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LQDALiquidia Corporation
$44.40$3.9B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
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LQDA logo

Liquidia Corporation

LQDA
NASDAQ · Metabolic & Cardiovascular Biotech
$44.40
At close - Nov 6, 4:00 PM EST - USD
Market Cap$3.95B
P/E32.5x
52W High$93.61
Volume1.29M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Generic Treprostinil Drives Inflection, Litigation Overhang Persists

Liquidia has undergone a dramatic transformation, with revenue surging from $3.1M in 2025Q1 to $171.7M in 2026Q2, driven by generic treprostinil distribution, and gross margins expanding to 93.3%.

GrowthAccelerating
ProfitabilityStrong
ValuationExpensive
TechnicalsWeak
Explore valuation models
MARKET ACTION

LQDA price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

4/12 Beats

EPS beat 4 of last 12 quarters

02

Valuation risk

+21% Peers

P/E is 21% above peer median

03

Market leadership

RS 45 · Lag

Laggard (Underperforming 55% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystConfirmed earnings · Nov 10
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth accelerated to 18.4% YoY in 2026Q2, with gross margin expanding to 93.3% and operating margin reaching 49.8%, driven by the generic treprostinil scale-up.

Analyst Consensus+63.0% target
Buy(9 analysts)
6 Buy2 Hold1 Sell

The Bull Case

Upside Catalysts

Upcoming conference presentations

Liquidia will present four posters at the PHA 2026 International PH Conference, showcasing advancements in respiratory and vascular disease treatments.

Bullish Reddit thesis

A bullish case for Liquidia was discussed on wallstreetbets, highlighting potential upside in the stock.

Strong SEC filing history

MarketBeat provides access to Liquidia's complete SEC filings through 2026, indicating transparency and regulatory compliance.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/9/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
LQDA+41.40%
S&P 500 (^GSPC)+7.63%
1-Year Return
LQDA+73.44%
S&P 500 (^GSPC)+9.69%
3-Year Return
LQDA+576.83%
S&P 500 (^GSPC)+68.22%
5-Year Return
LQDA+932.56%
S&P 500 (^GSPC)+56.34%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E
32.5x
Forward P/EExpansion
21.9x
EV/EBITDA
23.2x
FCF YieldCash Flow
1.5%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
32.5x
N/A
N/A
EV/EBITDA
23.2x
N/A
N/A
Price/FCF
65.3x
N/A
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$40.72-8.3%
Base (Fair)$63.23+42.4%
Bull$88.29+98.9%
$40.72 Bear$63.23 Base$88.29 Bull
Current Market Price: $44.40
Trades at a 29.8% discount to Base DCF ($63.23)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$158M+1031.2% YoY
Net income FY25
-$69M+47.1% YoY
Free cash flow FY25
-$40M+59.3% YoY
Operating margin FY25
-32.5%+834.2 pts YoY
ROIC (FY25)-102.5%
Avg ROIC 5Y-231.3%
ROE (TTM)149.6%
Piotroski Score4 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate4/12 (33%)
Revenue Beat Rate3/12 (25%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 12, 2026
$0.74+5.7%
vs $0.70
$172M+1.9%
vs $168M
Q2 2026
May 11, 2026
$0.52+52.9%
vs $0.34
$133M+11.2%
vs $119M
Q2 2026
Mar 5, 2026
$0.15+87.5%
vs $0.08
$92M+3.9%
vs $89M
Q4 2025
Nov 3, 2025
-$0.04+91.1%
vs -$0.45
$54M-32.7%
vs $81M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
GlobeNewsWire·5d ago
Liquidia Corporation to Report Third Quarter 2026 Financial Results on November 10, 2026

MORRISVILLE, N.C., Nov. 03, 2026 (GLOBE NEWSWIRE) -- Liquidia Corporation (Nasdaq: LQDA), a biopharmaceutical company driven by science and compassion to revolutionize care for patients with challenging respiratory and vascular diseases, announced today that it will report its third quarter 2026 financial results on Tuesday, November 10, 2026. The company will host a live webcast at 8:30 a.m. Eastern Time to discuss its financial results and provide a corporate update.

Zacks Investment Research·Oct 28, 2026
Liquidia Gears Up to Report Q3 Earnings: What Can Investors Expect?

LQDA's Q3 results will spotlight the impact of its legal settlement with UTHR, cash flow pressures, profitability prospects and pipeline progress.

Zacks Investment Research·Oct 26, 2026
Liquidia Corporation (LQDA) Earnings Expected to Grow: Should You Buy?

Liquidia Corporation (LQDA) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Zacks Investment Research·Oct 14, 2026
LQDA Settles UTHR Disputes for $380.7M, Limits Yutrepia Label

Liquidia settles six legal disputes with United Therapeutics, securing Yutrepia access for PAH patients but facing $380.7 million in payments and a narrower drug label.

Filtered for Liquidia CorporationMore Headlines
04

Compare before deciding

Benchmark LQDA against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Liquidia Corporation (LQDA)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
LQDA logoLQDALiquidia CorporationCurrent
$44.40$3.95B32.481031.18%30.74%149.64%—
UTHR logoUTHRUnited Therapeutics Corporation
$562.02$23.86B20.6910.61%38.61%19.18%—
MNKD logoMNKDMannKind Corporation
$3.90$1.25B-16.6922.23%-18.1%——
INVA logoINVAInnoviva, Inc.
$19.10$1.41B7.1218.52%43.79%15.84%—
PRAX logoPRAXPraxis Precision Medicines, Inc.
$277.62$7.74B-23.85-100%—-34.15%—
INSM logoINSMInsmed Incorporated
$114.41$24.8B-41.3366.73%-39.85%-82.75%—

Compare LQDA vs Peers

Liquidia Corporation (LQDA) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs UTHR

Most directly comparable listed peer for LQDA.

Scale Benchmark

vs JNJ

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

Peer Set

Compare Top 5

vs UTHR, MNKD, INVA, PRAX

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

LQDA SEC Filings & Documents

Liquidia Corporation (LQDA) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 12, 2026·SEC

Material company update

Jun 17, 2026·SEC

Material company update

Jun 8, 2026·SEC

10-K Annual Reports

2
FY 2026

Mar 5, 2026·SEC

FY 2025

Mar 19, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 12, 2026·SEC

FY 2026

May 11, 2026·SEC

FY 2025

Nov 3, 2025·SEC

Get notified when LQDA posts new earnings or crosses analyst targets

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LQDA Frequently Asked Questions

Liquidia Corporation (LQDA) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Liquidia Corporation's revenue?

Liquidia Corporation (LQDA) reported $450.9M in revenue over the trailing twelve months. Revenue was $158.3M in fiscal year 2025. That is 1098% more than the $13.2M of fiscal year 2016.

How fast is Liquidia Corporation growing?

Liquidia Corporation (LQDA) grew revenue by 2233.6% over the trailing twelve months, compared with the twelve months before.

Is LQDA profitable?

Yes. Liquidia Corporation (LQDA) earned $138.6M in net income over the trailing twelve months (a 30.7% net margin).

Dividend & Returns
What is LQDA's return on equity?

Liquidia Corporation (LQDA) had a return on equity (ROE) of 149.6% over the trailing twelve months. That is well above the market's typical 10-15%.

What is Liquidia Corporation's free cash flow?

Liquidia Corporation (LQDA) generated $60.5M in free cash flow over the trailing twelve months.

What if you invested $1,000 in LQDA back in 2016?

Total return calculator · dividends reinvested · 10+ years of data

See returns →