NASDAQ : LQDA
Liquidia Corporation — Financial statements
Healthcare · Drug Manufacturers - Specialty & Generic · United States
Last price 44.99 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 4.03B
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Financial statements
Liquidia Corporation (LQDA) reported revenue of 450.91M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 450.91M | 158.32M | 14.00M | 17.49M | 15.94M | 12.85M |
| Cost of Revenue | 33.63M | 13.24M | 5.88M | 2.89M | 2.86M | 3.02M |
| Gross Profit | 417.28M | 145.08M | 8.12M | 14.60M | 13.08M | 9.83M |
| Selling, General & Admin | 192.66M | 157.18M | 82.31M | 45.44M | 33.11M | 23.81M |
| Research & Development | 56.04M | 39.28M | 47.10M | 42.54M | 18.73M | 19.82M |
| Operating Expenses | 248.70M | 196.45M | 129.41M | 87.98M | 51.85M | 43.63M |
| Operating Income | 168.57M | -51.38M | -121.29M | -73.38M | -38.77M | -33.80M |
| Interest Expense | -26.63M | -24.17M | -14.65M | -6.27M | -2.34M | -762.00K |
| Interest & Investment Income | 7.56M | 6.62M | 7.65M | 3.47M | 1.09M | 33.00K |
| EBT Excluding Unusual Items | 149.50M | -68.92M | -128.29M | -76.19M | -40.02M | -34.53M |
| Other Unusual Items | -2.31M | -997.00K | -53.00K | |||
| Pretax Income | 149.50M | -68.92M | -128.29M | -78.50M | -41.02M | -34.58M |
| Net Income | 138.61M | -68.92M | -128.29M | -78.50M | -41.02M | -34.58M |
| Net Income to Common | 138.61M | -68.92M | -128.29M | -78.50M | -41.02M | -34.58M |
| Shares Outstanding (Basic) | 87.59M | 86.06M | 78.71M | 64.99M | 60.96M | 49.68M |
| Shares Outstanding (Diluted) | 94.00M | 86.06M | 78.71M | 64.99M | 60.96M | 49.68M |
| EPS (Basic) | 1.58 | -0.80 | -1.63 | -1.21 | -0.67 | -0.70 |
| EPS (Diluted) | 1.48 | -0.80 | -1.63 | -1.21 | -0.67 | -0.70 |
| Free Cash Flow | 150.69M | -40.02M | -98.37M | -42.85M | -29.18M | -34.14M |
| Free Cash Flow Per Share | 1.60 | -0.47 | -1.25 | -0.66 | -0.48 | -0.69 |
| Gross Margin | 92.54% | 91.64% | 57.99% | 83.49% | 82.06% | 76.48% |
| Operating Margin | 37.39% | -32.45% | -866.63% | -419.62% | -243.30% | -262.95% |
| Profit Margin | 30.74% | -43.54% | -916.63% | -448.89% | -257.39% | -269.03% |
| Free Cash Flow Margin | 33.42% | -25.28% | -702.85% | -245.05% | -183.12% | -265.63% |
| EBITDA | 169.77M | -50.35M | -119.70M | -71.81M | -36.62M | -30.89M |
| EBITDA Margin | 37.65% | -31.80% | -229.83% | -240.29% | ||
| D&A For EBITDA | 1.19M | 1.03M | 1.60M | 1.58M | 2.15M | 2.91M |
| EBIT | 168.57M | -51.38M | -121.29M | -73.38M | -38.77M | -33.80M |
| EBIT Margin | 37.39% | -32.45% | -243.30% | -262.95% | ||
| Revenue as Reported | 450.91M | 158.32M | 14.00M | 17.49M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 284.18M | 190.68M | 176.48M | 83.68M | 93.28M | 57.49M |
| Cash & Short-Term Investments | 284.18M | 190.68M | 176.48M | 83.68M | 93.28M | 57.49M |
| Accounts Receivable | 108.58M | 54.09M | 2.72M | 4.06M | 5.02M | 2.99M |
| Receivables | 108.58M | 54.09M | 2.72M | 4.06M | 5.02M | 2.99M |
| Inventory | 36.18M | 23.80M | 241.00K | |||
| Prepaid Expenses | 8.77M | 4.83M | 5.67M | 2.16M | 1.51M | 792.00K |
| Total Current Assets | 437.71M | 273.40M | 185.10M | 89.90M | 99.81M | 61.28M |
| Property, Plant & Equipment | 38.62M | 15.79M | 12.48M | 6.18M | 6.25M | 7.43M |
