Ligand Pharmaceuticals Incorporated(LGND)Earnings, Financials & Key Ratios

LGND•NASDAQ

$232.55

$4.57B mkt cap·Price updated May 6, 2026

SectorHealthcare IndustryBiotechnology Sub-IndustryRoyalty and IP Monetization Vehicles

AboutLigand Pharmaceuticals Incorporated, a biopharmaceutical company, focuses on developing or acquiring technologies that help pharmaceutical companies to discover and develop medicines worldwide. Its commercial programs include Kyprolis and Evomela, which are used to treat multiple myeloma; Veklury for the treatment of moderate or severe COVID-19; Teriparatide injection product for osteoporosis; Vaxneuvance for the prevention of invasive disease caused by Streptococcus pneumoniae; and Pneumosil, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia among children. The company also offers Rylaze, a recombinant erwinia asparaginase for the treatment of acute lymphoblastic leukemia or lymphoblastic lymphoma in adult and pediatric patients; and Nexterone, a captisol-enabled formulation of amiodarone; and Zulresso, a captisol-enabled formulation of brexanolone for the treatment of postpartum depression. In addition, it provides Noxafil-IV, a captisol-enabled formulation of posaconazole for IV use; Duavee for the treatment of postmenopausal osteoporosis; Aziyo portfolio of commercial pericardial repair and CanGaroo envelope extracellular matrix products; Exemptia for autoimmune diseases; Vivitra for breast cancer; Bryxta and Zybev for various indications; and Minnebro for the treatment of hypertension. The company's partners and licenses programs, which are in clinical development used for the treatment of cancer, seizure, diabetes, cardiovascular disease, muscle wasting, liver and kidney disease, and other diseases. Further, it sells Captisol materials. The company was incorporated in 1987 and is headquartered in Emeryville, California.Show more

Revenue$167M+27.3%
EBITDA$13M-73.9%
Net Income-$4M-107.7%
EPS (Diluted)-0.22-107.5%
Gross Margin93.37%+27.4%
EBITDA Margin7.56%-79.5%
Operating Margin-13.53%-248.7%
Net Margin-2.41%-106.1%
ROE-0.53%-106.6%
ROIC-2.34%-273.0%
Debt/Equity0.01-2.7%
Interest Coverage-7.44-140.9%

Technical→

LGND Key Insights

Ligand Pharmaceuticals Incorporated (LGND) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Company is almost debt free
✓FCF machine: 46.3% free cash flow margin

✗Weaknesses

✗Weak 3Y average ROE of 0.9%
✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

LGND Price & Volume

Ligand Pharmaceuticals Incorporated (LGND) stock price & volume — 10-year historical chart

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LGND Growth Metrics

Ligand Pharmaceuticals Incorporated (LGND) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years9.98%

5 Years6.8%

3 Years-11.55%

TTM64.83%

Profit CAGR

10 Years-

5 Years-

3 Years-

TTM7.38%

EPS CAGR

10 Years-

5 Years-

3 Years-

TTM-17.53%

Return on Capital

10 Years12.54%

5 Years2.05%

3 Years-0.24%

Last Year-2.7%

LGND Recent Earnings

Ligand Pharmaceuticals Incorporated (LGND) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 10/12 qtrs (83%)●Beat Revenue 11/12 qtrs (92%)

