Liquidia Corporation (LQDA) 10-Year Financial Performance & Capital Metrics

LQDA •

HealthcareBiotechnologyCommercial Specialty Pharma

AboutLiquidia Corporation, a biopharmaceutical company, develops, manufactures, and commercializes various products for unmet patient needs in the United States. Its product candidates include YUTREPIA, an inhaled dry powder formulation of treprostinil for the treatment of pulmonary arterial hypertension. It also distributes generic treprostinil injection in the United States. Liquidia Corporation was founded in 2004 and is headquartered in Morrisville, North Carolina.Show more

Revenue $14M -20.0%
EBITDA -$119M -67.3%
Net Income -$130M -66.1%
EPS (Diluted) -1.66 -37.2%
Gross Margin 58% -30.5%
EBITDA Margin -850.94% -109.0%
Operating Margin -866.63% -106.5%
Net Margin -931.65% -107.5%
ROE -209.35% -83.6%
ROIC -500.72% -58.1%
Debt/Equity 1.58 +51.2%
Interest Coverage -9.71 +17.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 84 (top 16%)
✓Strong 5Y sales CAGR of 11.6%

✗Weaknesses

✗Weak Piotroski F-Score: 1/9
✗Negative free cash flow
✗Shares diluted 21.1% in last year
✗Trading more than 30% below 52-week high
✗Expensive at 31.6x book value
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y11.64%

3Y2.88%

TTM343.41%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-1.99%

EPS CAGR

10Y-

5Y-

3Y-

TTM10.57%

ROCE

10Y Avg-97.97%

5Y Avg-62.33%

3Y Avg-62.76%

Latest-84.14%

Peer Comparison

Commercial Specialty Pharma

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ALKSAlkermes plc	4.98B	30.10	21.05	-5.25%	16.37%	13.28%	0.01%	0.04
ADMAADMA Biologics, Inc.	3.71B	15.57	19.22	65.15%	42.87%	48.57%	2.97%	0.24
UTHRUnited Therapeutics Corporation	21.99B	503.90	18.09	10.61%	41.94%	18.81%	4.73%
PCSAProcessa Pharmaceuticals, Inc.	114.71M	2.17	-0.56			-221.71%		0.04
UNCYUnicycive Therapeutics, Inc.	144.49M	6.93	-1.24	-100%		-89.15%		0.10
PTHSPelthos Therapeutics Inc.	85.29M	26.36	-1.95		-318.41%	-40.48%
MISTMilestone Pharmaceuticals Inc.	145.64M	1.71	-2.55	-100%		-282.97%		4.17
AMRNAmarin Corporation plc	5.74B	13.80	-3.45	-25.51%	-38.01%	-18.78%		0.02