| Goodwill | 3.90M | 3.90M | 3.90M | 3.90M | 3.90M | 3.90M |
| Other Intangible Assets | 2.85M | 2.95M | 3.16M | 3.43M | 3.73M | 4.39M |
| Long-Term Deferred Charges | 6.57M | 6.82M | 7.29M | 7.92M | 8.60M | 10.14M |
| Other Long-Term Assets | 31.36M | 25.07M | 18.38M | 6.99M | 6.90M | 6.59M |
| Total Assets | 521.92M | 327.93M | 230.31M | 118.33M | 129.20M | 93.73M |
| Accounts Payable | 12.75M | 3.68M | 4.69M | 1.40M | 2.20M | 1.07M |
| Accrued Expenses | 113.92M | 73.20M | 18.66M | 13.40M | 5.52M | 5.17M |
| Current Portion of Long-Term Debt | 53.95M | 58.41M | 18.02M | 2.62M | ||
| Current Portion of Leases | 899.00K | 487.00K | 417.00K | 1.14M | 1.08M | 1.09M |
| Total Current Liabilities | 189.30M | 135.77M | 41.78M | 18.55M | 8.80M | 7.33M |
| Long-Term Debt | 122.15M | 132.94M | 95.27M | 43.42M | 19.88M | 10.41M |
| Long-Term Leases | 5.89M | 6.10M | 6.59M | 2.36M | 3.50M | 4.58M |
| Other Long-Term Liabilities | 9.46M | 8.38M | 7.30M | 6.71M | 6.59M | 6.14M |
| Total Liabilities | 326.80M | 283.19M | 150.94M | 71.04M | 38.78M | 28.46M |
| Common Stock | 89.00K | 87.00K | 85.00K | 69.00K | 64.00K | 52.00K |
| Additional Paid-In Capital | 693.75M | 670.97M | 636.68M | 476.32M | 440.95M | 374.79M |
| Retained Earnings | -498.73M | -626.31M | -557.39M | -429.10M | -350.60M | -309.58M |
| Total Common Equity | 195.11M | 44.75M | 79.38M | 47.29M | 90.42M | 65.27M |
| Shareholders' Equity | 195.11M | 44.75M | 79.38M | 47.29M | 90.42M | 65.27M |
| Total Liabilities & Equity | 521.92M | 327.93M | 230.31M | 118.33M | 129.20M | 93.73M |
| Total Debt | 182.90M | 197.93M | 120.29M | 49.54M | 24.46M | 16.08M |
| Net Cash (Debt) | 101.28M | -7.25M | 56.19M | 34.14M | 68.82M | 41.41M |
| Net Cash Per Share | 1.08 | -0.08 | 0.71 | 0.53 | 1.13 | 0.83 |
| Filing Date Shares Outstanding | 89.51M | 88.11M | 85.30M | 76.03M | 64.69M | 52.44M |
| Total Common Shares Outstanding | 89.10M | 87.20M | 84.68M | 68.63M | 64.52M | 52.29M |
| Working Capital | 248.41M | 137.63M | 143.32M | 71.35M | 91.01M | 53.95M |
| Book Value Per Share | 2.19 | 0.51 | 0.94 | 0.69 | 1.40 | 1.25 |
| Tangible Book Value | 188.37M | 37.89M | 72.32M | 39.96M | 82.79M | 56.97M |
| Tangible Book Value Per Share | 2.11 | 0.43 | 0.85 | 0.58 | 1.28 | 1.09 |
| Land | 9.09M | 5.23M | 6.92M | |||
| Machinery | 2.61M | 2.46M | 1.23M | 7.58M | 6.70M | 7.14M |
| Construction In Progress | 27.60M | 5.09M | 3.00M | 804.00K | 155.00K | |
| Leasehold Improvements | 13.34M | 13.03M | 12.96M | 11.41M | 11.41M | 11.46M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 138.61M | -68.92M | -128.29M | -78.50M | -41.02M | -34.58M |
| Depreciation & Amortization | 1.19M | 1.03M | 1.60M | 1.58M | 2.15M | 2.91M |
| Other Amortization | 500.00K | 500.00K | 600.00K | 600.00K | 1.50M | 2.70M |
| Loss (Gain) From Sale of Assets | 11.00K | 11.00K | 46.00K | -2.00K | 4.00K | 44.00K |
| Asset Writedown & Restructuring Costs | 3.00M | 2.00M | 3.50M | 10.00M | ||
| Stock-Based Compensation | 34.69M | 29.47M | 18.81M | 10.09M | 9.30M | 6.75M |
| Other Operating Activities | 26.64M | 24.41M | 15.11M | 8.80M | 1.64M | 522.00K |
| Change in Accounts Receivable | -98.62M | -51.37M | 1.34M | 956.00K | -2.03M | -2.99M |
| Change in Inventory | -29.07M | -22.99M | -241.00K | |||
