Eton Pharmaceuticals Financials
Eton Pharmaceuticals (ETON) reported $80.0M in revenue for fiscal year 2025, up 104.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 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).
Eton's commercial scale-up is finally covering overhead, while debt and lower-margin mix still keep accounting earnings negative.
FY2025 produced operating cash flow of$10.5M despite a-$4.6M net loss, which means the gap is no longer mainly about poor sales-to-cash conversion. With operating income near break-even at-$844K but interest expense at$4.8M , reported profit is now being shaped more by financing and amortization than by the underlying commercial engine.
Revenue reached
The balance-sheet build from FY2024 still defines how the business runs: inventory stayed elevated at
Financial Health Signals
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 Eton Pharmaceuticals'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.
Not available for Eton Pharmaceuticals, and counted as zero in the overall score.
Eton Pharmaceuticals scores 15.92, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.8B) relative to total liabilities ($66.0M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Eton Pharmaceuticals passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Eton Pharmaceuticals reported a net loss of $4.6M while generating $10.5M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Eton Pharmaceuticals reported an operating loss of $844K against $4.8M 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
Earnings & Revenue
Eton Pharmaceuticals generated $80.0M in revenue in fiscal year 2025. This represents an increase of 104.9% from the prior year.
Eton Pharmaceuticals's EBITDA was $3.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 320.5% from the prior year.
Eton Pharmaceuticals reported -$4.6M in net income in fiscal year 2025. This represents a decrease of 20.4% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Eton Pharmaceuticals generated $10.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 980.7% from the prior year.
Eton Pharmaceuticals held $25.9M in cash against $21.8M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Eton Pharmaceuticals's gross margin was 53.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 6.6 percentage points from the prior year.
Eton Pharmaceuticals's operating margin was -1.1% in fiscal year 2025, reflecting core business profitability. This is up 5.6 percentage points from the prior year.
Eton Pharmaceuticals's net profit margin was -5.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4.0 percentage points from the prior year.
Eton Pharmaceuticals's ROE was -17.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.9 percentage points from the prior year.
Capital Allocation
Eton Pharmaceuticals invested $7.8M in research and development in fiscal year 2025. This represents an increase of 138.6% from the prior year.
Eton Pharmaceuticals invested $333K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1180.8% from the prior year.
Not reported for fiscal year 2025.
ETON Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $105.6M | $80.0M+104.9% | $39.0M+23.3% | $31.6M+48.9% | $21.3M-2.7% | $21.8M+55879.5% | $39K-95.9% | $959K | N/A |
| Cost of Revenue | $44.5M | $37.2M+138.5% | $15.6M+47.4% | $10.6M+52.6% | $6.9M+145.2% | $2.8M+548.4% | $436K-3.8% | $453K | N/A |
| Gross Profit | $61.1M | $42.7M+82.6% | $23.4M+11.2% | $21.1M+47.1% | $14.3M-24.7% | $19.0M+4887.2% | -$397K-178.5% | $506K | N/A |
| R&D Expenses | $5.8M | $7.8M+138.6% | $3.3M-2.0% | $3.3M-16.9% | $4.0M-35.9% | $6.2M-55.8% | $14.1M+22.1% | $11.6M+105.3% | $5.6M |
| SG&A Expenses | $39.0M | $35.8M+57.4% | $22.8M+20.2% | $18.9M+1.9% | $18.6M+30.3% | $14.3M+13.1% | $12.6M+67.0% | $7.6M+60.9% | $4.7M |
| Operating Income | $16.3M | -$844K+67.5% | -$2.6M-117.9% | -$1.2M+85.6% | -$8.3M-452.5% | -$1.5M+94.5% | -$27.1M-45.8% | -$18.6M-80.2% | -$10.3M |
| Interest Expense | N/A | $4.8M+138.5% | $2.0M+89.2% | $1.1M+11.0% | $955K-8.3% | $1.0M+17.9% | $884K+802.0% | $98K | N/A |
| Income Tax | $63K | $43K+186.7% | $15K-93.9% | $247K | $0 | $0 | N/A | N/A | N/A |
| Net Income | $12.7M | -$4.6M-20.4% | -$3.8M-308.4% | -$936K+89.6% | -$9.0M-361.4% | -$2.0M+93.0% | -$28.0M-52.7% | -$18.3M-43.8% | -$12.7M |
Not reported in any period shown, so not listed: EPS (Diluted).