Q1 2026Latest

Feb 26, 2026

EPS

$2.02

Est $1.46

+38.4%

Revenue

$60M

Est $56M

+7.3%

Q4 2025

Nov 6, 2025

EPS

$3.09

Est $1.97

+56.9%

Revenue

$115M

Est $56M

+107.7%

Q3 2025

Aug 7, 2025

EPS

$1.60

Est $1.54

+3.9%

Revenue

$48M

Est $53M

-9.9%

Q2 2025

May 8, 2025

EPS

$1.33

Est $1.30

+2.3%

Revenue

$45M

Est $44M

+2.3%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q1 2026Latest	Feb 26, 2026	$2.02vs $1.46+38.4%	$60Mvs $56M+7.3%
Q4 2025	Nov 6, 2025	$3.09vs $1.97+56.9%	$115Mvs $56M+107.7%
Q3 2025	Aug 7, 2025	$1.60vs $1.54+3.9%	$48Mvs $53M-9.9%
Q2 2025	May 8, 2025	$1.33vs $1.30+2.3%	$45Mvs $44M+2.3%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
PRGOPerrigo Company plcDirect Competitor	1.69B	12.26	-1.19	-2.75%	-43.5%	-50.65%	1.35
INVAInnoviva, Inc.Direct Competitor	1.91B	22.52	6.82	18.52%	118.91%	46.47%	0.23
OMABGrupo Aeroportuario del Centro Norte, S.A.B. de C.V.Direct Competitor	5.15B	106.63	16.68	5.91%	33.46%	50.64%	1.19
RPRXRoyalty Pharma plcProduct Competitor	21.72B	50.69	28.16	5.06%	33.9%	8.54%	0.92
BCYCBicycle Therapeutics plcProduct Competitor	356.7M	5.15	-1.63	105.77%	-344.95%	-35.74%	0.03
XOMAXOMA Royalty Corp.Product Competitor	493.33M	41.60	28.49	83.06%	56.4%	31.88%	1.57
NUVLNuvalent, Inc.Product Competitor	6.92B	104.26	-26.53			-45.12%
RCUSArcus Biosciences, Inc.Product Competitor	2.62B	26.00	-7.90	-4.26%	-156.36%	-68.97%	0.16

Compare LGND vs Peers

Ligand Pharmaceuticals Incorporated (LGND) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PRGO

Most directly comparable listed peer for LGND.

Scale Benchmark

vs JNJ

Larger-name benchmark to compare LGND against a more recognizable public peer.

