Latest Ratios: P/E Ratio 167.0x · EV/EBITDA 28.7x · ROE N/A. (2002–2025 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 | $1.1B | $1.8B | $1.8B | $972M | $1.4B | $1.1B | $697M | $252M | $153M | $242M | $293M |
| Enterprise Value | $1.5B | $2.2B | $1.8B | $1.0B | $1.6B | $1.3B | $753M | $344M | $184M | $355M | $419M |
| P/E Ratio → | 167.00 | 283.50 | 66.15 | — | — | — | — | — | — | — | 2.34 |
| P/S Ratio | 3.06 | 5.10 | 6.39 | 4.89 | 13.58 | 14.44 | 10.69 | 4.00 | 5.48 | 20.59 | 1.68 |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/FCF | 77.93 | 130.11 | 55.61 | — | — | — | — | — | — | — | — |
| P/OCF | 58.44 | 97.56 | 42.93 | 28.51 | — | — | — | — | — | — | — |
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 | — | 6.25 | 6.40 | 5.06 | 15.77 | 16.63 | 11.56 | 5.45 | 6.61 | 30.20 | 2.40 |
| EV / EBITDA | 28.68 | 42.66 | 22.40 | 76.14 | — | — | — | — | — | — | 6.01 |
| EV / EBIT | 37.76 | 143.04 | 26.66 | 94.97 | — | — | — | — | — | — | 2.91 |
| EV / FCF | — | 159.22 | 55.65 | — | — | — | — | — | — | — | — |
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 | 82.5% | 82.5% | 73.2% | 68.5% | 42.4% | 48.5% | 62.2% | 55.6% | 26.5% | -46.7% | 71.3% |
| Operating Margin | 11.1% | 11.1% | 25.4% | 4.4% | -64.3% | -62.3% | -73.5% | -70.7% | -274.9% | -921.1% | 38.5% |
| Net Profit Margin | 1.7% | 1.7% | 9.7% | -6.0% | -87.6% | -107.3% | -87.9% | -82.3% | -312.2% | -999.0% | 71.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | — | — | — |
| ROA | 1.0% | 1.0% | 6.3% | -3.1% | -28.4% | -37.7% | -56.6% | -51.5% | -90.5% | -122.5% | 107.6% |
| ROIC | 21.6% | 21.6% | — | — | — | — | — | — | — | — | — |
| ROCE | 8.3% | 8.3% | 21.3% | 2.9% | -25.6% | -30.6% | -152.1% | -147.3% | -520.3% | -1804.7% | 448.0% |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | 9.27 | 9.27 | 0.58 | 20.63 | — | — | — | — | — | — | 2.13 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / EBITDA | 7.80 | 7.80 | 0.02 | 2.58 | — | — | — | — | — | — | 1.80 |
| Debt / FCF | — | 29.11 | 0.04 | — | — | — | — | — | — | — | — |
| Interest Coverage | 1.10 | 1.10 | 1.80 | 0.42 | -2.53 | -3.88 | -5.07 | -3.76 | -8.19 | -7.83 | 7.80 |
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 | 1.70 | 1.70 | 3.28 | 3.59 | 3.49 | 4.54 | 1.08 | 0.93 | 1.09 | 0.65 | 0.84 |
| Quick Ratio | 1.50 | 1.50 | 2.94 | 3.31 | 3.17 | 4.39 | 1.01 | 0.86 | 1.04 | 0.62 | 0.82 |
| Cash Ratio | 1.00 | 1.00 | 2.41 | 2.83 | 2.54 | 4.22 | 0.91 | 0.76 | 0.95 | 0.50 | 0.25 |
| Asset Turnover | — | 0.44 | 0.72 | 0.42 | 0.34 | 0.23 | 0.60 | 0.67 | 0.26 | 0.14 | 1.63 |
| Inventory Turnover | 1.73 | 1.73 | 2.75 | 2.20 | 2.64 | 5.43 | 4.95 | 6.73 | 5.69 | 6.48 | 21.49 |
| Days Sales Outstanding | — | 40.13 | 15.09 | 27.34 | 61.47 | 22.93 | 23.63 | 20.34 | 52.63 | 86.67 | 64.45 |
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 | 0.6% | 0.4% | 1.5% | — | — | — | — | — | — | — | 42.7% |
| FCF Yield | 1.3% | 0.8% | 1.8% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $314M | $284M | $267M | $257M | $249M | $223M | $196M | $144M | $104M | $92M |
Includes 30+ ratios · 24 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 MNKD stock.
