Aquestive Therapeutics Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Aquestive Therapeutics Inc (AQST) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Aquestive Therapeutics Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 49M vs 432,762M combined for its competitors (0.0% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-38.1% annualized vs trailing 12 months), vs accelerating (+7.2%) for its tracked peer group.
- Growth: Aquestive Therapeutics Inc generated -41.0% revenue growth year over year in Q3 2026, vs 12.9% for its competitors combined.
- Profitability: Its -218.3% net margin compares with 16.6% for the peer group.
- Scale: Aquestive Therapeutics Inc ranks #188 of 545 companies by market capitalization in the Major Pharmaceutical Preparations industry, holding 0.0% of industry market cap.
- Peer revenue share: Aquestive Therapeutics Inc accounted for 0.0% of combined revenue among its tracked peer group, up from 0.0% a year earlier.
- Peer differentiation: Revenue per employee of $0.33M compares with $0.94M for the peer group (0.4x).
- Structure: Aquestive Therapeutics Inc operates in the following segments: Reportable.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
AQST Sales vs. its Competitors, Q3 2026
Aquestive Therapeutics Inc reported revenue contraction of 40.99 % year on year in Q3 2026, below its competitors' combined revenue growth of 12.87 %.
With a net margin of -218.29 %, Aquestive Therapeutics Inc reported lower profitability than its competitors (16.60 %).
Aquestive Therapeutics Inc generated 0.01 % of the combined sales of its peer group, up from 0.01 % a year earlier.
API endpoints for this dataset
Aquestive Therapeutics Inc vs. its Competitors, Q3 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Aquestive Therapeutics Inc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Aquestive Therapeutics Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Aquestive Therapeutics Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (1) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (4) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Aquestive Therapeutics Inc's competitor groups requires a Commercial License.
For context: the Major Pharmaceutical Preparations industry grew revenue 8.9% year over year, combined, vs -41.0% for Aquestive Therapeutics Inc. Aquestive Therapeutics Inc's share of combined industry revenue moved from 0.00% to 0.00%, a gain of 0.00 percentage points.
Aquestive Therapeutics Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Aquestive Therapeutics Inc | - | Yes | Yes | No |
| Competitors combined (101) | ||||
| High-Confidence Competitors (3) | ||||
| Similar-Size Competitors (10) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
AQST Stock Performance relative to its Competitors
AQST Stock Performance relative to High-Confidence Competitors
AQST Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Ventyx Biosciences Inc | 282.9% | Outperformed |
| 2 | Climb Bio Inc | 282.9% | Outperformed |
| 3 | 180 Life Sciences Corp | 282.9% | Outperformed |
| 4 | Eton Pharmaceuticals Inc | 282.9% | Outperformed |
| 5 | Avadel Pharmaceuticals Plc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Aquestive Therapeutics Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Aquestive Therapeutics Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Aquestive Therapeutics Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Aquestive Therapeutics Inc |
453.23 | 48.84 |
 Eli Lilly And Company |
1,209,663.60 | 86,462.00 |
 Johnson and Johnson |
676,352.29 | 99,335.00 |
 Abbvie Inc |
516,201.32 | 66,014.00 |
 Merck and Co Inc |
362,398.40 | 66,569.00 |
 Novartis Ag |
317,785.25 | 56,674.00 |
| SUBTOTAL | 4,363,286.12 | 721,184.46 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Aquestive Therapeutics Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Aquestive Therapeutics Inc's Competitors Named by the Company
Competitive relationships identified from Aquestive Therapeutics Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Avenir Wellness Solutions Inc | Company report | 85% |
| Teva | Company report | 85% |
| Intelgenx Technologies Corp | Company report | 85% |
| Pharmanovia | Company report | 85% |
| Atnahs Pharma UK Limited | Company report | 85% |
| Collegium Pharmaceutical Inc | Company report | 85% |
| Xeris Biopharma Holdings Inc | Company report | 85% |
| Eton Pharmaceuticals Inc | Company report | 85% |
| Avadel Pharmaceuticals Plc | Company report | 85% |
| Indivior Pharmaceuticals Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Aquestive Therapeutics Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Aquestive Therapeutics Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Aquestive Therapeutics Inc | Reportable 100.00 % |
| Eli Lilly And Company | Reportable 100.00 % |