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	13.22M	7.26M	2.71M	8.07M	739.63K	12.85M	15.94M	17.49M	14M
Revenue Growth %	-	-45.08%	-62.7%	198.2%	-90.84%	1637.77%	23.98%	9.75%	-19.97%
Cost of Goods Sold+	918.78K	319.76K	121.39K	807.19K	237.71K	3.02M	2.86M	2.89M	5.88M
COGS % of Revenue	6.95%	4.41%	4.48%	10%	32.14%	23.52%	17.94%	16.51%	42%
Gross Profit+	12.3M	6.94M	2.59M	7.26M	501.92K	9.83M	13.08M	14.6M	8.12M
Gross Margin %	93.05%	95.59%	95.52%	90%	67.86%	76.48%	82.06%	83.49%	58%
Gross Profit Growth %	-	-43.58%	-62.73%	180.98%	-93.09%	1858.49%	33.02%	11.65%	-44.4%
Operating Expenses+	28.16M	34.97M	37.45M	54.09M	59.59M	43.63M	51.85M	87.98M	129.41M
OpEx % of Revenue	213.07%	481.76%	1383.6%	670.07%	8056.89%	339.43%	325.36%	503.11%	924.63%
Selling, General & Admin	4.84M	10.21M	8.75M	13.6M	27.37M	23.11M	32.41M	44.74M	81.57M
SG&A % of Revenue	36.63%	140.71%	323.39%	168.45%	3700.33%	179.8%	203.39%	255.84%	582.8%
Research & Development	23.32M	24.75M	28.7M	40.49M	32.22M	20.52M	19.43M	43.24M	47.84M
R&D % of Revenue	176.44%	341.05%	1060.21%	501.62%	4356.57%	159.63%	121.96%	247.27%	341.83%
Other Operating Expenses	0	0	0	0	0	0	0	0	0
Operating Income+	-15.86M	-28.03M	-34.87M	-46.82M	-59.09M	-33.8M	-38.77M	-73.38M	-121.29M
Operating Margin %	-120.02%	-386.16%	-1288.08%	-580.07%	-7989.03%	-262.95%	-243.3%	-419.62%	-866.63%
Operating Income Growth %	-	-76.69%	-24.4%	-34.29%	-26.2%	42.8%	-14.71%	-89.28%	-65.29%
EBITDA+	-15.21M	-27.1M	-33.32M	-44.03M	-55.97M	-28.18M	-35.12M	-71.21M	-119.1M
EBITDA Margin %	-115.09%	-373.32%	-1231.05%	-545.46%	-7567.72%	-219.29%	-220.41%	-407.17%	-850.94%
EBITDA Growth %	-	-78.13%	-22.98%	-32.13%	-27.12%	49.65%	-24.62%	-102.73%	-67.26%
D&A (Non-Cash Add-back)	651.56K	931.93K	1.54M	2.79M	3.12M	5.61M	3.65M	2.18M	2.2M
EBIT	-15.85M	-16.14M	-34.15M	-46.21M	-58.9M	-33.82M	-38.68M	-72.23M	-117.91M
Net Interest Income+	-70.96K	-13.01M	-18.68M	-759.91K	-673.64K	-729K	-1.25M	-2.81M	-4.83M
Interest Income	14.91K	268	304.98K	613.72K	184.36K	33K	1.09M	3.47M	7.65M
Interest Expense	85.86K	13.01M	18.99M	1.37M	858K	762K	2.34M	6.27M	12.49M
Other Income/Expense	-70.96K	-1.13M	-18.27M	-759.91K	-673.64K	-782K	-2.25M	-5.12M	-9.1M
Pretax Income+	-15.93M	-29.15M	-53.14M	-47.58M	-59.76M	-34.58M	-41.02M	-78.5M	-130.39M
Pretax Margin %	-120.56%	-401.68%	-1962.92%	-589.48%	-8080.11%	-269.03%	-257.39%	-448.89%	-931.65%
Income Tax+	14.91K	0	0	0	0	0	0	0	0
Effective Tax Rate %	100%	100%	100%	100%	100%	100%	100%	100%	100%
Net Income+	-15.93M	-29.15M	-53.14M	-47.58M	-59.76M	-34.58M	-41.02M	-78.5M	-130.39M
Net Margin %	-120.56%	-401.68%	-1962.92%	-589.48%	-8080.11%	-269.03%	-257.39%	-448.89%	-931.65%
Net Income Growth %	-	-82.97%	-82.26%	10.45%	-25.6%	42.14%	-18.61%	-91.4%	-66.1%
Net Income (Continuing)	-15.93M	-29.15M	-53.14M	-47.58M	-59.76M	-34.58M	-41.02M	-78.5M	-130.39M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-1.86	-3.40	-7.42	-2.51	-1.76	-0.70	-0.67	-1.21	-1.66
EPS Growth %	-	-82.8%	-118.24%	66.17%	29.88%	60.23%	4.29%	-80.6%	-37.19%
EPS (Basic)	-1.86	-3.40	-7.42	-2.51	-1.76	-0.70	-0.67	-1.21	-1.66
Diluted Shares Outstanding	8.59M	8.59M	7.16M	18.48M	33.89M	49.68M	60.96M	64.99M	78.71M
