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AMRX, Amneal Pharmaceuticals Inc.

Pharmaceuticals consumer brand Cyclical

Amneal Pharmaceuticals Inc. is a diversified, global biopharmaceutical company that develops, manufactures, markets, and distributes a diverse portfolio of essential medicines.

Refer to the section "Segments of the Business" below for an overview of our segments.

Under the ApiJect Agreement, we will install and operate manufacturing equipment leased from Apiject at our Brookhaven, New York facility.

Latest annual: FY2025 10-K

AMRX · Amneal Pharmaceuticals Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$3.0B

+8.0% YoY · 9% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $3.0B 5-yr avg $2.5B

Gross margin 39% 5-yr avg 36%

Operating margin 14.3% 5-yr avg 6.7%

ROIC 17% 5-yr avg 6%

Owner-earnings margin 8% 5-yr avg 8%

Free cash flow margin 8% 5-yr avg 8%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 37% and operating margin about 7.3% through the cycle, a spread the cycle sets more than the company does. The margin is cyclical, swinging between −15% and 28% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Inventory runs near 24% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the pipeline against the patent cliff, and pricing. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 3%, above 15% in 1 of 9 years). By owner earnings: roughly 9% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$1.0B	$1.0B	$1.7B	$1.6B	$2.0B	$2.1B	$2.2B	$2.4B	$2.8B	$3.0B	$3.0B	RevenueRevenue
59%	51%	44%	29%	33%	37%	35%	34%	37%	37%	39%	Gross marginGross mgn
12%	11%	14%	18%	16%	17%	18%	18%	17%	17%	18%	SG&A / revenueSG&A/rev
18%	17%	12%	12%	9%	10%	9%	7%	7%	6%	6%	R&D / revenueR&D/rev
$285M	$245M	($20M)	($249M)	$91M	$153M	($95M)	$204M	$249M	$394M	$436M	Operating incomeOp. inc.
28.0%	23.7%	−1.2%	−15.3%	4.6%	7.3%	−4.3%	8.5%	8.9%	13.1%	14.3%	Operating marginOp. mgn
$0	$0	($20M)	($604M)	$68M	$13M	($271M)	($84M)	($117M)	$72M	$122M	Net incomeNet inc.
—	—	—	—	—	46%	—	—	—	14%	0%	Effective tax rateTax rate
											Cash flow & returns
$115M	$234M	$250M	$2M	$379M	$242M	$65M	$346M	$295M	$340M	$306M	Operating cash flowOp. cash
$29M	$42M	$64M	$63M	$60M	$61M	$68M	$66M	$63M	$57M	$57M	DepreciationDeprec.
$86M	$192M	$38M	$520M	$230M	$140M	$236M	$337M	$322M	$179M	$93M	Working capital & otherWC & other
$123M	$95M	$83M	$47M	$56M	$48M	$46M	$43M	$52M	$70M	$65M	CapexCapex
12.1%	9.2%	5.0%	2.9%	2.8%	2.3%	2.1%	1.8%	1.9%	2.3%	2.1%	Capex / revenueCapex/rev
$86M	$192M	$186M	($45M)	$323M	$194M	$19M	$302M	$243M	$270M	$241M	Owner earningsOwner earn.
8.4%	18.6%	11.2%	−2.8%	16.2%	9.3%	0.8%	12.6%	8.7%	8.9%	7.9%	Owner earnings marginOE mgn
