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Aquestive Therapeutics Inc (AQST) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Aquestive Therapeutics Inc stock $2.75, price $3.52, that is 21.9% below the price, quality 19 out of 100. Rating: overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Healthcare US

AT Aquestive Therapeutics Inc logo Thin data Nov 11, 2026

Aquestive Therapeutics Inc

AQST · US
Expensive, weak quality

Our calculation puts a fair price 22% below what the stock costs today.

Negative equity (buybacks among others)
Insiders sold $744,086 (6M)
Revenue last quarter 41% below a year ago.
Fair value $2.75 · Overvalued
Quality 19/100
Weak Growth (revenue 5y −0.6 %/yr in USD)
Loss-making · -162.3% net margin (TTM)
Negative free cash flow
Trails peers (0/7)
Narrow moat 10/100 · thin data
Thin data
Estimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$7.49 $0.6300 Fair Value $2.75 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.

How to read this chart

60‑month range $0.6300 – $7.49 · fair‑value band $2.07 – $3.44 · the $3.52 price screens above the $2.75 fair value. As of Nov 11, 2026.

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Company profile

Aquestive Therapeutics, Inc. operates as a pharmaceutical company in the United States and internationally.

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It offers Libervant, a buccal soluble film formulation of diazepam for the treatment of seizures; Suboxone, a sublingual film formulation of buprenorphine and naloxone for the treatment of opioid dependence; EMYLIF, an oral film formulation of riluzole; ONDIF, an oral soluble film formulation of ondansetron; SYMPAZAN, an oral soluble film formulation of clobazam used for the treatment of seizures associated with a rare, intractable form of epilepsy; KYNMOBI, a sublingual film formulation of apomorphine; and AZSTARYS, an fda-approved, once-daily product for the treatment of ADHD in patients age 6 years or older.

The company's proprietary pipeline products include Anaphylm, an epinephrine sublingual film, which is in phase 3 clinical trial for the emergency treatment of allergic reactions, including anaphylaxis; and AQST-108, a topical gel that is in phase 2 clinical trial for the treatment of alopecia areata.

In addition, it develops PharmFilm technology for patients suffering from certain central nervous system disorders; and Adrenaverse, an epinephrine prodrug platform. The company was incorporated in 2004 and is headquartered in Warren, New Jersey.

Stock analysis

Aquestive Therapeutics Inc (AQST) currently trades at $3.52, while our estimate is $2.75, 22% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: $2.07 (bear) to $3.44 (bull), the price of $3.52 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 19/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Aquestive Therapeutics Inc reported revenue of $44.5M in FY2025 versus $50.8M in FY2021, a compound −3.2%/yr. Reported net income was −$83.8M in FY2025.

Key figures

Market cap $440M Small · P/S ratio 9.11 · EPS (TTM) $−0.6500 · Return on assets (EBIT) −45.9% (5-year average) · Operating margin −191% · Revenue (TTM) $48.8M · Revenue growth (YoY) −41.0% · Free cash flow −$53.0M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 10 out of 100 (low confidence).

What moves the price

The share trades about 47% below its 52-week high and 19% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −27% fair-value upside, at −22%, AQST screens cheaper than that median.

Fair Value

Bear $2.07 Fair Value $2.75 Bull $3.44
Price $3.52 · Downside -21.9%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 19/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 11
How much profit the company makes from its sales and capital
Quality Growth 0
Are margins and returns getting better?
Cashflow 3
Do the profits arrive as real cash?
Financial strength 33
Debt, balance sheet and risk of trouble
Investment 50
Does it invest with discipline instead of growing at any price?
Low Volatility 11
How calm the share price moves, does not count
Price momentum 21
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 8
Distance to the 52-week high, does not count
New shares 28
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, 3 officers or directors sold shares worth $744,086 and none bought.

  • SaleDaniel BarberPresident and CEO, Director7× since Mar 10, 2026: 313,934 shares, avg. $4.22$1.3MOct 15, 2026
  • SaleSherry KorczynskiChief Commercial Officer2× since Mar 10, 2026: 24,491 shares, avg. $4.55$111,315Sep 9, 2026
  • SaleJulie KropDirector25,000 shares at $5.02$125,500Jun 23, 202610b5-1 plan
  • SaleCassie JungChief Operating Officer45,791 shares at $4.17$190,948Mar 10, 2026
  • SaleA Ernest Toth JrChief Financial Officer58,254 shares at $4.17$242,919Mar 10, 2026
  • SaleMelina CioffiSVP, Regulatory Affairs25,311 shares at $4.17$105,547Mar 10, 2026
  • SaleLori J BraenderChief Legal Officer40,102 shares at $4.17$167,225Mar 10, 2026
  • SalePeter E. BoydChief People Officer29,814 shares at $4.17$124,324Mar 10, 2026

Plus 10 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 10, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−22.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.6%
Start year 2020 (pandemic)
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.4%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−93.6% (2020) → −156.4% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

AQST screens overvalued: fair value 22% below the price. Compare with Merck KGaA →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - Specialty & Generic · 606 stocks

Beats the industry median on 0/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 19 · Bottom 25%
Fair Value upside −21.9% · Below median
Profitability
Return on equity (12 months) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets −52.2% · Bottom 25%
Net margin (12 months) −162.3% · Bottom 25%
Operating margin (12 months) −191.5% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −41.0% · Bottom 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months) 9.01× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)4 · sector 18
FUTURE (revenue growth)0 · sector 25
PAST (return on equity)0 · sector 25
HEALTH (low debt)0 · sector 96
DIVIDEND (yield)0 · sector 31

