MannKind Corp
MNKDHealthcare|Biotechnology|USA
$4.09
-0.05 (-1.21%)
Financials
Financial Snapshot
Market Cap
$1.26B
Enterprise Value
$-197.1M
Revenue (TTM)
$360.8M
Net Income (TTM)
$-23.9M
Cash & Equivalents
—
Net Cash/Share
$-2.17
Free Cash Flow (TTM)
$13.2M
Operating CF (TTM)
$19.3M
Debt/Equity
-5.59
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $22.9M | $43.9M | $71.2M | $49.9M | $67.0M | $204.1M | $170.8M | $295.1M | $197.3M | $171.3M | $133.9M | |
| Operating Cash Flow | $-78.1M | $-64.8M | $-37.7M | $-88.5M | $-28.1M | $-61.7M | $-80.7M | $34.1M | $42.5M | $18.3M | $19.3M | |
| Free Cash Flow | $-79.2M | $-64.8M | $-38.1M | $-91.0M | $-32.9M | $-73.2M | $-88.3M | $-8.3M | $32.8M | $13.7M | $13.2M | |
| Capital Expenditure | $-1.1M | $0.00 | $-354.0K | $-2.6M | $-4.8M | $-11.5M | $-7.6M | $-42.4M | $-9.7M | $-4.6M | $-6.1M | |
| Financing Cash Flow | $43.0M | $73.6M | $61.3M | $69.9M | $49.9M | $270.3M | $21.4M | $136.6M | $-137.3M | $315.1M | $278.3M |
R&D Spending
R&D (TTM)
$72.6M
R&D Intensity
20.1%
R&D Growth YoY
+9.4%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $174.8M | $11.7M | $27.9M | $63.0M | $65.1M | $75.4M | $99.8M | $199.0M | $285.5M | $349.0M | $360.8M | |
| R&D Expense | $14.9M | $14.1M | $8.7M | $6.9M | $6.2M | $12.3M | $19.7M | $31.3M | $45.9M | $66.3M | $72.6M | |
| R&D % of Revenue | 8.5% | 120.2% | 31.4% | 10.9% | 9.6% | 16.3% | 19.8% | 15.7% | 16.1% | 19.0% | 20.1% | |
| SG&A | $46.9M | $75.0M | $79.7M | $74.7M | $59.0M | $77.4M | $91.5M | $94.3M | $94.3M | $144.1M | $173.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $174.8M | $11.7M | $27.9M | $63.0M | $65.1M | $75.4M | $99.8M | $199.0M | $285.5M | $349.0M | $360.8M | |
| Cost of Goods Sold | $50.1M | $17.2M | $20.5M | $28.0M | $24.6M | $38.9M | $57.5M | $62.8M | $76.6M | $88.0M | $87.9M | |
| Gross Profit | $124.7M | $-5.5M | $7.4M | $35.1M | $40.5M | $36.6M | $42.3M | $136.2M | $208.9M | $261.0M | $272.9M | |
| R&D | $14.9M | $14.1M | $8.7M | $6.9M | $6.2M | $12.3M | $19.7M | $31.3M | $45.9M | $66.3M | $72.6M | |
| SG&A | $46.9M | $75.0M | $79.7M | $74.7M | $59.0M | $77.4M | $91.5M | $94.3M | $94.3M | $144.1M | $173.2M | |
| Operating Income | $65.1M | $-94.3M | $-81.1M | $-46.5M | $-24.8M | $-53.5M | $-68.9M | $10.6M | $68.7M | $46.5M | $18.8M | |
| Interest Expense | $-18.5M | $-13.3M | $-9.4M | $-10.9M | $-9.5M | $-16.6M | $-24.8M | $-25.0M | $-37.8M | $-37.8M | $-39.6M | |
| Pretax Income | $125.7M | $-117.3M | $-86.7M | $-51.9M | $-57.5M | $-80.9M | $-87.4M | $-10.4M | $30.5M | $1.4M | $-28.6M | |
| Net Income | $125.7M | $-117.3M | $-87.0M | $-51.9M | $-57.2M | $-80.9M | $-87.4M | $-11.9M | $27.6M | $5.9M | $-23.9M | |
| EPS (Diluted) | 1.36 | -1.13 | -0.60 | -0.27 | -0.26 | -0.32 | -0.34 | -0.04 | 0.10 | 0.02 | -0.07 | |
