NASDAQ : MDGL
Madrigal Pharmaceuticals, Inc. — Financial statements
Healthcare · Biotechnology · United States
Last price 431.7 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 9.97B
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Financial statements
Madrigal Pharmaceuticals, Inc. (MDGL) reported revenue of 1.28B 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 | 1.28B | 958.40M | 180.13M | |||
| Cost of Revenue | 109.42M | 56.15M | 6.23M | |||
| Gross Profit | 1.17B | 902.25M | 173.90M | |||
| Selling, General & Admin | 1.01B | 813.83M | 435.06M | 108.15M | 48.13M | 37.32M |
| Research & Development | 490.14M | 388.52M | 236.72M | 272.35M | 245.44M | 205.16M |
| Operating Expenses | 1.50B | 1.20B | 671.77M | 380.50M | 293.57M | 242.48M |
| Operating Income | -322.62M | -300.10M | -497.88M | -380.50M | -293.57M | -242.48M |
| Interest Expense | -31.51M | -22.31M | -14.67M | -12.71M | -3.96M | |
| Interest & Investment Income | 35.11M | 37.36M | 46.65M | 19.58M | 2.19M | 363.00K |
| Other Non Operating Income (Expenses) | -463.00K | -463.00K | 273.00K | |||
| EBT Excluding Unusual Items | -322.32M | -285.50M | -465.89M | -373.63M | -295.35M | -241.85M |
| Other Unusual Items | -2.78M | -2.78M | ||||
| Pretax Income | -325.10M | -288.28M | -465.89M | -373.63M | -295.35M | -241.85M |
| Net Income | -325.10M | -288.28M | -465.89M | -373.63M | -295.35M | -241.85M |
| Net Income to Common | -325.10M | -288.28M | -465.89M | -373.63M | -295.35M | -241.85M |
| Shares Outstanding (Basic) | 22.87M | 22.43M | 21.27M | 18.69M | 17.14M | 16.54M |
| Shares Outstanding (Diluted) | 22.87M | 22.43M | 21.27M | 18.69M | 17.14M | 16.54M |
| EPS (Basic) | -14.22 | -12.85 | -21.90 | -19.99 | -17.23 | -14.63 |
| EPS (Diluted) | -14.22 | -12.85 | -21.90 | -19.99 | -17.23 | -14.63 |
| Free Cash Flow | -206.28M | -190.02M | -457.03M | -325.71M | -225.07M | -184.13M |
| Free Cash Flow Per Share | -9.02 | -8.47 | -21.48 | -17.43 | -13.13 | -11.13 |
| Gross Margin | 91.48% | 94.14% | 96.54% | |||
| Operating Margin | -25.13% | -31.31% | -276.39% | |||
| Profit Margin | -25.32% | -30.08% | -258.64% | |||
| Free Cash Flow Margin | -16.07% | -19.83% | -253.72% | |||
| EBITDA | -321.10M | -298.59M | -496.78M | -379.97M | -293.10M | -242.08M |
| EBITDA Margin | -25.01% | -31.16% | -275.78% | |||
| D&A For EBITDA | 1.52M | 1.51M | 1.10M | 527.00K | 467.00K | 405.00K |
| EBIT | -322.62M | -300.10M | -497.88M | -380.50M | -293.57M | -242.48M |
| EBIT Margin | -25.13% | -31.31% | -276.39% | |||
| Advertising Expenses | 145.10M | 52.70M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 292.73M | 198.69M | 100.02M | 99.92M | 331.55M | 36.27M |
| Short-Term Investments | 546.03M | 784.87M | 826.23M | 534.22M | 27.23M | 234.08M |
| Cash & Short-Term Investments | 838.75M | 983.56M | 926.25M | 634.13M | 358.77M | 270.35M |
| Accounts Receivable | 192.31M | 134.48M | 53.82M | |||
| Receivables | 192.31M | 134.48M | 53.82M | |||
