Liquidia Corporation
LQDAHealthcare|Medical - Pharmaceuticals|US
$44.40
-0.09 (-0.20%)
Tangible Book / Share
$2.12
Graham Number
$8.78
Cash / Share
$3.20
Financials
Financial Snapshot
Market Cap
$3.97B
Enterprise Value
$3.82B
Revenue (TTM)
$450.9M
Net Income (TTM)
$138.6M
Cash & Investments
$284.2M
Net Cash
$155.2M
Free Cash Flow (TTM)
$60.5M
Operating CF (TTM)
$79.0M
Debt/Equity
0.66
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $1.4M | $3.4M | $39.5M | $55.8M | $65.3M | $57.5M | $93.3M | $83.7M | $176.5M | $190.7M | $284.2M | |
| Operating Cash Flow | -$13.9M | -$24.3M | -$31.8M | -$48.3M | -$54.1M | -$34.0M | -$28.6M | -$41.6M | -$93.4M | -$35.7M | $79.0M | |
| Free Cash Flow | -$16.8M | -$26.8M | -$32.7M | -$50.1M | -$54.9M | -$34.1M | -$29.2M | -$42.9M | -$98.4M | -$40.0M | $60.5M | |
| Capital Expenditure | -$2.9M | -$2.5M | -$870.9K | -$1.9M | -$752.1K | -$107.0K | -$592.0K | -$1.3M | -$4.9M | -$4.3M | -$18.5M | |
| Financing Cash Flow | $6.1M | $28.8M | $68.8M | $66.4M | $63.4M | $26.3M | $65.0M | $43.2M | $194.7M | $59.7M | $40.8M |
R&D Spending
R&D (TTM)
$55.7M
R&D Intensity
12.4%
R&D Growth vs Prior
+41.9%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.2M | $7.3M | $2.7M | $8.1M | $739.6K | $12.9M | $15.9M | $17.5M | $14.0M | $158.3M | $450.9M | |
| R&D Expense | $23.3M | $24.8M | $28.7M | $40.5M | $32.2M | $20.5M | $19.4M | $43.2M | $47.8M | $39.3M | $55.7M | |
| R&D % of Revenue | 176.4% | 341.1% | 1060.2% | 501.6% | 4356.6% | 159.6% | 122.0% | 247.3% | 341.8% | 24.8% | 12.4% | |
| SG&A | $4.8M | $10.2M | $8.8M | $13.6M | $27.4M | $23.1M | $32.4M | $44.7M | $81.6M | $157.2M | $192.7M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.2M | $7.3M | $2.7M | $8.1M | $739.6K | $12.9M | $15.9M | $17.5M | $14.0M | $158.3M | $450.9M | |
| Cost of Revenue | $918.8K | $319.8K | $121.4K | $807.2K | $237.7K | $3.0M | $2.9M | $2.9M | $5.9M | $13.2M | $33.9M | |
| Gross Profit | $12.3M | $6.9M | $2.6M | $7.3M | $501.9K | $9.8M | $13.1M | $14.6M | $8.1M | $145.1M | $417.0M | |
| R&D | $23.3M | $24.8M | $28.7M | $40.5M | $32.2M | $20.5M | $19.4M | $43.2M | $47.8M | $39.3M | $55.7M | |
| SG&A | $4.8M | $10.2M | $8.8M | $13.6M | $27.4M | $23.1M | $32.4M | $44.7M | $81.6M | $157.2M | $192.7M | |
| Operating Income | -$15.9M | -$28.0M | -$34.9M | -$46.8M | -$59.1M | -$33.8M | -$38.8M | -$73.4M | -$121.3M | -$51.4M | $168.6M | |
| Interest Expense | $85.9K | $13.0M | $19.0M | $1.4M | $858.0K | $762.0K | $2.3M | $6.3M | $12.5M | $24.2M | $26.6M | |
| Pretax Income | -$15.9M | -$29.2M | -$53.1M | -$47.6M | -$59.8M | -$34.6M | -$41.0M | -$78.5M | -$130.4M | -$68.9M | $149.5M | |
