Elite’s discussion on debt-
Elite on the other hand, we've been developing products, we've been commercializing products, but without incurring anywhere near the level of debt incurred by so many others in the industry. Our growth has been financed at first, through equity financing, and for most of this fiscal year from internal cash flows alone, no debt. I repeat that. No debt.
So when we talk about fundamentals being in place, there is three debt-related ratios that I focus on. And all three demonstrate just how relatively debt free we are in comparison to some of our peers in the generic market.
First is the ratio of long-term debt to current market cap. Now Elite’s long-term debt is less than 5% of our market cap. That compares to Teva, which is 190%, Amneal 340%, and Endo, which is 400%. So these companies, they each have loans that are two, three and four times their market caps and Elite is just the opposite. It's our market cap that's larger, and it's more than 20 times that of our long-term loans.
Second ratio, our focus on a lot is the ratio between long-term debt and equity. So Elite’s long-term debt is approximately 21% of its equity. And that compares with Teva, which is 202%, Amneal 973% and Endo, which has negative equity and more than $8 billion in long-term debt. So Elite’s debt is a fraction of its equity, while others have debts that are multiples of their equity.
The third ratio that really sticks out is the times interest earned ratio and that measures EBIT -- Earnings Before Interest and Taxes in relation to interest expense. So this is a ratio where the higher number indicates stronger financials due to revenues being greater than underlying debt and interest expense. So Elite’s times interest ratio is 18 that’s compared to three for Teva and one for Amneal, and one for Endo.
So this means that thanks to our low level of debt, we have a much greater percentage of earnings available for product development as compared to other companies, which have debt and interest expense that consume large portions of their earnings, leaving less available for product development. So one of the reasons why we're able this year to fund product development internally – from internal cash flows.
So if you ask me about the status of an uplisting, I would say that everything we need to do and need to see from a financial standpoint is coming together. The fundamentals on the P&L statement, the cash flow statement and the balance sheet they've improved substantially, and are actually in some cases among the strongest in our sector. This is on the critical path to achieving the uplisting and we're doing well in meeting this.
So to sum things up from a finance perspective, our financials continue to strengthen, revenues are up, cash flow is positive, debt is low -- very low, and the ratios and fundamentals are coming together on target. You know, things don't always go as planned, but this is going as planned and it's nice to see so much being on track.