| Inventory | 99.39M | 74.84M | 34.07M | |||
| Prepaid Expenses | 68.57M | 47.80M | 13.79M | 3.15M | 2.60M | 1.34M |
| Restricted Cash | 155.00K | 5.09M | 5.00M | |||
| Total Current Assets | 1.20B | 1.25B | 1.03B | 637.28M | 361.37M | 271.68M |
| Property, Plant & Equipment | 17.17M | 6.44M | 4.59M | 3.27M | 1.20M | 1.65M |
| Other Intangible Assets | 7.19M | 7.38M | 4.73M | |||
| Total Assets | 1.24B | 1.26B | 1.04B | 640.55M | 362.57M | 273.33M |
| Accounts Payable | 34.51M | 48.88M | 43.60M | 28.04M | 23.83M | 21.38M |
| Accrued Expenses | 338.66M | 260.39M | 124.69M | 89.98M | 91.46M | 55.05M |
| Current Portion of Leases | 1.03M | 1.02M | 983.00K | 527.00K | 602.00K | 410.00K |
| Total Current Liabilities | 374.20M | 310.29M | 169.28M | 118.55M | 115.89M | 76.84M |
| Long-Term Debt | 340.79M | 339.88M | 117.57M | 115.48M | 49.29M | |
| Long-Term Leases | 5.92M | 6.73M | 1.02M | 1.19M | 387.00K | |
| Total Liabilities | 720.92M | 656.90M | 287.86M | 235.21M | 165.18M | 77.22M |
| Common Stock | 2.00K | 2.00K | 2.00K | 2.00K | 2.00K | 2.00K |
| Additional Paid-In Capital | 2.77B | 2.69B | 2.56B | 1.74B | 1.16B | 863.50M |
| Retained Earnings | -2.24B | -2.09B | -1.80B | -1.34B | -962.66M | -667.31M |
| Comprehensive Income & Other | 808.00K | 873.00K | 468.00K | 468.00K | -32.00K | -80.00K |
| Shareholders' Equity | 523.72M | 602.69M | 754.38M | 405.33M | 197.39M | 196.11M |
| Total Liabilities & Equity | 1.24B | 1.26B | 1.04B | 640.55M | 362.57M | 273.33M |
| Total Debt | 347.75M | 347.63M | 119.57M | 117.19M | 49.89M | 797.00K |
| Net Cash (Debt) | 491.00M | 635.93M | 806.68M | 516.94M | 308.88M | 269.55M |
| Net Cash Per Share | 21.47 | 28.35 | 37.92 | 27.66 | 18.02 | 16.30 |
| Filing Date Shares Outstanding | 23.10M | 22.94M | 22.08M | 19.90M | 18.14M | 17.10M |
| Total Common Shares Outstanding | 23.09M | 22.84M | 22.00M | 19.88M | 18.10M | 17.10M |
| Working Capital | 824.98M | 935.48M | 863.65M | 518.73M | 245.47M | 194.85M |
| Book Value Per Share | 22.68 | 26.39 | 34.28 | 20.39 | 10.90 | 11.47 |
| Tangible Book Value | 516.54M | 595.31M | 749.65M | 405.33M | 197.39M | 196.11M |
| Tangible Book Value Per Share | 22.37 | 26.06 | 34.07 | 20.39 | 10.90 | 11.47 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -325.10M | -288.28M | -465.89M | -373.63M | -295.35M | -241.85M |
| Depreciation & Amortization | 5.67M | 4.72M | 1.10M | 527.00K | 467.00K | 405.00K |
| Other Amortization | 1.71M | 1.60M | 2.09M | 2.41M | 797.00K | |
| Stock-Based Compensation | 121.43M | 98.13M | 79.88M | 49.73M | 31.62M | 26.87M |
| Other Operating Activities | 10.38M | 2.78M | -400.00K | |||
| Change in Accounts Receivable | -113.08M | -80.65M | -53.82M | |||
| Change in Inventory | -41.20M | -36.98M | -34.07M | |||
| Change in Accounts Payable | -6.65M | 5.28M | 15.56M | 4.21M | 2.45M | 20.36M |
| Change in Other Net Operating Assets | 149.12M | 103.86M | -13.00K | -7.49M | 35.15M | 10.29M |