| Johnson and Johnson | Oncology 29.93 % |
| Merck and Co Inc | Pharmaceutical segment 89.95 % |
| Amgen Inc | Reportable 100.00 % |
| Abbott Laboratories | Diabetes Care 16.79 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Aquestive Therapeutics Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Aquestive Therapeutics Inc | 453 | 332,224 | -539,299 |
| Eli Lilly And Company | 1,209,664 | 1,729,240 | 551,594 |
| Johnson and Johnson | 676,352 | 705,504 | 114,311 |
| Abbvie Inc | 516,201 | 1,158,140 | 181,509 |
| Merck and Co Inc | 362,398 | 887,587 | 42,267 |
| Novartis Ag | 317,785 | 752,973 | 185,566 |
| PEERS TOTAL | 4,362,833 | 936,728 | 144,909 |
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Aquestive Therapeutics Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Aquestive Therapeutics Inc | United States 60.98 % |
| Eli Lilly And Company | United States 62.04 % |
| Johnson and Johnson | United States 58.90 % |
| Merck and Co Inc | EMEA 21.50 % |
| Abbott Laboratories | Non-US 57.70 % |
| Pfizer Inc | United States 63.93 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
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Aquestive Therapeutics Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 495 companies in Aquestive Therapeutics Inc's industry classification, broader than the peer set above. Market cap in millions of $.Aquestive Therapeutics Inc ranks #188 of 495 companies by market capitalization in its industry, holding 0.01 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 875, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Eli Lilly And Company | 1,210,070 | 20.69 % |
| 2 | Johnson and Johnson | 674,004 | 11.53 % |
| 3 | Beone Medicines Ltd | 612,622 | 10.48 % |
| 4 | Abbvie Inc | 515,910 | 8.82 % |
| 5 | Merck and Co Inc | 1,234 | 5.2% |
| 6 | Novartis Ag | 1,234 | 5.2% |
| 7 | Abbott Laboratories | 1,234 | 5.2% |
| 8 | Novo Nordisk A | 1,234 | 5.2% |
| 9 | Pfizer Inc | 1,234 | 5.2% |
| 10 | Astrazeneca Plc | 1,234 | 5.2% |
| 188 | Aquestive Therapeutics Inc | 451 | 0.01 % |
Market cap and industry share for the rest of Aquestive Therapeutics Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
Aquestive Therapeutics Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 183 | Cormedix Inc | 492 | -53.14 % |
| 184 | Nuvectis Pharma inc | 491 | 222.83 % |
| 185 | Cytomx Therapeutics Inc | 479 | -48.10 % |
| 186 | Gyre Therapeutics Inc | 479 | -41.81 % |
| 187 | Opus Genetics Inc | 1,234 | 12.3% |
| 188 | Aquestive Therapeutics Inc | 451 | -38.17 % |
| 189 | Evolus Inc | 1,234 | 12.3% |
| 190 | Canton Strategic Holdings Inc | 1,234 | 12.3% |
| 191 | Benitec Biopharma Inc | 1,234 | 12.3% |
| 192 | Phathom Pharmaceuticals Inc | 1,234 | 12.3% |
| 193 | Relmada Therapeutics Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Aquestive Therapeutics Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Aquestive Therapeutics Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Major Pharmaceutical Preparations industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (444 companies). See the full Major Pharmaceutical Preparations industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 65.34 % | 37.89 % (avg) | +27.5 pp |
| Operating Margin | - | industry median | - |
| EBITDA Margin | - | -6.23 % (avg) | - |
| Capital Intensity (Capex / Revenue) | 1.91 % | 7.58 % (avg) | -5.7 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Aquestive Therapeutics Inc's Valuation vs Competitive Position
Valuation multiples vs the Major Pharmaceutical Preparations industry average (444 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Major Pharmaceutical Preparations industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 26.6x | - |
| EV / EBITDA | - | 15.9x | - |
| P/B | -11.4x | 4.3x | -15.7x |
| Return on Equity | - | industry aggregate | - |
| Return on Invested Capital | -69.06 % | -9.83 % (avg) | -59.23 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Aquestive Therapeutics Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue Growth | - | - | 6.09 % | 13.80 % | -22.61 % |
| Operating Margin | - | -88.23 % | -29.86 % | -53.46 % | - |
| Return on Invested Capital | - | - | - | -39.81 % | -90.88 % |
| P/E | - | - | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Aquestive Therapeutics Inc's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Aquestive Therapeutics Inc falls in the Dog quadrant: relative market share of 0.00x vs its largest competitor, in an industry growing revenue 8.2% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Aquestive Therapeutics Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 875 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 1.91 % vs industry average 7.58 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Aquestive Therapeutics Inc's dedicated Suppliers and Customers pages, not here.
