Latest Ratios: P/E Ratio -53.3x · EV/EBITDA N/A · ROE -113.0%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.8B | $3.0B | $926M | $782M | $388M | $242M | $100M | $79M | $155M | — | — |
| Enterprise Value | $3.8B | $3.0B | $872M | $748M | $319M | $201M | $52M | $48M | $128M | — | — |
| P/E Ratio → | -53.31 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 23.96 | 18.75 | 66.13 | 44.71 | 24.37 | 18.82 | 135.16 | 9.79 | 57.32 | — | — |
| P/B Ratio | 82.02 | 66.33 | 11.98 | 16.53 | 4.29 | 3.71 | 1.41 | 2.26 | 8.30 | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 18.79 | 62.27 | 42.76 | 20.05 | 15.60 | 70.03 | 5.90 | 47.43 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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 | 91.6% | 91.6% | 58.0% | 83.5% | 82.1% | 76.5% | 67.9% | 90.0% | 95.5% | 95.6% | 93.0% |
| Operating Margin | -32.5% | -32.5% | -866.6% | -419.6% | -243.3% | -263.0% | -7989.0% | -580.1% | -1288.1% | -386.2% | -120.0% |
| Net Profit Margin | -43.5% | -43.5% | -931.7% | -448.9% | -257.4% | -269.0% | -8080.1% | -589.5% | -1962.9% | -401.7% | -120.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -113.0% | -113.0% | -209.4% | -114.0% | -52.7% | -50.7% | -112.7% | -177.4% | -284.3% | — | — |
| ROA | -24.7% | -24.7% | -74.8% | -63.4% | -36.8% | -35.8% | -71.0% | -80.5% | -165.4% | -249.9% | -187.8% |
| ROIC | -102.5% | -102.5% | -500.7% | -316.7% | -127.9% | -108.4% | -334.7% | — | — | — | — |
| ROCE | -27.0% | -27.0% | -84.1% | -66.7% | -37.5% | -38.8% | -84.6% | -100.5% | -273.6% | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.42 | 4.42 | 1.58 | 1.05 | 0.27 | 0.25 | 0.24 | 0.70 | 0.68 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.16 | -0.70 | -0.72 | -0.76 | -0.63 | -0.68 | -0.90 | -1.43 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1.85 | -1.85 | -9.44 | -11.51 | -16.54 | -44.38 | -68.65 | -33.64 | -1.80 | -1.24 | -184.57 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.40 | 1.40 | 4.43 | 4.85 | 11.34 | 8.36 | 5.63 | 3.34 | 4.85 | 0.18 | 0.26 |
| Quick Ratio | 1.40 | 1.40 | 4.42 | 4.85 | 11.34 | 8.36 | 5.63 | 3.34 | 4.85 | 0.18 | 0.26 |
| Cash Ratio | 1.40 | 1.40 | 4.22 | 4.51 | 10.60 | 7.85 | 5.56 | 3.31 | 4.79 | 0.11 | 0.12 |
| Asset Turnover | — | 0.48 | 0.06 | 0.15 | 0.12 | 0.14 | 0.01 | 0.12 | 0.05 | 0.49 | 1.56 |
| Inventory Turnover | — | — | 24.39 | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 124.71 | 70.91 | 84.76 | 114.92 | 84.91 | — | — | 36.75 | 81.58 | 34.21 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $86M | $79M | $65M | $61M | $50M | $34M | $18M | $7M | $9M | $9M |
Includes 30+ ratios · 10 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying LQDA stock.
Liquidia Corporation's current P/E ratio is -53.3x. This places it at the 50th percentile of its historical range.
Liquidia Corporation's return on equity (ROE) is -113.0%. The historical average is -139.3%.
Based on historical data, Liquidia Corporation is trading at a P/E of -53.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Liquidia Corporation has 91.6% gross margin and -32.5% operating margin.
