AQST Healthcare

Aquestive Therapeutics, Inc.

$3.88+2.92%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Healthcare
Industry: Drug Manufacturers - Specialty & Generic
Country: United States
Market cap: 487.0M USD
Enterprise value: 430.9M USD
Full-time employees: 147

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.49 vs a peer median of 0.63)higher risk: bigger price swings (beta 1.49 vs peers 0.63)

Ranks #1,063 of 1,157 healthcare companies (bottom 9%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
Aquestive Therapeutics's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Shareholders being diluted. Shares outstanding up 129% from December 2022 to August 2026.
Aquestive Therapeutics had 129% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Aquestive Therapeutics had 129% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 17% of revenue in 2025.
Aquestive Therapeutics paid employees $8M in stock in 2025, 17% of its $45M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Aquestive Therapeutics looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

StockQuotient Score

24/ 100▲ 1 since Oct 27 close

Oct 5 24 → Nov 4 24

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-16.1%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-11.8%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-9.4%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield-11.6%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

63/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 7.6%

Why

Stronger than most peers on:

▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth5.2%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.08Sector median: 0.0584 · MAD: 0.0840

Revenue growth22.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.69Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

12/100

Weak

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-97.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -8.59Sector median: 0.0706 · MAD: 0.1217

Return on assets-59.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -11.22Sector median: 0.0166 · MAD: 0.0537

Return on invested capitalUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin67.0%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equityUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: Changed: worth a look

Debt up 22%, still less than its cash

Why

Weaker than most peers on:

▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.49

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.54Sector median: 0.6250 · MAD: 0.3380

Current ratio7.19×

SEC filings · latest balance sheetReported value33% base weight · Z-score 3.32Sector median: 2.5860 · MAD: 1.3850

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -9.77Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Aquestive Therapeutics

Is Aquestive Therapeutics getting weaker?: Its latest SEC filing (Aug 11, 2026) showed no major changes: debt up 22%, still less than its cash. Its overall score is 24/100, up 1 since Oct 28, 2026.
How is Aquestive Therapeutics valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -16.1% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -16.1% vs peers 1.5% (weaker than 100% of peers).
Is Aquestive Therapeutics growing?: Yes, faster than most of its peers. Growth scores 63/100 against 1,393 healthcare peers. Revenue growth 22.6% vs a peer median of 6.1% (stronger than 80% of peers).Revenue growth 22.6% vs peers 6.1% (stronger than 80% of peers).
How profitable is Aquestive Therapeutics?: Less profitable than most of its peers. Profitability scores 12/100 against 1,393 healthcare peers. Return on assets -59.2% vs a peer median of 1.7% (weaker than 100% of peers).Return on assets -59.2% vs peers 1.7% (weaker than 100% of peers).
How risky is Aquestive Therapeutics?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 7.19× vs a peer median of 2.59× (stronger than 82% of peers).Current ratio 7.19× vs peers 2.59× (stronger than 82% of peers). Beta 1.49 vs a peer median of 0.63 (weaker than 87% of peers).Beta 1.49 vs peers 0.63 (weaker than 87% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 11, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Debt up 22%, still less than its cash

Worth watching: Aquestive Therapeutics is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	50.3M USD	54.1M USD	+7.6%
Net income (12 months)	−68.9M USD	−78.2M USD	+13.5%
Operating margin	-111.2%	-97.5%	+13.7 pts
Free cash flow (12 months)	−44.3M USD	−45.9M USD	+3.7%
Debt	45.0M USD	55.0M USD	+22.2%
Cash	110.7M USD	98.5M USD	−11.1%
Shares outstanding	125.5M	125.5M	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Drug Manufacturers - Specialty & Generic · 27 companies

Valuations in Drug Manufacturers - Specialty & Generic are within their usual range since Jun 2020.

45% of months since Jun 2020 were valued lower than now.
24% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +8% vs the whole market, against a usual +36%.