Basic Shares Outstanding	8.59M	8.59M	7.16M	18.48M	33.89M	49.68M	60.96M	64.99M	78.71M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.15M	5.48M	40.03M	56.39M	66.07M	61.28M	99.81M	89.9M	185.1M
Cash & Short-Term Investments	1.44M	3.42M	39.53M	55.8M	65.32M	57.49M	93.28M	83.68M	176.48M
Cash Only	1.44M	3.42M	39.53M	55.8M	65.32M	57.49M	93.28M	83.68M	176.48M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.24M	1.62M	272.56K	0	0	2.99M	5.02M	4.06M	2.72M
Days Sales Outstanding	34.21	81.58	36.75	-	-	84.91	114.92	84.76	70.91
Inventory	0	0	0	0	0	0	0	0	241K
Days Inventory Outstanding	-	-	-	-	-	-	-	-	14.96
Other Current Assets	0	0	0	0	0	-381	1.51M	2.16M	5.67M
Total Non-Current Assets+	5.34M	9.36M	9.39M	12.46M	33.46M	32.45M	29.39M	28.43M	45.21M
Property, Plant & Equipment	4.35M	8.24M	8.13M	12.08M	9.45M	7.43M	6.25M	6.18M	12.48M
Fixed Asset Turnover	3.04x	0.88x	0.33x	0.67x	0.08x	1.73x	2.55x	2.83x	1.12x
Goodwill	0	0	0	0	3.9M	3.9M	3.9M	3.9M	3.9M
Intangible Assets	0	0	0	0	5.53M	4.39M	3.73M	3.43M	3.16M
Long-Term Investments	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	992.72K	1.12M	1.26M	378.04K	14.57M	16.73M	15.51M	14.92M	25.66M
Total Assets+	8.49M	14.84M	49.42M	68.84M	99.53M	93.73M	129.2M	118.33M	230.31M
Asset Turnover	1.56x	0.49x	0.05x	0.12x	0.01x	0.14x	0.12x	0.15x	0.06x
Asset Growth %	-	74.91%	232.93%	39.3%	44.58%	-5.83%	37.84%	-8.41%	94.63%
Total Current Liabilities+	12.09M	30.52M	8.25M	16.87M	11.74M	7.33M	8.8M	18.55M	41.78M
Accounts Payable	2.41M	4.42M	3.24M	3.5M	3.73M	1.07M	2.2M	1.4M	4.69M
Days Payables Outstanding	956.32	5.05K	9.73K	1.58K	5.73K	129.19	280.48	176.43	291.12
Short-Term Debt	2.9M	15.61M	316.91K	5.59M	0	0	0	2.62M	18.02M
Deferred Revenue (Current)	3.34M	3.61M	8.07B	0	0	0	0	0	0
Other Current Liabilities	1.16M	2.22M	268.6K	1.29M	5.03M	3.16M	2.86M	8.54M	18.66M
Current Ratio	0.26x	0.18x	4.85x	3.34x	5.63x	8.36x	11.34x	4.85x	4.43x
Quick Ratio	0.26x	0.18x	4.85x	3.34x	5.63x	8.36x	11.34x	4.85x	4.42x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-205.25
Total Non-Current Liabilities+	14.64M	18.01M	22.48M	17.02M	16.71M	21.14M	29.98M	52.49M	111.26M
Long-Term Debt	5.22M	5.56M	11.63M	10.29M	10.29M	10.41M	19.88M	43.42M	97.37M
Capital Lease Obligations	243.43K	510.63K	376.08K	6.73M	5.26M	4.58M	3.5M	2.36M	6.59M
Deferred Tax Liabilities	-243.43K	-510.63K	-376.08K	0	0	0	0	0	0
Other Non-Current Liabilities	456.9K	6.42M	2.41M	0	1.15M	6.14M	6.59M	6.71M	7.3M
Total Liabilities	26.73M	48.54M	30.73M	33.89M	28.45M	28.46M	38.78M	71.04M	153.04M
Total Debt+	8.68M	22.15M	12.77M	24.42M	17.14M	16.08M	24.46M	49.54M	122.39M
Net Debt	7.24M	18.73M	-26.76M	-31.38M	-48.17M	-41.41M	-68.82M	-34.14M	-54.09M
Debt / Equity	-	-	0.68x	0.70x	0.24x	0.25x	0.27x	1.05x	1.58x
Debt / EBITDA	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-
Interest Coverage	-184.74x	-2.15x	-1.84x	-34.09x	-68.87x	-44.35x	-16.58x	-11.70x	-9.71x
Total Equity+	-18.25M	-33.69M	18.69M	34.95M	71.09M	65.27M	90.42M	47.29M	77.28M
Equity Growth %	-	-84.66%	155.47%	87.01%	103.41%	-8.19%	38.55%	-47.7%	63.4%
Book Value per Share	-2.12	-3.92	2.61	1.89	2.10	1.31	1.48	0.73	0.98
Total Shareholders' Equity	-18.25M	-33.69M	18.69M	34.95M	71.09M	65.27M	90.42M	47.29M	77.28M
