NASDAQ : MNKD
MannKind Corporation — Financial statements
Healthcare · Biotechnology · United States
Last price 3.5 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.13B
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Financial statements
MannKind Corporation (MNKD) reported revenue of 393.63M 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 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 393.63M | 348.97M | 285.50M | 198.96M | 99.77M | 75.44M |
| Revenue | 393.63M | 348.97M | 285.50M | 198.96M | 99.77M | 75.44M |
| Cost of Revenue | 96.89M | 87.96M | 76.60M | 62.77M | 57.50M | 38.86M |
| Gross Profit | 296.74M | 261.01M | 208.90M | 136.19M | 42.27M | 36.59M |
| Selling, General & Admin | 199.89M | 144.13M | 94.33M | 94.31M | 91.47M | 77.42M |
| Research & Development | 76.88M | 66.35M | 45.89M | 31.28M | 19.72M | 12.31M |
| Amortization of Goodwill & Intangibles | 12.71M | 3.97M | ||||
| Operating Expenses | 289.48M | 214.46M | 140.22M | 125.60M | 111.19M | 89.73M |
| Operating Income | 7.26M | 46.55M | 68.68M | 10.59M | -68.92M | -53.14M |
| Interest Expense | -48.46M | -38.03M | -37.98M | -25.16M | -24.77M | -16.58M |
| Interest & Investment Income | 6.72M | 8.05M | 12.62M | 6.15M | 2.51M | 112.00K |
| Currency Exchange Gain (Loss) | 1.93M | -7.75M | 3.91M | -1.92M | 4.81M | 6.57M |
| Other Non Operating Income (Expenses) | 20.00K | 20.00K | 32.00K | 122.00K | -102.00K | -578.00K |
| EBT Excluding Unusual Items | -32.53M | 8.85M | 47.25M | -10.21M | -86.47M | -63.62M |
| Gain (Loss) on Sale of Investments | -6.41M | -6.41M | -1.55M | -170.00K | -932.00K | |
| Asset Writedown | -106.00K | |||||
| Other Unusual Items | -9.71M | -1.03M | -15.19M | -17.20M | ||
| Pretax Income | -48.65M | 1.41M | 30.52M | -10.38M | -87.40M | -80.93M |
| Income Tax Expense | -5.04M | -4.46M | 2.93M | 1.56M | ||
| Net Income | -43.61M | 5.86M | 27.59M | -11.94M | -87.40M | -80.93M |
| Net Income to Common | -43.61M | 5.86M | 27.59M | -11.94M | -87.40M | -80.93M |
| Shares Outstanding (Basic) | 276.67M | 274.42M | 274.42M | 267.01M | 257.09M | 249.24M |
| Shares Outstanding (Diluted) | 276.67M | 314.11M | 283.84M | 267.01M | 257.09M | 249.24M |
| EPS (Basic) | -0.16 | 0.02 | 0.10 | -0.04 | -0.34 | -0.32 |
| EPS (Diluted) | -0.16 | 0.02 | 0.10 | -0.04 | -0.34 | -0.32 |
| Free Cash Flow | -18.14M | 13.69M | 32.82M | -8.35M | -88.27M | -73.17M |
| Free Cash Flow Per Share | -0.07 | 0.04 | 0.12 | -0.03 | -0.34 | -0.29 |
| Gross Margin | 75.39% | 74.79% | 73.17% | 68.45% | 42.37% | 48.49% |
| Operating Margin | 1.85% | 13.34% | 24.06% | 5.33% | -69.08% | -70.44% |
| Profit Margin | -11.08% | 1.68% | 9.66% | -6.00% | -87.60% | -107.27% |
| Free Cash Flow Margin | -4.61% | 3.92% | 11.49% | -4.20% | -88.47% | -97.00% |
| EBITDA | 19.54M | 58.83M | 76.05M | 15.13M | -65.60M | -51.16M |
| EBITDA Margin | 4.96% | 16.86% | 26.64% | 7.60% | -65.75% | -67.81% |