Key Metrics
Top Statement Risk
Litigation and cash burn
Metrics are mathematically derived from official filings.
Margin Inflection from Generic Scale-Up
Gross margin expanded from 40.9% in 2024Q1 to 93.3% in 2026Q2, while operating margin swung to 49.8%, as reported in financial statements, signaling a structural shift toward high-margin generic treprostinil revenue.
The dramatic margin expansion reflects the scaling of generic treprostinil distribution, which carries minimal cost of goods sold relative to its market price. However, the sustainability of these margins is uncertain as YUTREPIA's branded launch may introduce different cost dynamics, and ongoing legal expenses embedded in SG&A could pressure operating margins. Investors should monitor whether the 93% gross margin persists as the product mix evolves.
ROIC Volatility Masks Underlying Progress
ROIC swung from -104.6% in 2025Q1 to 75.2% in 2026Q1, then fell to 3.0% in 2026Q2, based on reported figures, reflecting the lumpy impact of capital raises and the generic revenue ramp.
The extreme volatility in ROIC is driven by the timing of equity raises and the transition from a pre-revenue to a revenue-generating stage. The 2026Q2 ROIC of 3.0% appears low relative to the 49.2% ROE, suggesting that the company's invested capital base has expanded faster than operating profits, likely due to cash accumulation and manufacturing investments. As YUTREPIA scales, ROIC should be evaluated on a normalized basis, excluding the effects of one-time legal and financing events.
Working Capital Cycles Turn Positive
Cash conversion cycle improved from -373 days in 2025Q2 to 210 days in 2026Q2, as per the ratio data, reflecting a shift from negative to positive working capital dynamics as distribution scales.
The positive CCC in 2026Q2 indicates that Liquidia is now funding receivables and inventory before collecting cash, a typical pattern for a growing pharmaceutical distributor. DSO has stabilized around 48 days, while DIO remains elevated at 255 days, suggesting significant inventory build-up, possibly for YUTREPIA launch preparation. The negative CCC in earlier quarters was likely due to minimal inventory and favorable payment terms, which are not sustainable as the business grows.
Debt Reduction Improves Coverage
Debt-to-equity fell from 13.19 in 2025Q2 to 0.31 in 2026Q2, while interest coverage rose to 13.98, based on reported figures, indicating a significantly de-risked balance sheet.
The substantial debt reduction, likely from a strategic refinancing or conversion, has transformed the leverage profile from highly leveraged to conservative. Interest coverage of 13.98 in 2026Q2 suggests that operating income comfortably covers interest expense, a stark contrast to the negative coverage in prior quarters. However, the company's reliance on external financing for litigation and commercial launch means leverage could rise again if cash burn resumes.
Liquidity Buffer Strengthens
Current ratio improved to 2.31 in 2026Q2 from 1.40 in 2025Q4, with cash at $284.2 million, as reported in the balance sheet, providing a solid cushion against operational shocks.
The liquidity position appears robust, with a current ratio above 2 and a quick ratio of 2.12, indicating that Liquidia can cover short-term obligations without relying on inventory sales. The $190.68 million cash runway, as noted in company intelligence, suggests the company can fund operations for an extended period, though ongoing litigation and launch costs could accelerate burn. Investors should monitor whether the cash position remains sufficient if YUTREPIA's launch is delayed.
Misapplied P/E on Pre-Launch Biotech
The forward P/E of 23.76 is misleading for a company with negative trailing earnings and a binary legal outcome, as per valuation multiples, obscuring the true risk-adjusted value.
Applying a P/E multiple to Liquidia is inappropriate given its current earnings are driven by generic distribution, not the high-margin branded product that will determine long-term value. The forward P/E assumes a smooth earnings trajectory that is contingent on YUTREPIA's full launch and litigation resolution, which are uncertain. A more suitable metric is EV/Sales or a risk-adjusted DCF that accounts for the probability of legal success and the potential market share in PH-ILD.