# Lantheus Holdings (LNTH.US)

Canonical: https://gigainvestors.com/s/LNTH

Analysis as of: 2026-10-16T07:29:54.215Z. Financial observations: FY2011–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $99.99 per share; close as of 2026-10-15.

Estimated value: low $57.38 per share, central $68.70 per share, high $78.69 per share. Buy at or below the central value $68.70 per share. Valuation as of 2026-10-16T07:29:54.215Z; scenarios are not confidence intervals.

Expected annual return: 7.6% at the stated quote. About 7.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 2

- Operating margin variation: 0.96×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.16×

- FY2018: 0.19×

- FY2019: 0.15×

- FY2020: -0.01×

- FY2021: -0.14×

- FY2022: 0.04×

- FY2023: 0.28×

- FY2024: 0.30×

- FY2025: 0.20×

- LTM to Jun 2026: 0.19×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 25.5%

- ROIC, second-lowest year: -0.5%

- Typical minus recent gross margin: -10.5 pp

- Typical gross margin (annual median): 50.6%

- Recent gross margin (lower of latest and 3-year median): 61.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: 17.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 51.1%

- FY2017: 26.0%

- FY2018: 25.3%

- FY2019: 25.8%

- FY2020: -0.5%

- FY2021: -9.7%

- FY2022: 6.5%

- FY2023: 44.1%

- FY2024: 45.2%

- FY2025: 20.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.14×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $950M

- Net income, five-year total: $829M

- Return on incremental invested capital: 94.6%

- Working capital / revenue, annual change: 1.4 pp

- Working capital / revenue, change between three-year averages: 9.3 pp

- Working capital / revenue, final three-year average: 23.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.58×

- FY2022: 2.05×

- FY2023: 1.04×

- FY2024: 1.04×

- FY2025: 1.15×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 26.0% vs 44.1%

- Per-share earnings: 0.82 to 4.36 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 10.8%

- Ordinary dilution, 5-year annual growth: 4.8%

- Market cap gain: $4.0B

- Cumulative retained earnings: $1.0B

- Diluted shares, 10-year annual growth: 10.8%

- Diluted shares, 5-year annual growth: 4.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 23.2%

- Per-share value change: $3.54

- Per-share value, starting three-year median: $0.82

- Per-share value, ending three-year median: $4.36

- Buybacks concentrated in cheaper years (correlation): 0.18

- Average buyback yield: 1.3%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $1.2B

- Cumulative net income, 10 years: $1.0B

- ROIC, first three-year median: 26.0%

- ROIC, last three-year median: 44.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.82

- FY2017: $3.17

- FY2018: $1.03

- FY2019: $0.79

- FY2020: -$0.25

- FY2021: -$1.06

- FY2022: $0.40

- FY2023: $4.65

- FY2024: $4.36

- FY2025: $3.41

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -7.0%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 21.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.67×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.88×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.9%

- FY2017: 17.9%

- FY2018: -4.7%

- FY2019: -12.0%

- FY2020: -3.4%

- FY2021: -14.5%

- FY2022: -19.2%

- FY2023: 1.3%

- FY2024: -11.7%

- FY2025: -7.0%

## Holders

## Price story

Price needs cash profits to grow 8.1% a year for ten years · sales +1%

Story as of 2026-10-16T09:59:05.288Z; price observation 2026-10-15.

Price needs cash profits to grow 8.1% a year for ten years

- 2025-05-07: Lantheus (NASDAQ:LNTH) Reports Sales Below Analyst Estimates In Q1 Earnings, Stock Drops ([finance.yahoo.com](https://finance.yahoo.com/news/lantheus-nasdaq-lnth-reports-sales-113052500.html))

- 2025-07-16: Lantheus sinks 8% as CMS wants to maintain reimbursement model for radiopharmaceuticals ([seekingalpha.com](https://seekingalpha.com/news/4468139-lantheus-sinks-8-cms-wants-maintain-reimbursement-model-radiopharmaceuticals?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-08-07: Lantheus lowers 2025 revenue and EPS outlook, targets $1.475B–$1.51B revenue as pricing pressures persist ([seekingalpha.com](https://seekingalpha.com/news/4480830-lantheus-lowers-2025-revenue-and-eps-outlook-targets-1_475b-1_51b-revenue-as-pricing?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-12-23: Lantheus Exit: $28 Million Sale Comes as Earnings Fall 77% Year Over Year ([finance.yahoo.com](https://finance.yahoo.com/news/lantheus-exit-28-million-sale-234541609.html))