| EBITDA | $148.3M | $-100.5M | $-74.4M | $-38.8M | $-44.7M | $-61.1M | $-56.3M | $19.1M | $75.7M | $51.5M | $27.5M | |
| Shares Out. (M) | 92.08 | 104.25 | 144.14 | 195.58 | 222.59 | 249.24 | 257.09 | 267.01 | 283.84 | 314.11 | 308.27 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $22.9M | $43.9M | $71.2M | $29.9M | $67.0M | $124.2M | $69.8M | $238.5M | $46.3M | $74.9M | $52.8M | |
| Marketable Securities | $0.00 | $0.00 | $0.00 | $20.0M | $0.00 | $79.9M | $101.1M | $56.6M | $150.9M | $96.5M | $81.0M | |
| Total Current Assets | $77.5M | $57.2M | $81.9M | $60.8M | $79.5M | $219.5M | $234.9M | $373.4M | $268.3M | $291.6M | $251.2M | |
| Total Assets | $107.1M | $84.6M | $107.7M | $93.7M | $108.6M | $321.2M | $295.3M | $475.2M | $393.8M | $792.2M | $744.4M | |
| Total Current Liabilities | $92.1M | $87.6M | $75.2M | $65.6M | $73.7M | $48.3M | $67.3M | $104.1M | $81.8M | $171.0M | $134.6M | |
| Long-Term Debt | $77.2M | $104.1M | $91.2M | $113.9M | $118.2M | $281.2M | $273.5M | $248.7M | $36.1M | $318.4M | $318.7M | |
| Total Liabilities | $290.7M | $299.3M | $282.8M | $284.3M | $289.0M | $530.5M | $545.8M | $721.4M | $472.7M | $843.2M | $803.6M | |
| Stockholders' Equity | $-183.6M | $-214.7M | $-175.1M | $-190.5M | $-180.4M | $-209.3M | $-250.5M | $-246.2M | $-78.8M | $-51.0M | $-59.2M | |
| Retained Earnings | $-2.74B | $-2.85B | $-2.94B | $-2.99B | $-3.05B | $-3.13B | $-3.22B | $-3.23B | $-3.20B | $-3.20B | $-3.21B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-78.1M | $-64.8M | $-37.7M | $-88.5M | $-28.1M | $-61.7M | $-80.7M | $34.1M | $42.5M | $18.3M | $19.3M | |
| Capital Expenditure | $-1.1M | $0.00 | $-354.0K | $-2.6M | $-4.8M | $-11.5M | $-7.6M | $-42.4M | $-9.7M | $-4.6M | $-6.1M | |
| Free Cash Flow | $-79.2M | $-64.8M | $-38.1M | $-91.0M | $-32.9M | $-73.2M | $-88.3M | $-8.3M | $32.8M | $13.7M | $13.2M | |
| Investing Cash Flow | $-1.1M | $16.7M | $-234.0K | $-22.8M | $15.2M | $-151.5M | $4.9M | $-2.0M | $-96.6M | $-304.8M | $-292.0M | |
| Financing Cash Flow | $43.0M | $73.6M | $61.3M | $69.9M | $49.9M | $270.3M | $21.4M | $136.6M | $-137.3M | $315.1M | $278.3M | |
| Issuance of Stock | $50.9M | $61.6M | $70.5M | $3.2M | $23.7M | $1.9M | $19.8M | $6.9M | $0.00 | $0.00 | $105.0K | |
| 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 | $0.00 | $19.4M | $0.00 | $120.0M | $14.9M | $332.3M | $0.00 | $0.00 | $0.00 | $325.0M | $325.0M | |
| Payments of Debt | $-5.0M | $-4.0M | $-5.0M | $-56.3M | $0.00 | $-51.2M | $0.00 | $-6.7M | $-133.2M | $0.00 | $-35.5M | |
| Stock Based Comp. | $5.1M | $4.8M | $6.9M | $6.2M | $6.5M | $12.2M | $13.4M | $17.6M | $21.4M | $24.2M | $25.3M | |
| Net Change in Cash | $-36.2M | $25.5M | $23.3M | $-41.5M | $36.9M | $57.0M | $-54.4M | $168.7M | $-191.4M | $28.6M | $5.5M |
Dilution Tracker
Shares outstanding grew 23.7% over 5 years — significant dilution
Shares Outstanding
308M
5-Year Share Growth