| Net Income | -$15.9M | -$29.2M | -$53.1M | -$47.6M | -$59.8M | -$34.6M | -$41.0M | -$78.5M | -$130.4M | -$68.9M | $138.6M | |
| EPS (Diluted) | -1.86 | -3.40 | -7.42 | -2.51 | -1.76 | -0.70 | -0.67 | -1.21 | -1.66 | -0.80 | 1.37 | |
| EBITDA | -$15.2M | -$15.2M | -$32.6M | -$43.6M | -$55.8M | -$28.2M | -$35.0M | -$70.1M | -$115.7M | -$43.2M | $177.8M | |
| Shares Out. (M) | 8.59 | 8.59 | 7.16 | 18.48 | 33.89 | 49.68 | 60.96 | 64.99 | 78.71 | 86.06 | 101.40 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.4M | $3.4M | $39.5M | $55.8M | $65.3M | $57.5M | $93.3M | $83.7M | $176.5M | $190.7M | $284.2M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $3.1M | $5.5M | $40.0M | $56.4M | $66.1M | $61.3M | $99.8M | $89.9M | $185.1M | $190.7M | $437.7M | |
| Total Assets | $8.5M | $14.8M | $49.4M | $68.8M | $99.5M | $93.7M | $129.2M | $118.3M | $230.3M | $327.9M | $521.9M | |
| Total Current Liabilities | $12.1M | $30.5M | $8.2M | $16.9M | $11.7M | $7.3M | $8.8M | $18.6M | $41.8M | $135.8M | $189.3M | |
| Long-Term Debt | $5.2M | $5.6M | $11.6M | $10.3M | $10.3M | $10.4M | $19.9M | $43.4M | $97.4M | $132.9M | $122.2M | |
| Total Liabilities | $26.7M | $48.5M | $30.7M | $33.9M | $28.4M | $28.5M | $38.8M | $71.0M | $153.0M | $283.2M | $326.8M | |
| Stockholders' Equity | -$18.2M | -$33.7M | $18.7M | $34.9M | $71.1M | $65.3M | $90.4M | $47.3M | $77.3M | $44.7M | $195.1M | |
| Retained Earnings | -$84.3M | -$113.4M | -$167.1M | -$215.2M | -$275.0M | -$309.6M | -$350.6M | -$429.1M | -$559.5M | -$626.3M | -$498.7M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$13.9M | -$24.3M | -$31.8M | -$48.3M | -$54.1M | -$34.0M | -$28.6M | -$41.6M | -$93.4M | -$35.7M | $79.0M | |
| Capital Expenditure | -$2.9M | -$2.5M | -$870.9K | -$1.9M | -$752.1K | -$107.0K | -$592.0K | -$1.3M | -$4.9M | -$4.3M | -$18.5M | |
| Free Cash Flow | -$16.8M | -$26.8M | -$32.7M | -$50.1M | -$54.9M | -$34.1M | -$29.2M | -$42.9M | -$98.4M | -$40.0M | $60.5M | |
| Investing Cash Flow | -$2.9M | -$2.5M | -$870.9K | -$1.9M | $247.9K | -$107.0K | -$587.0K | -$11.3M | -$8.4M | -$6.3M | -$23.5M | |
| Financing Cash Flow | $6.1M | $28.8M | $68.8M | $66.4M | $63.4M | $26.3M | $65.0M | $43.2M | $194.7M | $59.7M | $40.8M | |
| Issuance of Stock | $445.5K | $96.7K | $47.3M | $63.0M | $71.2M | $21.7M | $54.5M | $24.2M | $138.6M | $4.8M | $9.7M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $5.7M | $30.1M | -$1.4M | $4.0M | -$6.8M | -$420.0K | $9.0M | $19.4M | $52.5M | $53.8M | $29.7M | |