Jun 2020Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	—	59.3%	58.8%	69.0%	58.3%	▼ 11 pts
Operating margin	-68.2%	-88.2%	-29.9%	-53.5%	-159.5%	▼ 106 pts
Net margin	-138.8%	-114.1%	-15.6%	-76.7%	-188.1%	▼ 111 pts
Return on assets (ROA)	-113.8%	-95.3%	-13.7%	-43.5%	-52.2%	▼ 8.7 pts
Free cash flow margin	-66.7%	-22.7%	-14.6%	-62.4%	-119.0%	▼ 57 pts
Current ratio	2.15×	1.01×	2.24×	4.68×	3.14×	▼ 33%
Quick ratio	1.97×	0.86×	1.87×	4.36×	3.01×	▼ 31%
Interest coverage	-3.45×	-6.42×	-2.38×	-2.77×	-6.39×	▼ 131%

AQST price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.49 vs a peer median of 0.63)higher risk: bigger price swings (beta 1.49 vs peers 0.63)

Ranks #1,063 of 1,157 healthcare companies (bottom 9%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

Aquestive Therapeutics's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Shareholders being diluted. Shares outstanding up 129% from December 2022 to August 2026.

Aquestive Therapeutics had 129% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Aquestive Therapeutics had 129% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 17% of revenue in 2025.

Aquestive Therapeutics paid employees $8M in stock in 2025, 17% of its $45M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Aquestive Therapeutics looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Questions investors ask about Aquestive Therapeutics

Is Aquestive Therapeutics getting weaker?

Its latest SEC filing (Aug 11, 2026) showed no major changes: debt up 22%, still less than its cash. Its overall score is 24/100, up 1 since Oct 28, 2026.

How is Aquestive Therapeutics valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -16.1% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -16.1% vs peers 1.5% (weaker than 100% of peers).

Is Aquestive Therapeutics growing?

Yes, faster than most of its peers. Growth scores 63/100 against 1,393 healthcare peers. Revenue growth 22.6% vs a peer median of 6.1% (stronger than 80% of peers).Revenue growth 22.6% vs peers 6.1% (stronger than 80% of peers).

How profitable is Aquestive Therapeutics?

Less profitable than most of its peers. Profitability scores 12/100 against 1,393 healthcare peers. Return on assets -59.2% vs a peer median of 1.7% (weaker than 100% of peers).Return on assets -59.2% vs peers 1.7% (weaker than 100% of peers).

How risky is Aquestive Therapeutics?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 7.19× vs a peer median of 2.59× (stronger than 82% of peers).Current ratio 7.19× vs peers 2.59× (stronger than 82% of peers). Beta 1.49 vs a peer median of 0.63 (weaker than 87% of peers).Beta 1.49 vs peers 0.63 (weaker than 87% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

50.3M USD

54.1M USD

+7.6%

Net income (12 months)

−68.9M USD

−78.2M USD

+13.5%

Operating margin

-111.2%

-97.5%

+13.7 pts

Free cash flow (12 months)

−44.3M USD

−45.9M USD

+3.7%

Debt

45.0M USD

55.0M USD

+22.2%

Cash

110.7M USD

98.5M USD

−11.1%

Shares outstanding

125.5M

125.5M

+0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

—

59.3%

58.8%

69.0%

58.3%

▼ 11 pts

Operating margin

-68.2%

-88.2%

-29.9%

-53.5%

-159.5%

▼ 106 pts

Net margin

-138.8%

-114.1%

-15.6%

-76.7%

-188.1%

▼ 111 pts

Return on assets (ROA)

-113.8%

-95.3%

-13.7%

-43.5%

-52.2%

▼ 8.7 pts

Free cash flow margin

-66.7%

-22.7%

-14.6%

-62.4%

-119.0%

▼ 57 pts

Current ratio

2.15×

1.01×

2.24×

4.68×

3.14×

▼ 33%

Quick ratio

1.97×

0.86×

1.87×

4.36×

3.01×

▼ 31%

Interest coverage

-3.45×

-6.42×

-2.38×

-2.77×

-6.39×

▼ 131%