| D&A For EBITDA | 12.27M | 12.28M | 7.37M | 4.54M | 3.33M | 1.99M |
| EBIT | 7.26M | 46.55M | 68.68M | 10.59M | -68.92M | -53.14M |
| EBIT Margin | 1.85% | 13.34% | 24.06% | 5.33% | -69.08% | -70.44% |
| Effective Tax Rate | 9.60% | |||||
| Revenue as Reported | 393.63M | 348.97M | 285.50M | 198.96M | 99.77M | 75.44M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 52.93M | 74.88M | 46.34M | 238.48M | 69.77M | 124.18M |
| Short-Term Investments | 58.20M | 96.46M | 157.22M | 63.52M | 108.18M | 79.93M |
| Cash & Short-Term Investments | 111.13M | 171.35M | 203.56M | 302.00M | 177.95M | 204.12M |
| Accounts Receivable | 72.31M | 68.57M | 36.10M | 36.60M | 16.80M | 4.74M |
| Other Receivables | 500.00K | 700.00K | 1.00M | 500.00K | ||
| Receivables | 72.81M | 69.27M | 37.10M | 37.10M | 16.80M | 4.74M |
| Inventory | 44.42M | 35.31M | 27.89M | 28.55M | 21.77M | 7.15M |
| Prepaid Expenses | 17.36M | 15.65M | -240.00K | 5.75M | 18.38M | 3.48M |
| Total Current Assets | 245.71M | 291.58M | 268.31M | 373.39M | 234.90M | 219.49M |
| Property, Plant & Equipment | 96.01M | 94.25M | 98.47M | 88.91M | 51.84M | 36.61M |
| Long-Term Investments | 5.01M | 5.48M | 7.16M | 1.96M | 56.62M | |
| Goodwill | 67.59M | 67.59M | 1.93M | 1.93M | 2.43M | |
| Other Intangible Assets | 315.96M | 324.70M | 5.26M | 1.07M | 1.15M | |
| Other Long-Term Assets | 7.03M | 9.05M | 14.38M | 2.74M | 3.00M | 8.44M |
| Total Assets | 732.30M | 792.18M | 393.84M | 475.20M | 295.28M | 321.16M |
| Accounts Payable | 11.04M | 9.03M | 6.79M | 9.58M | 11.05M | 7.83M |
| Accrued Expenses | 56.85M | 56.17M | 32.07M | 32.18M | 26.75M | 21.31M |
| Current Portion of Long-Term Debt | 36.28M | 20.00M | ||||
| Current Portion of Leases | 12.56M | 12.44M | 12.48M | 11.23M | 10.87M | 8.36M |
| Current Income Taxes Payable | 1.56M | |||||
| Current Unearned Revenue | 11.09M | 15.33M | 12.41M | 9.09M | 1.73M | 827.00K |
| Other Current Liabilities | 51.35M | 41.77M | 18.08M | 20.49M | 16.89M | 10.02M |
| Total Current Liabilities | 142.90M | 171.03M | 81.84M | 104.12M | 67.30M | 48.35M |
| Long-Term Debt | 319.08M | 318.36M | 36.05M | 248.70M | 273.49M | 281.20M |
| Long-Term Leases | 102.18M | 103.78M | 105.52M | 98.24M | 99.86M | 94.56M |
| Long-Term Unearned Revenue | 36.86M | 39.98M | 51.16M | 69.79M | 37.68M | 24.49M |
| Other Long-Term Liabilities | 198.48M | 210.05M | 198.09M | 200.50M | 67.50M | 81.90M |
| Total Liabilities | 799.50M | 843.20M | 472.66M | 721.37M | 545.82M | 530.51M |
| Common Stock | 3.10M | 3.08M | 3.03M | 2.70M | 2.64M | 2.52M |
| Additional Paid-In Capital | 3.16B | 3.14B | 3.12B | 2.98B | 2.96B | 2.92B |
| Retained Earnings | -3.23B | -3.20B | -3.20B | -3.23B | -3.22B | -3.13B |
| Comprehensive Income & Other | -19.00K | 115.00K | 1.11M | |||
| Shareholders' Equity | -67.20M | -51.02M | -78.82M | -246.17M | -250.54M | -209.35M |
