Aquestive Therapeutics (AQST) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Aquestive Therapeutics

NasdaqGM•Healthcare•Drug Manufacturers - Specialty & Generic

$4.81-0.07(-0.01%)After hours

Market Cap

$582.47M

P/S

10.8x

Aquestive Therapeutics, Inc. operates as a pharmaceutical company in the United States and internationally. It offers Libervant, a buccal soluble film formulation of diazepam for the treatment of seizures; Suboxone, a sublingual film formulation of buprenorphine and naloxone for the treatment of opioid dependence; EMYLIF, an oral film formulation of riluzole; ONDIF, an oral soluble film formulation of ondansetron; SYMPAZAN, an oral soluble film formulation of clobazam used for the treatment of seizures associated with a rare, intractable form of epilepsy; KYNMOBI, a sublingual film formulation of apomorphine; and AZSTARYS, an fda-approved, once-daily product for the treatment of ADHD in patients age 6 years or older. The company's proprietary pipeline products include Anaphylm, an epinephrine sublingual film, which is in phase 3 clinical trial for the emergency treatment of allergic reactions, including anaphylaxis; and AQST-108, a topical gel that is in phase 2 clinical trial for the treatment of alopecia areata. In addition, it develops PharmFilm technology for patients suffering from certain central nervous system disorders; and Adrenaverse, an epinephrine prodrug platform. The company was incorporated in 2004 and is headquartered in Warren, New Jersey.

How this company scores

WeakMetricSide Score: 36/100

Grade capped at D — Negative equity — the balance sheet is insolvent. Strongest: Growth (13/25); weakest: Balance Sheet & Red Flags (7/25).

Profitability8/25

Growth13/25

Balance Sheet & Red Flags7/25

Cash & Earnings Quality8/25

Strengths

Growing revenueLong cash runwayNet cash position

Grade capped at D

Negative equity — the balance sheet is insolvent.
Interest coverage below 1× (-4.7x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 10.8x5y range 0.6x – 15.3x

Currently above its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $582.47M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $54.09M
Q. Revenue: $13.82M
TTM EBITDA: $-52.23M
TTM Op. Income: $-52.74M
Q. Op. Income: $-8.22M
TTM Net Income: $-78.23M
Q. Net Income: $-22.86M
EPS: $-0.18
Shares Out.: $124.99M

$54.09M in TTM revenue grew 22.6% YoY, reaching $13.82M last quarter. TTM EBITDA of $-52.23M and TTM operating income of $-52.74M show growth is flowing through to the bottom line. However, net income is negative at $78.23M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 3 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 70.9%
EBITDA Margin: -58.5%
Op. Margin: -59.5%
Net Margin: -165.5%

Op. margin of -59.5% is up 54.1% YoY — cost efficiency is improving. Net margin at -165.5% and gross margin of 70.9% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 48% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 10.8x
P/B Ratio: N/A

P/S of 10.8x and P/B of 0.0x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $132.10M
Cash: $98.49M
Long-Term Debt: $50.65M
Book Value: $-56.59M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-9.44M
TTM Free Cash Flow: $-45.95M
FCF Margin: -85.0%
FCF / Net Income: 0.6

TTM FCF of $-45.95M on $-9.44M in operating cash flow. The FCF / Net Income ratio of 0.6x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is up 8% — a weakening trend.