Common Stock	554	570	15.52K	28.23K	43.34K	52K	64K	69K	85K
Retained Earnings	-84.26M	-113.41M	-167.05M	-215.24M	-275M	-309.58M	-350.6M	-429.1M	-559.49M
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-6.87M	-7.8M	-9.3M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-13.95M	-24.29M	-31.83M	-48.28M	-54.14M	-34.03M	-28.59M	-41.56M	-93.42M
Operating CF Margin %	-105.52%	-334.66%	-1175.87%	-598.14%	-7320.51%	-264.8%	-179.4%	-237.67%	-667.49%
Operating CF Growth %	-	-74.17%	-31.04%	-51.69%	-12.14%	37.14%	16%	-45.39%	-124.77%
Net Income	-15.93M	-29.15M	-53.14M	-47.58M	-59.76M	-34.58M	-41.02M	-78.5M	-130.39M
Depreciation & Amortization	651.56K	931.93K	1.54M	2.57M	3.13M	5.61M	3.65M	2.18M	2.2M
Stock-Based Compensation	347.44K	514.09K	2.2M	3.38M	3.95M	6.75M	9.3M	10.09M	18.81M
Deferred Taxes	0	-11.88M	-415.41K	6.59K	10.8K	0	0	0	0
Other Non-Cash Items	391.65K	14.91M	17.69M	300.9K	235.53K	566K	1.64M	18.8M	20.76M
Working Capital Changes	596.41K	389.67K	294.85K	-6.95M	-1.71M	-12.38M	-2.16M	5.87M	-4.79M
Change in Receivables	2.53M	-328.46K	1.35B	272.56K	0	-2.99M	-2.03M	956K	1.34M
Change in Inventory	0	0	-1.35B	-272.56K	0	0	0	0	-241K
Change in Payables	1.31M	1.87M	-1.28M	294.51K	-297.16K	-7.56M	814K	-1.15M	2.33M
Cash from Investing+	-2.89M	-2.54M	-870.94K	-1.85M	247.91K	-107K	-587K	-11.29M	-8.44M
Capital Expenditures	-2.89M	-2.54M	-870.94K	-1.85M	-752.09K	-107K	-592K	-1.29M	-4.95M
CapEx % of Revenue	21.83%	35.05%	32.17%	22.92%	101.68%	0.83%	3.72%	7.38%	35.36%
Acquisitions	0	0	0	0	1M	0	5K	0	0
Investments	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	-10M	-3.49M
Cash from Financing+	6.11M	28.81M	68.82M	66.39M	63.42M	26.32M	64.96M	43.25M	194.66M
Debt Issued (Net)	5.66M	30.12M	-1.43M	3.97M	-6.77M	-420K	8.96M	19.37M	52.5M
Equity Issued (Net)	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Dividends Paid	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0
Other Financing	445.47K	-1.3M	-2.18M	0	-1.04M	5.03M	1.55M	-363K	3.61M
Net Change in Cash	-10.72M	1.98M	36.12M	16.26M	9.52M	-7.82M	35.79M	-9.6M	92.8M
Free Cash Flow+	-16.83M	-26.83M	-32.7M	-50.13M	-54.9M	-34.14M	-29.18M	-42.85M	-98.37M
FCF Margin %	-127.35%	-369.72%	-1208.04%	-621.06%	-7422.19%	-265.63%	-183.12%	-245.05%	-702.85%
FCF Growth %	-	-59.43%	-21.86%	-53.3%	-9.5%	37.81%	14.53%	-46.86%	-129.55%
FCF per Share	-1.96	-3.13	-4.57	-2.71	-1.62	-0.69	-0.48	-0.66	-1.25
FCF Conversion (FCF/Net Income)	0.88x	0.83x	0.60x	1.01x	0.91x	0.98x	0.70x	0.53x	0.72x
Interest Paid	0	0	0	0	0	423K	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-284.34%	-177.43%	-112.72%	-50.72%	-52.69%	-114.01%	-209.35%
Return on Invested Capital (ROIC)	-	-	-	-	-334.73%	-108.41%	-127.95%	-316.75%	-500.72%
Gross Margin	93.05%	95.59%	95.52%	90%	67.86%	76.48%	82.06%	83.49%	58%
Net Margin	-120.56%	-401.68%	-1962.92%	-589.48%	-8080.11%	-269.03%	-257.39%	-448.89%	-931.65%
Debt / Equity	-	-	0.68x	0.70x	0.24x	0.25x	0.27x	1.05x	1.58x
Interest Coverage	-184.74x	-2.15x	-1.84x	-34.09x	-68.87x	-44.35x	-16.58x	-11.70x	-9.71x
FCF Conversion	0.88x	0.83x	0.60x	1.01x	0.91x	0.98x	0.70x	0.53x	0.72x
Revenue Growth	-	-45.08%	-62.7%	198.2%	-90.84%	1637.77%	23.98%	9.75%	-19.97%