+23.7%
Stock Issuance (TTM)
$105.0K
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 92.08 | 104.25 | 144.14 | 195.58 | 222.59 | 249.24 | 257.09 | 267.01 | 283.84 | 314.11 | 308.27 | |
| YoY Change % | — | 13.2% | 38.3% | 35.7% | 13.8% | 12.0% | 3.1% | 3.9% | 6.3% | 10.7% | -1.9% | |
| Stock Issuance | $50.9M | $61.6M | $70.5M | $3.2M | $23.7M | $1.9M | $19.8M | $6.9M | $0.00 | $0.00 | $105.0K | |
| 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. | $5.1M | $4.8M | $6.9M | $6.2M | $6.5M | $12.2M | $13.4M | $17.6M | $21.4M | $24.2M | $25.3M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 71.3% | -46.7% | 26.5% | 55.6% | 62.2% | 48.5% | 42.4% | 68.5% | 73.2% | 74.8% | 75.6% | |
| Operating Margin % | 37.2% | -803.3% | -291.0% | -73.8% | -38.0% | -70.9% | -69.1% | 5.3% | 24.1% | 13.3% | 5.2% | |
| Net Margin % | 71.9% | -999.0% | -312.2% | -82.3% | -87.9% | -107.3% | -87.6% | -6.0% | 9.7% | 1.7% | -6.6% | |
| EBITDA Margin % | 84.9% | -855.5% | -267.2% | -61.6% | -68.6% | -81.0% | -56.4% | 9.6% | 26.5% | 14.8% | 7.6% | |
| FCF Margin % | -45.3% | -551.5% | -136.7% | -144.4% | -50.5% | -97.0% | -88.5% | -4.2% | 11.5% | 3.9% | 3.6% | |
| ROE % | Negative Equity | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | Negative Equity | Negative Equity | 0.0% | |
| ROA % | 107.6% | -122.5% | -90.5% | -51.5% | -56.6% | -37.7% | -28.4% | -3.1% | 6.3% | 1.0% | -4.2% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / 52.20 / 292.50
Industry Med.27.51
P/S3.54
Historical0.43 / 6.76 / 27.14
Industry Med.9.49
P/B—
Historical— / — / —
Industry Med.2.93
EV/EBITDA53.03
Historical-2697.09 / -4.74 / 73.19
Industry Med.13.02
EV/Revenue4.05
Historical1.00 / 7.38 / 39.78
Industry Med.8.59
P/FCF97.38
Historical33.89 / 63.50 / 522.00
Industry Med.27.13
Intrinsic Value Models
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | 2.34 | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | 64.30 | 283.50 | At Loss | |
| PS Ratio | 1.68 | 20.53 | 5.49 | 4.01 | 10.68 | 14.42 | 13.58 | 4.89 | 6.39 | 5.10 | 3.54 | |
| PB Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| EV/EBITDA | 2.90 | -3.87 | -3.08 | -8.88 | -18.23 | -19.26 | -26.60 | 50.26 | 23.80 | 37.69 | 53.03 | |
| EV/Revenue | 2.46 | 33.13 | 8.24 | 5.47 | 12.50 | 15.60 | 15.02 | 4.83 | 6.31 | 5.56 | 4.05 |
Analyst Estimates & Quality
Altman Z-Score
-4.38
Distress
Piotroski F-Score
5
Moderate
Beneish M-Score
-1.79
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $462.5M | $521.8M | $535.1M |
| Net Income | $-5.0M | $45.4M | $47.5M |
| EPS | 0.00 | 0.14 | 0.14 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | 0.00 | 0.00 | 0.00 |
| Operating CF | $0.00M | $0.00M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Single Segment | $349.0M |
By Geography
| Segment | 2025 |
|---|---|
| United States of America | $349.0M |