Aquestive Therapeutics, Inc. (AQST) intrinsic value & 10-year financials
Aquestive Therapeutics, Inc. (AQST) has a Graham intrinsic value of $0.96 per share. At $3.78 on Oct 17, 2026, the stock trades 294% above that value. Over the last 10 fiscal years revenue shrank 5.0% a year to $44.5M, with an average return on invested capital of 83.8%.
- Graham intrinsic value
- $0.96
- Share price (Oct 17, 2026)
- $3.78
- Price vs Graham value
- 294% above
- Market cap
- $404.2M
- Revenue (FY2025)
- $44.5M
- Revenue growth (10-yr CAGR)
- -5.0%
- ROIC (10-yr avg)
- 83.8%
- Free cash flow (FY2025)
- -$53.0M
AQST 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $44.5M | -$83.8M | -$0.78 | -$53.0M | -159.5% | 62.7% |
| FY2024 | $57.6M | -$44.1M | -$0.51 | -$35.9M | -53.5% | 30.4% |
| FY2023 | $50.6M | -$7.9M | -$0.13 | -$7.4M | -29.9% | 14.0% |
| FY2022 | $47.7M | -$54.4M | -$1.12 | -$10.8M | -88.2% | 38.1% |
| FY2021 | $50.8M | -$70.5M | -$1.85 | -$33.9M | -68.2% | 51.7% |
| FY2020 | $45.8M | -$55.8M | -$1.66 | -$46.0M | -93.6% | 752.1% |
| FY2019 | $52.6M | -$66.2M | — | -$60.9M | -100.1% | -361.9% |
| FY2018 | $67.4M | -$61.4M | — | -$14.8M | -72.6% | 167.2% |
| FY2017 | $66.9M | -$8.9M | — | $3.8M | -0.2% | 0.2% |
| FY2016 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Aquestive Therapeutics, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Aquestive Therapeutics, Inc. has earned high returns on invested capital, averaging 22.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Aquestive Therapeutics, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Aquestive Therapeutics, Inc. is modeled at -5.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.96 per share.