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Makes ready-to-use liquid and sprinkle formulations of existing drugs for pediatric and rare-disease patients.
Makes ready-to-use liquid and sprinkle formulations of existing drugs for pediatric and rare-disease patients.
Takes a drug already proven safe, turns it into a ready-to-use liquid or sprinkle form, and files for approval through the FDA's shortcut for reformulated drugs, which costs far less than developing a new one. It then sells into small rare-disease markets where few rivals bother to compete.
Moat: narrow (IP / patents, regulatory licence). FDA approvals for easier-to-dose reformulations create small but defensible orphan niches.
Headquarters: Deer Park, Illinois, US · Founded: 2017 · Employees: 44
Size Eton Pharmaceuticals (ETON) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $1.61B, the 1941st largest of 3,117 United States companies the cockpit tracks. Shares closed at $56.46 on 6 Nov 2026.
Performance Over six months the shares gained 236.1%, against -3.8% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 81.5% over the last twelve months (peer median +5.3%); the operating margin is 15.6% (peer median 10.4%).
Valuation It trades at 27.9× forward earnings against a peer median of 23.2× (6th most expensive of 13).
Price implies For today's price to make sense, revenue must grow about 40% a year for seven years (Req g). Recent delivered growth is +360%, so the hurdle is -320 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 17.4 points above its cost of capital (9.2% WACC).
Short interest Short interest is 6.8% of the free float (15 Oct 2026).
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $106M | $80.0M | $39.0M | $31.6M | $21.3M |
| Revenue growth | — | +105% | +23% | +49% | — |
| Gross profit | $61.1M | $42.7M | $23.4M | $21.1M | $14.3M |
| EBITDA | $21.0M | $4.12M | -$1.04M | -$291,000 | -$6.50M |
| Net income | $12.7M | -$4.60M | -$3.82M | -$936,000 | -$9.02M |
| Free cash flow | $14.7M | $10.2M | $943,000 | $6.82M | $4.78M |
| Capital expenditure | $15.4M | $333,000 | $10.0M | $775,000 | $2.79M |
| Total debt | $29.2M | $31.1M | $30.0M | $5.46M | $6.60M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Eton Pharmaceuticals ETON | $1.61B | +236% | +81% | 16% | 27.9× | 39.6% |
| Ascendis Pharma A/S ASND | $16.0B | +8% | +128% | 10% | 40.8× | 36.4% |
| Amneal Pharmaceuticals AMRX | $7.01B | +53% | +9% | 17% | 17.7× | 15.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ETON | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +22.3% | +2.8% | 3rd highest of 21 |
| 6-month return | +236.1% | -3.8% | highest of 20 |
| Distance from 52-week high | -3.6% | -19.8% | highest of 21 |
| Revenue growth (TTM) | +81.5% | +5.3% | highest of 19 |
| Operating margin | 15.6% | 10.4% | 6th highest of 19 |
| Forward P/E | 27.9× | 23.2× | 6th most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 39.6% | 4.9% | 3rd most demanding of 13 |
| Growth delivered (Del g) | +359.6% | +8.3% | highest of 13 |
| Hurdle (Req g minus delivered) | -319.9 pp | -2.1 pp | least demanding of 13 |
| ROIC minus cost of capital | +17.4 pp | +1.3 pp | 2nd highest of 19 |
| EV / EBITDA | 76.8× | 15.1× | most expensive of 8 |
| Net debt / EBITDA | 0.1× | -1.3× | 3rd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Eton Pharmaceuticals ETON | United States | $1.61B | +236% | +81% | 16% | 27.9× | 39.6% | +359.6% |
| Mayinglong Pharmaceutical 600993.SS | China | $1.62B | -4% | +7% | 17% | 16.2× | -4.5% | +6.8% |
| JiangXi Tianxin Pharmaceutical 603235.SS | China | $1.60B | -5% | +16% | 24% | n/a | -4.1% | +0.2% |
| LigaChem Biosciences 141080.KS | South Korea | $1.59B | -68% | -33% | -208% | n/a | n/a | n/a |
| Jubilant Pharmova JUBLPHARMA.NS | India | $1.58B | -4% | +16% | 9% | 29.0× | n/a | n/a |
| Xiamen Kingdomway 002626.SZ | China | $1.58B | +15% | -3% | 11% | 30.0× | n/a | n/a |
| Corona Remedies CORONA.NS | India | $1.58B | +40% | +17% | 18% | 63.7× | 37.6% | +16.6% |
| Consun Pharmaceutical 1681.HK | Hong Kong | $1.65B | +5% | +15% | 35% | 9.2× | -15.1% | +13.5% |
| Shanghai Shyndec Pharmaceutical 600420.SS | China | $1.67B | -14% | -13% | 6% | 13.2× | -6.0% | -5.6% |
| Zhejiang CONBA Pharmaceutical 600572.SS | China | $1.56B | -5% | +4% | 9% | 18.5× | -5.8% | +1.9% |
| Yantai Dongcheng Biochemicals 002675.SZ | China | $1.67B | +1% | -4% | 15% | 47.5× | 6.7% | -4.3% |
| Indegene INDGN.NS | India | $1.56B | +15% | +36% | 12% | 27.5× | 29.6% | +29.4% |
| Braveheart Bio BRVE | United States | $1.67B | n/a | n/a | n/a | n/a | n/a | n/a |
| NATCO Pharma NATCOPHARM.NS | India | $1.68B | -30% | -21% | 25% | 18.8× | 15.3% | +19.0% |
| Chongqing Lummy Pharmaceutical 300006.SZ | China | $1.55B | +53% | -6% | -19% | n/a | 49.9% | -13.2% |
| AstraZeneca Pharma India ASTRAZEN.NS | India | $1.69B | -25% | +31% | 10% | n/a | 49.3% | +23.0% |
| Nanobiotix NANO.PA | France | $1.54B | -42% | -77% | -392% | n/a | n/a | n/a |
| SELLAS Life Sciences SLS | United States | $1.70B | +68% | n/a | n/a | n/a | n/a | n/a |
| Guangdong Taienkang Pharmaceutical 301263.SZ | China | $1.53B | -17% | +2% | -2% | 42.9× | n/a | n/a |
| Faes Farma FAE.MC | Spain | $1.71B | +5% | +32% | 14% | 17.1× | 3.1% | +9.9% |
| Ultragenyx Pharmaceutical RARE | United States | $1.52B | +22% | +16% | -64% | n/a | n/a | n/a |