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Anika Therapeutics Inc (ANIK) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Anika Therapeutics Inc $9.94, price $20.38, upside -51.2%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
  3. Add to watchlist

Healthcare · US · ISIN US0352551081

AT Anika Therapeutics Inc logo Thin data Sep 23, 2026

Anika Therapeutics Inc

ANIK · US

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value $9.94 · Strongly overvalued (−51%)
!Quality 55/100
!Weak Growth (revenue 5y −2.9 %/yr)
!Loss-making · -9.5% net margin (TTM)
✓Low debt · generates free cash flow
!Trails peers (3/12)
!Narrow moat 12/100
!Insider activity 40/100
!Evidence only low, so the estimate is less certain
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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

$45.11 $8.10 Fair Value $9.94 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range $8.10 – $45.11 · fair‑value band $7.99 – $12.73 · the $20.38 price screens above the $9.94 fair value. Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Anika Therapeutics, Inc., a joint preservation company, focuses on early intervention orthopedics in the United States, Europe, and internationally.

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Anika Therapeutics, Inc., a joint preservation company, focuses on early intervention orthopedics in the United States, Europe, and internationally. The company offers osteoarthritis (OA) pain management products and services, such as Monovisc and Orthovisc, which are single- and multi-injection, HA viscosupplement products indicated for pain relief from OA conditions, as well as Cingal, a non-opioid, single-injection OA pain management product; regenerative solutions, including an HA-based scaffold with bone and tendon fixation components and arthroscopic delivery instruments; Hyalofast, a resorbable scaffold used for single stage cartilage regeneration; and Tactoset injectable bone substitute, an HA-enhanced injectable bone repair therapy designed to treat insufficiency fractures and augment hardware fixation. It also provides Integrity, an HA-based scaffold with bone and tendon fixation components and arthroscopic delivery instruments; non-orthopedic products, including Hyvisc, a high molecular weight injectable HA veterinary product for the treatment of joint dysfunction in horses due to non-infectious synovitis associated with equine OA; Hyalobarrier, an anti-adhesion barrier indicated for use after abdominal-pelvic surgeries; and ophthalmic products; and Anikavisc and Nuvisc high molecular weight HA products. The company was founded in 1983 and is headquartered in Bedford, Massachusetts.

Stock analysis

Anika Therapeutics Inc (ANIK) currently trades at $20.38, while our model-based Fair Value estimate is $9.94, implying the stock looks roughly 105.0% overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of $9.59 per share, and 0 of the 7 models we run sit above the $20.38 price.

Bear case: the Asset-Based group reads lowest at $7.22, and 7 of the 7 models stay below the price. Evidence for this calculation is low.

Scenario range: $7.99 (bear) to $12.73 (bull), the price of $20.38 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 55/100 (solid quality), in the Healthcare sector.

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

Anika Therapeutics Inc reported revenue of $113M in FY2025 versus $148M in FY2021, a compound −6.5%/yr. Reported net income was −$10.9M in FY2025.

Key figures

Market cap $292M · P/S ratio 1.63 · EPS (TTM) $−0.7900 · Net margin −9.6% · Return on equity −7.9% · Return on assets (EBIT) −2.6% · Operating margin −18.5% · Revenue (TTM) $116M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).

What moves the price

The share trades about 8% below its 52-week high and 126% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −8% fair-value upside, at −51%, ANIK screens richer than that median.

Fair Value models

Bear $7.99 Fair Value $9.94 Bull $12.73
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF $8.23 $10.34 $13.27 82
Growth DCF $8.17 $10.03 $12.43 80
5Y Revenue Exit $7.62 $9.59 $12.16 74
All 7 models by family
DCF Models
FCF DCF $8.23 $10.34 $13.27 82
5Y Revenue Exit $7.62 $9.59 $12.16 74
10Y Revenue Exit $7.75 $9.51 $12.01 68
Multiples
EV/Revenue $7.30 $8.58 $9.86 54
Asset-Based
NCAV (Graham) $5.39 $7.22 $10.78 54
Growth DCF
Growth DCF $8.17 $10.03 $12.43 80
Rev-Margin DCF $7.62 $9.58 $12.06 74

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Quality Score breakdown

Overall quality 55/100

Of which business quality 57 · Market factors (momentum, volatility) 86

Profitability 20
Margins and returns on capital today
Quality Growth 30
Are margins and returns improving?
Cashflow 26
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 96
Price trend over the last 3–12 months (market factor)
52W Momentum 94
Distance to the 52-week high (market factor)
Net Issuance 94
Share count: buybacks or dilution?