($8M)	$139M	$167M	($45M)	$323M	$194M	$19M	$302M	$243M	$270M	$241M	Free cash flowFCF
−0.8%	13.5%	10.1%	−2.8%	16.2%	9.3%	0.8%	12.6%	8.7%	8.9%	7.9%	Free cash flow marginFCF mgn
$0	$0	$325M	$0	$251M	$147M	$85M	$0	$0	—	$0	AcquisitionsAcquis.
$201M	$375M	$183M	$0	$0	—	—	—	—	—	$0	Dividends paidDiv. paid
—	9%	-1%	-7%	3%	3%	-3%	7%	9%	15%	17%	ROICROIC
—	—	-4%	-260%	22%	4%	-91%	-425%	—	—	—	Return on equityROE
—	—	−40%	−260%	22%	—	—	—	—	—	—	Retained to equityRetained/eq
											Balance sheet
$27M	$74M	$213M	$151M	$341M	$248M	$26M	$92M	$111M	$282M	$198M	Cash & investmentsCash+inv
—	$351M	$481M	$604M	$639M	$663M	$742M	—	—	—	$546M	ReceivablesReceiv.
—	$284M	$457M	$381M	$491M	$489M	$531M	$581M	$612M	$606M	$642M	InventoryInvent.
—	$70M	$115M	$103M	$153M	$131M	$166M	—	—	—	$266M	Accounts payablePayables
—	$565M	$824M	$882M	$976M	$1.0B	$1.1B	$581M	$612M	$606M	$921M	Operating working capitalOper. WC
—	$772M	$1.3B	$1.2B	$1.6B	$1.5B	$1.4B	$1.4B	$1.6B	$1.9B	$1.8B	Current assetsCur. assets
—	$297M	$554M	$550M	$677M	$677M	$753M	$847M	$1.1B	$882M	$728M	Current liabilitiesCur. liab.
—	2.6×	2.3×	2.2×	2.3×	2.2×	1.9×	1.6×	1.4×	2.2×	2.5×	Current ratioCurr. ratio
$28M	$26M	$426M	$420M	$523M	$593M	$599M	$599M	$597M	$595M	$594M	GoodwillGoodwill
—	$1.3B	$4.4B	$3.7B	$4.0B	$3.9B	$3.8B	$3.5B	$3.5B	$3.7B	$3.5B	Total assetsAssets
—	$1.4B	$2.7B	$2.6B	$2.8B	$2.7B	$2.6B	$2.4B	$2.4B	$2.6B	$2.8B	Total debtDebt
—	$1.4B	$2.4B	$2.5B	$2.4B	$2.5B	$2.6B	$2.3B	$2.3B	$2.3B	$2.6B	Net debt / (cash)Net debt
—	$0	$505M	$232M	$303M	$360M	$298M	$20M	($109M)	($71M)	($45M)	Shareholders’ equityEquity
0.0%	0.0%	10.1%	1.3%	1.0%	1.4%	1.4%	1.1%	1.0%	1.1%	1.1%	Stock comp / revenueSBC/rev
											Per share
—	1.0M	127M	132M	149M	152M	151M	176M	309M	325M	329M	Shares out (diluted)Shares
—	$1033.65	$13.07	$12.31	$13.38	$13.79	$14.66	$13.59	$9.04	$9.29	$9.26	Revenue / shareRev/sh
—	$0.00	$-0.16	$-4.57	$0.46	$0.09	$-1.79	$-0.48	$-0.38	$0.22	$0.37	EPS (diluted)EPS
—	$192.22	$1.46	$-0.34	$2.17	$1.28	$0.12	$1.72	$0.79	$0.83	$0.73	Owner earnings / shareOE/sh
—	$139.42	$1.31	$-0.34	$2.17	$1.28	$0.12	$1.72	$0.79	$0.83	$0.73	Free cash flow / shareFCF/sh
—	$375.26	$1.44	$0.00	$0.00	—	—	—	—	—	$0.00	Dividends / shareDiv/sh
—	$94.77	$0.65	$0.36	$0.38	$0.31	$0.31	$0.25	$0.17	$0.22	$0.20	Cap. spending / shareCapex/sh
—	$0.00	$3.97	$1.76	$2.04	$2.37	$1.98	$0.11	$-0.35	$-0.22	$-0.14	Book value / shareBVPS

The diluted share count moved ×127.25 into 2018 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.75 into 2024 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	−44.5%/yr (8-yr)	−7.0%/yr
Owner earnings / share	−49.4%/yr (8-yr)	−17.4%/yr
EPS	—	−13.4%/yr
Capital spending / share	−53.3%/yr (8-yr)	−10.7%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