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Zoetis Inc ZTS $82.46 $113.53 +38% vs AQST
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥48.55 ¥55.21 +14% vs AQST
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,905 ₹1,983 +4% vs AQST
Haleon plc HLN $9.06 $8.62 −5% vs AQST
Merck KGaA MRK €149.35 €109.18 −27% vs AQST
Galderma Group GALD CHF 188.55 CHF 109.80 −42% vs AQST
Takeda Pharmaceutical Company TAK $20.93 $11.34 −46% vs AQST
Teva Pharmaceutical Industries Limited TEVA $42.40 $20.74 −51% vs AQST
Sandoz Group SDZ CHF 83.38 CHF 39.70 −52% vs AQST
Divi's Laboratories Limited DIVISLAB ₹11,566 ₹1,567 −86% vs AQST

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Aquestive Therapeutics Inc: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Aquestive Therapeutics Inc Fair Value". https://www.fairvalue-calculator.com/stock/AQST

Frequently asked questions

Is Aquestive Therapeutics Inc (AQST) overvalued or undervalued?
As of Nov 11, 2026, our estimate of fair value is $2.75 versus a price of $3.52, about 22% lower (overvalued).
What is the fair value of AQST?
Our estimate for Aquestive Therapeutics Inc is $2.75 (as of Nov 11, 2026), built from audited fundamentals. The current price: $3.52.
What is the quality score of AQST?
Aquestive Therapeutics Inc has a Quality Score of 19/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Aquestive Therapeutics Inc (AQST)?
Our calculated price target is the estimate of $2.75 (as of Nov 11, 2026). Cautious scenario $2.07, optimistic scenario $3.44. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Aquestive Therapeutics Inc stock forecast for 2026?
Our estimate puts fair value at $2.75, about 22% lower versus a price of $3.52 (overvalued). Cautious scenario $2.07, optimistic scenario $3.44. The calculation is refreshed regularly with new filings.
What is the revenue of Aquestive Therapeutics Inc (AQST)?
Aquestive Therapeutics Inc reported trailing-twelve-month revenue of about $48.8M (latest available figure, as of Nov 11, 2026).
What is the intrinsic value of Aquestive Therapeutics Inc (AQST)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Aquestive Therapeutics Inc it is $2.75 per share (as of Nov 11, 2026), against a price of $3.52.
Is Aquestive Therapeutics Inc stock overvalued or undervalued in 2026?
As of Nov 11, 2026, AQST trades above its calculated fair value: price $3.52, fair value $2.75, a gap of about −22% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AQST?
No. The price is what the market pays today ($3.52); the fair value is what the company's own numbers justify ($2.75). For Aquestive Therapeutics Inc the two are $0.7700 per share apart. That gap is exactly why we show both numbers side by side.
How much is Aquestive Therapeutics Inc worth?
The market values Aquestive Therapeutics Inc at about $440M (market capitalisation, as of Nov 11, 2026). Per share that is $3.52; our models calculate a fair value of $2.75 per share.
What do the bullish and bearish scenarios say about AQST?
Our models span a range for Aquestive Therapeutics Inc: cautious scenario $2.07, base $2.75, optimistic $3.44 per share (as of Nov 11, 2026, price $3.52). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Aquestive Therapeutics Inc (AQST)?
Balance-sheet figures for Aquestive Therapeutics Inc (as of Nov 11, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 19/100, which measures business quality independently of the share price.
How far is AQST from its 52-week high?
Aquestive Therapeutics Inc trades at $3.52, about 47% below its 52-week high of $6.62 and 19% above the low of $2.95 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of $2.75 is for.
Which stocks are comparable to Aquestive Therapeutics Inc?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Galderma Group, Teva Pharmaceutical Industries Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Aquestive Therapeutics Inc stock attractive at the current price?
The data as of Nov 11, 2026: price $3.52, calculated fair value $2.75 (−22%), Quality Score 19/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Aquestive Therapeutics Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Aquestive Therapeutics Inc (AQST)?
The closing price on Nov 10, 2026 was $3.52. Our estimate is $2.75, about 22% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Aquestive Therapeutics Inc right now?
The price sits above even our optimistic bull case ($3.44). The favourable scenario is already priced in. Weak quality (19/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Aquestive Therapeutics Inc

How large is the market capitalisation of Aquestive Therapeutics Inc (AQST)?
The market capitalisation of Aquestive Therapeutics Inc is $440M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Aquestive Therapeutics Inc (AQST)?
The price-to-sales ratio of Aquestive Therapeutics Inc is 9.11 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Aquestive Therapeutics Inc (AQST)?
Earnings per share at Aquestive Therapeutics Inc are $−0.6500. Earnings per share over the last twelve months: total profit spread across every single share.
What is the EBIT return on assets of Aquestive Therapeutics Inc (AQST)?
On an EBIT basis the return on assets of Aquestive Therapeutics Inc is −45.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Aquestive Therapeutics Inc (AQST)?
The operating margin of Aquestive Therapeutics Inc is −191% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Aquestive Therapeutics Inc (AQST)?
Revenue at Aquestive Therapeutics Inc is growing −41.0% versus a year earlier (3y avg −2.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Aquestive Therapeutics Inc (AQST) generate?
The free cash flow of Aquestive Therapeutics Inc is −$53.0M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Aquestive Therapeutics Inc (AQST) carry?
The net debt of Aquestive Therapeutics Inc is $10.3M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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