Ligand Pharmaceuticals Incorporated (LGND) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Biotechnology
EV/EBITDA
↑
71.45
↑+32% vs avg
5yr avg: 54.19
30Y Low3.1·High77.0
P/FCF
↑
112.64
↑+198% vs avg
5yr avg: 37.80
30Y Low9.4·High78.5
P/B Ratio
↑
5.48
↑+110% vs avg
5yr avg: 2.61
30Y Low1.8·High65.6
ROE
↑
13.5%
↓+184% vs avg
5yr avg: 4.7%
30Y Low-404%·High157%
Debt/EBITDA
↑
5.58
↑+172% vs avg
5yr avg: 2.05
30Y Low0.1·High24.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
LGND Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Ligand Pharmaceuticals Incorporated trades at 44.8x earnings, 33% above its 5-year average of 33.8x, sitting at the 70th percentile of its historical range. Compared to the Healthcare sector median P/E of 22.1x, the stock trades at a premium of 103%. On a free-cash-flow basis, the stock trades at 112.6x P/FCF, 198% above the 5-year average of 37.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.5B | $3.8B | $2.0B | $1.3B | $1.1B | $2.7B | $1.6B | $2.1B | $3.3B | $3.2B | $2.1B |
| Enterprise Value | $5.8B | $4.1B | $1.9B | $1.3B | $1.2B | $3.0B | $2.0B | $2.6B | $3.2B | $3.2B | $2.2B |
| P/E Ratio → | 44.84 | 30.84 | — | 24.29 | — | 46.25 | — | 3.27 | 22.77 | 258.36 | — |
| P/S Ratio | 20.55 | 14.31 | 11.73 | 9.66 | 5.74 | 11.03 | 9.84 | 17.13 | 12.99 | 22.79 | 19.42 |
| P/B Ratio | 5.48 | 3.77 | 2.36 | 1.81 | 1.89 | 3.24 | 2.27 | 2.69 | 5.82 | 7.68 | 5.71 |
| P/FCF | 112.64 | 78.45 | 25.32 | — | 9.40 | 38.03 | 32.11 | — | 17.93 | 37.21 | 61.04 |
| P/OCF | 111.61 | 77.74 | 20.19 | 25.58 | 8.17 | 33.81 | 29.49 | — | 16.83 | 34.36 | 33.60 |
P/E links to full P/E history page with 30-year chart
LGND EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Ligand Pharmaceuticals Incorporated's enterprise value stands at 71.4x EBITDA, 32% above its 5-year average of 54.2x. The Healthcare sector median is 14.2x, placing the stock at a 403% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 15.34 | 11.34 | 9.53 | 5.96 | 12.29 | 12.34 | 21.94 | 12.66 | 22.95 | 20.08 |
| EV / EBITDA | 71.45 | 50.80 | 149.97 | 25.82 | 25.19 | 19.18 | 30.83 | 3.10 | 17.65 | 40.18 | 39.67 |
| EV / EBIT | 122.58 | 25.88 | 341.06 | 19.46 | 30.93 | 32.33 | 70.31 | 3.17 | 14.37 | 47.18 | 105.21 |
| EV / FCF | — | 84.11 | 24.48 | — | 9.75 | 42.39 | 40.26 | — | 17.48 | 37.47 | 63.11 |
LGND Profitability
Margins and return-on-capital ratios measuring operating efficiency
Ligand Pharmaceuticals Incorporated earns an operating margin of 17.6%. Operating margins have expanded from 9.1% to 17.6% over the past 3 years, signaling improving operational efficiency. ROE of 13.5% is modest. ROIC of 3.4% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 97.5% | 97.5% | 93.4% | 73.3% | 73.1% | 74.3% | 81.4% | 90.6% | 97.5% | 96.2% | 94.9% |
| Operating Margin | 17.6% | 17.6% | -13.5% | 9.1% | 1.5% | 43.0% | 22.9% | 671.0% | 65.1% | 48.2% | 40.3% |
| Net Profit Margin | 46.4% | 46.4% | -2.4% | 39.7% | -17.0% | 23.7% | -1.8% | 523.2% | 57.0% | 8.9% | -1.5% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.5% | 13.5% | -0.5% | 8.0% | -4.7% | 7.5% | -0.4% | 94.8% | 29.3% | 3.2% | -0.5% |
| ROA | 9.9% | 9.9% | -0.5% | 6.7% | -3.2% | 4.3% | -0.2% | 45.7% | 14.8% | 2.0% | -0.3% |
| ROIC | 3.4% | 3.4% | -2.3% | 1.4% | 0.3% | 6.9% | 2.3% | 66.3% | 26.7% | 11.5% | 8.8% |
| ROCE | 3.9% | 3.9% | -2.7% | 1.7% | 0.3% | 8.2% | 2.7% | 60.8% | 20.3% | 16.9% | 9.9% |
LGND Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Ligand Pharmaceuticals Incorporated carries a Debt/EBITDA ratio of 5.6x, which is highly leveraged (73% above the sector average of 3.2x). Net debt stands at $277M ($451M total debt minus $175M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.44 | 0.44 | 0.01 | 0.01 | 0.15 | 0.40 | 0.64 | 0.85 | 1.13 | 0.54 | 0.57 |
| Debt / EBITDA | 5.58 | 5.58 | 0.56 | 0.13 | 1.89 | 2.10 | 6.97 | 0.76 | 3.53 | 2.79 | 3.86 |
| Net Debt / Equity | — | 0.27 | -0.08 | -0.02 | 0.07 | 0.37 | 0.58 | 0.75 | -0.15 | 0.05 | 0.19 |
