Does ANI Pharmaceuticals, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores ANI Pharmaceuticals, Inc. (ANIP) 58.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 94, returns on capital 18, balance-sheet safety 57, capital discipline 67.

Is ANIP stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $26.39 per share versus a recent price of $79.20 — 200% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has ANIP's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 58.2 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

ANI Pharmaceuticals, Inc.

ANIP · Healthcare · $1.8B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power94

Median gross margin 62.1% over 5y, stable.

Returns on capital18

Median ROIC 6.7%, above the 9% hurdle in 30% of years.

Balance-sheet safety57

Net debt/EBITDA 0.1x, interest coverage 3x.

Capital discipline67

Owner earnings +24.5%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

200% above value

Owner earnings (normalized): $33.0M
Est. intrinsic value / share: $26.39
Recent price: $79.20
Discount to value: 200% above value

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

18 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $1.3M (FY2009) to $883.4M (FY2025) — about 50.6% a year compounded over 16 years.

It earned 16.1% on invested capital in FY2025, with a median of 8.5% across 13 filed years. The Returns on Capital filter above scores it 18/100.

The balance sheet carried $309.1M of total debt in FY2025 against $155.9M of owner earnings — roughly 2.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 57/100.

Put together: Pricing Power is the strongest of the four filters (94/100) and Returns on Capital the weakest (18/100), which is how ANIP lands at 58/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$883.4M FY2025

Gross marginRevenue kept after cost of goods58.2% FY2020

Return on invested capitalOperating profit on the capital employed16.1% FY2025

Owner earningsCash an owner could take out$155.9M FY2025

Gaps in a line mean that item isn’t in ANIP’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale58.2 / 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 — ANIP has read Shallow 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

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

Nearest peers by Moat Score

#81STE STERIS plc58.5 out of 100, Shallow moatShallow moat
#82SNYR Synergy CHC Corp.58.3 out of 100, Shallow moatShallow moat
#84PGNY Progyny, Inc.57.6 out of 100, Shallow moatShallow moat
#85DCTH DELCATH SYSTEMS, INC.57.1 out of 100, Shallow moatShallow moat

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

Common questions about ANIP

Does ANI Pharmaceuticals, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores ANI Pharmaceuticals, Inc. (ANIP) 58.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 94, returns on capital 18, balance-sheet safety 57, capital discipline 67.
Is ANIP stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $26.39 per share versus a recent price of $79.20 — 200% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has ANIP's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 58.2 out of 100 (shallow 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 ANIP. See the disclaimer.