- 2026-02-26: Lantheus Holdings reports mixed Q4 results; introduces FY26 outlook ([seekingalpha.com](https://seekingalpha.com/news/4557699-lantheus-holdings-reports-mixed-q4-results-introduces-fy26-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-03-13: Why Lantheus (LNTH) Is Up 5.4% After Dual FDA Wins In Radiopharmaceutical Oncology Expansion ([finance.yahoo.com](https://finance.yahoo.com/news/why-lantheus-lnth-5-4-011038004.html))

### Sales · FY2025–2026

sales +1%; source https://www.sec.gov/Archives/edgar/data/1521036/000119312526073498/lnth-20251231.htm; observed 2026-02-26.

- FY2017: $331M 

- FY2018: $343M 

- FY2019: $347M 

- FY2020: $339M 

- FY2021: $425M 

- FY2022: $935M 

- FY2023: $1.3B 

- FY2024: $1.5B 

- FY2025: $1.5B 

- FY2026: $1.6B 

### Gross margin · FY2025

gross margin 61.1%; source https://www.sec.gov/Archives/edgar/data/1521036/000119312526073498/lnth-20251231.htm; observed 2026-02-26.

- FY2016: 45.6% 

- FY2017: 48.9% 

- FY2018: 50.9% 

- FY2019: 50.3% 

- FY2020: 40.9% 

- FY2021: 44.1% 

- FY2022: 62.2% 

- FY2023: 54.7% 

- FY2024: 64.4% 

- FY2025: 61.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are USD 1.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1521036/000119312526073498/lnth-20251231.htm (filed 2026-02-26); FY2025: revenue 1541609000; grossProfit 941952000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LNTH.US: 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. 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.

### Why customers stay

Margins ranged from 54.7% to 64.4% during 2023–25; it earns 25.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 54.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 64.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1521036/000119312526073498/lnth-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 61.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.511203224389219],[2017,0.2600060171488743],[2018,0.25311367670928436],[2019,0.2578318785029471],[2020,-0.005420209132124564],[2021,-0.09686856794966646],[2022,0.06535587760511652],[2023,0.44051542135533817],[2024,0.45169305588809755],[2025,0.20831776766187018]]; median 0.25547277760611575. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 10 years; bought back USD 300 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 7398000; owner earnings 37627000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 17543000; owner earnings 125073000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 3646873.0307428874; upkeep 16485126.969257113; owner earnings 37961873.03074288. Growth capex / owner earnings = 0.09606673063232468.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 1218296.5766662918; upkeep 20842703.42333371; owner earnings 24203296.57666629. Growth capex / owner earnings = 0.05033597687022588.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 18347000; owner earnings 57649000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 46555000; owner earnings 340149000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 51625000; owner earnings 325441000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1521036/000119312526073498/lnth-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 36089000; owner earnings 267568000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,2454000],[2020,2129000],[2021,2045999],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1521036/000119312526073498/lnth-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 300017000 USD.

### Are managers owners

Insiders own 1.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LNTH.US SharesStats.PercentInsiders = 1.7309999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate 0.10345794655251006. Price 99.99; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.3373977086743044 → FY2025 3.909355229899332. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $8.65 per share

