AQST Stock Analysis: Aquestive Therapeutics | NASDAQ

Seizure Treatment, Opioid Dependence, ADHD, Allergy Treatment

Total Rating 17

Safety 31

Buy Signal -0.92

Drug Manufacturers - Specialty & Generic
Industry Rotation: -1.0

Market Cap: 502M
Avg Turnover: 8.28M

Risk 3d forecast

Volatility73.8%

VaR 5^th Pctl11.5%

VaR vs Median-4.99%

Reward TTM

Sharpe Ratio-0.26

Rel. Str. IBD51.8

Rel. Str. Peer Group40.1 pctl

Character TTM

Beta0.322

Beta Downside0.546

Hurst Exponent0.557

Choppyness53.7%

Drawdowns 3y

Max DD63.55%

CAGR/Max DD0.64

CAGR/Mean DD1.19

EPS (Earnings per Share)

Last SUE: -1.05
Qual. Beats: -1

Revenue

Rev. CAGR: -3.00%
Rev. Trend: -25.3%

Last SUE: 0.66
Qual. Beats: 0

Warnings

Negative Equity With Losses

Strong Share Dilution

Interest Coverage Ratio Critical

Altman Z'' In Financial Distress Zone

Below Avwap Earnings

Tailwinds

No distinct edge detected

Seasonality 8.2 years of data

Jan -16.0% 25

Feb +3.8% 25

Mar -0.3% 9

Apr -5.1% 9

May -5.8% 27

Jun -0.1% 11

Jul +8.7% 18

Aug +31.4% 33

Sep -3.7% 41

Oct +2.0% 9

Nov +37.5% 29

Dec -18.2% 25

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: AQST Aquestive Therapeutics

Aquestive Therapeutics, Inc. (NASDAQ: AQST) is a U.S.-based specialty pharmaceutical company headquartered in Warren, New Jersey, founded in 2004. The company develops and commercializes proprietary oral film drug delivery formulations, with a primary focus on central nervous system (CNS) disorders.

Their commercial portfolio spans multiple therapeutic areas, including Libervant (diazepam buccal film for seizures), Suboxone (sublingual buprenorphine/naloxone for opioid dependence), AZSTARYS (a once-daily ADHD treatment approved for patients age 6+), SYMPAZAN (clobazam oral soluble film for a rare intractable epilepsy), KYNMOBI (apomorphine sublingual film), EMYLIF (riluzole oral film), and ONDIF (ondansetron oral soluble film).

The companys late-stage pipeline includes Anaphylm, an epinephrine sublingual film in Phase 3 trials for emergency treatment of allergic reactions including anaphylaxis, and AQST-108, a topical gel in Phase 2 trials for alopecia areata. Aquestive also develops its core PharmFilm technology platform alongside Adrenaverse, an epinephrine prodrug platform.

As a small-cap pharmaceutical company in the GICS Health Care sector, Aquestives business model centers on reformulating established active pharmaceutical ingredients into differentiated film-based delivery formats, targeting improved patient compliance and convenience over conventional pills or injectables.

Headlines to Watch Out For

Anaphylm epinephrine sublingual film Phase 3 data and FDA approval catalyst
AZSTARYS ADHD product revenue scales with prescriber adoption
Suboxone royalty revenue declines as generic competition erodes market share

Piotroski VR-10 (Strict) 1.5

Net Income: -78.2m TTM > 0 and > 6% of Revenue
FCF/TA: -0.52 > 0.02 and ΔFCF/TA 9.02 > 1.0
NWC/Revenue: 188.6% < 20% (prev 132.7%; Δ 55.91% < -1%)
CFO/TA -0.34 > 3% & CFO -45.4m > Net Income -78.2m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 7.19 > 1.5 & < 3
Outstanding Shares: last quarter (125.0m) vs 12m ago 25.84% < -2%
Gross Margin: 67.04% > 18% (prev 61.09%; Δ 5.94% > 0.5%)
Asset Turnover: 47.91% > 50% (prev 47.10%; Δ 0.81% > 0%)
Interest Coverage Ratio: -3.79 > 6 (EBIT TTM -61.9m / Interest Expense TTM 16.3m)

Altman Z'' -10.73

A: 0.77 (Total Current Assets 118.5m - Total Current Liabilities 16.5m) / Total Assets 132.1m
B: -3.62 (Retained Earnings -477.9m / Total Assets 132.1m)
C: -0.55 (EBIT TTM -61.9m / Avg Total Assets 112.9m)
D: -0.30 (Book Value of Equity -56.6m / Total Liabilities 188.7m)
Altman-Z'' = -10.73 = D

Beneish M -3.64

DSRI: 0.64 (Receivables 9.33m/11.9m, Revenue 54.1m/44.1m)
GMI: 0.91 (GM 61.09% / 67.04%)
AQI: 0.38 (AQ_t 0.01 / AQ_t-1 0.03)
SGI: 1.23 (Revenue 54.1m / 44.1m)
TATA: -0.25 (NI -78.2m - CFO -45.4m) / TA 132.1m)
Beneish M = -3.64 (Cap -4..+1) = AAA

What is the price of AQST shares?