| Operating Cash Flow | -197.72M | -189.55M | -455.57M | -324.23M | -224.86M | -183.92M |
| Capital Expenditures | -8.57M | -467.00K | -1.46M | -1.48M | -217.00K | -209.00K |
| Sale (Purchase) of Intangibles | -3.00M | -3.00M | -5.00M | |||
| Investment in Securities | 58.54M | 35.79M | -267.92M | -501.04M | 206.90M | -4.85M |
| Investing Cash Flow | 46.97M | 32.32M | -274.39M | -502.52M | 206.69M | -5.05M |
| Long-Term Debt Issued | 350.00M | 65.00M | 50.00M | |||
| Total Debt Issued | 350.00M | 350.00M | 65.00M | 50.00M | ||
| Long-Term Debt Repaid | -121.66M | |||||
| Net Debt Issued (Repaid) | 228.34M | 228.34M | 65.00M | 50.00M | ||
| Issuance of Common Stock | 33.12M | 38.05M | 735.06M | 530.48M | 264.34M | 171.24M |
| Other Financing Activities | -10.41M | -10.41M | -363.00K | -886.00K | ||
| Financing Cash Flow | 251.04M | 255.98M | 735.06M | 595.12M | 313.45M | 171.24M |
| Foreign Exchange Rate Adjustments | 1.39M | 13.00K | ||||
| Net Cash Flow | 101.69M | 98.76M | 5.10M | -231.63M | 295.28M | -17.73M |
| Free Cash Flow | -206.28M | -190.02M | -457.03M | -325.71M | -225.07M | -184.13M |
| Free Cash Flow Margin | -16.07% | -19.83% | -253.72% | |||
| Free Cash Flow Per Share | -9.02 | -8.47 | -21.48 | -17.43 | -13.13 | -11.13 |
| Levered Free Cash Flow | -80.47M | -115.08M | -296.99M | -192.38M | -115.68M | -94.62M |
| Unlevered Free Cash Flow | -62.48M | -102.74M | -289.91M | -186.85M | -114.00M | -94.62M |
| Change in Working Capital | -11.81M | -8.50M | -72.34M | -3.28M | 37.60M | 30.65M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 9.94B | 13.23B | 6.73B | 4.57B | 5.18B | 1.45B |
| Enterprise Value | 9.45B | 12.46B | 5.85B | 4.45B | 5.08B | 1.15B |
| Last Close Price | 430.36 | 582.34 | 308.57 | 231.38 | 290.25 | 84.74 |
| Forward PE | 191.16 | |||||
| PS Ratio | 7.74 | 13.80 | 37.36 | |||
| PB Ratio | 18.98 | 21.95 | 8.92 | 11.27 | 26.24 | 7.39 |
| P/TBV Ratio | 19.25 | 22.22 | 8.98 | 11.27 | 26.24 | 7.39 |
| EV/Sales Ratio | 7.36 | 13.00 | 32.48 | |||
| Debt / Equity Ratio | 0.66 | 0.58 | 0.16 | 0.29 | 0.25 | 0.00 |
| Net Debt / Equity Ratio | -0.94 | -1.05 | -1.07 | -1.27 | -1.56 | -1.37 |
| Net Debt / EBITDA Ratio | 1.53 | 2.13 | 1.62 | 1.36 | 1.05 | 1.11 |
| Net Debt / FCF Ratio | 2.38 | 3.35 | 1.76 | 1.59 | 1.37 | 1.46 |
| Asset Turnover | 1.14 | 0.83 | 0.21 | |||
| Inventory Turnover | 1.34 | 1.03 | ||||
| Quick Ratio | 2.75 | 3.60 | 5.79 | 5.35 | 3.10 | 3.52 |
| Current Ratio | 3.21 | 4.01 | 6.10 | 5.38 | 3.12 | 3.54 |
| Return on Equity (ROE) | -53.31% | -42.49% | -80.35% | -123.98% | -150.12% | -110.92% |
| Return on Assets (ROA) | -17.84% | -16.30% | -36.98% | -47.41% | -57.71% | -54.09% |
| Return on Capital Employed (ROCE) | -37.10% | -31.60% | -57.00% | -72.90% | -119.00% | -123.40% |
| Earnings Yield | -3.30% | -2.18% | -6.92% | -8.18% | -5.70% | -16.69% |
| FCF Yield | -2.07% | -1.44% | -6.79% | -7.13% | -4.35% | -12.71% |
| Buyback Yield / Dilution | -3.96% | -5.46% | -13.83% | -9.05% | -3.64% | -7.05% |