Overview Dividends

(AQST) Aquestive Therapeutics - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US03843E1047

Epinephrine Film, Apomorphine Film, Diazepam Film, Clobazam Film, Buprenorphine Film

AQST EPS (Earnings per Share)

EPS Growth (3Y CAGR): 132.95%
EPS Trend (3Y Correlation): -7.2%

AQST Revenue

Revenue Growth (3Y CAGR): -4.83%
Revenue Trend (3Y Correlation): -9.6%

Risk via 10d forecast
Volatility	72.7%
Value at Risk 5%th	106%
Relative Tail Risk	-9.74%

Reward TTM
Sharpe Ratio	0.40
Alpha	-12.75

Character TTM
Hurst Exponent	0.551
Beta	1.391
Beta Downside	1.536

Drawdowns 3y
Max DD	63.55%
Mean DD	28.24%
Median DD	28.92%

Description: AQST Aquestive Therapeutics October 26, 2025

Aquestive Therapeutics, Inc. (NASDAQ:AQST) is a U.S.-based pharmaceutical company that develops and commercializes buccal and sublingual film drug delivery technologies for central nervous system (CNS) and other indications.

Its commercial portfolio includes Libervant (buccal diazepam for seizures), Suboxone (sublingual buprenorphine/naloxone for opioid dependence), Sympazan (oral clobazam film for Lennox-Gastaut syndrome), KYNMOBI (sublingual apomorphine for off-periods in Parkinson’s disease), and Azstarys (once-daily ADHD therapy).

The pipeline leverages the proprietary PharmFilm platform and an epinephrine pro-drug system (Adrenaverse). Notable candidates are Anaphylm, a phase-3 sublingual epinephrine film for acute allergic reactions, and AQST-108, a phase-2 topical gel for alopecia areata.

Key metrics as of Q3 2024: market capitalization ≈ $150 M, cash runway of ~ $55 M (Q2 2024), and a 2023 revenue run-rate of $12 M driven primarily by Azstarys and Suboxone royalties. The CNS film delivery market is projected to grow at a CAGR of ~ 9 % through 2029, providing a macro-level tailwind for AQST’s technology.

For a deeper, data-driven assessment of AQST’s valuation dynamics, you may find ValueRay’s analytical tools useful.

AQST Stock Overview

Market Cap in USD	748m
Sub-Industry	Pharmaceuticals
IPO / Inception	2018-07-25
Return 12m vs S&P 500	-3.66%
Analyst Rating	4.56 of 5

AQST Dividends

Currently no dividends paid

AQST Growth Ratios

CAGR 3y	76.96%
CAGR/Max DD Calmar Ratio	1.21
CAGR/Mean DD Pain Ratio	2.73
Current Volume	3506.3k
Average Volume	2996.3k

Piotroski VR‑10 (Strict, 0-10) 0.5

Net Income (-65.0m TTM) > 0 and > 6% of Revenue (6% = 2.65m TTM)

FCFTA -0.53 (>2.0%) and ΔFCFTA -32.20pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 132.7% (prev 154.4%; Δ -21.71pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA -0.53 (>3.0%) and CFO -49.7m > Net Income -65.0m (YES >=105%, WARN >=100%)

NO Net Debt/EBITDA fails (EBITDA <= 0)

Current Ratio 3.53 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (99.3m) change vs 12m ago 9.26% (target <= -2.0% for YES)

Gross Margin 61.09% (prev 68.49%; Δ -7.39pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 41.77% (prev 49.62%; Δ -7.85pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio -2.83 (EBITDA TTM -44.7m / Interest Expense TTM 17.0m) >= 6 (WARN >= 3)

Altman Z'' -15.39

(A) 0.63 = (Total Current Assets 81.7m - Total Current Liabilities 23.2m) / Total Assets 93.7m

(B) -4.27 = Retained Earnings (Balance) -399.7m / Total Assets 93.7m

warn (B) unusual magnitude: -4.27 — check mapping/units

(D) -2.40 = Book Value of Equity -399.6m / Total Liabilities 166.3m

Total Rating: -15.39 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 51.35

1. Piotroski 0.50pt = -4.50

2. FCF Yield -6.15% = -3.07

3. FCF Margin data missing

4. Debt/Equity -1.74 = -2.50

5. Debt/Ebitda -1.47 = -2.50

6. ROIC - WACC (= 169.9)% = 12.50

7. RoE 108.8% = 2.50

8. Rev. Trend -9.56% = -0.72

9. EPS Trend -7.15% = -0.36

What is the price of AQST shares?