Peer Set

Compare Top 5

vs PRGO, INVA, OMAB, RPRX

LGND Income Statement

Ligand Pharmaceuticals Incorporated (LGND) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'16	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	TTM
Sales/Revenue	108.97M	141.1M	251.45M	120.28M	163.56M	241.54M	196.25M	131.31M	167.13M	251.23M
Revenue Growth %	51.53%	29.48%	78.21%	-52.17%	35.98%	47.68%	-18.75%	-33.09%	27.28%	64.83%
Cost of Goods Sold	5.57M	5.37M	6.34M	11.35M	30.42M	62.18M	52.83M	35.05M	11.07M	35.41M
COGS % of Revenue	5.11%	3.8%	2.52%	9.43%	18.6%	25.74%	26.92%	26.69%	6.63%	-
Gross Profit	103.4M▲ 0%	135.74M▲ 31.3%	245.12M▲ 80.6%	108.94M▼ 55.6%	133.14M▲ 22.2%	179.37M▲ 34.7%	143.42M▼ 20.0%	96.27M▼ 32.9%	156.06M▲ 62.1%	215.82M▲ 0%
Gross Margin %	94.89%	96.2%	97.48%	90.57%	81.4%	74.26%	73.08%	73.31%	93.37%	85.9%
Gross Profit Growth %	56.42%	31.27%	80.58%	-55.56%	22.22%	34.72%	-20.04%	-32.88%	62.11%	-
Operating Expenses	58.48M	67.66M	81.39M	-698.14M	95.64M	75.52M	140.38M	84.32M	178.66M	198.3M
OpEx % of Revenue	53.67%	47.95%	32.37%	-580.42%	58.48%	31.26%	71.53%	64.21%	106.9%	-
Selling, General & Admin	26.62M	28.65M	37.73M	41.88M	60.01M	46.79M	70.06M	52.79M	78.65M	93.03M
SG&A % of Revenue	24.43%	20.31%	15.01%	34.82%	36.69%	19.37%	35.7%	40.2%	47.06%	-
Research & Development	21.22M	26.89M	27.86M	55.91M	40.5M	32.1M	36.08M	24.54M	21.43M	82.1M
R&D % of Revenue	19.47%	19.05%	11.08%	46.48%	24.76%	13.29%	18.39%	18.69%	12.82%	-
Other Operating Expenses	10.64M	12.12M	15.79M	-795.93M	-4.87M	-3.38M	34.24M	7M	78.59M	2M
Operating Income	43.88M▲ 0%	68.08M▲ 55.1%	163.73M▲ 140.5%	807.08M▲ 392.9%	37.5M▼ 95.4%	103.85M▲ 176.9%	3.04M▼ 97.1%	11.94M▲ 293.2%	-22.61M▼ 289.3%	17.52M▲ 0%
Operating Margin %	40.27%	48.25%	65.11%	670.99%	22.93%	42.99%	1.55%	9.09%	-13.53%	6.97%
Operating Income Growth %	60.58%	55.12%	140.51%	392.94%	-95.35%	176.94%	-97.08%	293.22%	-289.3%	-
EBITDA	55.17M	80.6M	180.42M	850.81M	65.47M	154.8M	46.43M	48.46M	12.63M	51.54M
EBITDA Margin %	50.63%	57.12%	71.75%	707.34%	40.03%	64.09%	23.66%	36.91%	7.56%	20.51%
EBITDA Growth %	84.19%	46.07%	123.86%	371.57%	-92.31%	136.45%	-70.01%	4.38%	-73.93%	168.33%
D&A (Non-Cash Add-back)	11.29M	12.52M	16.69M	43.73M	27.97M	50.95M	43.39M	36.52M	35.24M	34.01M
EBIT	20.8M	68.63M	221.61M	832.38M	28.71M	91.82M	37.81M	64.32M	5.55M	65.88M
Net Interest Income	-12.18M	-11.4M	-34.28M	-7.32M	-19.34M	-18.73M	247K	7.05M	5.02M	5.38M
Interest Income	0	0	14M	28.43M	8.08M	886K	2.05M	7.71M	8.05M	8.29M
Interest Expense	12.18M	11.4M	48.28M	35.74M	27.41M	19.62M	1.8M	656K	3.04M	2.9M
Other Income/Expense	-35.92M	-10.85M	9.6M	-10.44M	-36.21M	-31.65M	32.97M	51.72M	25.12M	45.46M
Pretax Income	7.96M▲ 0%	57.23M▲ 619.0%	173.33M▲ 202.9%	796.64M▲ 359.6%	1.29M▼ 99.8%	72.2M▲ 5488.6%	36.01M▼ 50.1%	63.66M▲ 76.8%	2.52M▼ 96.0%	62.98M▲ 0%
Pretax Margin %	7.3%	40.56%	68.93%	662.31%	0.79%	29.89%	18.35%	48.48%	1.51%	25.07%
Income Tax	10.33M	44.67M	30.01M	167.34M	-5.31M	-4.15M	41.23M	9.84M	6.55M	14.4M
Effective Tax Rate %	129.74%	78.06%	17.31%	21.01%	-410.68%	-5.74%	114.49%	15.46%	260.13%	22.86%
Net Income	-1.64M▲ 0%	12.56M▲ 867.5%	143.32M▲ 1041.5%	629.3M▲ 339.1%	-2.98M▼ 100.5%	57.14M▲ 2014.2%	-33.36M▼ 158.4%	52.15M▲ 256.3%	-4.03M▼ 107.7%	48.58M▲ 0%
Net Margin %	-1.5%	8.9%	57%	523.19%	-1.82%	23.66%	-17%	39.72%	-2.41%	19.34%
Net Income Growth %	-100.64%	867.48%	1041.45%	339.09%	-100.47%	2014.17%	-158.39%	256.33%	-107.73%	7.38%
Net Income (Continuing)	-2.37M	12.56M	143.32M	629.3M	6.6M	76.35M	-5.22M	53.82M	-4.03M	48.58M
Discontinued Operations	731K	0	0	0	-9.58M	-19.21M	-28.14M	-1.67M	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	-0.08▲ 0%	0.53▲ 775.2%	5.96▲ 1024.5%	31.85▲ 434.4%	-0.18▼ 100.6%	3.34▲ 1955.6%	-1.98▼ 159.3%	2.94▲ 248.5%	-0.22▼ 107.5%	2.41▲ 0%
EPS Growth %	-100.65%	775.16%	1024.53%	434.4%	-100.57%	1955.56%	-159.28%	248.48%	-107.48%	-17.53%
EPS (Basic)	-0.08	0.60	5.96	33.13	-0.18	3.46	-1.98	3.02	-0.22	-
Diluted Shares Outstanding	20.83M	23.48M	24.07M	19.76M	16.18M	17.25M	16.87M	17.76M	18.29M	20.17M
Basic Shares Outstanding	20.83M	21.03M	24.05M	19M	16.18M	16.63M	16.87M	17.3M	18.29M	19.37M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

