One-glance verdict
Undervalued
$133.12 our estimate vs market $100.54
Wall Street consensus: $107.74 (-19.1% lower than our fair-value estimate)
24% below our estimate, below the bear case
Fundamentals snapshot
Lantheus Holdings, Inc.
LNTH · NGM · Healthcare · Drug Manufacturers - Specialty & Generic
Current price
$100.54
52-week range
$49.67 - $111.86
Market cap
$6.57B
Balance sheet
Healthy
15.98x Strong cushion
Net debt $31.66M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 1.0% last year.
- Reward Returns 22.2% on equity, ahead of 60% of its peers.
- Reward Free cash flow was positive in 10/10 years.
- Risk Net debt grew 55.1% over 3 years.
What this company does
Lantheus Holdings, Inc.
Lantheus makes specialized injectable products that act like a dye, helping doctors get clearer pictures from medical scans to diagnose conditions like heart disease and cancer. The company earns most of its revenue (the total money brought in from sales) from PYLARIFY, an imaging agent that is very effective at helping doctors detect the spread of prostate cancer. Lantheus's success depends on how widely its imaging products are used by doctors and on getting its new drugs in development approved for sale.
How the company got here
Lantheus started in 1956 as New England Nuclear, a pioneer in using radioactive materials for medical science. [5, 6, 11] After being part of large chemical and pharmaceutical companies like DuPont and Bristol-Myers Squibb, it was spun out in 2008 and renamed Lantheus. [6, 11, 14] A key turning point was its 2020 purchase of Progenics Pharmaceuticals, which brought in new products in development. [5, 11] This led to the 2021 approval of PYLARIFY, an imaging agent for prostate cancer that has become the company's most important product. [5]
What it actually does
Lantheus specializes in a field called radiopharmaceuticals, which are drugs that contain a tiny, safe amount of radioactive material. [1, 4] These drugs are designed to travel to specific cells in the body, like cancer cells or heart tissue. They are used for two main purposes: diagnosis (finding disease) and therapy (fighting disease). [5, 18] For diagnosis, the drug lights up on a special medical scan, like a PET scan, allowing doctors to see exactly where a disease is located. [13] For therapy, a similar drug can be used to deliver a targeted dose of radiation to destroy harmful cells while leaving healthy tissue alone.
Radiopharmaceutical Oncology
This is the company's largest and fastest-growing business, focused entirely on cancer. [17] Its main product is PYLARIFY, an imaging agent used with PET scans to find prostate cancer with high accuracy. [4, 9] Hospitals and imaging centers purchase PYLARIFY to help doctors determine if a patient's prostate cancer has spread, which is critical for choosing the right treatment. [13] This single product line generates the majority of the company's revenue (the money it brings in from sales). [4, 17]
Precision Diagnostics
This is the company's original and more established business, providing tools that help doctors diagnose diseases, primarily heart conditions. [6, 15] Its best-known product is DEFINITY, an agent that is injected to make the image from a heart ultrasound (a test that uses sound waves to see the heart) much clearer. [6, 20] This segment also includes products like TechneLite, a device that generates a commonly used medical isotope (a radioactive element) for various nuclear medicine procedures. [15, 19] This part of the business provides a steady, reliable source of income for the company.