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ETON Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $92.1M+21.0% | $76.1M+139.8% | $31.7M+26.8% | $25.0M-8.9% | $27.5M+4.4% | $26.3M+54.2% | $17.1M-39.7% | $28.3M |
| Current Assets | $60.6M+47.7% | $41.0M+52.8% | $26.8M+34.2% | $20.0M-15.3% | $23.6M-4.4% | $24.7M+64.6% | $15.0M-45.4% | $27.5M |
| Cash & Equivalents | $25.9M+73.7% | $14.9M-30.2% | $21.4M+31.2% | $16.3M+13.2% | $14.4M-32.4% | $21.3M+76.5% | $12.1M-54.9% | $26.7M |
| Inventory | $15.4M+1.2% | $15.2M+1572.0% | $911K+63.6% | $557K+1.3% | $550K-55.7% | $1.2M+226.8% | $380K | N/A |
| Accounts Receivable | $11.8M+119.3% | $5.4M+57.2% | $3.4M+84.2% | $1.9M-66.1% | $5.5M+11297.9% | $48K-89.9% | $473K | N/A |
| Total Liabilities | $66.0M+27.6% | $51.7M+217.9% | $16.3M+36.1% | $12.0M+21.5% | $9.8M-7.7% | $10.7M+63.4% | $6.5M+222.2% | $2.0M |
| Current Liabilities | $38.5M+93.0% | $19.9M+22.8% | $16.2M+151.4% | $6.5M+41.8% | $4.6M+20.1% | $3.8M+93.3% | $2.0M-3.0% | $2.0M |
| Long-Term Debt | $21.8M-27.0% | $29.8M | $0-100.0% | $5.4M+2.3% | $5.3M-19.4% | $6.5M+43.9% | $4.5M | N/A |
| Total Equity | $26.2M+7.1% | $24.4M+57.8% | $15.5M+18.3% | $13.1M-25.8% | $17.6M0.0% | $17.6M+67.1% | $10.6M-59.9% | $26.3M |
| Retained Earnings | -$112.5M-4.3% | -$107.9M-3.7% | -$104.1M-0.9% | -$103.1M-9.6% | -$94.1M-2.1% | -$92.2M-43.6% | -$64.2M-39.9% | -$45.9M |
Not reported in any period shown, so not listed: Goodwill.
ETON Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $15.1M | $10.5M+986.1% | $969K-85.8% | $6.8M+41.4% | $4.8M+202.1% | -$4.7M+78.9% | -$22.3M-24.0% | -$18.0M-121.3% | -$8.1M |
| Capital Expenditures | $403K | $333K+1180.8% | $26K | $0-100.0% | $38K+322.2% | $9K-82.0% | $50K-95.4% | $1.1M+364.4% | $236K |
| Free Cash Flow | $14.7M | $10.2M+980.7% | $943K-86.2% | $6.8M+42.5% | $4.8M+201.1% | -$4.7M+78.9% | -$22.4M-17.1% | -$19.1M-128.2% | -$8.4M |
| Investing Cash Flow | -$15.4M | -$333K+99.2% | -$40.0M-5063.1% | -$775K+72.2% | -$2.8M-8.9% | -$2.6M-5018.0% | -$50K+97.3% | -$1.8M-682.2% | -$236K |
| Financing Cash Flow | $1.7M | $815K-97.5% | $32.6M+3505.7% | -$957K-614.2% | -$134K-134.3% | $391K-98.8% | $31.6M+507.8% | $5.2M-76.3% | $22.0M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ETON Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 53.5%-6.6pp | 60.0%-6.6pp | 66.6%-0.8pp | 67.4%-19.7pp | 87.1% | -1018.0% | 52.8% | N/A |
| Operating Margin | -1.1%+5.6pp | -6.7%-2.9pp | -3.8%+35.1pp | -38.9%-32.0pp | -6.9% | -69515.4% | -1939.6% | N/A |
| Net Margin | -5.8%+4.0pp | -9.8%-6.8pp | -3.0%+39.5pp | -42.4%-33.5pp | -8.9% | -71717.9% | -1910.3% | N/A |
| Return on Equity | -17.6%-1.9pp | -15.7%-9.6pp | -6.0%+62.9pp | -69.0%-57.9pp | -11.1%+147.6pp | -158.7%+15.0pp | -173.7%-125.2pp | -48.4% |
| Return on Assets | -5.0%0.0pp | -5.0%-2.1pp | -2.9%+33.1pp | -36.0%-28.9pp | -7.1%+99.1pp | -106.3%+1.0pp | -107.3%-62.3pp | -45.0% |
| Current Ratio | 1.57-0.5x | 2.06+0.4x | 1.65-1.4x | 3.10-2.1x | 5.18-1.3x | 6.51-1.1x | 7.65-5.9x | 13.59 |
| Debt-to-Equity | 0.83-0.4x | 1.22+1.2x | 0.00-0.4x | 0.41+0.1x | 0.30-0.1x | 0.37-0.1x | 0.43+0.4x | 0.08 |
| FCF Margin | 12.8%+10.3pp | 2.4%-19.1pp | 21.5%-1.0pp | 22.5%+44.2pp | -21.7% | -57425.6% | -1993.9% | N/A |
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: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Eton Pharmaceuticals Ranks
Frequently Asked Questions
What is Eton Pharmaceuticals's annual revenue?