LGND Balance Sheet

Ligand Pharmaceuticals Incorporated (LGND) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'16	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	TTM
Total Current Assets	163.05M	237.02M	870.54M	1.12B	500.56M	464.75M	263.6M	237.43M	331.56M	753.92M
Cash & Short-Term Investments	141.05M	201.66M	764.57M	1.07B	411.19M	341.11M	211.87M	170.31M	256.17M	664.52M
Cash Only	141.05M	201.66M	718.38M	71.54M	47.62M	19.52M	45.01M	22.95M	72.31M	139.38M
Short-Term Investments	0	0	46.19M	998.32M	363.57M	321.59M	166.86M	147.35M	183.86M	525.15M
Accounts Receivable	18.22M	25.6M	55.85M	41.75M	59.06M	91.65M	35.04M	39.31M	42.45M	58.1M
Days Sales Outstanding	61.02	66.21	81.07	126.69	131.81	138.49	65.17	109.27	92.7	67.37
Inventory	1.92M	4.37M	7.12M	7.3M	26.49M	27.33M	13.29M	23.97M	14.11M	11.9M
Days Inventory Outstanding	125.99	297.46	410.33	234.69	317.82	160.42	91.85	249.61	465.2	130.68
Other Current Assets	0	5.39M	89.19M	4.73M	3.82M	4.67M	2.27M	2.66M	16.9M	19.4M
Total Non-Current Assets	438.53M	434M	390.26M	371.27M	861.73M	832.84M	499.07M	549.79M	610.22M	722.85M
Property, Plant & Equipment	1.82M	4.21M	5.37M	17.62M	37.17M	32.6M	27.49M	25.06M	24.81M	11.07M
Fixed Asset Turnover	59.91x	33.50x	46.81x	6.83x	4.40x	7.41x	7.14x	5.24x	6.74x	17.33x
Goodwill	276.91M	314.54M	306.44M	95.23M	189.66M	105.67M	105.67M	103.37M	105.25M	101.54M
Intangible Assets	25.82M	19.53M	31.46M	230.54M	606.31M	386.8M	352.64M	299.61M	266.65M	233.53M
Long-Term Investments	8.35M	6.44M	601.22M	0	0	0	3M	111.61M	10.91M	641.62M
Other Non-Current Assets	1.74M	4.86M	-600.75M	2.27M	4.27M	272.03M	1.74M	9.92M	202.53M	395.67M
Total Assets	601.59M▲ 0%	671.02M▲ 11.5%	1.26B▲ 87.9%	1.49B▲ 18.6%	1.36B▼ 8.9%	1.3B▼ 4.7%	762.67M▼ 41.2%	787.22M▲ 3.2%	941.77M▲ 19.6%	1.48B▲ 0%
Asset Turnover	0.18x	0.21x	0.20x	0.08x	0.12x	0.19x	0.26x	0.17x	0.18x	0.24x
Asset Growth %	12.67%	11.54%	87.89%	18.57%	-8.87%	-4.75%	-41.22%	3.22%	19.63%	82.86%
Total Current Liabilities	227.13M	238.87M	82.25M	17M	100.11M	41.66M	98.81M	16.78M	37.11M	30.54M
Accounts Payable	2.73M	2.26M	4.18M	2.42M	3.78M	8.4M	5.31M	2.43M	5.23M	27.76M
Days Payables Outstanding	179.13	153.66	240.93	77.84	45.4	49.33	36.67	25.27	172.48	120.97