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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. 10/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−5.9%
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.
−10.3%
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.
−2.9%
Start year 2020 (pandemic). Over 10 years: +2.0% a year
Revenue growth 32 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.
+13.1%
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.
−21.7% (2020) → −9.8% (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

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+32.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +29.8% a year for the price.

ANIK screens 105% overvalued. 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 · 628 stocks

Beats the industry median on 2/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 55 · Above median
Fair Value upside −51% · Below median
Profitability
Return on assets −4% · Bottom 25%
Net margin (TTM) −10% · Bottom 25%
Operating margin (TTM) −19% · Bottom 25%
Growth and dividend
Revenue growth 13% · Above median

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

P/B 2.04× · Pricier than median
P/S (TTM) 2.51× · Pricier than median
P/FCF 67.0× · Priciest 25%
PEG 3.47× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 14
FUTURE (revenue growth)66 · sector 20
PAST (return on equity)0 · sector 27
HEALTH (low debt)100 · sector 96
DIVIDEND (yield)0 · sector 32

VALUE 0: the price sits above our fair-value range.

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
Merck KGaA MRK €133.95 €108.70 −19%
Takeda Pharmaceutical Company TAK $18.81 $11.29 −40%
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥45.58 ¥50.14 +10%
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,865 ₹1,979 +6%
Galderma Group GALD CHF 163.80 CHF 109.88 −33%
Haleon plc HLN $9.25 $8.50 −8%
Teva Pharmaceutical Industries Limited TEVA $39.01 $20.75 −47%
Sandoz Group SDZ CHF 70.76 CHF 40.16 −43%
Zoetis Inc ZTS $71.61 $108.48 +51%
Hansoh Pharmaceutical Group 3692 HK$35.34 HK$38.87 +10%

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Anika Therapeutics Inc · Fair Value
$9.94 −105%Fair Value
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Cite: Fair Value Calculator (2026). "Anika Therapeutics Inc Fair Value". https://www.fairvalue-calculator.com/stock/ANIK