Strategic Partnerships and Other
This is a smaller slice of the company that makes money through collaborations and newer technologies. [17] It includes licensing deals, where Lantheus allows another company to sell its products in a specific region in exchange for payments or royalties (a percentage of sales). [9, 27] This segment also includes the company's artificial intelligence (AI) software, which helps doctors and technicians analyze the medical scan images more accurately and consistently. [5, 6]
What management is betting on now
The company is focusing heavily on its most successful area: diagnostic imaging agents for PET scans, especially for cancer. [23, 25] A top priority is expanding the success of its star prostate cancer product, PYLARIFY, by launching a new version that is easier to produce and by entering new international markets. [2, 9, 26] Lantheus is also investing to create new products for other diseases, including an imaging agent to help diagnose Alzheimer's disease. [4, 23] Finally, management continues to make strategic acquisitions (buying other companies) to bring in new technologies and strengthen its manufacturing capabilities. [12, 25]
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$159.25M
FY2024 Q4
$141.36M
FY2025 Q1
$98.84M
FY2025 Q2
$79.14M
FY2025 Q3
$94.67M
FY2025 Q4
$81.39M
FY2026 Q1
$121.90M
FY2026 Q2
$89.87M
Revenue
$388.18M
Net income
$75.03M
Diluted EPS
1.11
Operating cash flow
$92.20M
Free cash flow
$89.87M
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Sources
Revenue
$377.33M
Net income
$118.42M
Diluted EPS
1.80
Operating cash flow
$125.13M
Free cash flow
$121.90M
Fetching…
Sources
Revenue
$406.79M
Net income
$54.09M
Diluted EPS
0.86
Operating cash flow
$90.18M
Free cash flow
$81.39M
Fetching…
Sources
Revenue
$384.01M
Net income
$27.77M
Diluted EPS
0.41
Operating cash flow
$105.29M
Free cash flow
$94.67M
Fetching…
Sources
Revenue
$378.05M
Net income
$78.75M
Diluted EPS
1.12
Operating cash flow
$87.11M
Free cash flow
$79.14M
Fetching…
Sources
Revenue
$372.76M
Net income
$72.94M
Diluted EPS
1.02
Operating cash flow
$107.56M
Free cash flow
$98.84M
Fetching…
Sources
Revenue
$391.11M
Net income
$-11.79M
Diluted EPS
-0.18
Operating cash flow
$157.73M
Free cash flow
$141.36M
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Sources
Revenue
$378.73M
Net income
$131.09M
Diluted EPS
1.79
Operating cash flow
$175.06M
Free cash flow
$159.25M
Fetching…
Sources
Is it cheap or expensive?
Fair value $133.12 vs current price $100.54
Wall Street consensus is the average analyst price target: $107.74 (-19.1% lower than our fair-value estimate).
Our most-likely fair value is $133.12 a share — about 32.4% above today's price of $100.54, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net debt $31.7M. Interest coverage 16.0x.
Net debt
$31.66M
Interest coverage
15.98x
Lantheus Holdings, Inc.'s profit covers its interest bill about 16.0 times over. which is stronger than every peer shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
LNTH
BASELINE
Lantheus Holdings, Inc.
Total debt $624.96M Interest coverage 15.98x This is the baseline the peer rows are being compared against.
Total debt $579.86M Interest coverage 0.45x -97% vs LNTH Carries about 35.8x less debt cushion than LNTH.
Total debt $10.54B Interest coverage 6.28x -61% vs LNTH Carries about 2.5x less debt cushion than LNTH.
Total debt $49.01B Interest coverage 15.42x -3% vs LNTH Has roughly the same debt cushion as LNTH.
Total debt $17.20B Interest coverage 5.90x -63% vs LNTH Carries about 2.7x less debt cushion than LNTH.
Total debt $10.00B Interest coverage 9.12x -43% vs LNTH Carries about 1.8x less debt cushion than LNTH.
What you should know
The case for and against LNTH
3 Rewards
1 Risk
Rewards
-
Revenue grew 1.0% last year.
-
Returns 22.2% on equity, ahead of 60% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Net debt grew 55.1% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
24.11x
Forward P/E
15.77x
P/B
5.00x
P/S
4.22x
EV/EBITDA
16.81x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
60.1%
Operating margin
25.8%
Net margin
17.7%
ROE
22.2%
ROA
8.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.48x
Current ratio
3.06x
Quick ratio
2.82x
Total debt
$624.96M
Total cash
$593.30M
Growth
How the business has been compounding
Revenue TTM
$1.56B
Revenue 5Y CAGR
38.0%
EPS TTM
4.17
EPS 5Y CAGR
104.3%
Cash flow
How much cash the business throws off
Operating CF TTM
$412.80M
Free CF TTM
$354.05M
FCF margin
22.7%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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