| Change in Accounts Payable | -8.55M | -2.59M | 2.33M | -1.15M | 814.00K | -7.56M |
| Change in Other Net Operating Assets | 99.29M | 52.77M | -8.22M | 6.07M | -945.00K | -1.83M |
| Operating Cash Flow | 167.71M | -35.69M | -93.42M | -41.56M | -28.59M | -34.03M |
| Capital Expenditures | -17.01M | -4.34M | -4.95M | -1.29M | -592.00K | -107.00K |
| Sale of Property, Plant & Equipment | 8.00K | 2.00K | 5.00K | |||
| Sale (Purchase) of Intangibles | -3.00M | -2.00M | -3.50M | -10.00M | ||
| Investing Cash Flow | -20.01M | -6.34M | -8.44M | -11.29M | -587.00K | -107.00K |
| Long-Term Debt Issued | 74.97M | 57.46M | 41.74M | 19.77M | 10.41M | |
| Long-Term Debt Repaid | -21.15M | -4.96M | -24.02M | -10.81M | -10.83M | |
| Net Debt Issued (Repaid) | -44.14M | 53.82M | 52.50M | 17.72M | 8.96M | -420.00K |
| Issuance of Common Stock | 6.63M | 4.82M | 141.57M | 25.42M | 55.56M | 21.75M |
| Other Financing Activities | 577.00K | 1.08M | 593.00K | 113.00K | 451.00K | 4.99M |
| Financing Cash Flow | -36.94M | 59.73M | 194.66M | 43.25M | 64.96M | 26.32M |
| Net Cash Flow | 110.76M | 17.70M | 92.80M | -9.60M | 35.79M | -7.82M |
| Free Cash Flow | 150.69M | -40.02M | -98.37M | -42.85M | -29.18M | -34.14M |
| Free Cash Flow Margin | 33.42% | -25.28% | -702.85% | -245.05% | -183.12% | -265.63% |
| Free Cash Flow Per Share | 1.60 | -0.47 | -1.25 | -0.66 | -0.48 | -0.69 |
| Levered Free Cash Flow | 74.30M | -43.12M | -66.27M | -41.42M | -14.61M | -16.29M |
| Unlevered Free Cash Flow | 90.94M | -28.01M | -57.11M | -37.50M | -13.15M | -15.81M |
| Cash Interest Paid | 360.00K | 1.63M | 423.00K | |||
| Change in Working Capital | -36.94M | -24.18M | -4.79M | 5.87M | -2.16M | -12.38M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.03B | 3.00B | 995.33M | 822.82M | 410.83M | 253.13M |
| Enterprise Value | 3.93B | 3.04B | 906.79M | 795.09M | 337.12M | 205.35M |
| Last Close Price | 45.06 | 34.49 | 11.76 | 12.03 | 6.37 | 4.87 |
| Forward PE | 42.67 | 21.74 | ||||
| PS Ratio | 8.94 | 18.95 | 71.11 | 47.05 | 25.78 | 19.69 |
| PB Ratio | 20.58 | 67.05 | 12.54 | 17.40 | 4.54 | 3.88 |
| P/TBV Ratio | 21.41 | 79.18 | 13.76 | 20.59 | 4.96 | 4.44 |
| EV/Sales Ratio | 8.72 | 19.21 | 64.79 | 45.47 | 21.16 | 15.98 |
| Debt / Equity Ratio | 0.94 | 4.42 | 1.51 | 1.05 | 0.27 | 0.25 |
| Debt / FCF Ratio | 1.21 | |||||
| Net Debt / Equity Ratio | -0.52 | 0.16 | -0.71 | -0.72 | -0.76 | -0.64 |
| Net Debt / EBITDA Ratio | -0.60 | -0.14 | 0.47 | 0.47 | 1.88 | 1.34 |
| Net Debt / FCF Ratio | -0.67 | -0.18 | 0.57 | 0.80 | 2.36 | 1.21 |
| Asset Turnover | 1.16 | 0.57 | 0.08 | 0.14 | 0.14 | 0.13 |
| Inventory Turnover | 1.58 | 1.10 | ||||
| Quick Ratio | 2.08 | 1.80 | 4.29 | 4.73 | 11.17 | 8.26 |
| Current Ratio | 2.31 | 2.01 | 4.43 | 4.85 | 11.34 | 8.36 |
| Return on Equity (ROE) | 131.82% | -111.05% | -202.56% | -114.01% | -52.69% | -50.72% |
| Return on Assets (ROA) | 27.04% | -11.50% | -43.49% | -37.06% | -21.74% | -21.86% |
| Return on Capital Employed (ROCE) | 50.70% | -26.70% | -64.30% | -73.50% | -32.20% | -39.10% |
| Earnings Yield | 3.28% | -2.30% | -12.89% | -9.54% | -9.98% | -13.66% |
| FCF Yield | 3.74% | -1.33% | -9.88% | -5.21% | -7.10% | -13.49% |
| Buyback Yield / Dilution | -12.65% | -9.34% | -21.10% | -6.62% | -22.71% | -46.59% |