Aquestive Therapeutics Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Aquestive Therapeutics Inc falls in the Low attractiveness / Low strength cell: Harvest / Divest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Aquestive Therapeutics Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Latest-quarter revenue run-rate is decelerating (-38.1% annualized vs trailing 12 months).
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.00x).
Opportunities
- A meaningful share of competitors (42.30 %) show financial-distress signals, a possible opening to gain share.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Aquestive Therapeutics Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Aquestive Therapeutics Inc | 2.65 | 4.45 | - |
| Eli Lilly And Company | 0.16 | 1.44 | 1.44 |
| Johnson and Johnson | 0.36 | 1.04 | 0.60 |
| Abbvie Inc | 0.19 | 0.79 | - |
| Merck and Co Inc | 0.40 | 1.46 | 1.01 |
| Novartis Ag | 0.42 | 1.12 | 0.02 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Aquestive Therapeutics Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Aquestive Therapeutics Inc | Q3 2026 | -41.0 % | - |
| Eli Lilly And Company | Q3 2026 | +38.6 % | +15.6 % |
| Johnson and Johnson | Q3 2026 | +5.9 % | -95.9 % |
| Abbvie Inc | Q3 2026 | +10.3 % | +2,143.6 % |
| Merck and Co Inc | Q2 2026 | +5.1 % | - |
| Novartis Ag | Q4 2025 | +9.6 % | +17.0 % |
| PEERS TOTAL | +11.3 % | -2.5 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Aquestive Therapeutics Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Aquestive Therapeutics Inc | Q3 2026 | -20.0 % | +148.5 % |
| Eli Lilly And Company | Q3 2026 | +30.7 % | +52.2 % |
| Johnson and Johnson | Q3 2026 | +10.9 % | +17.7 % |
| Abbvie Inc | Q3 2026 | -19.2 % | -21.0 % |
| Merck and Co Inc | Q2 2026 | +23.6 % | +16.9 % |
| Novartis Ag | Q4 2025 | +18.3 % | +13.3 % |
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Aquestive Therapeutics Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Aquestive Therapeutics Inc | - | - | - |
| Eli Lilly And Company | 21.24% | 32.00% | 83.65% |
| Johnson and Johnson | 8.06% | 10.53% | 19.55% |
| Abbvie Inc | 7.48% | 12.87% | - |
| Merck and Co Inc | 2.42% | 3.24% | 6.59% |
| Novartis Ag | 12.59% | 12.62% | 30.00% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Aquestive Therapeutics Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Aquestive Therapeutics Inc | - | 9.28 |
| Eli Lilly And Company | 43.96 | 13.99 |
| Johnson and Johnson | 41.79 | 6.81 |
| Abbvie Inc | 50.14 | 7.82 |
| Merck and Co Inc | 118.32 | 5.44 |
| Novartis Ag | 22.73 | 5.61 |
| PEERS AVERAGE | 39.14 | 6.05 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.