# Eton Pharmaceuticals Inc. (ETON) fundamentals

Data as of 2026-11-04. NASDAQ, United States. Sector: Healthcare / Biotechnology. Price $50.95, market value $1.5 billion.

## Valuation
- **P/E (trailing): 127.4×**. Eton Pharmaceuticals Inc. trades at 127.4× trailing earnings. The Healthcare median in the September 2026 study was 28.5×. Forward P/E is 20.0×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 13.8×**. Each dollar of revenue is priced at 13.8×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 30.9×**. The shares trade at 30.9× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **EV / EBITDA: 70.1×**. Enterprise value is 70.1× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: 1.0%** (5-yr avg 2.2%). Free cash flow equals 1.0% of the market value, below its five-year average of 2.2%, so the shares are pricier on cash than usual.
- **Earnings yield: 0.8%**. The inverse of the P/E: 0.8% of the price is earned each year.

## Profitability
- **Gross margin: 57.9%**. Eton Pharmaceuticals Inc. keeps 57.9% of revenue after the direct cost of what it sells.
- **Operating margin: 15.4%**. 15.4% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: -5.8%**. The company reported a net loss over the last twelve months.
- **Return on equity: -17.6%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: 41.9%**. Return on all capital, debt included, is 41.9%: comfortably above what that capital costs.
- **Return on assets: 13.8%**. Each dollar of assets produces 13.8% of profit.

## Growth
- **Revenue growth (1 yr): 104.9%** (3-yr 55.5%/yr, 5-yr 359.6%/yr). Revenue grew 104.9% over the last year, against 359.6% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -13.3%**. Earnings per share fell 13.3%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 28.7%/yr**. Free cash flow has compounded at 28.7% a year over three years.

## Financial health
- **Debt to equity: 1.17**. Debt is 1.17 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: 0.2×**. It would take 0.2 years of operating earnings to repay net borrowings, within the comfortable range.
- **Current ratio: 1.57** (quick 1.57). Current assets cover the next year's liabilities 1.57 times.
- **Altman Z-score: 14.77**. A Z-score of 14.77 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Eton Pharmaceuticals Inc. does not currently pay a dividend.

## Price and momentum
- **Total return (1 yr): 183.7%** (YTD 201.3%, 3-mo 11.2%). The shares are up 183.7% over twelve months including dividends.
- **From 52-week high: -23.2%** (257.0% above the low). Trading 23% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 44**. An RSI of 44 is neutral.
- **Beta (1 yr): 0.21** (volatility 71%). Beta of 0.21 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=ETON · Page: https://foliofundamentals.com/stocks/eton

Not investment advice.