Quality Investor

Lantheus Holdings, Inc.

Rank #143Hypergrowth

LNTH · Nasdaq · Healthcare

Lantheus Holdings, Inc. (LNTH) — Rank #143 by gross profitability (GP/assets 0.39) · ROE 17.8% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0001521036 · all metrics point-in-time as of the filing date.

About

Lantheus Holdings, Inc. develops, manufactures, and commercializes diagnostic and therapeutic products that assist clinicians in diagnosis and treatment of heart, cancer, and other diseases worldwide.

Show more

The company offers DEFINITY, an injectable ultrasound enhancing agent used in echocardiography exams; TechneLite, a technetium generator for nuclear medicine procedures; Xenon-133, a radiopharmaceutical gas to assess pulmonary function; Neurolite, an injectable imaging agent to identify the area within the brain where blood flow has been blocked or reduced due to stroke; Cardiolite, an injectable Tc-99m-labeled imaging agent to assess blood flow to the muscle of the heart; and PYLARIFY, an F 18-labelled PSMA-targeted PET imaging agent used for imaging of PSMA positive-lesions in men with prostate cancer. It also provides Automated Bone Scan Index that calculates the disease burden of prostate cancer by detecting and classifying bone scan tracer uptakes as metastatic or benign lesions using an artificial neural network; RELISTOR for opioid-induced constipation; and aPROMISE, an artificial intelligence medical device software; PYLARIFY AI, an medical device software to perform quantitative assessment of PSMA PET/CT images in prostate cancer; and flurpiridaz used to assess blood flow to the heart. In addition, it develops PNT2002, a radiopharmaceutical therapy to treat mCRPC; PNT2003, an SSTR therapy to patients with SSTR-positive neuroendocrine tumors; MK-6240, a F 18-labeled PET imaging agent for Tau tangles in Alzheimer's disease; LNTH-2401, a novel radiodiagnostic targeting the gastrin-releasing peptide receptor; LNTH-2402; LNTH-2403; LNTH-2404; LNTH-250; LNTH-2515; and LNTH-1363S, an fibroblast activation protein, alpha, copper-64 labeled PET imaging agent. It has collaboration agreements with GE Healthcare; Curium Pharma; POINT; Regeneron; and Ratio Therapeutics LLC.

The company was founded in 1956 and is based in Bedford, Massachusetts.

Industry
Drug Manufacturers - Specialty & Generic
Sector
Healthcare
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Price History

LNTH+269.2% · +29.9% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$6.56B

P/E (annual)

29.5

P/S (annual)

4.3

P/B

5.0

P/OCF (annual)

16.8

Shareholder Yield

-76.0%

Employees

1,193

Industry

Drug Manufacturers - Specialty & Generic

Exchange

Nasdaq

Signal Flags

3 green2 yellow
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass
GP / assets
0.39
Return on equity
17.8%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.84
Current ratio
3.06×
Net cash
$592.60M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
5.6%

Growth

1/2 pass
Revenue growth
365.2%
Piotroski F-Score
N/A
Share dilution
76.0%

Terry Smith quality gate

Passes 3/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

6.0%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 76.0% — per-share value needs a total required return of 82.0% once share-count change is priced in.

vs. own 6-year median revenue growth: 0.1%

priced above its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

1.8%

r = 10% (base)

6.0%

r = 12%

9.6%

Net debt / market cap: -8.6%

Base FCF: $390.1M3Y mean FCF: $40.2M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

21.1xFair
6.3xmed 17.9x21.4x

P / S

Price / revenue per share

1.9xFair
0.1xmed 1.6x2.5x

P / B

Price / book value per share

5.8xCheap
5.8xmed 12.3x33.4x

P / GP

Price / gross profit per share

3.8xFair
0.3xmed 3.3x5.0x

P / FCF

Price / free cash flow per share

11.5xFair
7.3xmed 11.2x21.2x

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.39

Primary signal (Novy-Marx).

79th pctl of 34 SIC 28 peers

Return on equity

17.8%

Gross margin

61.1%

61st pctl of 34 SIC 28 peers

Revenue growth (YoY)

365.2%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2015201620172018
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

Revenue CAGR (5Y)

Earnings CAGR (3Y)

102.6%

FCF CAGR (3Y)

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.84

47th pctl of 31 SIC 28 peers (best = lowest)

Current ratio

3.06×

70th pctl of 34 SIC 28 peers

Quick ratio

2.82×

Net cash

$592.60M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$390.14M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.67

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

5.6%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20132018
Startup
Value