| Net Debt / EBITDA | 3.42 | 3.42 | -5.16 | -0.35 | 0.92 | 1.97 | 6.24 | 0.68 | -0.45 | 0.28 | 1.30 |
| Debt / FCF | — | 5.65 | -0.84 | — | 0.36 | 4.35 | 8.16 | — | -0.45 | 0.26 | 2.07 |
| Interest Coverage | — | — | 1.83 | 98.04 | 21.02 | 4.68 | 1.05 | 23.29 | 4.59 | 6.02 | 1.71 |
LGND Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Ligand Pharmaceuticals Incorporated's current ratio of 22.23x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 14.15x to 22.23x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 22.23 | 22.23 | 8.93 | 14.15 | 2.67 | 11.15 | 5.00 | 66.09 | 10.58 | 0.99 | 0.72 |
| Quick Ratio | 21.98 | 21.98 | 8.55 | 12.72 | 2.53 | 10.50 | 4.74 | 65.66 | 10.50 | 0.97 | 0.71 |
| Cash Ratio | 19.59 | 19.59 | 6.90 | 10.15 | 2.14 | 8.19 | 4.11 | 62.93 | 9.30 | 0.84 | 0.62 |
| Asset Turnover | — | 0.17 | 0.18 | 0.17 | 0.26 | 0.19 | 0.12 | 0.08 | 0.20 | 0.21 | 0.18 |
| Inventory Turnover | 0.72 | 0.72 | 0.78 | 1.46 | 3.97 | 2.28 | 1.15 | 1.56 | 0.89 | 1.23 | 2.90 |
| Days Sales Outstanding | — | 83.12 | 92.70 | 109.27 | 65.17 | 138.49 | 131.81 | 126.69 | 81.07 | 66.21 | 61.02 |
LGND Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Ligand Pharmaceuticals Incorporated returns 0.3% to shareholders annually primarily through share buybacks. The earnings yield of 2.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 3.2% | — | 4.1% | — | 2.2% | — | 30.5% | 4.4% | 0.4% | — |
| FCF Yield | 0.9% | 1.3% | 3.9% | — | 10.6% | 2.6% | 3.1% | — | 5.6% | 2.7% | 1.6% |
| Buyback Yield | 0.3% | 0.4% | 0.0% | 0.0% | 0.7% | 0.7% | 4.8% | 22.0% | 3.8% | 0.1% | 0.2% |
| Total Shareholder Yield | 0.3% | 0.4% | 0.0% | 0.0% | 0.7% | 0.7% | 4.8% | 22.0% | 3.8% | 0.1% | 0.2% |
| Shares Outstanding | — | $20M | $18M | $18M | $17M | $17M | $16M | $20M | $24M | $23M | $21M |
Peer Comparison
Compare LGND with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 LGNDYou | $6B | 44.8 | 71.4 | 112.6 | 97.5% | 17.6% | 13.5% | 3.4% | 5.6 |
 PRGO | $1B | -1.0 | 7.1 | 9.8 | 35.1% | 8.1% | -39.3% | 3.7% | 5.8 |
 INVA | $2B | 6.8 | 6.8 | 8.5 | 72.3% | 38.5% | 29.1% | 14.2% | 1.3 |
 OMAB | $6B | 17.9 | 10.8 | 13.0 | 75.6% | 56.0% | 48.6% | 31.7% | 1.4 |
 RPRX | $23B | 29.4 | 19.8 | 9.1 | 100.0% | 65.6% | 7.7% | 6.7% | 5.7 |
 BCYC | $277M | -1.3 | — | — | 100.0% | -341.3% | -31.2% | — | — |
 XOMA | $525M | 28.7 | 40.0 | 183.0 | 94.3% | 21.8% | 34.1% | 6.8% | 9.2 |
 NUVL | $9B | -21.1 | — | — | — | — | -36.7% | -32.5% | — |
 RCUS | $2B | -7.4 | — | — | 96.0% | -156.3% | -63.3% | -64.1% | — |
 ABBV | $383B | 91.4 | 15.8 | 21.5 | 70.2% | 32.8% | 6214.7% | 23.9% | 2.4 |
 PFE | $143B | 18.5 | 10.3 | 15.8 | 70.3% | 24.7% | 8.9% | 7.5% | 3.3 |
| Healthcare Median | — | 22.1 | 14.2 | 18.5 | 63.9% | -4.3% | -32.6% | -11.6% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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LGND — Frequently Asked Questions
Quick answers to the most common questions about buying LGND stock.
What is Ligand Pharmaceuticals Incorporated's P/E ratio?
Ligand Pharmaceuticals Incorporated's current P/E ratio is 44.8x. The historical average is 35.2x. This places it at the 70th percentile of its historical range.
What is Ligand Pharmaceuticals Incorporated's EV/EBITDA?
Ligand Pharmaceuticals Incorporated's current EV/EBITDA is 71.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 37.0x.
What is Ligand Pharmaceuticals Incorporated's ROE?
Ligand Pharmaceuticals Incorporated's return on equity (ROE) is 13.5%. The historical average is -33.4%.
Is LGND stock overvalued?
Based on historical data, Ligand Pharmaceuticals Incorporated is trading at a P/E of 44.8x. This is at the 70th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Ligand Pharmaceuticals Incorporated's profit margins?
Ligand Pharmaceuticals Incorporated has 97.5% gross margin and 17.6% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Ligand Pharmaceuticals Incorporated have?
Ligand Pharmaceuticals Incorporated's Debt/EBITDA ratio is 5.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.