A	N/A
R&D Expenses	$15.9M	$17.2M-15.2%	$20.3M+54.8%	$13.1M-25.0%	$17.5M+2.5%	$17.0M-14.3%	$19.9M-3.3%	$20.6M-11.0%	$23.1M+4.4%	$22.1M
SG&A Expenses	$73.1M	$79.8M+59.1%	$50.2M+58.0%	$31.8M-40.0%	$52.9M-1.1%	$53.5M-4.3%	$55.9M-13.1%	$64.3M-11.0%	$72.3M+188.2%	$25.1M
Operating Income	-$52.7M	-$71.1M-130.9%	-$30.8M-103.8%	-$15.1M+64.1%	-$42.1M-21.3%	-$34.7M+19.1%	-$42.9M+18.6%	-$52.7M-7.6%	-$48.9M-43204.4%	-$113K
EBITDA	N/A	-$70.5M-134.6%	-$30.1M-118.5%	-$13.8M+65.3%	-$39.7M-25.1%	-$31.7M+19.6%	-$39.5M+20.7%	-$49.8M-8.8%	-$45.7M-1357.8%	$3.6M
Interest Expense	$11.3M	$11.1M0.0%	$11.1M+75.5%	$6.3M-3.3%	$6.6M-34.8%	$10.0M-9.2%	$11.1M+18.7%	$9.3M+20.8%	$7.7M+0.1%	$7.7M
Income Tax	$0	$0+100.0%	-$14K-105.7%	$245K	$0	$0	$0	$0	$0	$0
Net Income	-$78.2M	-$83.8M-89.8%	-$44.1M-460.8%	-$7.9M+85.5%	-$54.4M+22.9%	-$70.5M-26.5%	-$55.8M+15.8%	-$66.2M-7.9%	-$61.4M-586.3%	-$8.9M
EPS (Basic)	N/A	-$0.78-52.9%	-$0.51-292.3%	-$0.13+88.4%	-$1.12+39.5%	-$1.85-11.4%	-$1.66	N/A	N/A	N/A
EPS (Diluted)	-$0.66	-$0.78-52.9%	-$0.51-292.3%	-$0.13+88.4%	-$1.12+39.5%	-$1.85-11.4%	-$1.66	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	107M+23.3%	87M+41.6%	61M+25.7%	49M+28.0%	38M+13.2%	34M	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$13.8M+38.1%	$14.4M+65.7%	$13.0M+9.7%	$12.8M-5.4%	$10.0M-50.2%	$8.7M-27.7%	$11.9M-10.1%	$13.5M+4.2%
Cost of Revenue	$4.0M-11.9%	$3.5M-5.0%	$5.8M+29.1%	$4.5M+1.6%	$4.6M+0.8%	$3.7M-16.8%	$4.5M-3.4%	$4.4M-7.5%
Gross Profit	$9.8M+80.1%	$11.0M+116.6%	$7.2M-2.3%	$8.3M-8.8%	$5.4M-65.1%	$5.1M-33.9%	$7.3M-13.8%	$9.1M+11.0%
R&D Expenses	$4.0M-3.5%	$4.2M-21.6%	$3.2M-35.0%	$4.5M-14.0%	$4.1M-1.4%	$5.4M-9.6%	$4.9M+70.3%	$5.3M+64.9%
SG&A Expenses	$14.1M+10.7%	$11.0M-42.4%	$32.8M+105.0%	$15.3M+25.8%	$12.7M+11.9%	$19.1M+78.4%	$16.0M+67.6%	$12.1M+64.2%
Operating Income	-$8.2M+27.7%	-$4.2M+78.3%	-$28.8M-112.4%	-$11.5M-38.5%	-$11.4M-20769.1%	-$19.4M-116.2%	-$13.6M-247.2%	-$8.3M-248.8%
EBITDA	-$8.1M+28.0%	-$4.1M+78.7%	-$28.7M-113.8%	-$11.3M-39.5%	-$11.2M-4435.1%	-$19.2M-119.7%	-$13.4M-290.8%	-$8.1M-283.5%
Interest Expense	$2.8M+0.9%	$2.9M+4.3%	$2.8M0.0%	$2.8M0.0%	$2.8M+0.1%	$2.8M-0.1%	$2.8M+22.3%	$2.8M+121.3%
Income Tax	$0	$0	$0+100.0%	$0	$0	$0	-$14K-113.9%	$0+100.0%
Net Income	-$22.9M-68.8%	-$8.1M+64.9%	-$31.9M-86.8%	-$15.4M-34.2%	-$13.5M-393.6%	-$22.9M-78.7%	-$17.1M-110.3%	-$11.5M-465.6%
EPS (Basic)	-$0.18-28.6%	-$0.07+70.8%	-$0.27-42.1%	-$0.14-7.7%	-$0.14-366.7%	-$0.24-41.2%	-$0.19-46.2%	-$0.13-333.3%
EPS (Diluted)	-$0.18-28.6%	-$0.07+70.8%	-$0.27-42.1%	-$0.14-7.7%	-$0.14-366.7%	-$0.24-41.2%	-$0.19-46.2%	-$0.13-333.3%
Diluted Shares (Avg)	125M+25.8%	123M+28.4%	N/A	111M+21.4%	99M+9.3%	95M+29.7%	N/A	91M+40.8%

