Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 8, 2026
Amneal Pharmaceuticals, Inc. (AMRX)
A forensic read on Amneal Pharmaceuticals, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Clean
Earnings quality
3
Forensic signals
8.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Amneal Pharmaceuticals, Inc. earns a B (Sound & dependable) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+35.8%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +84% over the last 2 years to FY2025 (+35.8%/yr). The count is growing — 176.1M shares in FY2023, 324.8M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~35.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~46%.
14.2%
FY2025
Return on invested capital.Return on invested capital is 14.2% in the latest fiscal year and rising across FY2023–FY2025 from 6.3%. After-tax operating profit was $161M in FY2023 and $355M in FY2025, with operating income at 8.5% of revenue in FY2023, 8.9% in FY2024 and 13.1% in FY2025. The capital base behind it went from $2.6B in FY2023 to $2.5B in FY2025 (-3%), while the revenue it carried went from $2.4B to $3.0B. FY2023's operating profit carried a $31M asset write-down and a $2M restructuring charge that alone took about 1.0 points off that year's return, so about 1.0 of the 7.9-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. A non-cash write-down lowers the reported return in the year it lands.
1.1% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.1% of revenue and 12% of free cash flow in FY2025 — about $0.10 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 35.8% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$3.02B
Revenue Growth YoY+8.0%
Revenue CAGR (2yr)+12.3%
Net Margin2.4%
Free Cash Flow$269.9M
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