What are the investment strengths of Lantheus Holdings Inc (LNTH)?

Profitable biotech rarity: 23% operating margin and 25% FCF margin vs industry median losses. 381M FCF covers debt service 19x over. P/E 17x below industry median 20x despite superior profitability. P/CF 9x suggests market undervalues cash generation.

What are the investment risks for Lantheus Holdings Inc (LNTH)?

EPS collapsed -72% 1yr and -23% 3yr CAGR despite 5yr growth history. Gross profit down -8% signals revenue quality deterioration. Intangibles 980M = 87% of 1.1B equity. Any impairment destroys book value (tangible book only 140M vs 4.1B market cap).

Lantheus Holdings Inc

LNTH

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Lantheus Holdings Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-10

Snapshot

Operating margin 22.9% TTM vs industry median 0% - rare profitable biotech with 350M operating income while peers lose money[Operating Margin TTM]
Intangibles 980M (87% of equity) vs tangible book 140M - valuation hinges on acquired IP/goodwill holding value[Goodwill and Other Intangible Assets]
FCF 381M TTM (25% margin) funds 100M buyback while R&D at 165M (11% of revenue) sustains pipeline[Free Cash Flow TTM]

Watch Triggers

Gross Profit 1yr Growth: Turns positive (>0%) — Current -8% decline must reverse to validate earnings stabilization thesis
Goodwill and Other Intangible Assets: Impairment charge >50M — Would eliminate tangible book and signal acquisition value destruction
Operating Margin TTM: Falls below 15% — Margin compression would eliminate key differentiation vs unprofitable peers

Bull Case

Profitable biotech rarity: 23% operating margin and 25% FCF margin vs industry median losses. 381M FCF covers debt service 19x over.

Operating Margin TTMFree Cash Flow TTMInterest Expense TTM

P/E 17x below industry median 20x despite superior profitability. P/CF 9x suggests market undervalues cash generation.

PE RatioPCF RatioROE TTM

Bear Case

EPS collapsed -72% 1yr and -23% 3yr CAGR despite 5yr growth history. Gross profit down -8% signals revenue quality deterioration.

EPS Growth 1yrEPS Growth 3yrGross Profit 1yr Growth

Intangibles 980M = 87% of 1.1B equity. Any impairment destroys book value (tangible book only 140M vs 4.1B market cap).

Goodwill and Other Intangible AssetsTangible Book ValuePB Ratio

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

55%

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Forward Thesis

FCF generation enables debt paydown and M&A without dilution over next 2 years

1-3yhigh

381M FCF vs 619M total debt = 1.6yr payoff capacity
Net debt only 187M with 382M cash cushion
No dividend commitment preserves optionality

Debt/equity 0.55 below stress levels100M buyback signals capital return priorityInterest expense 20M easily covered by 350M op income

EPS decline (-72% 1yr) likely stabilizes as gross profit contraction (-8% 1yr) normalizes

3-12mmed

One-time items drove EPS volatility vs stable operations
Gross margin 62% still well above industry 55% median
Asset turnover 0.71 vs 0.19 median shows efficiency

5yr EPS CAGR +86% shows underlying growthOperating income 350M remains robustR&D 165M investment continues

Valuation Context

Caveats

Public Strategies Rankings

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LNTH Fundamentals

Manufacturing → Chemical Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$5.07B		—
Enterprise Value	$5.33B		—
P/E Ratio	22		—
Total Revenue - TTM	$1.54B	+0.5%	—
Earnings Per Share (diluted) - TTM	$3.41	-26.6%	—
Operating Margin - TTM	20.5%	-8.8%	—
Net Margin - TTM	15.2%	-5.2%	—
Free Cash Flow - TTM	$348.64M	-25.0%	—
Return on Common Equity - TTM	21.5%	-11.4%	—
Beta 5Y (Monthly)	unknown		—

LNTH Dividend History

No dividends

LNTH Stock Splits

No stock splits

LNTH SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/26/26	12/31/25	10-K	0001193125-26-073498
11/06/25	09/30/25	10-Q	0001193125-25-268113
08/06/25	06/30/25	10-Q	0000950170-25-103544
05/07/25	03/31/25	10-Q	0001628280-25-022872
02/26/25	12/31/24	Unknown	0001628280-25-007970
11/06/24	09/30/24	10-Q	0001628280-24-045459
07/31/24	06/30/24	10-Q	0001628280-24-033630
05/02/24	03/31/24	10-Q	0001628280-24-019798
02/22/24	12/31/23	10-K	0001628280-24-006158
11/02/23	09/30/23	10-Q	0001628280-23-036214
08/03/23	06/30/23	10-Q	0001628280-23-027015
05/04/23	03/31/23	10-Q	0001628280-23-015464
02/23/23	12/31/22	10-K	0001628280-23-004698
11/03/22	09/30/22	10-Q	0001628280-22-027986
08/04/22	06/30/22	10-Q	0001628280-22-020872
04/29/22	03/31/22	10-Q	0001628280-22-011291
02/24/22	12/31/21	10-K	0001628280-22-003657
11/04/21	09/30/21	10-Q	0001628280-21-021616
07/28/21	06/30/21	10-Q	0001628280-21-014626
05/04/21	03/31/21	10-Q	0001628280-21-008749
02/25/21	12/31/20	10-K	0001628280-21-003336
11/05/20	09/30/20	10-Q	0001628280-20-015734
07/31/20	06/30/20	10-Q	0001628280-20-011352
04/30/20	03/31/20	10-Q	0001628280-20-005914
02/25/20	12/31/19	10-K	0001628280-20-002197
10/31/19	09/30/19	10-Q	0001628280-19-012915
07/25/19	06/30/19	10-Q	0001628280-19-009041
04/30/19	03/31/19	10-Q	0001521036-19-000007
02/20/19	12/31/18	10-K	0001628280-19-001574
10/30/18	09/30/18	10-Q	0001628280-18-013111
08/01/18	06/30/18	10-Q	0001628280-18-010222
05/02/18	03/31/18	10-Q	0001628280-18-005734
02/26/18	12/31/17	10-K	0001628280-18-002261
11/02/17	09/30/17	10-Q	0001628280-17-010720
08/01/17	06/30/17	10-Q	0001193125-17-244385
05/02/17	03/31/17	10-Q	0001193125-17-154209
02/23/17	12/31/16	10-K	0001193125-17-053986
11/01/16	09/30/16	10-Q	0001193125-16-755496
08/04/16	06/30/16	10-Q	0001193125-16-672020
05/03/16	03/31/16	10-Q	0001193125-16-575234
03/02/16	12/31/15	10-K	0001193125-16-490104
11/04/15	09/30/15	10-Q	0001193125-15-366322
08/05/15	06/30/15	10-Q	0001193125-15-276851
06/26/15	03/31/15	424B4	0001193125-15-237057
06/26/15	12/31/14	424B4	0001193125-15-237057
12/19/14	09/30/14	S-1/A	0001193125-14-448655
11/07/14	06/30/14	S-1/A	0001193125-14-403394
06/24/14	03/31/14	S-1	0001193125-14-247341
06/24/14	12/31/13	S-1	0001193125-14-247341
12/19/14	09/30/13	S-1/A	0001193125-14-448655
11/07/14	06/30/13	S-1/A	0001193125-14-403394
06/24/14	03/31/13	S-1	0001193125-14-247341