Short-Term Debt	212.91M	224.53M	26.43M	0	0	0	76.69M	0	0	1.09M
Deferred Revenue (Current)	0	173K	3.29M	2.14M	29.43M	654K	976K	1.84M	1.9M	3.49M
Other Current Liabilities	5.09M	1.41M	44.3M	7.62M	49.38M	22.57M	6.26M	4.94M	-3.2M	-821K
Current Ratio	0.72x	0.99x	10.58x	66.09x	5.00x	11.15x	2.67x	14.15x	8.93x	8.93x
Quick Ratio	0.71x	0.97x	10.50x	65.66x	4.74x	10.50x	2.53x	12.72x	8.55x	8.55x
Cash Conversion Cycle	7.89	210.01	250.47	283.53	404.22	249.57	120.35	333.61	385.42	77.09
Total Non-Current Liabilities	3.6M	13.51M	617.64M	710.68M	552.65M	434.77M	66.37M	69.52M	74.22M	496.06M
Long-Term Debt	29.56M	18.86M	609.86M	638.96M	442.29M	320.72M	0	0	0	445.49M
Capital Lease Obligations	0	0	0	9.97M	5.64M	2.26M	10.34M	5.75M	5.82M	18.42M
Deferred Tax Liabilities	-357K	-22.38M	51.97M	32.94M	64.6M	30.86M	30.61M	31.62M	32.52M	116.82M
Other Non-Current Liabilities	-25.96M	-8.88M	7.78M	28.82M	40.12M	80.94M	25.38M	17M	35.88M	96.11M
Total Liabilities	230.73M	252.37M	699.89M	727.68M	652.76M	476.43M	165.18M	86.3M	111.33M	526.6M
Total Debt	212.91M	224.53M	636.3M	650.18M	456.41M	324.39M	87.75M	6.17M	7.11M	451M
Net Debt	71.86M	22.87M	-82.08M	578.64M	408.8M	304.86M	42.74M	-16.79M	-65.2M	311.62M
Debt / Equity	0.57x	0.54x	1.13x	0.85x	0.64x	0.40x	0.15x	0.01x	0.01x	0.01x
Debt / EBITDA	3.86x	2.79x	3.53x	0.76x	6.97x	2.10x	1.89x	0.13x	0.56x	8.75x
Net Debt / EBITDA	1.30x	0.28x	-0.45x	0.68x	6.24x	1.97x	0.92x	-0.35x	-5.16x	-5.16x
Interest Coverage	3.60x	5.97x	3.39x	22.58x	1.37x	5.29x	1.69x	18.20x	-7.44x	22.69x
Total Equity	370.85M▲ 0%	418.65M▲ 12.9%	560.91M▲ 34.0%	767.23M▲ 36.8%	709.52M▼ 7.5%	821.16M▲ 15.7%	597.49M▼ 27.2%	700.91M▲ 17.3%	830.44M▲ 18.5%	950.17M▲ 0%
Equity Growth %	21.83%	12.89%	33.98%	36.78%	-7.52%	15.73%	-27.24%	17.31%	18.48%	36.95%
Book Value per Share	17.80	17.83	23.31	38.83	43.84	47.61	35.42	39.47	45.40	47.11
Total Shareholders' Equity	370.85M	418.65M	560.91M	767.23M	709.52M	821.16M	597.49M	700.91M	830.44M	950.17M
Common Stock	21K	21K	21K	17K	16K	17K	17K	18K	20K	20K
Retained Earnings	-431.13M	-400.92M	-229.2M	400.11M	391.95M	449.09M	450.86M	503.02M	498.98M	578.22M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	2.74M	2.49M	-1.02M	-216K	-801K	-917K	-984K	-817K	-5.94M	9.32M
Minority Interest	0	0	0	0	0	0	0	0	0	0