US Stock Screener

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Liquidia Corporation (LQDA) 10-Year Financial Performance & Capital Metrics

LQDA •

HealthcareBiotechnologyCommercial Specialty Pharma

Revenue $14M -20.0%
EBITDA -$119M -67.3%
Net Income -$130M -66.1%
EPS (Diluted) -1.66 -37.2%
Gross Margin 58% -30.5%
EBITDA Margin -850.94% -109.0%
Operating Margin -866.63% -106.5%
Net Margin -931.65% -107.5%
ROE -209.35% -83.6%
ROIC -500.72% -58.1%
Debt/Equity 1.58 +51.2%
Interest Coverage -9.71 +17.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 84 (top 16%)
✓Strong 5Y sales CAGR of 11.6%

✗Weaknesses

✗Weak Piotroski F-Score: 1/9
✗Negative free cash flow
✗Shares diluted 21.1% in last year
✗Trading more than 30% below 52-week high
✗Expensive at 31.6x book value
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y11.64%

3Y2.88%

TTM343.41%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-1.99%

EPS CAGR

10Y-

5Y-

3Y-

TTM10.57%

ROCE

10Y Avg-97.97%

5Y Avg-62.33%

3Y Avg-62.76%

Latest-84.14%

Peer Comparison

Commercial Specialty Pharma

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ALKSAlkermes plc	4.98B	30.10	21.05	-5.25%	16.37%	13.28%	0.01%	0.04
ADMAADMA Biologics, Inc.	3.71B	15.57	19.22	65.15%	42.87%	48.57%	2.97%	0.24
UTHRUnited Therapeutics Corporation	21.99B	503.90	18.09	10.61%	41.94%	18.81%	4.73%
PCSAProcessa Pharmaceuticals, Inc.	114.71M	2.17	-0.56			-221.71%		0.04
UNCYUnicycive Therapeutics, Inc.	144.49M	6.93	-1.24	-100%		-89.15%		0.10
PTHSPelthos Therapeutics Inc.	85.29M	26.36	-1.95		-318.41%	-40.48%
MISTMilestone Pharmaceuticals Inc.	145.64M	1.71	-2.55	-100%		-282.97%		4.17
AMRNAmarin Corporation plc	5.74B	13.80	-3.45	-25.51%	-38.01%	-18.78%		0.02