AQST Balance Sheet

AQST quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Total Assets	$160.4M+58.2%	$101.4M+76.6%	$57.4M+0.6%	$57.1M-7.9%	$62.0M-1.4%	$62.9M-19.9%	$78.5M-9.6%	$86.9M+101.4%	$43.1M
Current Assets	$149.3M+69.2%	$88.2M+115.3%	$41.0M+2.7%	$39.9M-15.6%	$47.3M+5.9%	$44.6M-34.7%	$68.3M-7.9%	$74.2M+163.5%	$28.2M
Cash & Equivalents	$121.2M+69.4%	$71.5M+199.7%	$23.9M-12.5%	$27.3M-2.7%	$28.0M-11.9%	$31.8M-35.5%	$49.3M-18.6%	$60.6M+248.7%	$17.4M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$6.2M+2.1%	$6.0M-10.7%	$6.8M+17.1%	$5.8M+43.1%	$4.0M+64.1%	$2.5M-13.9%	$2.9M-47.5%	$5.4M+35.6%	$4.0M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$6.5M+4.9%	$6.2M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$194.1M+20.1%	$161.6M-1.4%	$163.9M-6.7%	$175.6M+21.9%	$144.1M+29.4%	$111.4M+31.7%	$84.6M+10.2%	$76.8M+10.3%	$69.6M
Current Liabilities	$47.6M+152.4%	$18.9M+3.0%	$18.3M-53.7%	$39.5M+80.0%	$22.0M+4.1%	$21.1M+13.7%	$18.6M-43.7%	$33.0M+114.7%	$15.3M
Non-Current Liabilities	$146.5M+2.6%	$142.7M-2.0%	$145.6M+7.0%	$136.1M+11.4%	$122.2M+35.3%	$90.3M+36.7%	$66.0M+50.7%	$43.8M-19.2%	$54.3M
Long-Term Debt	$27.5M-15.3%	$32.5M+18.1%	$27.5M-17.8%	$33.4M	N/A	$51.5M-26.4%	$70.0M	N/A	N/A
Total Equity	-$33.7M+44.0%	-$60.2M+43.5%	-$106.5M+10.2%	-$118.6M-44.3%	-$82.1M-69.4%	-$48.5M-692.2%	-$6.1M-160.7%	$10.1M+138.0%	-$26.5M
Retained Earnings	-$447.0M-23.1%	-$363.2M-13.8%	-$319.1M-2.5%	-$311.2M-21.2%	-$256.8M-37.9%	-$186.3M-42.8%	-$130.5M-112.6%	-$61.4M+48.9%	-$120.1M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$132.1M+41.0%	$141.1M+38.0%	$160.4M+58.2%	$163.6M+48.7%	$93.7M-20.3%	$102.2M-21.1%	$101.4M+76.6%	$110.0M+85.0%
Current Assets	$118.5M+45.0%	$130.2M+46.0%	$149.3M+69.2%	$151.7M+57.1%	$81.7M-21.4%	$89.2M-21.4%	$88.2M+115.3%	$96.6M+127.5%
Cash & Equivalents	$98.5M+62.7%	$110.7M+61.3%	$121.2M+69.4%	$129.1M+65.7%	$60.5M-32.6%	$68.7M-27.9%	$71.5M+199.7%	$77.9M+212.6%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$7.4M-9.3%	$8.1M+12.1%	$6.2M+2.1%	$7.9M+12.3%	$8.1M+16.6%	$7.2M-6.9%	$6.0M-10.7%	$7.0M-0.8%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$188.7M+13.5%	$175.2M+7.4%	$194.1M+20.1%	$167.7M+7.9%	$166.3M+8.6%	$163.2M-1.6%	$161.6M-1.4%	$155.4M-4.3%
Current Liabilities	$16.5M-28.8%	$31.8M+73.5%	$47.6M+152.4%	$25.6M+68.8%	$23.2M+66.6%	$18.3M+1.3%	$18.9M+3.0%	$15.2M-37.0%
Non-Current Liabilities	$172.2M+20.3%	$143.4M-1.0%	$146.5M+2.6%	$142.1M+1.3%	$143.1M+2.8%	$144.9M-2.0%	$142.7M-2.0%	$140.2M+1.4%
Long-Term Debt	$50.7M+12.6%	$25.1M-44.2%	$27.5M-15.3%	$45.0M0.0%	$45.0M0.0%	$45.0M0.0%	$32.5M+18.1%	$45.0M+15.5%
Total Equity	-$56.6M+22.0%	-$34.1M+44.1%	-$33.7M+44.0%	-$4.1M+91.0%	-$72.6M-104.6%	-$60.9M-67.8%	-$60.2M+43.5%	-$45.4M+55.9%
Retained Earnings	-$477.9M-19.6%	-$455.1M-17.8%	-$447.0M-23.1%	-$415.1M-19.9%	-$399.7M-19.4%	-$386.1M-16.3%	-$363.2M-13.8%	-$346.2M-11.3%