As of November 14, 2025, the stock is trading at USD 5.30 with a total of 3,506,331 shares traded.
Over the past week, the price has changed by -13.54%, over one month by -20.42%, over three months by +32.17% and over the past year by +9.73%.

Is Aquestive Therapeutics a good stock to buy?

Neither. Based on ValueRay´s Fundamental Analyses, Aquestive Therapeutics is currently (November 2025) neither a good nor a bad stock to buy. It has a ValueRay Fundamental Rating of 51.35 and therefor a neutral outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of AQST is around 4.69 USD . This means that AQST is currently overvalued and has a potential downside of -11.51%.

Is AQST a buy, sell or hold?

Aquestive Therapeutics has received a consensus analysts rating of 4.56. Therefore, it is recommended to buy AQST.

Strong Buy: 5
Buy: 4
Hold: 0
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the AQST price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	9.4	77%
Analysts Target Price	9.4	77%
ValueRay Target Price	5.3	0.6%

AQST Fundamental Data Overview November 08, 2025

Market Cap USD = 747.9m (747.9m USD * 1.0 USD.USD)
P/S = 16.8034
Beta = 1.574
Revenue TTM = 44.1m USD
EBIT TTM = -48.1m USD
EBITDA TTM = -44.7m USD
Long Term Debt = 31.8m USD (from longTermDebt, last quarter)
Short Term Debt = 5.11m USD (from shortTermDebt, last quarter)
Debt = 126.3m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 65.7m USD (from netDebt column, last quarter)
Enterprise Value = 813.6m USD (747.9m + Debt 126.3m - CCE 60.5m)
Interest Coverage Ratio = -2.83 (Ebit TTM -48.1m / Interest Expense TTM 17.0m)
FCF Yield = -6.15% (FCF TTM -50.0m / Enterprise Value 813.6m)
FCF Margin = -113.3% (FCF TTM -50.0m / Revenue TTM 44.1m)
Net Margin = -147.4% (Net Income TTM -65.0m / Revenue TTM 44.1m)
Gross Margin = 61.09% ((Revenue TTM 44.1m - Cost of Revenue TTM 17.2m) / Revenue TTM)
Gross Margin QoQ = 54.40% (prev 58.12%)
Tobins Q-Ratio = 8.68 (Enterprise Value 813.6m / Total Assets 93.7m)
Interest Expense / Debt = 3.39% (Interest Expense 4.28m / Debt 126.3m)
Taxrate = 0.03% (-14.0k / -44.2m)
NOPAT = -48.1m (EBIT -48.1m * (1 - 0.03%)) [loss with tax shield]
Current Ratio = 3.53 (Total Current Assets 81.7m / Total Current Liabilities 23.2m)
Debt / Equity = -1.74 (negative equity) (Debt 126.3m / totalStockholderEquity, last quarter -72.6m)
Debt / EBITDA = -1.47 (negative EBITDA) (Net Debt 65.7m / EBITDA -44.7m)
Debt / FCF = -1.31 (negative FCF - burning cash) (Net Debt 65.7m / FCF TTM -50.0m)
Total Stockholder Equity = -59.8m (last 4 quarters mean from totalStockholderEquity)
RoA = -69.42% (Net Income -65.0m / Total Assets 93.7m)
RoE = 108.8% (negative equity) (Net Income TTM -65.0m / Total Stockholder Equity -59.8m)
RoCE = 172.1% (negative capital employed) (EBIT -48.1m / Capital Employed (Equity -59.8m + L.T.Debt 31.8m))
RoIC = 180.5% (negative operating profit) (NOPAT -48.1m / Invested Capital -26.6m)
WACC = 10.60% (E(747.9m)/V(874.1m) * Re(11.82%) + D(126.3m)/V(874.1m) * Rd(3.39%) * (1-Tc(0.00)))
Discount Rate = 11.82% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 20.39%
Fair Price DCF = unknown (Cash Flow -50.0m)
EPS Correlation: -7.15 | EPS CAGR: 132.9% | SUE: 0.37 | # QB: 0
Revenue Correlation: -9.56 | Revenue CAGR: -4.83% | SUE: -0.42 | # QB: 0

Additional Sources for AQST Stock

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