Last 47 quarters of trend data · Healthcare · Biotechnology
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 49.42 | 35.60 | — | 22.30 | 7.80 | 118.42 | — | — | — | — | 3.85 | 17.33 | — | 138.65 | 7.89 | — | 1076.38 | — | — | — | 43.54 |
| — | -69.9% | — | — | — | — | — | — | — | — | -51.3% | — | — | — | — | — | +2372.3% | — | — | — | — | |
| P/S Ratio | 22.65 | 27.09 | 19.19 | 16.75 | 7.74 | 11.89 | 11.13 | 11.87 | 8.90 | 9.14 | 10.69 | 11.23 | 7.92 | 12.12 | 7.52 | 10.43 | 6.23 | 7.51 | 12.96 | 8.92 | 9.21 |
| — | +127.9% | +72.4% | +41.1% | -13.0% | +30.0% | +4.1% | +5.7% | +12.3% | -24.6% | +42.2% | +7.7% | +27.2% | +61.5% | -42.0% | +17.0% | -32.4% | +12.8% | +8.7% | +50.4% | +0.6% | |
| P/B Ratio | 6.04 | 7.13 | 3.98 | 3.93 | 3.76 | 2.73 | 2.54 | 2.45 | 2.19 | 1.96 | 1.64 | 1.80 | 1.56 | 1.92 | 2.05 | 1.89 | 1.81 | 1.88 | 2.39 | 3.15 | 2.94 |
| — | +160.9% | +56.9% | +60.5% | +71.6% | +39.5% | +54.4% | +35.9% | +40.6% | +1.9% | -19.7% | -4.6% | -13.7% | +2.5% | -14.3% | -40.0% | -38.5% | -34.5% | -32.3% | +34.6% | +33.9% | |
| P/FCF | 124.15 | 71.92 | 20.48 | 21.80 | 68.32 | 36.34 | — | 18.31 | 20.68 | 33.98 | 17.82 | 47.11 | 36.37 | — | 10.48 | 5.49 | 24.26 | 71.12 | 10.04 | 25.39 | 32.71 |
| — | +97.9% | — | +19.1% | +230.4% | +6.9% | — | -61.1% | -43.1% | — | +70.0% | +757.5% | +49.9% | — | +4.4% | -78.4% | -25.8% | +96.8% | -88.8% | — | -8.6% | |
| EV / EBITDA | 78.40 | 105.27 | 42.08 | 36.01 | 15.41 | 32.47 | — | — | 36.82 | — | 27.24 | 55.98 | 22.00 | 41.98 | 11.86 | 12.56 | 15.33 | 18.90 | 32.84 | 28.13 | 23.79 |
| — | +224.3% | — | — | -58.1% | — | — | — | +67.4% | — | +129.6% | +345.7% | +43.5% | +122.1% | -63.9% | -55.3% | -35.6% | +71.8% | -21.1% | +30.7% | -48.6% | |
| EV / EBIT | 134.50 | 27.32 | — | 18.81 | 6.88 | 44.51 | — | — | — | — | 2.82 | 18.08 | — | 91.29 | 19.86 | 5.21 | 31.24 | 45.18 | — | — | 56.60 |
| — | -38.6% | — | — | — | — | — | — | — | — | -85.8% | +246.8% | — | +102.1% | — | — | -44.8% | -17.6% | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 97.5% | 95.0% | 96.0% | 143.6% | 78.5% | 93.9% | 89.3% | 93.4% | 75.9% | 136.9% | 64.3% | 94.1% | 89.4% | 93.7% | 91.5% | 20.1% | 76.1% | 75.3% | 87.1% | 83.5% | 82.3% |
| — | +1.1% | +7.5% | +53.7% | +3.5% | -31.4% | +38.9% | -0.7% | -15.1% | +46.2% | -29.8% | +368.5% | +17.5% | +24.3% | +5.1% | -75.9% | -7.6% | +18.0% | +2.2% | +0.3% | -2.9% | |
| Operating Margin | 17.6% | 13.5% | 33.6% | 33.6% | 47.6% | 17.7% | -79.9% | -22.5% | 6.1% | -46.0% | 9.6% | -11.9% | 9.4% | -7.5% | 32.3% | 45.0% | 20.8% | 17.3% | 5.8% | 17.6% | 24.2% |
| — | -23.9% | +142.0% | +249.2% | +684.3% | +138.6% | -928.2% | -88.4% | -35.2% | -511.5% | -70.1% | -126.5% | -55.1% | -143.5% | +453.0% | +156.2% | -14.0% | -68.0% | -31.7% | +9.7% | +170.6% | |
| Net Margin | 46.4% | 76.2% | -25.8% | 75.1% | 101.6% | 10.2% | -93.6% | -72.6% | -13.8% | -125.0% | 278.1% | 64.7% | -31.3% | 8.7% | 95.4% | -64.7% | 0.7% | -1.8% | -42.1% | -7.5% | 21.2% |
| — | +648.3% | +72.4% | +203.4% | +833.8% | +108.1% | -133.7% | -212.2% | +55.7% | -1539.1% | +191.5% | +200.1% | -4681.5% | +586.4% | +326.4% | -765.1% | -96.8% | -104.9% | -228.3% | -190.8% | +232.2% |
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.5% | 4.9% | -1.3% | 4.6% | 13.2% | 0.6% | -5.2% | -3.7% | -0.9% | -6.6% | 11.4% | 2.7% | -1.5% | 0.3% | 6.7% | -2.5% | 0.0% | -0.1% | -1.9% | -0.7% | 1.7% |
