Does Amphastar Pharmaceuticals, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Amphastar Pharmaceuticals, Inc. (AMPH) 37.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 62, returns on capital 19, balance-sheet safety 20, capital discipline 47.

Is AMPH stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $23.38 per share versus a recent price of $19.75 — 16% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has AMPH's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 37.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Amphastar Pharmaceuticals, Inc.

AMPH · Healthcare · $901.3M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power62

Median gross margin 43.3% over 10y, stable.

Returns on capital19

Median ROIC 6.2%, above the 9% hurdle in 40% of years.

Balance-sheet safety20

Net debt/EBITDA 3.2x, interest coverage 6x.

Capital discipline47

Owner earnings trend unclear, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

16% below value

Owner earnings (normalized): $91.4M
Est. intrinsic value / share: $23.38
Recent price: $19.75
Discount to value: 16% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for AMPH yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale37.6 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — AMPH has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#273 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#271ISCO INTERNATIONAL STEM CELL CORPORATION38.0 out of 100, No moatNo moat
#272EOLS EVOLUS, INC.38.0 out of 100, No moatNo moat
#274ADPT ADAPTIVE BIOTECHNOLOGIES CORPORATION37.5 out of 100, No moatNo moat
#275SCND SCIENTIFIC INDUSTRIES, INC.37.4 out of 100, No moatNo moat

Compare AMPH with its nearest peers →All Healthcare companies on the Index →

Common questions about AMPH

Does Amphastar Pharmaceuticals, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Amphastar Pharmaceuticals, Inc. (AMPH) 37.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 62, returns on capital 19, balance-sheet safety 20, capital discipline 47.
Is AMPH stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $23.38 per share versus a recent price of $19.75 — 16% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has AMPH's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 37.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell AMPH. See the disclaimer.