- 2016-11: $9.10 per share

- 2016-12: $8.60 per share

- 2017-01: $8.50 per share

- 2017-02: $12.80 per share

- 2017-03: $12.50 per share

- 2017-04: $13.00 per share

- 2017-05: $16.60 per share

- 2017-06: $17.65 per share

- 2017-07: $18.45 per share

- 2017-08: $17.50 per share

- 2017-09: $17.80 per share

- 2017-10: $19.90 per share

- 2017-11: $22.40 per share

- 2017-12: $20.45 per share

- 2018-01: $23.00 per share

- 2018-02: $15.30 per share

- 2018-03: $15.90 per share

- 2018-04: $17.80 per share

- 2018-05: $14.00 per share

- 2018-06: $14.55 per share

- 2018-07: $14.45 per share

- 2018-08: $16.10 per share

- 2018-09: $14.95 per share

- 2018-10: $13.97 per share

- 2018-11: $18.75 per share

- 2018-12: $15.65 per share

- 2019-01: $16.82 per share

- 2019-02: $22.85 per share

- 2019-03: $24.48 per share

- 2019-04: $24.16 per share

- 2019-05: $23.99 per share

- 2019-06: $28.30 per share

- 2019-07: $22.62 per share

- 2019-08: $21.76 per share

- 2019-09: $25.07 per share

- 2019-10: $20.85 per share

- 2019-11: $20.90 per share

- 2019-12: $20.51 per share

- 2020-01: $17.51 per share

- 2020-02: $15.55 per share

- 2020-03: $12.76 per share

- 2020-04: $13.05 per share

- 2020-05: $13.73 per share

- 2020-06: $14.30 per share

- 2020-07: $13.48 per share

- 2020-08: $13.42 per share

- 2020-09: $12.67 per share

- 2020-10: $10.86 per share

- 2020-11: $13.16 per share

- 2020-12: $13.49 per share

- 2021-01: $16.27 per share

- 2021-02: $18.68 per share

- 2021-03: $21.37 per share

- 2021-04: $23.70 per share

- 2021-05: $24.25 per share

- 2021-06: $27.64 per share

- 2021-07: $26.17 per share

- 2021-08: $26.37 per share

- 2021-09: $25.68 per share

- 2021-10: $23.39 per share

- 2021-11: $26.78 per share

- 2021-12: $28.89 per share

- 2022-01: $25.41 per share

- 2022-02: $47.82 per share

- 2022-03: $55.31 per share

- 2022-04: $66.41 per share

- 2022-05: $68.52 per share

- 2022-06: $66.03 per share

- 2022-07: $76.72 per share

- 2022-08: $78.80 per share

- 2022-09: $70.33 per share

- 2022-10: $73.99 per share

- 2022-11: $62.08 per share

- 2022-12: $50.96 per share

- 2023-01: $57.50 per share

- 2023-02: $73.96 per share

- 2023-03: $82.56 per share

- 2023-04: $85.45 per share

- 2023-05: $86.59 per share

- 2023-06: $83.92 per share

- 2023-07: $86.49 per share

- 2023-08: $68.44 per share

- 2023-09: $69.48 per share

- 2023-10: $64.60 per share

- 2023-11: $71.62 per share

- 2023-12: $62.00 per share

- 2024-01: $51.93 per share

- 2024-02: $65.38 per share

- 2024-03: $62.24 per share

- 2024-04: $66.54 per share

- 2024-05: $81.83 per share

- 2024-06: $80.29 per share

- 2024-07: $104.83 per share

- 2024-08: $106.47 per share

- 2024-09: $109.75 per share

- 2024-10: $109.84 per share

- 2024-11: $89.27 per share

- 2024-12: $89.46 per share

- 2025-01: $92.51 per share

- 2025-02: $93.82 per share

- 2025-03: $97.60 per share

- 2025-04: $104.34 per share

- 2025-05: $75.56 per share

- 2025-06: $81.86 per share

- 2025-07: $71.19 per share

- 2025-08: $54.90 per share

- 2025-09: $51.29 per share

- 2025-10: $57.69 per share

- 2025-11: $58.87 per share

- 2025-12: $66.55 per share

- 2026-01: $66.92 per share

- 2026-02: $74.91 per share

- 2026-03: $75.85 per share

- 2026-04: $84.62 per share

- 2026-05: $99.30 per share

- 2026-06: $110.94 per share

- 2026-07: $99.64 per share

- 2026-08: $100.96 per share

- 2026-09: $99.53 per share

- 2026-10: $99.99 per share

## Annual estimated value (USD per share)

- FY2017: low $3.81 per share, central $4.09 per share, high $4.47 per share

- FY2018: low $13.20 per share, central $14.65 per share, high $16.58 per share

- FY2019: low $12.61 per share, central $14.05 per share, high $15.97 per share

- FY2020: low $8.92 per share, central $9.97 per share, high $11.36 per share

- FY2021: low $6.13 per share, central $6.79 per share, high $7.68 per share

- FY2022: low $14.53 per share, central $15.76 per share, high $17.40 per share

- FY2023: low $22.63 per share, central $24.89 per share, high $27.36 per share

- FY2024: low $27.52 per share, central $30.60 per share, high $33.62 per share

- FY2025: low $50.89 per share, central $61.59 per share, high $71.03 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1521036/000119312526073498/lnth-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.