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	13.22M	7.26M	2.71M	8.07M	739.63K	12.85M	15.94M	17.49M	14M
Revenue Growth %	-	-45.08%	-62.7%	198.2%	-90.84%	1637.77%	23.98%	9.75%	-19.97%
Cost of Goods Sold+	918.78K	319.76K	121.39K	807.19K	237.71K	3.02M	2.86M	2.89M	5.88M
COGS % of Revenue	6.95%	4.41%	4.48%	10%	32.14%	23.52%	17.94%	16.51%	42%
Gross Profit+	12.3M	6.94M	2.59M	7.26M	501.92K	9.83M	13.08M	14.6M	8.12M
Gross Margin %	93.05%	95.59%	95.52%	90%	67.86%	76.48%	82.06%	83.49%	58%
Gross Profit Growth %	-	-43.58%	-62.73%	180.98%	-93.09%	1858.49%	33.02%	11.65%	-44.4%
Operating Expenses+	28.16M	34.97M	37.45M	54.09M	59.59M	43.63M	51.85M	87.98M	129.41M
OpEx % of Revenue	213.07%	481.76%	1383.6%	670.07%	8056.89%	339.43%	325.36%	503.11%	924.63%
Selling, General & Admin	4.84M	10.21M	8.75M	13.6M	27.37M	23.11M	32.41M	44.74M	81.57M
SG&A % of Revenue	36.63%	140.71%	323.39%	168.45%	3700.33%	179.8%	203.39%	255.84%	582.8%
Research & Development	23.32M	24.75M	28.7M	40.49M	32.22M	20.52M	19.43M	43.24M	47.84M
R&D % of Revenue	176.44%	341.05%	1060.21%	501.62%	4356.57%	159.63%	121.96%	247.27%	341.83%
Other Operating Expenses	0	0	0	0	0	0	0	0	0
Operating Income+	-15.86M	-28.03M	-34.87M	-46.82M	-59.09M	-33.8M	-38.77M	-73.38M	-121.29M
Operating Margin %	-120.02%	-386.16%	-1288.08%	-580.07%	-7989.03%	-262.95%	-243.3%	-419.62%	-866.63%
Operating Income Growth %	-	-76.69%	-24.4%	-34.29%	-26.2%	42.8%	-14.71%	-89.28%	-65.29%
EBITDA+	-15.21M	-27.1M	-33.32M	-44.03M	-55.97M	-28.18M	-35.12M	-71.21M	-119.1M
EBITDA Margin %	-115.09%	-373.32%	-1231.05%	-545.46%	-7567.72%	-219.29%	-220.41%	-407.17%	-850.94%
EBITDA Growth %	-	-78.13%	-22.98%	-32.13%	-27.12%	49.65%	-24.62%	-102.73%	-67.26%
D&A (Non-Cash Add-back)	651.56K	931.93K	1.54M	2.79M	3.12M	5.61M	3.65M	2.18M	2.2M
EBIT	-15.85M	-16.14M	-34.15M	-46.21M	-58.9M	-33.82M	-38.68M	-72.23M	-117.91M
Net Interest Income+	-70.96K	-13.01M	-18.68M	-759.91K	-673.64K	-729K	-1.25M	-2.81M	-4.83M
Interest Income	14.91K	268	304.98K	613.72K	184.36K	33K	1.09M	3.47M	7.65M
Interest Expense	85.86K	13.01M	18.99M	1.37M	858K	762K	2.34M	6.27M	12.49M
Other Income/Expense	-70.96K	-1.13M	-18.27M	-759.91K	-673.64K	-782K	-2.25M	-5.12M	-9.1M
Pretax Income+	-15.93M	-29.15M	-53.14M	-47.58M	-59.76M	-34.58M	-41.02M	-78.5M	-130.39M
Pretax Margin %	-120.56%	-401.68%	-1962.92%	-589.48%	-8080.11%	-269.03%	-257.39%	-448.89%	-931.65%
Income Tax+	14.91K	0	0	0	0	0	0	0	0
Effective Tax Rate %	100%	100%	100%	100%	100%	100%	100%	100%	100%
Net Income+	-15.93M	-29.15M	-53.14M	-47.58M	-59.76M	-34.58M	-41.02M	-78.5M	-130.39M
Net Margin %	-120.56%	-401.68%	-1962.92%	-589.48%	-8080.11%	-269.03%	-257.39%	-448.89%	-931.65%
Net Income Growth %	-	-82.97%	-82.26%	10.45%	-25.6%	42.14%	-18.61%	-91.4%	-66.1%
Net Income (Continuing)	-15.93M	-29.15M	-53.14M	-47.58M	-59.76M	-34.58M	-41.02M	-78.5M	-130.39M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-1.86	-3.40	-7.42	-2.51	-1.76	-0.70	-0.67	-1.21	-1.66
EPS Growth %	-	-82.8%	-118.24%	66.17%	29.88%	60.23%	4.29%	-80.6%	-37.19%
EPS (Basic)	-1.86	-3.40	-7.42	-2.51	-1.76	-0.70	-0.67	-1.21	-1.66
Diluted Shares Outstanding	8.59M	8.59M	7.16M	18.48M	33.89M	49.68M	60.96M	64.99M	78.71M
Basic Shares Outstanding	8.59M	8.59M	7.16M	18.48M	33.89M	49.68M	60.96M	64.99M	78.71M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.15M	5.48M	40.03M	56.39M	66.07M	61.28M	99.81M	89.9M	185.1M