Not reported in any period shown, so not listed: Accounts Receivable, Goodwill.

AQST Cash Flow Statement

AQST quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Operating Cash Flow	-$45.4M	-$52.4M-46.6%	-$35.8M-460.5%	-$6.4M+35.0%	-$9.8M+70.2%	-$33.0M+27.5%	-$45.5M+24.5%	-$60.2M-363.5%	-$13.0M-323.1%	$5.8M
Depreciation & Amortization	N/A	$548K-23.7%	$718K-46.6%	$1.3M-43.7%	$2.4M-19.5%	$3.0M-13.9%	$3.4M+18.5%	$2.9M-8.8%	$3.2M-15.0%	$3.8M
Stock-Based Compensation	N/A	$7.6M+7.4%	$7.1M+164.0%	$2.7M-38.6%	$4.4M-35.8%	$6.8M+3.6%	$6.6M-6.9%	$7.1M-76.4%	$29.9M	$0
Capital Expenditures	$584K	$562K+253.5%	$159K-84.0%	$995K-2.8%	$1.0M+12.2%	$913K+76.6%	$517K-22.0%	$663K-63.7%	$1.8M-11.8%	$2.1M
Free Cash Flow	-$45.9M	-$53.0M-47.5%	-$35.9M-387.0%	-$7.4M+32.0%	-$10.8M+68.0%	-$33.9M+26.3%	-$46.0M+24.5%	-$60.9M-310.9%	-$14.8M-494.4%	$3.8M
Investing Cash Flow	-$584K	-$562K-253.5%	-$159K+84.0%	-$995K+60.6%	-$2.5M-176.5%	-$913K-76.6%	-$517K+22.0%	-$663K+63.7%	-$1.8M+11.8%	-$2.1M
Financing Cash Flow	$83.9M	$102.6M+22.8%	$83.6M+2003.5%	$4.0M-65.7%	$11.6M-61.5%	$30.1M+5.8%	$28.5M-42.6%	$49.6M-14.5%	$58.0M+1214.8%	$4.4M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$9.4M-19.3%	-$14.8M+36.7%	-$8.5M-30.5%	-$12.6M-6.5%	-$7.9M-13.0%	-$23.4M-125.3%	-$6.5M-31.3%	-$11.9M-406.2%
Depreciation & Amortization	$136K-2.9%	$113K-18.7%	$130K-11.6%	$139K-12.6%	$140K-31.4%	$139K-32.9%	$147K-68.5%	$159K-38.1%
Stock-Based Compensation	$2.9M+53.7%	$2.3M+46.1%	N/A	$2.8M+76.1%	$1.9M+22.4%	$1.6M+0.4%	N/A	$1.6M+103.7%
Capital Expenditures	$212K+98.1%	$52K-61.5%	$85K+466.7%	$235K+193.8%	$107K+205.7%	$135K+365.5%	$15K-6.3%	$80K-47.0%
Free Cash Flow	-$9.7M-20.3%	-$14.9M+36.9%	-$8.6M-31.5%	-$12.9M-7.7%	-$8.0M-13.9%	-$23.5M-126.0%	-$6.5M-31.2%	-$12.0M-378.8%
Investing Cash Flow	-$212K-98.1%	-$52K+61.5%	-$85K-466.7%	-$235K-193.8%	-$107K-205.7%	-$135K-365.5%	-$15K+6.3%	-$80K+47.0%
Financing Cash Flow	-$2.6M-2491.0%	$4.4M-78.6%	$660K+320.4%	$81.4M+478988.2%	-$100K-105.8%	$20.6M-74.7%	$157K-96.0%	-$17K-100.3%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