Frequently asked questions

Is Anika Therapeutics Inc (ANIK) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $9.94 versus a price of $20.38, about −51% upside (overvalued).
What is the fair value of ANIK?
Our model-based fair value for Anika Therapeutics Inc is $9.94 (as of Sep 23, 2026), built from audited fundamentals. The current price: $20.38.
What is the quality score of ANIK?
Anika Therapeutics Inc has a Quality Score of 55/100. 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 Anika Therapeutics Inc (ANIK)?
Our model-based price target is the fair value of $9.94 (as of Sep 23, 2026) from 7 valuation models. Cautious scenario $7.99, optimistic scenario $12.73. It is a calculation from audited fundamentals, not an analyst target.
What is the Anika Therapeutics Inc stock forecast for 2026?
Our models put fair value at $9.94, about −51% upside versus a price of $20.38 (overvalued). Cautious scenario $7.99, optimistic scenario $12.73. The calculation is refreshed regularly with new filings.
What is the revenue of Anika Therapeutics Inc (ANIK)?
Anika Therapeutics Inc reported trailing-twelve-month revenue of about $116M (latest available figure, as of Sep 23, 2026).
What growth is priced into Anika Therapeutics Inc (ANIK)?
For today's price to be fair in a discounted-cash-flow model, Anika Therapeutics Inc would have to grow free cash flow by +32.9 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.9 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of ANIK use?
Our models discount Anika Therapeutics Inc at 11.2 %: a base by market capitalisation (micro), damped by beta 0.23, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Anika Therapeutics Inc that is +32.9 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has Anika Therapeutics Inc (ANIK) delivered so far?
Over the past 5 years revenue at Anika Therapeutics Inc grew -2.9 % a year. The price currently implies +32.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Anika Therapeutics Inc (ANIK) growing?
The median revenue growth in the sector is +4.2 % a year. That is the yardstick for the growth priced into Anika Therapeutics Inc (+32.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Anika Therapeutics Inc (ANIK)?
The free-cash-flow yield on the price is 1.49 %: that much free cash flow Anika Therapeutics Inc produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Anika Therapeutics Inc (ANIK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Anika Therapeutics Inc it is $9.94 per share (as of Sep 23, 2026), against a price of $20.38. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Anika Therapeutics Inc stock overvalued or undervalued in 2026?
As of Sep 23, 2026, ANIK trades above its calculated fair value: price $20.38, fair value $9.94, a gap of about −51% (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 ANIK?
No. The price is what the market pays today ($20.38); the fair value is what the company's own numbers justify ($9.94). For Anika Therapeutics Inc the two are $10.44 per share apart. That gap is exactly why we show both numbers side by side.
How much is Anika Therapeutics Inc worth?
The market values Anika Therapeutics Inc at about $292M (market capitalisation, as of Sep 23, 2026). Per share that is $20.38; our models calculate a fair value of $9.94 per share.
What do the bullish and bearish scenarios say about ANIK?
Our models span a range for Anika Therapeutics Inc: cautious scenario $7.99, base $9.94, optimistic $12.73 per share (as of Sep 23, 2026, price $20.38). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of ANIK?
The PEG ratio of Anika Therapeutics Inc is 3.47 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Anika Therapeutics Inc (ANIK)?
Balance-sheet figures for Anika Therapeutics Inc (as of Sep 23, 2026): return on equity −7.9%. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is ANIK from its 52-week high?
Anika Therapeutics Inc trades at $20.38, about 8% below its 52-week high of $22.03 and 126% above the low of $9.00 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $9.94 is for.
Which stocks are comparable to Anika Therapeutics Inc?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Jiangsu Hengrui Pharmaceuticals Co, Sun 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 Anika Therapeutics Inc stock attractive at the current price?
The data as of Sep 23, 2026: price $20.38, calculated fair value $9.94 (−51%), Quality Score 55/100, from 7 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ANIK calculated?
We run Anika Therapeutics Inc through 7 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $9.94, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Anika 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 Anika Therapeutics Inc (ANIK)?
The closing price on Sep 23, 2026 was $20.38. Our model-based fair value is $9.94, about −51% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Anika Therapeutics Inc right now?
The price sits above even our optimistic bull case ($12.73). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of Anika Therapeutics Inc

How large is the market capitalisation of Anika Therapeutics Inc (ANIK)?
The market capitalisation of Anika Therapeutics Inc is $292M. 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 Anika Therapeutics Inc (ANIK)?
The price-to-sales ratio of Anika Therapeutics Inc is 1.63 (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 Anika Therapeutics Inc (ANIK)?
Earnings per share at Anika Therapeutics Inc are $−0.7900. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Anika Therapeutics Inc (ANIK)?
The net margin of Anika Therapeutics Inc is −9.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Anika Therapeutics Inc (ANIK)?
The return on equity (ROE) of Anika Therapeutics Inc is −7.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Anika Therapeutics Inc (ANIK)?
On an EBIT basis the return on assets of Anika Therapeutics Inc is −2.6% (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 Anika Therapeutics Inc (ANIK)?
The operating margin of Anika Therapeutics Inc is −18.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Anika Therapeutics Inc (ANIK)?
Revenue at Anika Therapeutics Inc is growing +13.2% versus a year earlier (3y avg −10.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Anika Therapeutics Inc (ANIK)?
Earnings per share at Anika Therapeutics Inc are growing −50.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Anika Therapeutics Inc (ANIK) hold?
Anika Therapeutics Inc holds more cash than debt, $31.2M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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