325Mpeak FY2025

ROIC

15%low FY2019

Gross margin

37%low FY2019

Net debt ÷ owner earnings

8.5×peak FY2022

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$270Mowner earningsvs.$72Mnet incomelow FY2019

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $72M of profit into $270M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$72M

Owner earnings$270M · 9% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$72M	($117M)	($84M)	($271M)	$13M
Depreciation & amortizationnon-cash charge added back	+$57M	+$63M	+$66M	+$68M	+$61M
Stock-based compensationreal costnon-cash, but a real cost	+$32M	+$28M	+$27M	+$32M	+$28M
Working capital & othertiming of cash in and out, other non-cash items	+$179M	+$322M	+$337M	+$236M	+$140M
Cash from operations	$340M	$295M	$346M	$65M	$242M
Capital expenditurecash put back in to keep running and to grow	−$70M	−$52M	−$43M	−$46M	−$48M
Owner earnings	$270M	$243M	$302M	$19M	$194M
Owner-earnings marginowner earnings ÷ revenue	9%	9%	13%	1%	9%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $32M), owner earnings is nearer $238M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

Interest expense not tagged in the data

What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
How heavy is the debt, net of cash? $2.3B · 5.8× operating profit

Heavy net debt

Cash $282M − debt $2.6B

What this means
Netting $282M of cash and short-term investments against $2.6B of debt leaves $2.3B owed, about 5.8× a year's operating profit (6.5× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 174d

Long (60+ days)

DSO 90 + DIO 116 − DPO 32 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 3%

Below average through the cycle

9-yr median, range -7%–15%; 15% latest = NOPAT $341M ÷ invested capital $2.2B

Industry peers: median -1%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran 15% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 9%

Solid through the cycle

10-yr median margin, range -3%–19%; latest $270M = operating cash $340M − maintenance capex $70M

Industry peers: median 4%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 9% of revenue this year, a 9% median across 10 years. Treating stock comp as the real expense it is (less $32M of SBC) leaves $238M.
Are earnings backed by cash? 4.72×

Cash-backed

Cash from ops $340M ÷ net income $72M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 0%

Reinvests most of it

Dividends + buybacks $0 ÷ Owner Earnings $270M

What this means
Of $270M Owner Earnings, $0 (0%) went back to shareholders, $0 dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.22×

Expanding

Capex $70M ÷ depreciation $57M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $3.0B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.17×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $2.6B vs $1.0B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 7 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 3 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.13/share (latest year $0.23), the averaged base the calculator's gate runs on, and book value is $-0.22/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 3 of 10

What this means
Lost money in 7 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 1 of 9 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 17% → 10% (3-yr avg ends)

In the filing’s words The words explain the slip: the filing names price competition rather than pricing actions of its own — a business that looks to take its price, not set it.

What this means
Through the cycle the operating margin slipped — about 17% early to 10% lately, median 7% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +7%/yr

What this means
Owner earnings grew about 7% a year over the record.
Worst year 2019 · −15.3% op. margin

What this means
Operations went underwater in 2019, understand why before trusting the good years.
Dividend record paid

What this means
Paid a dividend in 3 of the years on record.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Named as a competitive risk

Its FY2025 10-K names artificial intelligence as a competitive threat.

“Furthermore, we may not be able to (i) differentiate our products, (ii) successfully develop or introduce new products, on a timely basis or at all, that are less costly, (iii) integrate new systems or technology, such as AI, as quickly or successfully, or (iv) offer customers payment and other commercial terms as favo…”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.8B

Cash & short-term investments$198M
Receivables$546M
Inventory$642M
Other current assets$413M

Current liabilities$728M

Debt due within a year$6M
Accounts payable$266M
Other current liabilities$455M

Current ratio2.47×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.59×stricter: inventory excluded

Cash ratio0.27×strictest: cash alone against what's due

Working capital$1.1Bthe cushion left after near-term bills

Debt due this year vs. cash$6M due · $198M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+3.9%the freshest read on whether the business is still growing