AQST Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AQST quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Gross Margin	58.4%-10.6pp	69.0%+10.1pp	58.8%-0.5pp	59.3%	N/A	71.7%+10.4pp	61.3%	N/A	N/A
Operating Margin	-159.5%	-53.5%-23.6pp	-29.9%+58.4pp	-88.2%-20.0pp	-68.2%+25.3pp	-93.5%	-100.1%	-72.6%-72.4pp	-0.2%
Net Margin	-188.1%	-76.7%-61.1pp	-15.6%	-114.1%	-138.8%	-121.7%	-125.9%	-91.0%-77.7pp	-13.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-608.9%	N/A
Return on Assets	-52.2%-8.7pp	-43.5%-29.8pp	-13.7%+81.6pp	-95.3%+18.4pp	-113.8%-25.1pp	-88.7%-4.3pp	-84.4%-13.7pp	-70.7%-49.9pp	-20.7%
Current Ratio	3.14-1.5x	4.68+2.4x	2.24+1.2x	1.01-1.1x	2.150.0x	2.11-1.6x	3.68+1.4x	2.25+0.4x	1.83
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	7.62	N/A
Asset Turnover	0.28-0.3x	0.57-0.3x	0.880.0x	0.840.0x	0.82+0.1x	0.73+0.1x	0.67-0.1x	0.78-0.8x	1.55
FCF Margin	-119.0%	-62.4%-47.8pp	-14.6%+8.2pp	-22.7%+43.9pp	-66.7%	-100.3%	-115.7%	-22.0%-27.6pp	5.6%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	70.9%+16.5pp	76.0%+17.9pp	55.2%-6.8pp	64.8%-2.4pp	54.4%-23.1pp	58.1%-5.5pp	61.9%-2.7pp	67.2%+4.1pp
Operating Margin	-59.5%	-29.1%	-221.6%	-89.6%-28.4pp	-113.7%	-222.1%	-114.4%	-61.2%-42.9pp
Net Margin	-165.5%	-55.8%	-244.8%	-120.6%	-135.4%	-263.0%	-143.7%	-85.0%-69.3pp
Return on Assets	-17.3%-2.8pp	-5.7%+16.7pp	-19.9%-3.0pp	-9.4%+1.0pp	-14.5%-12.1pp	-22.4%-12.5pp	-16.8%-2.7pp	-10.5%-7.1pp
Current Ratio	7.19+3.7x	4.10-0.8x	3.14-1.5x	5.93-0.4x	3.53-4.0x	4.87-1.4x	4.68+2.4x	6.37+4.6x
Asset Turnover	0.100.0x	0.100.0x	0.080.0x	0.080.0x	0.11-0.1x	0.090.0x	0.12-0.1x	0.12-0.1x
FCF Margin	-69.8%+10.3pp	-102.8%	-65.7%-10.9pp	-100.6%	-80.2%-45.2pp	-269.9%	-54.8%-17.3pp	-88.3%-69.1pp

Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.