| Total Liabilities & Equity | 732.30M | 792.18M | 393.84M | 475.20M | 295.28M | 321.16M |
| Total Debt | 433.83M | 470.86M | 154.06M | 378.18M | 384.21M | 384.12M |
| Net Cash (Debt) | -322.70M | -299.51M | 49.50M | -76.18M | -206.27M | -180.01M |
| Net Cash Per Share | -1.17 | -0.95 | 0.17 | -0.29 | -0.80 | -0.72 |
| Filing Date Shares Outstanding | 321.54M | 308.10M | 303.59M | 270.42M | 263.92M | 251.80M |
| Total Common Shares Outstanding | 309.91M | 307.83M | 302.96M | 270.03M | 263.79M | 251.48M |
| Working Capital | 102.81M | 120.55M | 186.47M | 269.27M | 167.60M | 171.14M |
| Book Value Per Share | -0.22 | -0.17 | -0.26 | -0.91 | -0.95 | -0.83 |
| Tangible Book Value | -450.76M | -443.32M | -86.01M | -249.17M | -254.12M | -209.35M |
| Tangible Book Value Per Share | -1.45 | -1.44 | -0.28 | -0.92 | -0.96 | -0.83 |
| Land | 875.00K | 875.00K | 875.00K | 875.00K | 875.00K | 875.00K |
| Buildings | 109.21M | 108.38M | 108.20M | 63.75M | 56.34M | 56.04M |
| Machinery | 81.96M | 80.69M | 76.81M | 72.14M | 69.76M | 66.47M |
| Construction In Progress | 10.94M | 6.40M | 6.15M | 49.00M | 16.71M | 10.89M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -43.61M | 5.86M | 27.59M | -11.94M | -87.40M | -80.93M |
| Depreciation & Amortization | 12.27M | 12.28M | 7.37M | 4.54M | 6.31M | 3.24M |
| Other Amortization | 10.10M | 854.00K | 1.65M | 2.08M | 2.09M | 1.71M |
| Asset Writedown & Restructuring Costs | 106.00K | |||||
| Loss (Gain) From Sale of Investments | 6.41M | 6.41M | 1.55M | 170.00K | 1.64M | 520.00K |
| Stock-Based Compensation | 27.97M | 24.20M | 21.36M | 17.65M | 13.45M | 12.20M |
| Other Operating Activities | 7.66M | 14.56M | 19.47M | 4.86M | 7.29M | 19.17M |
| Change in Accounts Receivable | 5.80M | -4.76M | 2.65M | 2.35M | -11.81M | -776.00K |
| Change in Inventory | -12.51M | -6.62M | -3.20M | -11.35M | -5.67M | -4.08M |
| Change in Accounts Payable | -18.18M | -16.71M | -2.79M | -1.47M | 4.10M | 1.37M |
| Change in Unearned Revenue | -8.48M | -8.26M | -15.31M | 39.46M | 14.10M | -9.62M |
| Change in Other Net Operating Assets | 4.53M | -9.56M | -17.83M | -12.26M | -24.77M | -4.63M |
| Operating Cash Flow | -8.05M | 18.25M | 42.51M | 34.09M | -80.68M | -61.71M |
| Capital Expenditures | -10.08M | -4.57M | -9.69M | -42.44M | -7.59M | -11.47M |
| Cash Acquisitions | -347.74M | -347.74M | -15.34M | |||
| Investment in Securities | 87.44M | 57.51M | -87.35M | 40.07M | 27.80M | -140.07M |
| Other Investing Activities | -10.00M | -10.00M | 396.00K | 382.00K | ||
| Investing Cash Flow | -280.39M | -304.80M | -96.65M | -1.99M | 4.87M | -151.54M |
| Long-Term Debt Issued | 325.00M | 332.25M | ||||
| Long-Term Debt Repaid | -726.00K | -133.57M | -6.86M | -18.00K | -47.05M | |
| Total Debt Repaid | -36.39M | -726.00K | -133.57M | -6.86M | -18.00K | -47.05M |
| Net Debt Issued (Repaid) | 288.61M | 324.27M | -133.57M | -6.86M | -18.00K | 285.20M |