Current ratio, recent quarters1.3× → 2.5×

Deeper floors

Tangible book value($1.2B)equity stripped of goodwill & intangibles

Net current asset value$1.8BGraham's net-net: current assets less all liabilities

Debt incl. operating leases$2.6Bno operating-lease liability tagged this quarter, so debt alone

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $2.3B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$664M · 29%
Dividends$759M · 33%
Retained (debt / cash)$845M · 37%

Returned to owners$759M
43% of the owner earnings the business produced over the span, $759M as dividends and $0 as buybacks.
Net change in share count32793.3%
The diluted count rose from 1M to 329M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.00/sh
Paid in 3 of the years on record. It was cut at least once along the way.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$1.2B32% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity—goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$807Mover 10 years buying other businesses, against $664M of capital spent building

$9M written down across 2 years (2017, 2019): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2022	Chintu Patel	$5.1M	−$1.8M	$19M
2022	Chirag Patel	$5.0M	−$1.8M	$19M
2023	Chintu Patel	$2.4M	$9.5M	$302M
2023	Chirag Patel	$2.4M	$9.5M	$302M
2024	Chintu Patel	$7.2M	$11.9M	$243M
2024	Chirag Patel	$7.2M	$11.9M	$243M
2025	Chintu Patel	$8.7M	$24.4M	$270M
2025	Chirag Patel	$8.7M	$24.3M	$270M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Stock-based compensation$32M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 8% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Amneal Pharmaceuticals Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

All 3 tests turned up something to look into. A record that trips every wire is one to understand slowly.

Look hereIs it less profitable than it was?10.1% vs 12.7%
The owner-earnings margin averaged 12.7% early in the record and 10.1% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid the share count rise anyway?32793.3%
Diluted shares grew 32793.3% over 2016–2025. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.
Look hereAre "one-time" charges a yearly habit?7 of 10 years
Management took an impairment or write-down in 7 of the last 10 years, $142M in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

How much of the revenue rides on one buyer?
≈$2.2B · 71% of revenue on the largest customers (TTM)
“For the year ended December 31, 2025, our four largest customers, Cencora, Inc., McKesson Drug Co., Cardinal Health, Inc., and CVS Health Corporation, collectively accounted for approximately 71% of our consolidated net revenue.”verify →
Which reported numbers are a judgment call?
Management names Income taxes, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Pharmaceuticals

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
ELANElanco Animal Health Incorporated	$4.7B	54%	-3.2%	-1%	4%
JAZZJazz Pharmaceuticals	$4.3B	—	16.8%	8%	35%
PRGOPerrigo Company plc	$4.3B	36%	3.9%	1%	6%
ALNYAlnylam	$3.7B	86%	-126.0%	-83%	-107%
BMRNBioMarin	$3.2B	78%	-1.7%	-1%	1%
UTHRUnited Therapeutics	$3.2B	92%	47.5%	20%	39%
AMRXAmneal Pharmaceuticals Inc.	$3.0B	37%	7.9%	3%	9%
SRPTSarepta	$1.9B	—	-93.0%	-25%	-63%
Group median	—	66%	1.1%	0%	5%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Amneal Pharmaceuticals Inc. has delivered.

Today’s price $

Through the cycle, Amneal Pharmaceuticals Inc. earns about $275M on its 9.1% median owner-earnings margin. This year’s 8.9% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($275M) Net of stock comp (−$34M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+25%/yr

Owner-earnings growth · ’16→’25+16%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $241M on 319M shares outstanding, per the 10-Q cover, as of 2026-04-30; net debt $2.6B. The if-converted diluted count is 329M, 3% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh AMRX against another business →

The owners of AMRX: the meeting and the votes →

Cite: Owner Scorecard, "Amneal Pharmaceuticals Inc. (AMRX), the owner's record," https://ownerscorecard.com/c/AMRX, data as of 2026-07-09.

Manual order: ← AMRN its page in the Manual AMRZ →

Industry order: ← AMRN the Pharmaceuticals chapter ANAB →