Note: Shareholder equity is negative (-$33.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Aquestive Therapeutics, Inc. AQST	FY2025	$44.5M	-$83.8M	N/A	$599.9M	35/100
Esperion Therapeutics, Inc. ESPR	FY2025	$403.1M	-$22.7M	-5.6%	$819.5M	30/100
SIGA Technologies, Inc. SIGA	FY2025	$94.6M	$23.3M	24.6%	$235.7M	59/100
Organogenesis Holdings Inc. ORGO	FY2025	$564.2M	$37.0M	6.6%	$166.0M	53/100
Akebia Therapeutics, Inc. AKBA	FY2025	$236.2M	-$5.3M	-2.2%	$222.0M	49/100
Evolus, Inc. EOLS	FY2025	$297.2M	-$51.6M	-17.4%	$510.6M	34/100

Where Aquestive Therapeutics, Inc. Ranks

Frequently Asked Questions

What is Aquestive Therapeutics, Inc.'s annual revenue?

Aquestive Therapeutics, Inc. (AQST) reported $44.5M in total revenue for fiscal year 2025. This represents a -22.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Aquestive Therapeutics, Inc.'s revenue growing?

Aquestive Therapeutics, Inc. (AQST) revenue declined by 22.6% year-over-year, from $57.6M to $44.5M in fiscal year 2025.

Is Aquestive Therapeutics, Inc. profitable?

No, Aquestive Therapeutics, Inc. (AQST) reported a net income of -$83.8M in fiscal year 2025.

What is Aquestive Therapeutics, Inc.'s EBITDA?

Aquestive Therapeutics, Inc. (AQST) had EBITDA of -$70.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Aquestive Therapeutics, Inc. have?

As of fiscal year 2025, Aquestive Therapeutics, Inc. (AQST) had $121.2M in cash and equivalents against $27.5M in long-term debt.

What is Aquestive Therapeutics, Inc.'s gross margin?

Aquestive Therapeutics, Inc. (AQST) had a gross margin of 58.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Aquestive Therapeutics, Inc.'s free cash flow?

Aquestive Therapeutics, Inc. (AQST) recorded an outflow of $53.0M in free cash flow during fiscal year 2025. This represents a -47.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Aquestive Therapeutics, Inc.'s operating cash flow?

Aquestive Therapeutics, Inc. (AQST) recorded an outflow of $52.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Aquestive Therapeutics, Inc.'s total assets?

Aquestive Therapeutics, Inc. (AQST) had $160.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Aquestive Therapeutics, Inc.'s capital expenditures?

Aquestive Therapeutics, Inc. (AQST) invested $562K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Aquestive Therapeutics, Inc. spend on research and development?

Aquestive Therapeutics, Inc. (AQST) invested $17.2M in research and development during fiscal year 2025.

How many shares does Aquestive Therapeutics, Inc. have outstanding?

Aquestive Therapeutics, Inc. (AQST) had 122M shares outstanding as of fiscal year 2025.

What is Aquestive Therapeutics, Inc.'s current ratio?

Aquestive Therapeutics, Inc. (AQST) had a current ratio of 3.14 as of fiscal year 2025, which is generally considered healthy.

What is Aquestive Therapeutics, Inc.'s return on assets (ROA)?

Aquestive Therapeutics, Inc. (AQST) had a return on assets of -52.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Aquestive Therapeutics, Inc.'s P/E ratio?

Aquestive Therapeutics, Inc. (AQST) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $599.9M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Aquestive Therapeutics, Inc.'s price-to-sales ratio?

Aquestive Therapeutics, Inc. (AQST) trades at 11.1x sales, its market capitalization divided by revenue of $54.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $599.9M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Aquestive Therapeutics, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Aquestive Therapeutics, Inc. (AQST) held $121.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $52.4M over that year. Dividing the one by the other, the reported balance equals about 28 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

Why is Aquestive Therapeutics, Inc.'s debt-to-equity ratio negative or not reported?

Aquestive Therapeutics, Inc. (AQST) has negative shareholder equity of -$33.7M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Aquestive Therapeutics, Inc.'s Altman Z-Score?

Aquestive Therapeutics, Inc. (AQST) has an Altman Z-Score of -2.47, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Aquestive Therapeutics, Inc.'s Piotroski F-Score?

Aquestive Therapeutics, Inc. (AQST) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Aquestive Therapeutics, Inc.'s earnings high quality?

Aquestive Therapeutics, Inc. (AQST) reported a net loss of $83.8M while operations used $52.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Aquestive Therapeutics, Inc. cover its interest payments?

Aquestive Therapeutics, Inc. (AQST) reported an operating loss of $71.1M against $11.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Aquestive Therapeutics, Inc.?

Aquestive Therapeutics, Inc. (AQST) scores 35 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.