| — | +727.2% | +74.6% | +222.4% | +1586.0% | +109.1% | -145.7% | -240.0% | +42.4% | -1979.2% | +69.4% | +207.4% | -3189.4% | +411.3% | +453.9% | -273.0% | -97.1% | -102.8% | -176.6% | -181.0% | +278.4% | |
| ROA | 9.9% | 2.6% | -0.9% | 2.9% | 9.7% | 0.5% | -4.6% | -3.3% | -0.8% | -5.8% | 10.1% | 2.3% | -1.3% | 0.3% | 5.3% | -1.9% | 0.0% | -0.1% | -1.3% | -0.4% | 1.1% |
| — | +399.0% | +81.2% | +190.0% | +1327.8% | +109.0% | -145.4% | -240.3% | +41.5% | -2097.9% | +90.0% | +221.2% | -3640.0% | +455.5% | +516.3% | -357.8% | -96.5% | -103.4% | -194.0% | -195.4% | +301.6% | |
| ROIC | 3.4% | 0.5% | 1.0% | 1.2% | 4.1% | 0.8% | -3.6% | -0.9% | 0.3% | -1.9% | 0.3% | -0.4% | 0.4% | -0.3% | 2.0% | 1.2% | 1.0% | 0.7% | 0.2% | 0.9% | 1.1% |
| — | -36.3% | +127.7% | +226.1% | +1235.4% | +144.5% | -1255.7% | -147.9% | -14.1% | -594.0% | -84.1% | -132.3% | -64.3% | -139.8% | +1179.7% | +37.1% | -7.2% | -78.6% | -52.6% | -8.0% | +230.8% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.44 | 1.17 | 0.45 | 0.44 | 0.47 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.14 | 0.15 | 0.14 | 0.18 | 0.25 | 0.40 | 0.41 |
| — | +16775.1% | +8005.7% | +5087.6% | +5327.0% | -29.2% | -27.2% | -2.7% | -7.7% | -44.3% | -94.4% | -94.0% | -93.2% | -90.3% | -44.2% | -62.8% | -65.7% | -56.0% | -49.9% | -38.6% | -38.2% | |
| Debt / EBITDA | 5.58 | 67.80 | 17.67 | 15.22 | 7.16 | 0.34 | — | — | 0.61 | — | 0.53 | 1.11 | 0.54 | 1.55 | 3.73 | 3.76 | 4.41 | 6.65 | 12.37 | 12.63 | 11.67 |
| — | +19933.1% | — | — | +1080.5% | — | — | — | +12.0% | — | -85.9% | -70.6% | -87.7% | -76.6% | -69.9% | -70.2% | -62.3% | +19.7% | -39.8% | -33.5% | -78.9% | |
| Current Ratio | 22.23 | 31.18 | 21.28 | 22.23 | 24.69 | 5.45 | 5.27 | 8.93 | 12.49 | 16.82 | 20.70 | 14.15 | 16.15 | 9.42 | 3.32 | 2.67 | 1.63 | 1.45 | 6.48 | 11.15 | 11.90 |
| — | +471.8% | +303.7% | +148.8% | +97.7% | -67.6% | -74.5% | -36.9% | -22.7% | +78.6% | +524.1% | +430.3% | +890.9% | +548.3% | -48.8% | -76.1% | -86.3% | -81.4% | +42.0% | +123.1% | -41.3% | |
| Quick Ratio | 21.98 | 30.96 | 20.95 | 21.98 | 24.30 | 5.25 | 5.07 | 8.55 | 11.95 | 16.04 | 19.51 | 12.72 | 14.54 | 8.50 | 3.18 | 2.53 | 1.46 | 1.30 | 5.88 | 10.50 | 11.00 |
| — | +489.3% | +313.3% | +157.0% | +103.4% | -67.3% | -74.0% | -32.8% | -17.8% | +88.7% | +514.2% | +402.1% | +892.3% | +551.5% | -46.0% | -75.9% | -86.7% | -81.5% | +40.7% | +121.7% | -44.9% | |
| Interest Coverage | 33.71 | 36.79 | -12.89 | 31.81 | — | 10.73 | -56.88 | -43.39 | -7.55 | -50.57 | 805.59 | 131.51 | -12143.00 | 12.17 | 59.19 | 234.04 | 38.21 | 20.77 | -10.59 | -0.57 | 2.68 |
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Includes 30+ ratios · 47 years · Updated daily
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Quick answers to the most common questions about buying LGND stock.
Ligand Pharmaceuticals Incorporated's current P/E is 49.4x. The average P/E over the last 3 quarters is 21.9x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Ligand Pharmaceuticals Incorporated's current operating margin is 17.6%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Ligand Pharmaceuticals Incorporated's business trajectory between earnings reports.