Cash & Short-Term Investments	1.44M	3.42M	39.53M	55.8M	65.32M	57.49M	93.28M	83.68M	176.48M
Cash Only	1.44M	3.42M	39.53M	55.8M	65.32M	57.49M	93.28M	83.68M	176.48M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.24M	1.62M	272.56K	0	0	2.99M	5.02M	4.06M	2.72M
Days Sales Outstanding	34.21	81.58	36.75	-	-	84.91	114.92	84.76	70.91
Inventory	0	0	0	0	0	0	0	0	241K
Days Inventory Outstanding	-	-	-	-	-	-	-	-	14.96
Other Current Assets	0	0	0	0	0	-381	1.51M	2.16M	5.67M
Total Non-Current Assets+	5.34M	9.36M	9.39M	12.46M	33.46M	32.45M	29.39M	28.43M	45.21M
Property, Plant & Equipment	4.35M	8.24M	8.13M	12.08M	9.45M	7.43M	6.25M	6.18M	12.48M
Fixed Asset Turnover	3.04x	0.88x	0.33x	0.67x	0.08x	1.73x	2.55x	2.83x	1.12x
Goodwill	0	0	0	0	3.9M	3.9M	3.9M	3.9M	3.9M
Intangible Assets	0	0	0	0	5.53M	4.39M	3.73M	3.43M	3.16M
Long-Term Investments	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	992.72K	1.12M	1.26M	378.04K	14.57M	16.73M	15.51M	14.92M	25.66M
Total Assets+	8.49M	14.84M	49.42M	68.84M	99.53M	93.73M	129.2M	118.33M	230.31M
Asset Turnover	1.56x	0.49x	0.05x	0.12x	0.01x	0.14x	0.12x	0.15x	0.06x
Asset Growth %	-	74.91%	232.93%	39.3%	44.58%	-5.83%	37.84%	-8.41%	94.63%
Total Current Liabilities+	12.09M	30.52M	8.25M	16.87M	11.74M	7.33M	8.8M	18.55M	41.78M
Accounts Payable	2.41M	4.42M	3.24M	3.5M	3.73M	1.07M	2.2M	1.4M	4.69M
Days Payables Outstanding	956.32	5.05K	9.73K	1.58K	5.73K	129.19	280.48	176.43	291.12
Short-Term Debt	2.9M	15.61M	316.91K	5.59M	0	0	0	2.62M	18.02M
Deferred Revenue (Current)	3.34M	3.61M	8.07B	0	0	0	0	0	0
Other Current Liabilities	1.16M	2.22M	268.6K	1.29M	5.03M	3.16M	2.86M	8.54M	18.66M
Current Ratio	0.26x	0.18x	4.85x	3.34x	5.63x	8.36x	11.34x	4.85x	4.43x
Quick Ratio	0.26x	0.18x	4.85x	3.34x	5.63x	8.36x	11.34x	4.85x	4.42x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-205.25
Total Non-Current Liabilities+	14.64M	18.01M	22.48M	17.02M	16.71M	21.14M	29.98M	52.49M	111.26M
Long-Term Debt	5.22M	5.56M	11.63M	10.29M	10.29M	10.41M	19.88M	43.42M	97.37M
Capital Lease Obligations	243.43K	510.63K	376.08K	6.73M	5.26M	4.58M	3.5M	2.36M	6.59M
Deferred Tax Liabilities	-243.43K	-510.63K	-376.08K	0	0	0	0	0	0
Other Non-Current Liabilities	456.9K	6.42M	2.41M	0	1.15M	6.14M	6.59M	6.71M	7.3M
Total Liabilities	26.73M	48.54M	30.73M	33.89M	28.45M	28.46M	38.78M	71.04M	153.04M
Total Debt+	8.68M	22.15M	12.77M	24.42M	17.14M	16.08M	24.46M	49.54M	122.39M
Net Debt	7.24M	18.73M	-26.76M	-31.38M	-48.17M	-41.41M	-68.82M	-34.14M	-54.09M
Debt / Equity	-	-	0.68x	0.70x	0.24x	0.25x	0.27x	1.05x	1.58x
Debt / EBITDA	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-
Interest Coverage	-184.74x	-2.15x	-1.84x	-34.09x	-68.87x	-44.35x	-16.58x	-11.70x	-9.71x
Total Equity+	-18.25M	-33.69M	18.69M	34.95M	71.09M	65.27M	90.42M	47.29M	77.28M
Equity Growth %	-	-84.66%	155.47%	87.01%	103.41%	-8.19%	38.55%	-47.7%	63.4%
Book Value per Share	-2.12	-3.92	2.61	1.89	2.10	1.31	1.48	0.73	0.98
Total Shareholders' Equity	-18.25M	-33.69M	18.69M	34.95M	71.09M	65.27M	90.42M	47.29M	77.28M
Common Stock	554	570	15.52K	28.23K	43.34K	52K	64K	69K	85K
Retained Earnings	-84.26M	-113.41M	-167.05M	-215.24M	-275M	-309.58M	-350.6M	-429.1M	-559.49M