| Issuance of Common Stock | 3.03M | 1.99M | 3.14M | 8.71M | 22.88M | 1.99M |
| Repurchase of Common Stock | -3.26M | -6.09M | -10.16M | -498.00K | ||
| Other Financing Activities | -7.27M | -7.91M | -752.00K | 144.92M | -1.47M | -16.43M |
| Financing Cash Flow | 284.37M | 315.10M | -137.27M | 136.61M | 21.39M | 270.27M |
| Net Cash Flow | -4.07M | 28.55M | -191.40M | 168.71M | -54.42M | 57.02M |
| Free Cash Flow | -18.14M | 13.69M | 32.82M | -8.35M | -88.27M | -73.17M |
| Free Cash Flow Margin | -4.61% | 3.92% | 11.49% | -4.20% | -88.47% | -97.00% |
| Free Cash Flow Per Share | -0.07 | 0.04 | 0.12 | -0.03 | -0.34 | -0.29 |
| Levered Free Cash Flow | 40.31M | 35.57M | 42.97M | -25.25M | -69.44M | -70.44M |
| Unlevered Free Cash Flow | 69.09M | 58.48M | 65.06M | -11.61M | -56.05M | -61.79M |
| Cash Interest Paid | 23.65M | 14.72M | 17.51M | 18.28M | 8.85M | 11.27M |
| Cash Income Tax Paid | 1.45M | 1.71M | 4.26M | |||
| Change in Working Capital | -28.85M | -45.91M | -36.47M | 16.73M | -24.05M | -17.73M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.18B | 1.74B | 1.77B | 981.25M | 1.39B | 1.10B |
| Enterprise Value | 1.50B | 1.71B | 1.86B | 1.21B | 1.60B | 1.24B |
| Last Close Price | 3.65 | 5.67 | 6.43 | 3.64 | 5.27 | 4.37 |
| PE Ratio | 296.96 | 64.28 | ||||
| Forward PE | 84.50 | 42.30 | 52.00 | |||
| PS Ratio | 2.98 | 4.99 | 6.21 | 4.93 | 13.90 | 14.55 |
| PB Ratio | -34.12 | -22.50 | -3.99 | -5.54 | -5.25 | |
| P/FCF Ratio | 127.19 | 54.03 | ||||
| P/OCF Ratio | 95.38 | 41.71 | 28.78 | |||
| EV/Sales Ratio | 3.80 | 4.89 | 6.52 | 6.11 | 16.08 | 16.44 |
| EV/EBITDA Ratio | 76.60 | 29.00 | 24.49 | 80.29 | ||
| EV/EBIT Ratio | 205.99 | 36.66 | 27.12 | 114.66 | ||
| EV/FCF Ratio | 124.66 | 56.75 | ||||
| Debt / Equity Ratio | -6.46 | -9.23 | -1.96 | -1.54 | -1.53 | -1.83 |
| Debt / EBITDA Ratio | 18.76 | 7.53 | 1.97 | 22.37 | ||
| Debt / FCF Ratio | 34.40 | 4.69 | ||||
| Net Debt / Equity Ratio | -4.80 | -5.87 | 0.63 | -0.31 | -0.82 | -0.86 |
| Net Debt / EBITDA Ratio | 16.52 | 5.09 | -0.65 | 5.04 | -3.15 | -3.52 |
| Net Debt / FCF Ratio | -17.79 | 21.88 | -1.51 | -9.13 | -2.34 | -2.46 |
| Asset Turnover | 0.69 | 0.59 | 0.66 | 0.52 | 0.32 | 0.35 |
| Inventory Turnover | 2.66 | 2.78 | 2.71 | 2.50 | 3.98 | 6.41 |
| Quick Ratio | 1.29 | 1.41 | 2.94 | 3.26 | 2.89 | 4.32 |
| Current Ratio | 1.72 | 1.71 | 3.28 | 3.59 | 3.49 | 4.54 |
| Return on Assets (ROA) | 0.79% | 4.91% | 9.88% | 1.72% | -13.98% | -15.46% |
| Return on Invested Capital (ROIC) | 1.21% | 9.98% | 18.18% | 3.54% | -27.52% | -34.54% |
| Return on Capital Employed (ROCE) | 1.20% | 7.50% | 22.00% | 2.90% | -30.20% | -19.50% |
| Earnings Yield | -4.30% | 0.34% | 1.56% | -1.22% | -6.30% | -7.37% |
| FCF Yield | -1.55% | 0.79% | 1.85% | -0.85% | -6.36% | -6.66% |
| Buyback Yield / Dilution | 7.89% | -10.66% | -6.30% | -3.86% | -3.15% | -11.98% |