LGND Cash Flow Statement

Ligand Pharmaceuticals Incorporated (LGND) cash flow — operating, investing & free cash flow history

Line item	Dec'16	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	TTM
Cash from Operations	63M	93.57M	194.06M	-29.34M	54.59M	78.8M	137.85M	49.58M	97.05M	97.05M
Operating CF Margin %	57.81%	66.31%	77.18%	-24.39%	33.37%	32.62%	70.24%	37.75%	58.07%	-
Operating CF Growth %	50.98%	48.52%	107.4%	-115.12%	286.07%	44.36%	74.94%	-64.04%	95.75%	18.07%
Net Income	-2.37M	12.56M	143.32M	629.3M	-2.98M	57.14M	-33.36M	52.15M	-4.03M	48.58M
Depreciation & Amortization	11.29M	11.71M	14.72M	43.73M	27.97M	50.95M	51.37M	36.52M	35.24M	33.76M
Stock-Based Compensation	18.89M	24.91M	20.85M	24.52M	30.73M	38.78M	60.28M	25.74M	41.09M	22.27M
Deferred Taxes	10.7M	44.52M	29.74M	74.83M	-19.05M	-8.62M	20.72M	11.7M	-15.8M	-13.02M
Other Non-Cash Items	35.11M	11.3M	24.29M	-797.5M	28M	-7.29M	-26.84M	-42.13M	21.2M	-49.4M
Working Capital Changes	-10.62M	-11.44M	-38.85M	-4.21M	-10.06M	-52.16M	65.68M	-34.4M	19.36M	-10.35M
Change in Receivables	-8.53M	-8.36M	-29.54M	25.46M	-26.06M	-28.62M	55.32M	-2.6M	-6.46M	-25.32M
Change in Inventory	-244K	-843K	-2.56M	-2.06M	-17.8M	-427K	12.06M	-10.87M	9.62M	4.78M
Change in Payables	-2.37M	-1.71M	-4.54M	-18.05M	-1.25M	-1.17M	-3.34M	-4.7M	0	9.82M
Cash from Investing	-143.19M	-84.18M	-423.27M	466.92M	231.65M	30.52M	163.62M	-11.68M	-143.66M	-397.84M
Capital Expenditures	-28.32M	-7.15M	-11.89M	-2.55M	-4.46M	-8.76M	-17.92M	-3.52M	-1.82M	-2.98M
CapEx % of Revenue	25.99%	5.07%	4.73%	2.12%	2.73%	3.63%	9.13%	2.68%	1.09%	-
Acquisitions	-94.2M	-26.65M	-5.86M	-12.84M	-383.32M	494K	-750K	-25.65M	-172.19M	80.19M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	300K	7.25M	3.91M	808.13M	3.26M	-1.22M	-868K	-49.91M	-12.89M	-83.54M
Cash from Financing	1.51M	-7.52M	328.58M	-485.17M	-310.55M	-137.76M	-275.99M	-59.95M	97.14M	440.35M
Debt Issued (Net)	0	0	532.33M	-27.32M	-231.76M	-146.01M	-261M	-76.9M	-25K	331.81M
Equity Issued (Net)	1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	0	1000K	4M
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-3.9M	-1.97M	-122.87M	-453.05M	-78M	-18.45M	-8.24M	0	0	-15M
Other Financing	-999K	-5.56M	-77.11M	-383K	-789K	-7.07M	-6.75M	16.95M	60.03M	14.84M
Net Change in Cash	-78.68M▲ 0%	1.87M▲ 102.4%	99.16M▲ 5208.4%	-47.51M▼ 147.9%	-24.31M▲ 48.8%	-28.44M▼ 17.0%	25.48M▲ 189.6%	-22.05M▼ 186.5%	49.35M▲ 323.8%	75.76M▲ 0%
Free Cash Flow	34.68M▲ 0%	86.41M▲ 149.2%	182.17M▲ 110.8%	-31.89M▼ 117.5%	50.13M▲ 257.2%	70.04M▲ 39.7%	119.93M▲ 71.2%	-4.27M▼ 103.6%	77.41M▲ 1912.0%	30.69M▲ 0%
FCF Margin %	31.82%	61.24%	72.45%	-26.51%	30.65%	29%	61.11%	-3.25%	46.31%	12.21%
FCF Growth %	12.36%	149.18%	110.81%	-117.5%	257.2%	39.72%	71.23%	-103.56%	1911.96%	-47.77%
FCF per Share	1.66	3.68	7.57	-1.61	3.10	4.06	7.11	-0.24	4.23	4.23
FCF Conversion (FCF/Net Income)	-38.51x	7.45x	1.35x	-0.05x	-18.29x	1.38x	-4.13x	0.95x	-24.07x	0.63x
Interest Paid	1.84M	1.84M	1.51M	5.83M	4.46M	3.03M	1.43M	288K	263K	98K
Taxes Paid	38K	157K	341K	103.82M	2.13M	3.72M	11.64M	8.77M	19.21M	621K

