Madrigal Pharmaceuticals Inc
MDGLHealthcare|Biotechnology|USA
$536.70
-23.77 (-4.24%)
Tangible Book
$23.27
Financials
Financial Snapshot
Market Cap
$12.37B
Enterprise Value
$465.5M
Revenue (TTM)
$1.13B
Net Income (TTM)
$-309.4M
Cash & Equivalents
—
Net Cash/Share
$5.59
Free Cash Flow (TTM)
$-271.9M
Operating CF (TTM)
$-268.1M
Debt/Equity
0.64
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$67.0M
Monthly Burn
$22.3M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $40.5M | $191.5M | $483.7M | $439.0M | $284.1M | $270.3M | $358.8M | $634.1M | $926.3M | $983.6M | $812.8M | |
| Operating Cash Flow | $-17.6M | $-22.3M | $-25.5M | $-41.6M | $-157.6M | $-183.9M | $-224.9M | $-324.2M | $-455.6M | $-189.6M | $-268.1M | |
| Free Cash Flow | $-17.6M | $-22.4M | $-25.5M | $-41.8M | $-157.9M | $-184.1M | $-225.1M | $-325.7M | $-462.0M | $-193.0M | $-271.6M | |
| Capital Expenditure | $-3.0K | $-125.0K | $-22.0K | $-172.0K | $-334.0K | $-209.0K | $-217.0K | $-1.5M | $-6.5M | $-3.5M | $-3.5M | |
| Financing Cash Flow | $14.5M | $173.8M | $314.3M | $235.0K | $5.1M | $171.2M | $313.5M | $595.1M | $735.1M | $256.0M | $249.7M |
R&D Spending
R&D (TTM)
$453.0M
R&D Intensity
40.0%
R&D Growth YoY
+16.6%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $180.1M | $958.4M | $1.13B | |
| R&D Expense | $15.9M | $24.4M | $25.4M | $72.3M | $184.8M | $205.2M | $245.4M | $272.4M | $236.7M | $388.5M | $453.0M | |
| R&D % of Revenue | — | — | — | — | — | — | — | — | 131.4% | 40.5% | 40.0% | |
| SG&A | $9.3M | $7.7M | $15.3M | $22.6M | $21.9M | $37.3M | $48.1M | $108.1M | $435.1M | $813.8M | $914.5M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $180.1M | $958.4M | $1.13B | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $6.2M | $56.1M | $78.5M | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $173.9M | $902.3M | $1.05B | |
| R&D | $15.9M | $24.4M | $25.4M | $72.3M | $184.8M | $205.2M | $245.4M | $272.4M | $236.7M | $388.5M | $453.0M | |
| SG&A | $9.3M | $7.7M | $15.3M | $22.6M | $21.9M | $37.3M | $48.1M | $108.1M | $435.1M | $813.8M | $914.5M | |
| Operating Income | $-25.2M | $-32.1M | $-40.7M | $-95.0M | $-206.7M | $-242.5M | $-293.6M | $-380.5M | $-497.9M | $-300.1M | $-313.5M | |
| Interest Expense | $-1.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-4.0M | $-12.7M | $-14.7M | $-22.3M | $-26.8M | |
| Pretax Income | $-26.4M | $-31.2M | $-32.8M | $-83.9M | $-202.2M | $-241.8M | $-295.4M | $-373.6M | $-465.9M | $-288.3M | $-309.4M | |
| Net Income | $-26.4M | $-31.2M | $-32.8M | $-83.9M | $-202.2M | $-241.8M | $-295.4M | $-373.6M | $-465.9M | $-288.3M | $-309.4M | |
| EPS (Diluted) | -5.07 | -2.54 | -2.22 | -5.45 | -13.09 | -14.63 | -17.23 | -19.99 | -21.90 | -12.85 | -12.80 | |
| EBITDA | $-25.2M | $-32.0M | $-40.6M | $-94.9M | $-206.2M | $-241.4M | $-290.9M | $-360.4M | $-450.1M | $-264.5M | $-281.1M | |
| Shares Out. (M) | 5.21 | 12.24 | 14.80 | 15.39 | 15.45 | 16.54 | 17.14 | 18.69 | 21.27 | 22.43 | 29.03 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $19.1M | $148.6M | $57.4M | $46.7M | $54.0M | $36.3M | $331.5M | $99.9M | $100.0M | $198.7M | $227.0M | |
| Marketable Securities | $21.4M | $42.9M | $426.3M | $392.3M | $230.1M | $234.1M | $27.2M | $534.2M | $826.2M | $784.9M | $585.7M | |
| Total Current Assets | $41.2M | $192.0M | $485.2M | $440.2M | $285.2M | $271.7M | $361.4M | $637.3M | $1.03B | $1.25B | $1.18B | |
| Total Assets | $41.2M | $192.3M | $485.4M | $442.1M | $287.0M | $273.3M | $362.6M | $640.5M | $1.04B | $1.26B | $1.23B | |
| Total Current Liabilities | $4.8M | $10.1M | $8.4M | $25.1M | $46.6M | $76.8M | $115.9M | $118.5M | $169.3M | $310.3M | $338.3M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $49.3M | $115.5M | $117.6M | $339.9M | $340.3M | |
| Total Liabilities | $4.8M | $10.1M | $8.4M | $25.5M | $47.0M | $77.2M | $165.2M | $235.2M | $287.9M | $656.9M | $683.9M | |
| Stockholders' Equity | $36.4M | $182.3M | $477.0M | $416.6M | $240.0M | $196.1M | $197.4M | $405.3M | $754.4M | $602.7M | $543.5M | |