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-6.87M	-7.8M	-9.3M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-13.95M	-24.29M	-31.83M	-48.28M	-54.14M	-34.03M	-28.59M	-41.56M	-93.42M
Operating CF Margin %	-105.52%	-334.66%	-1175.87%	-598.14%	-7320.51%	-264.8%	-179.4%	-237.67%	-667.49%
Operating CF Growth %	-	-74.17%	-31.04%	-51.69%	-12.14%	37.14%	16%	-45.39%	-124.77%
Net Income	-15.93M	-29.15M	-53.14M	-47.58M	-59.76M	-34.58M	-41.02M	-78.5M	-130.39M
Depreciation & Amortization	651.56K	931.93K	1.54M	2.57M	3.13M	5.61M	3.65M	2.18M	2.2M
Stock-Based Compensation	347.44K	514.09K	2.2M	3.38M	3.95M	6.75M	9.3M	10.09M	18.81M
Deferred Taxes	0	-11.88M	-415.41K	6.59K	10.8K	0	0	0	0
Other Non-Cash Items	391.65K	14.91M	17.69M	300.9K	235.53K	566K	1.64M	18.8M	20.76M
Working Capital Changes	596.41K	389.67K	294.85K	-6.95M	-1.71M	-12.38M	-2.16M	5.87M	-4.79M
Change in Receivables	2.53M	-328.46K	1.35B	272.56K	0	-2.99M	-2.03M	956K	1.34M
Change in Inventory	0	0	-1.35B	-272.56K	0	0	0	0	-241K
Change in Payables	1.31M	1.87M	-1.28M	294.51K	-297.16K	-7.56M	814K	-1.15M	2.33M
Cash from Investing+	-2.89M	-2.54M	-870.94K	-1.85M	247.91K	-107K	-587K	-11.29M	-8.44M
Capital Expenditures	-2.89M	-2.54M	-870.94K	-1.85M	-752.09K	-107K	-592K	-1.29M	-4.95M
CapEx % of Revenue	21.83%	35.05%	32.17%	22.92%	101.68%	0.83%	3.72%	7.38%	35.36%
Acquisitions	0	0	0	0	1M	0	5K	0	0
Investments	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	-10M	-3.49M
Cash from Financing+	6.11M	28.81M	68.82M	66.39M	63.42M	26.32M	64.96M	43.25M	194.66M
Debt Issued (Net)	5.66M	30.12M	-1.43M	3.97M	-6.77M	-420K	8.96M	19.37M	52.5M
Equity Issued (Net)	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Dividends Paid	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0
Other Financing	445.47K	-1.3M	-2.18M	0	-1.04M	5.03M	1.55M	-363K	3.61M
Net Change in Cash	-10.72M	1.98M	36.12M	16.26M	9.52M	-7.82M	35.79M	-9.6M	92.8M
Free Cash Flow+	-16.83M	-26.83M	-32.7M	-50.13M	-54.9M	-34.14M	-29.18M	-42.85M	-98.37M
FCF Margin %	-127.35%	-369.72%	-1208.04%	-621.06%	-7422.19%	-265.63%	-183.12%	-245.05%	-702.85%
FCF Growth %	-	-59.43%	-21.86%	-53.3%	-9.5%	37.81%	14.53%	-46.86%	-129.55%
FCF per Share	-1.96	-3.13	-4.57	-2.71	-1.62	-0.69	-0.48	-0.66	-1.25
FCF Conversion (FCF/Net Income)	0.88x	0.83x	0.60x	1.01x	0.91x	0.98x	0.70x	0.53x	0.72x
Interest Paid	0	0	0	0	0	423K	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-284.34%	-177.43%	-112.72%	-50.72%	-52.69%	-114.01%	-209.35%
Return on Invested Capital (ROIC)	-	-	-	-	-334.73%	-108.41%	-127.95%	-316.75%	-500.72%
Gross Margin	93.05%	95.59%	95.52%	90%	67.86%	76.48%	82.06%	83.49%	58%
Net Margin	-120.56%	-401.68%	-1962.92%	-589.48%	-8080.11%	-269.03%	-257.39%	-448.89%	-931.65%
Debt / Equity	-	-	0.68x	0.70x	0.24x	0.25x	0.27x	1.05x	1.58x
Interest Coverage	-184.74x	-2.15x	-1.84x	-34.09x	-68.87x	-44.35x	-16.58x	-11.70x	-9.71x
FCF Conversion	0.88x	0.83x	0.60x	1.01x	0.91x	0.98x	0.70x	0.53x	0.72x
Revenue Growth	-	-45.08%	-62.7%	198.2%	-90.84%	1637.77%	23.98%	9.75%	-19.97%

Liquidia Corporation (LQDA) 10-Year Financial Performance & Capital Metrics

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Liquidia Corporation (LQDA) 10-Year Financial Performance & Capital Metrics

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✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

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