LGND Key Ratios

Ligand Pharmaceuticals Incorporated (LGND) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	TTM
Return on Equity (ROE)	-0.48%	3.18%	29.26%	94.76%	-0.4%	7.47%	-4.7%	8.03%	-0.53%	5.11%
Return on Invested Capital (ROIC)	8.75%	11.55%	26.68%	66.35%	2.28%	6.94%	0.26%	1.35%	-2.34%	-2.34%
Gross Margin	94.89%	96.2%	97.48%	90.57%	81.4%	74.26%	73.08%	73.31%	93.37%	85.9%
Net Margin	-1.5%	8.9%	57%	523.19%	-1.82%	23.66%	-17%	39.72%	-2.41%	19.34%
Debt / Equity	0.57x	0.54x	1.13x	0.85x	0.64x	0.40x	0.15x	0.01x	0.01x	0.01x
Interest Coverage	3.60x	5.97x	3.39x	22.58x	1.37x	5.29x	1.69x	18.20x	-7.44x	22.69x
FCF Conversion	-38.51x	7.45x	1.35x	-0.05x	-18.29x	1.38x	-4.13x	0.95x	-24.07x	0.63x
Revenue Growth	51.53%	29.48%	78.21%	-52.17%	35.98%	47.68%	-18.75%	-33.09%	27.28%	64.83%

LGND SEC Filings & Documents

Ligand Pharmaceuticals Incorporated (LGND) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Feb 26, 2026·SEC

Material company update

Dec 18, 2025·SEC

Material company update

Nov 6, 2025·SEC

10-K Annual Reports

FY 2026

Feb 27, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Feb 29, 2024·SEC

10-Q Quarterly Reports

FY 2025

Nov 7, 2025·SEC

FY 2025

Aug 8, 2025·SEC

FY 2025

May 9, 2025·SEC

LGND Frequently Asked Questions

Ligand Pharmaceuticals Incorporated (LGND) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Ligand Pharmaceuticals Incorporated (LGND) reported $251.2M in revenue for fiscal year 2024. This represents a 925% increase from $24.5M in 1995.

Ligand Pharmaceuticals Incorporated (LGND) grew revenue by 27.3% over the past year. This is strong growth.

Yes, Ligand Pharmaceuticals Incorporated (LGND) is profitable, generating $48.6M in net income for fiscal year 2024 (-2.4% net margin).

Dividend & Returns

Ligand Pharmaceuticals Incorporated (LGND) has a return on equity (ROE) of -0.5%. Negative ROE indicates the company is unprofitable.

Ligand Pharmaceuticals Incorporated (LGND) generated $30.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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