企業概要
Assertio Holdings, Inc. is a pharmaceutical enterprise dedicated to supplying various therapeutic products to patients throughout the United States, with a specific focus on specialized formulations such as INDOCIN for managing moderate to severe rheumatoid arthritis and acute flares. The company operates within the Healthcare sector, specifically classified under the industry of Drug Manufacturers - Specialty & Generic, which positions it as a provider of niche therapeutic solutions rather than mass-market commodities. Its operational scale is defined by a market capitalization of $116.14 million, an annual revenue of $118.71 million over the trailing twelve months, and a workforce comprising 53 employees. These valuation and revenue figures indicate that the company occupies a small-cap status with a revenue base that is relatively modest compared to large-cap peers, suggesting a specialized business model with limited diversification but potentially high concentration in its core drug portfolio.
財務健全性
The company reported revenue of $118.71 million and an EBITDA of $12.78 million, while simultaneously posting a net income loss of $30,375,000 over the trailing twelve months. This significant divergence between positive EBITDA and substantial negative net income reveals a cost structure burdened by high interest expenses or non-operating charges that erode bottom-line profitability despite healthy operating cash generation. The entity generated negative free cash flow of $16,582,250, indicating that capital expenditures or working capital requirements currently exceed operating cash inflows, which constrains immediate financial flexibility for expansion without external financing. Profitability metrics show a gross margin of 70.2%, reflecting strong pricing power or low cost of goods sold for its pharmaceutical products, yet this is contrasted by an operating margin of -105.2% and a profit margin of -25.6%, signaling severe inefficiencies in overhead management or significant non-operating losses. On the balance sheet, the company holds $63.41 million in cash against $40.25 million in debt, resulting in a debt-to-equity ratio of 42.84, which suggests a highly leveraged capital structure relative to its equity base. Despite the high leverage, the current ratio stands at 1.70, indicating that the company possesses sufficient current assets to cover its short-term liabilities, thereby maintaining a baseline of short-term liquidity. Return on Equity is recorded at -28.3% and Return on Assets at -3.9%, metrics that collectively reveal that management has been ineffective at generating positive returns on shareholder capital or the asset base during this period.
バリュエーション評価
Valuation multiples for the company include a trailing twelve-month P/E ratio that is unavailable due to losses, contrasted with a forward P/E of 2.51, implying that the market anticipates a significant turnaround in earnings that would compress the multiple over the coming year. The price-to-book ratio is 1.23, indicating that the stock trades at a modest premium of 23% above its book value, which often reflects market expectations of future growth or intangible asset value not captured on the balance sheet. Alternative valuation metrics provide further context, with a price-to-sales ratio of 0.98 and an EV/EBITDA of 7.28, suggesting that the company is valued slightly below its sales revenue but trades at a reasonable multiple relative to its cash-flow-generating capability once interest and taxes are accounted for. Regarding trading range, the stock has reached a 52-week high of $20.45 and a 52-week low of $7.65; assuming a current trading price near the midpoint of this historical range, the equity is trading significantly below its recent peak, reflecting the negative sentiment surrounding its recent financial performance. The beta coefficient is 0.43, which indicates that the stock's price volatility is less than half that of the broader market, suggesting lower systematic risk and reduced sensitivity to general market fluctuations compared to large-cap equities.
Growth & Income
The company experienced a revenue decline of 57.9% year-over-year, while earnings growth is not applicable due to the reporting of net losses, implying that the business is currently in a contractionary phase rather than an expansionary one. As a non-dividend payer, the company reports a dividend yield of N/A and a payout ratio of 0.0%, meaning that no cash dividends are distributed to shareholders. Instead of paying dividends, the company retains its earnings or utilizes its cash reserves to fund operations and potentially service its debt obligations, prioritizing solvency over income distribution to investors. The overall growth and income profile for Assertio Holdings, Inc. is characterized by significant revenue contraction, negative profitability, and a lack of dividend income, presenting a high-risk, high-volatility investment scenario typical of distressed or turnaround-focused pharmaceutical entities.