| Stock Based Comp. | $347.4K | $514.1K | $2.2M | $3.4M | $4.0M | $6.7M | $9.3M | $10.1M | $18.8M | $29.5M | $54.9M | |
| Net Change in Cash | -$10.7M | $2.0M | $36.1M | $16.3M | $9.5M | -$7.8M | $35.8M | -$9.6M | $92.8M | $14.2M | $96.4M |
Dilution Tracker
Shares outstanding grew 153.9% over 5 years — significant dilution
Shares Outstanding
90M
5-Year Share Growth
+153.9%
Stock Issuance (TTM)
$9.7M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 8.59 | 8.59 | 7.16 | 18.48 | 33.89 | 49.68 | 60.96 | 64.99 | 78.71 | 86.06 | 101.40 | |
| Change vs Prior % | — | 0.0% | -16.6% | 158.0% | 83.4% | 46.6% | 22.7% | 6.6% | 21.1% | 9.3% | 17.8% | |
| Stock Issuance | $445.5K | $96.7K | $47.3M | $63.0M | $71.2M | $21.7M | $54.5M | $24.2M | $138.6M | $4.8M | $9.7M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $347.4K | $514.1K | $2.2M | $3.4M | $4.0M | $6.7M | $9.3M | $10.1M | $18.8M | $29.5M | $54.9M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 93.0% | 95.6% | 95.5% | 90.0% | 67.9% | 76.5% | 82.1% | 83.5% | 58.0% | 91.6% | 92.5% | |
| Operating Margin % | -120.0% | -386.2% | -1288.1% | -580.1% | -7989.0% | -263.0% | -243.3% | -419.6% | -866.6% | -32.5% | 37.4% | |
| Net Margin % | -120.6% | -401.7% | -1962.9% | -589.5% | -8080.1% | -269.0% | -257.4% | -448.9% | -931.7% | -43.5% | 30.7% | |
| EBITDA Margin % | -115.0% | -209.6% | -1204.4% | -540.7% | -7541.0% | -219.4% | -219.8% | -400.6% | -826.7% | -27.3% | 39.4% | |
| FCF Margin % | -127.4% | -369.7% | -1208.0% | -621.1% | -7422.2% | -265.6% | -183.1% | -245.0% | -702.9% | -25.3% | 13.4% | |
| ROE % | 87.3% | 86.5% | -284.3% | -136.2% | -84.1% | -53.0% | -45.4% | -166.0% | -168.7% | -154.0% | 149.6% | |
| ROA % | -187.8% | -196.4% | -107.5% | -69.1% | -60.0% | -36.9% | -31.7% | -66.3% | -56.6% | -21.0% | 26.6% | |
| ROIC % | 4154.5% | -7045.2% | -83.1% | -78.9% | -66.1% | -38.6% | -31.9% | -70.9% | -58.6% | -20.5% | 46.9% | |
| R&D / Revenue % | 176.4% | 341.1% | 1060.2% | 501.6% | 4356.6% | 159.6% | 122.0% | 247.3% | 341.8% | 24.8% | 12.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | -45.1% | -62.7% | 198.2% | -90.8% | 1637.8% | 24.0% | 9.7% | -20.0% | 1031.2% | |
| Gross Profit | 0.0% | -43.6% | -62.7% | 181.0% | -93.1% | 1858.5% | 33.0% | 11.7% | -44.4% | 1687.3% | |
| Operating Income | 0.0% | -76.7% | -24.4% | -34.3% | -26.2% | 42.8% | -14.7% | -89.3% | -65.3% | 57.6% | |
| Net Income | 0.0% | -83.0% | -82.3% | 10.4% | -25.6% | 42.1% | -18.6% | -91.4% | -66.1% | 47.1% | |
| EPS (Diluted) | 0.0% | -82.8% | -118.2% | 66.2% | 29.9% | 60.2% | 4.3% | -80.6% | -37.2% | 51.8% | |