As of October 29, 2026, the stock is trading at USD 4.23 with a total of 1,551,655 shares traded. Over the past week, the price has changed by +3.68%, over one month by -10.95%, over three months by +12.50% and over the past year by -37.05%.

Current recommended Stop Loss: 3.80 (which is 10.2% or 2 ATR below the current price).

Is AQST a buy, sell or hold?

Aquestive Therapeutics has received a consensus analysts rating of 4.78. Therefore, it is recommended to buy AQST.

StrongBuy: 7
Buy: 2
Hold: 0
Sell: 0
StrongSell: 0

What are the forecasts/targets for the AQST price?

Analysts Target Price	9.3	120.6%

Aquestive Therapeutics (AQST) - Fundamental Data Overview as of 27 October 2026

Market Cap USD = 502.0m (502.0m USD * 1.0 USD.USD)
P/S = 9.2822
P/B = 14.1476
Revenue TTM = 54.1m USD
EBIT TTM = -61.9m USD
EBITDA TTM = -61.4m USD
Long Term Debt = 50.7m USD (from longTermDebt, last quarter)
Short Term Debt = 820k USD (from shortTermDebt, last quarter)
Debt = 67.3m USD (from shortLongTermDebtTotal, last quarter) + Leases 8.35m
Net Debt = 64.9m USD (calculated: Debt 67.3m - CCE 2.41m)
Enterprise Value = 567.0m USD (502.0m + Debt 67.3m - CCE 2.41m)
Interest Coverage Ratio = -3.79 (Ebit TTM -61.9m / Interest Expense TTM 16.3m)
EV/FCF = -8.23x (Enterprise Value 567.0m / FCF TTM -68.9m)
FCF Yield = -12.16% (FCF TTM -68.9m / Enterprise Value 567.0m)
FCF Margin = -127.4% (FCF TTM -68.9m / Revenue TTM 54.1m)
Net Margin = -144.6% (Net Income TTM -78.2m / Revenue TTM 54.1m)
Gross Margin = 67.04% ((Revenue TTM 54.1m - Cost of Revenue TTM 17.8m) / Revenue TTM)
Gross Margin QoQ = 70.93% (prev 75.99%)
Tobins Q-Ratio = 4.29 (Enterprise Value 567.0m / Total Assets 132.1m)
Interest Expense / Debt = 24.24% (Interest Expense 16.3m / Debt 67.3m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -48.9m (EBIT -61.9m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 4.66 (Total Current Assets 118.5m / Total Current Liabilities 25.4m)
Debt / Equity = -1.19 (negative equity) (Debt 67.3m / totalStockholderEquity, last quarter -56.6m)
Debt / EBITDA = -1.06 (negative EBITDA) (Net Debt 64.9m / EBITDA -61.4m)
Debt / FCF = -0.94 (negative FCF - burning cash) (Net Debt 64.9m / FCF TTM -68.9m)
Total Stockholder Equity = -32.1m (last 4 quarters mean from totalStockholderEquity)
RoA = -69.29% (Net Income -78.2m / Total Assets 132.1m)
RoE = 243.7% (negative equity) (Net Income TTM -78.2m / Total Stockholder Equity -32.1m)
RoCE = -333.7% (out of range, set to none) (EBIT -61.9m / Capital Employed (Equity -32.1m + L.T.Debt 50.7m))
RoIC = -42.89% (negative operating profit) (NOPAT -48.9m / Invested Capital 114.0m)
WACC = 8.20% (E(502.0m)/V(569.4m) * Re(6.73%) + D(67.3m)/V(569.4m) * Rd(24.24%) * (1-Tc(0.21)))
Discount Rate = 6.73% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 96.51 | Cagr: 26.53%
[DCF] Fair Price = unknown (Cash Flow -68.9m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -1.05 | # QB: -1
Revenue Correlation: -25.27 | Revenue CAGR: -3.00% | SUE: 0.66 | # QB: 0
EPS current Quarter (2026-09-30): EPS=-0.14 | Chg30d=-12.50% | Revisions=-40% | Analysts=2
EPS current Year (2026-12-31): EPS=-0.45 | Chg30d=-7.14% | Revisions=+0% | GrowthEPS=+23.6% | GrowthRev=+14.6%
EPS next Year (2027-12-31): EPS=-0.57 | Chg30d=-26.67% | Revisions=+25% | GrowthEPS=-26.7% | GrowthRev=+32.8%
[Analyst] Revisions Ratio: -12% (up=2, down=3)