MannKind Corporation's current P/E ratio is 167.0x. The historical average is 34.2x. This places it at the 100th percentile of its historical range.
MannKind Corporation's current EV/EBITDA is 28.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 36.8x.
Based on historical data, MannKind Corporation is trading at a P/E of 167.0x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MannKind Corporation has 82.5% gross margin and 11.1% operating margin. Operating margin between 10-20% is typical for established companies.
MannKind Corporation's Debt/EBITDA ratio is 9.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Liquidia litigation overhang
Metrics are mathematically derived from official filings.
Margin Compression Amid Revenue Surge
Despite a 42.9% YoY revenue surge to $109.4M in 2026Q2, operating margin fell to -0.3% from 22.9% a year earlier, per SEC filings, signaling cost escalation.
The gross margin held at 73.0%, but SG&A expenses jumped 84.5% YoY, overwhelming operating leverage. This suggests the company is investing heavily in commercialization and pipeline, which may temporarily suppress profitability. The net margin of -17.4% in 2026Q2 reflects non-operating charges, including interest and acquisition-related costs, obscuring the underlying operational trend.
Working Capital Drag Intensifies
Cash conversion cycle lengthened to 132 days in 2026Q2 from 104 days in 2024Q2, driven by DIO of 144 days, as reported in financial statements, indicating inventory buildup.
Inventory days on hand rose sharply, likely tied to manufacturing scale-up for Tyvaso DPI and Afrezza, while DSO remained stable around 30 days. The extended CCC suggests cash flow is being tied up in inventory, contributing to the negative FCF margin of -21.4%. This may reflect strategic stockpiling ahead of demand, but investors should monitor whether inventory turns improve.
Debt Load Strains Coverage
Total debt surged to $330.8M in 2026Q2 from $46.8M in 2025Q2, per balance sheet data, pushing D/EBITDA to 54.7x and interest coverage to 0.55x, indicating thin cushion.
The acquisition in late 2025 was debt-financed, and with negative equity, the balance sheet is highly leveraged. Interest coverage below 1x means operating income does not fully cover interest expense, though non-cash items may distort this. The company's ability to service debt depends on continued revenue growth and margin recovery; refinancing risk is elevated given the high leverage.
Liquidity Cushion Thins Rapidly
Current ratio fell to 1.72 in 2026Q2 from 3.29 in 2025Q3, while cash dropped to $52.9M from $127.4M, as per recent filings, signaling a shrinking buffer.
The quick ratio of 1.41 still provides some comfort, but the rapid cash burn and negative FCF suggest liquidity could become constrained if revenue growth stalls. The company may need to access capital markets or draw on credit lines, which could be costly given the strained balance sheet. Monitoring cash runway is critical.
Valuation Premium vs. Peers
MNKD trades at 31.1x EV/EBITDA versus UTHR's 12.3x and ACAD's 40.6x, per peer data, implying the market prices in high growth from Tyvaso DPI royalties.
The P/E of 186.5x is distorted by thin earnings, but EV/EBITDA of 31.1x is above UTHR's 12.3x, reflecting expectations of rapid margin expansion. Compared to INSM, which is loss-making, MNKD's valuation appears justified if royalty growth continues. However, the premium hinges on the durability of the Tyvaso DPI partnership and resolution of Liquidia litigation.
Misapplied P/E on Volatile Earnings
The trailing P/E of 186.5x is misleading given net income swings from -$19.0M to +$13.2M in recent quarters, per financial statements; EV/EBITDA better captures operating performance.
Net income is heavily impacted by non-cash interest, acquisition costs, and one-time items, making P/E unreliable. EV/EBITDA of 31.1x, though still high, reflects the company's operating earnings power before these distortions. Investors should focus on royalty-driven EBITDA growth and cash flow conversion rather than P/E.