| Operating Cash Flow | 0.0% | -74.2% | -31.0% | -51.7% | -12.1% | 37.1% | 16.0% | -45.4% | -124.8% | 61.8% | |
| Free Cash Flow | 0.0% | -59.4% | -21.9% | -53.3% | -9.5% | 37.8% | 14.5% | -46.9% | -129.5% | 59.3% | |
| R&D Expense | 0.0% | 6.1% | 15.9% | 41.1% | -20.4% | -36.3% | -5.3% | 122.5% | 10.6% | -17.9% | |
| SG&A Expense | 0.0% | 111.0% | -14.3% | 55.3% | 101.3% | -15.6% | 40.2% | 38.0% | 82.3% | 92.7% | |
| Total Assets | 0.0% | 74.9% | 232.9% | 39.3% | 44.6% | -5.8% | 37.8% | -8.4% | 94.6% | 42.4% | |
| Book Value / Share | 0.0% | -84.7% | 166.5% | -27.5% | 10.9% | -37.4% | 12.9% | -50.9% | 34.9% | -47.0% | |
| Debt | 0.0% | 155.1% | -42.3% | 91.2% | -29.8% | -6.2% | 52.1% | 102.5% | 147.1% | 61.7% | |
| Diluted Shares | 0.0% | 0.0% | -16.6% | 158.0% | 83.4% | 46.6% | 22.7% | 6.6% | 21.1% | 9.3% |
Valuation
P/E (TTM)28.30
P/S8.81
10Y Low / Med / High7.21 / 24.37 / 135.16
P/B20.23
10Y Low / Med / High1.41 / 8.30 / 66.33
EV/EBITDA21.48
EV/Revenue8.47
10Y Low / Med / High5.90 / 20.05 / 70.03
P/FCF65.68
Intrinsic Value Models (per share)
Tangible Book / Share
$2.12
Net Current Assets / Share
$1.24
Graham Number
$8.78
Graham Net-Net
$0.64
Cash / Share
$3.20
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -5.97 | -3.26 | -2.92 | -1.70 | -1.68 | -6.96 | -9.51 | -9.94 | -7.08 | -43.11 | 28.30 | |
| P/S Ratio | 7.21 | 13.13 | 57.32 | 9.79 | 135.16 | 18.82 | 24.37 | 44.71 | 66.13 | 18.75 | 8.81 | |
| P/B Ratio | -5.22 | -2.83 | 8.30 | 2.26 | 1.41 | 3.71 | 4.29 | 16.53 | 11.98 | 66.33 | 20.23 | |
| EV/EBITDA | -6.75 | -7.50 | -3.94 | -1.09 | -0.93 | -7.11 | -9.12 | -10.67 | -7.53 | -68.84 | 21.48 | |
| EV/Revenue | 7.76 | 15.71 | 47.43 | 5.90 | 70.03 | 15.60 | 20.05 | 42.76 | 62.27 | 18.79 | 8.47 |
Analyst Estimates & Quality
Altman Z-Score
8.51
Safe
Piotroski F-Score
6
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $717.0M | $762.2M | $886.0M |
| Net Income | $205.5M | $225.5M | $343.1M |
| EPS | $2.03 | $2.19 | $3.30 |
| # Analysts (EPS) | 6 | 5 | 5 |
Revenue Segments
By Product
| Segment | 2018 | 2019 | 2020 | 2025 |
|---|---|---|---|---|
| Collaboration And Licensing Milestones | $45.1K | — | — | — |
| Collaboration And Licensing Non Refundable Upfront Payments | $1.2M | — | — | — |
| Research And Development Services | $1.5M | — | — | — |
| Non-Refundable Payments - Milestones | — | $1.3M | — | — |
| Non-Refundable Payments - Up-front Payments | — | $6.7M | — | — |
| Research and Development Services | — | $200.00 | — | — |
| Promotion Agreement | — | — | $739.6K | — |
| Product | — | — | — | $148.3M |
| Service | — | — | — | $10.0M |