Ligand Pharmaceuticals Incorporated (LGND) Financial Ratios
30 years of historical data (1995–2024) · Healthcare · Biotechnology
EV/EBITDA
↑
319.95
↑+537% vs avg
5yr avg: 50.20
30Y Low3.1·High77.0
P/FCF
↓
53.06
↑+102% vs avg
5yr avg: 26.21
30Y Low9.4·High74.6
P/B Ratio
↑
4.60
↑+99% vs avg
5yr avg: 2.31
30Y Low1.8·High65.6
ROE
↓
-0.5%
↑-127% vs avg
5yr avg: 2.0%
30Y Low-404%·High157%
Debt/EBITDA
↓
0.56
↓-76% vs avg
5yr avg: 2.33
30Y Low0.1·High24.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Ligand Pharmaceuticals Incorporated currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 53.1x P/FCF, 102% above the 5-year average of 26.2x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.1B | $2.0B | $1.3B | $1.1B | $2.7B | $1.6B | $2.1B | $3.3B | $3.2B | $2.1B | $2.3B |
| Enterprise Value | $4.0B | $1.9B | $1.3B | $1.2B | $3.0B | $2.0B | $2.6B | $3.2B | $3.2B | $2.2B | $2.3B |
| P/E Ratio → | -949.77 | — | 24.29 | — | 46.25 | — | 3.27 | 22.77 | 258.36 | — | 8.95 |
| P/S Ratio | 24.57 | 11.73 | 9.66 | 5.74 | 11.03 | 9.84 | 17.13 | 12.99 | 22.79 | 19.42 | 32.00 |
| P/B Ratio | 4.60 | 2.36 | 1.81 | 1.89 | 3.24 | 2.27 | 2.69 | 5.82 | 7.68 | 5.71 | 7.56 |
| P/FCF | 53.06 | 25.32 | — | 9.40 | 38.03 | 32.11 | — | 17.93 | 37.21 | 61.04 | 74.57 |
| P/OCF | 42.32 | 20.19 | 25.58 | 8.17 | 33.81 | 29.49 | — | 16.83 | 34.36 | 33.60 | 55.16 |
P/E links to full P/E history page with 30-year chart
EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Ligand Pharmaceuticals Incorporated's enterprise value stands at 319.9x EBITDA, 537% above its 5-year average of 50.2x. The Healthcare sector median is 14.9x, placing the stock at a 2048% premium on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.34 | 9.53 | 5.96 | 12.29 | 12.34 | 21.94 | 12.66 | 22.95 | 20.08 | 32.08 |
| EV / EBITDA | 319.95 | 149.97 | 25.82 | 25.19 | 19.18 | 30.83 | 3.10 | 17.65 | 40.18 | 39.67 | 77.00 |
| EV / EBIT | — | 341.06 | 19.46 | 30.93 | 32.33 | 70.31 | 3.17 | 14.37 | 47.18 | 105.21 | 84.40 |
| EV / FCF | — | 24.48 | — | 9.75 | 42.39 | 40.26 | — | 17.48 | 37.47 | 63.11 | 74.74 |
Profitability
Margins and return-on-capital ratios measuring operating efficiency
Ligand Pharmaceuticals Incorporated earns an operating margin of -13.5%. Operating margins have compressed from 1.5% to -13.5% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -0.5% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 93.4% | 93.4% | 73.3% | 73.1% | 74.3% | 81.4% | 90.6% | 97.5% | 96.2% | 94.9% | 91.9% |
| Operating Margin | -13.5% | -13.5% | 9.1% | 1.5% | 43.0% | 22.9% | 671.0% | 65.1% | 48.2% | 40.3% | 38.0% |
| Net Profit Margin | -2.4% | -2.4% | 39.7% | -17.0% | 23.7% | -1.8% | 523.2% | 57.0% | 8.9% | -1.5% | 357.8% |
Return on Capital
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.5% | -0.5% | 8.0% | -4.7% | 7.5% | -0.4% | 94.8% | 29.3% | 3.2% | -0.5% | 156.5% |
| ROA | -0.5% | -0.5% | 6.7% | -3.2% | 4.3% | -0.2% | 45.7% | 14.8% | 2.0% | -0.3% | 65.0% |
| ROIC | -2.3% | -2.3% | 1.4% | 0.3% | 6.9% | 2.3% | 66.3% | 26.7% | 11.5% | 8.8% | 11.3% |
| ROCE | -2.7% | -2.7% | 1.7% | 0.3% | 8.2% | 2.7% | 60.8% | 20.3% | 16.9% | 9.9% | 7.3% |
Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Ligand Pharmaceuticals Incorporated carries a Debt/EBITDA ratio of 0.6x, which is very conservative (81% below the sector average of 3.0x). The company holds a net cash position — cash of $72M exceeds total debt of $7M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.15 | 0.40 | 0.64 | 0.85 | 1.13 | 0.54 | 0.57 | 0.67 |
| Debt / EBITDA | 0.56 | 0.56 | 0.13 | 1.89 | 2.10 | 6.97 | 0.76 | 3.53 | 2.79 | 3.86 | 6.86 |
| Net Debt / Equity | — | -0.08 | -0.02 | 0.07 | 0.37 | 0.58 | 0.75 | -0.15 | 0.05 | 0.19 | 0.02 |
| Net Debt / EBITDA | -5.16 | -5.16 | -0.35 | 0.92 | 1.97 | 6.24 | 0.68 | -0.45 | 0.28 | 1.30 | 0.17 |