| Retained Earnings | $-75.3M | $-106.5M | $-139.3M | $-223.2M | $-425.5M | $-667.3M | $-962.7M | $-1.34B | $-1.80B | $-2.09B | $-2.18B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-17.6M | $-22.3M | $-25.5M | $-41.6M | $-157.6M | $-183.9M | $-224.9M | $-324.2M | $-455.6M | $-189.6M | $-268.1M | |
| Capital Expenditure | $-3.0K | $-125.0K | $-22.0K | $-172.0K | $-334.0K | $-209.0K | $-217.0K | $-1.5M | $-6.5M | $-3.5M | $-3.5M | |
| Free Cash Flow | $-17.6M | $-22.4M | $-25.5M | $-41.8M | $-157.9M | $-184.1M | $-225.1M | $-325.7M | $-462.0M | $-193.0M | $-271.6M | |
| Investing Cash Flow | $22.0M | $-22.0M | $-380.1M | $30.7M | $159.8M | $-5.1M | $206.7M | $-502.5M | $-274.4M | $32.3M | $60.6M | |
| Financing Cash Flow | $14.5M | $173.8M | $314.3M | $235.0K | $5.1M | $171.2M | $313.5M | $595.1M | $735.1M | $256.0M | $249.7M | |
| Issuance of Stock | $6.0M | $173.8M | $311.8M | $0.00 | $4.4M | $170.2M | $255.4M | $260.2M | $397.5M | $0.00 | $-6.3M | |
| 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 | |
| Issuance of Debt | $8.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $50.0M | $65.0M | $0.00 | $350.0M | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-121.7M | $0.00 | |
| Stock Based Comp. | $8.7M | $3.3M | $13.5M | $22.8M | $20.7M | $26.9M | $31.6M | $49.7M | $79.9M | $98.1M | $111.2M | |
| Net Change in Cash | $18.8M | $129.5M | $-91.2M | $-10.7M | $7.3M | $-17.7M | $295.3M | $-231.6M | $5.1M | $98.8M | $43.5M |
Dilution Tracker
Shares outstanding grew 75.6% over 5 years — significant dilution
Shares Outstanding
29M
5-Year Share Growth
+75.6%
Stock Issuance (TTM)
$-6.3M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 5.21 | 12.24 | 14.80 | 15.39 | 15.45 | 16.54 | 17.14 | 18.69 | 21.27 | 22.43 | 29.03 | |
| YoY Change % | — | 135.3% | 20.8% | 4.0% | 0.3% | 7.0% | 3.6% | 9.1% | 13.8% | 5.5% | 29.4% | |
| Stock Issuance | $6.0M | $173.8M | $311.8M | $0.00 | $4.4M | $170.2M | $255.4M | $260.2M | $397.5M | $0.00 | $-6.3M | |
| 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. | $8.7M | $3.3M | $13.5M | $22.8M | $20.7M | $26.9M | $31.6M | $49.7M | $79.9M | $98.1M | $111.2M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 96.5% | 94.1% | 93.1% | |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -276.4% | -31.3% | -27.7% | |
| Net Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -258.6% | -30.1% | -27.3% | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -249.9% | -27.6% | -24.8% | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -256.5% | -20.1% | -24.0% | |
| ROE % | 0.0% | -28.5% | -10.0% | -18.8% | -61.6% | -110.9% | -150.1% | -124.0% | -80.3% | -42.5% | -48.7% | |
| ROA % | -126.9% | -26.7% | -9.7% | -18.1% | -55.5% | -86.3% | -92.9% | -74.5% | -55.4% | -25.0% | -26.4% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.41
P/S11.40
Historical10.21 / 19.92 / 419.94
Industry Med.9.51
P/B22.76
Historical5.38 / 10.02 / 23.19
Industry Med.2.93
EV/EBITDA-42.37
Historical-54.83 / -22.42 / -7.27
Industry Med.13.14
EV/Revenue10.52
Historical9.68 / 17.60 / 355.79
Industry Med.8.71
P/FCF—
Historical— / — / —
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$23.27
Net Current Assets
$21.630
Net-Net Working Capital
$14.12
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | - | - | - | - | - | 36.44 | 13.63 | 11.40 | |
| PB Ratio | 4.89 | 7.17 | 3.64 | 3.37 | 7.18 | 7.39 | 26.62 | 11.35 | 9.00 | 22.07 | 22.76 | |
| EV/EBITDA | -5.47 | -34.84 | -30.88 | -10.20 | -6.99 | -4.89 | -17.00 | -11.33 | -13.29 | -47.89 | -42.37 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 33.22 | 13.22 | 10.52 |
Analyst Estimates & Quality
Altman Z-Score
9.35
Safe
Piotroski F-Score
3
Weak
Beneish M-Score
1.29
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $1,504M | $2,251M | $3,033M |
| Net Income | $-191M | $315M | $808M |
| EPS | -6.85 | 10.11 | 26.26 |
| Book Value per Share | 19.50 | 41.54 | 85.81 |
| Operating Cash Flow per Share | 5.62 | 16.53 | 41.17 |
| Operating CF | $163.16M | $479.90M | $1,195.25M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Product revenue, net | $958.4M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $958.4M |