Eton Pharmaceuticals (ETON) reported $80.0M in total revenue for fiscal year 2025. This represents a 104.9% 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 Eton Pharmaceuticals's revenue growing?
Eton Pharmaceuticals (ETON) revenue grew by 104.9% year-over-year, from $39.0M to $80.0M in fiscal year 2025.
Is Eton Pharmaceuticals profitable?
No, Eton Pharmaceuticals (ETON) reported a net income of -$4.6M in fiscal year 2025, with a net profit margin of -5.8%.
What is Eton Pharmaceuticals's EBITDA?
Eton Pharmaceuticals (ETON) had EBITDA of $3.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Eton Pharmaceuticals have?
As of fiscal year 2025, Eton Pharmaceuticals (ETON) had $25.9M in cash and equivalents against $21.8M in long-term debt.
What is Eton Pharmaceuticals's gross margin?
Eton Pharmaceuticals (ETON) had a gross margin of 53.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Eton Pharmaceuticals's operating margin?
Eton Pharmaceuticals (ETON) had an operating margin of -1.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Eton Pharmaceuticals's net profit margin?
Eton Pharmaceuticals (ETON) had a net profit margin of -5.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Eton Pharmaceuticals's return on equity (ROE)?
Eton Pharmaceuticals (ETON) has a return on equity of -17.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Eton Pharmaceuticals's free cash flow?
Eton Pharmaceuticals (ETON) generated $10.2M in free cash flow during fiscal year 2025. This represents a 980.7% 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 Eton Pharmaceuticals's operating cash flow?
Eton Pharmaceuticals (ETON) generated $10.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Eton Pharmaceuticals's total assets?
Eton Pharmaceuticals (ETON) had $92.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Eton Pharmaceuticals's capital expenditures?
Eton Pharmaceuticals (ETON) invested $333K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Eton Pharmaceuticals spend on research and development?
Eton Pharmaceuticals (ETON) invested $7.8M in research and development during fiscal year 2025.
What is Eton Pharmaceuticals's current ratio?
Eton Pharmaceuticals (ETON) had a current ratio of 1.57 as of fiscal year 2025, which is generally considered healthy.
What is Eton Pharmaceuticals's debt-to-equity ratio?
Eton Pharmaceuticals (ETON) had a debt-to-equity ratio of 0.83 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Eton Pharmaceuticals's return on assets (ROA)?
Eton Pharmaceuticals (ETON) had a return on assets of -5.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Eton Pharmaceuticals's Altman Z-Score?
Eton Pharmaceuticals (ETON) has an Altman Z-Score of 15.92, placing it in the Safe Zone (low 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 Eton Pharmaceuticals's Piotroski F-Score?
Eton Pharmaceuticals (ETON) has a Piotroski F-Score of 5 out of 9, indicating neutral 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 Eton Pharmaceuticals's earnings high quality?
Eton Pharmaceuticals (ETON) reported a net loss of $4.6M while generating $10.5M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, 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 Eton Pharmaceuticals cover its interest payments?
Eton Pharmaceuticals (ETON) reported an operating loss of $844K against $4.8M 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 Eton Pharmaceuticals?
Eton Pharmaceuticals (ETON) scores 54 out of 100 on our Financial Health Score, indicating moderate 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.