| Debt / FCF | — | -0.84 | — | 0.36 | 4.35 | 8.16 | — | -0.45 | 0.26 | 2.07 | 0.17 |
| Interest Coverage | -7.44 | -7.44 | 18.20 | 1.69 | 5.29 | 1.37 | 22.58 | 3.39 | 5.97 | 3.60 | 2.32 |
Net cash position: cash ($72M) exceeds total debt ($7M)
Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Ligand Pharmaceuticals Incorporated's current ratio of 8.93x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 8.55x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 2.67x to 8.93x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.93 | 8.93 | 14.15 | 2.67 | 11.15 | 5.00 | 66.09 | 10.58 | 0.99 | 0.72 | 10.35 |
| Quick Ratio | 8.55 | 8.55 | 12.72 | 2.53 | 10.50 | 4.74 | 65.66 | 10.50 | 0.97 | 0.71 | 10.27 |
| Cash Ratio | 6.90 | 6.90 | 10.15 | 2.14 | 8.19 | 4.11 | 62.93 | 9.30 | 0.84 | 0.62 | 9.61 |
| Asset Turnover | — | 0.18 | 0.17 | 0.26 | 0.19 | 0.12 | 0.08 | 0.20 | 0.21 | 0.18 | 0.13 |
| Inventory Turnover | 0.78 | 0.78 | 1.46 | 3.97 | 2.28 | 1.15 | 1.56 | 0.89 | 1.23 | 2.90 | 3.56 |
| Days Sales Outstanding | — | 92.70 | 109.27 | 65.17 | 138.49 | 131.81 | 126.69 | 81.07 | 66.21 | 61.02 | 59.30 |
Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Ligand Pharmaceuticals Incorporated does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 4.1% | — | 2.2% | — | 30.5% | 4.4% | 0.4% | — | 11.2% |
| FCF Yield | 1.9% | 3.9% | — | 10.6% | 2.6% | 3.1% | — | 5.6% | 2.7% | 1.6% | 1.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.7% | 0.7% | 4.8% | 22.0% | 3.8% | 0.1% | 0.2% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.7% | 0.7% | 4.8% | 22.0% | 3.8% | 0.1% | 0.2% | 0.0% |
| Shares Outstanding | — | $18M | $18M | $17M | $17M | $16M | $20M | $24M | $23M | $21M | $21M |
Peer Comparison
Compare LGND with 7 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 LGNDYou | $4B | -949.8 | 319.9 | 53.1 | 93.4% | -13.5% | -0.5% | -2.3% | 0.6 |
 RPRX | $27B | 26.6 | 22.5 | 10.8 | — | 65.6% | 7.7% | 6.7% | 5.7 |
 INVA | $2B | 6.9 | 5.6 | 8.7 | 72.3% | 38.5% | 29.1% | 16.8% | — |
 BTX | $773M | 38.9 | 21.6 | 2.8 | 100.0% | 87.7% | 1.9% | 1.4% | — |
 XOMAP | $317M | -15.6 | — | — | 99.3% | -140.3% | -16.2% | -37.6% | — |
 XOMA | $316M | -16.0 | — | — | 99.3% | -140.3% | -16.2% | -37.6% | — |
 CBUS | $99M | -0.3 | — | — | 100.0% | -6062.8% | -115.3% | -86.2% | — |
 CDT | $1M | -0.0 | — | — | — | — | — | — | — |
| Healthcare Median | — | 23.2 | 14.9 | 19.0 | 65.8% | -6.4% | -36.7% | -13.6% | 3.0 |
Peers based on L4 peer group classification. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
See LGND's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs LGND Undervalued?
See our Bear / Base / Bull DCF models and intrinsic value estimates.
View ValuationCompare LGND vs RPRX
See how LGND stacks up against sector leader Royalty Pharma plc.
Start ComparisonFrequently Asked Questions
What is Ligand Pharmaceuticals Incorporated's P/E ratio?
Ligand Pharmaceuticals Incorporated's current P/E ratio is -949.8x. The historical average is 35.6x.
What is Ligand Pharmaceuticals Incorporated's EV/EBITDA?
Ligand Pharmaceuticals Incorporated's current EV/EBITDA is 319.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 35.7x.
What is Ligand Pharmaceuticals Incorporated's ROE?
Ligand Pharmaceuticals Incorporated's return on equity (ROE) is -0.5%. The historical average is -45.9%.
Is LGND stock overvalued?
Based on historical data, Ligand Pharmaceuticals Incorporated is trading at a P/E of -949.8x. Compare with industry peers and growth rates for a complete picture.
What are Ligand Pharmaceuticals Incorporated's profit margins?
Ligand Pharmaceuticals Incorporated has 93.4% gross margin and -13.5% operating margin.
How much debt does Ligand Pharmaceuticals Incorporated have?
Ligand Pharmaceuticals Incorporated's Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.