Cytokinetics vs Ligand Pharmaceuticals
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KIRAβs take AI analyst
I put Cytokinetics and Ligand Pharmaceuticals side by side, using each oneβs latest annual report. Here is what stands out:
- Ligand Pharmaceuticals is the larger business, with $268M of revenue in fiscal 2025 against $88.0M for Cytokinetics, about 3.0 times as much.
- Cytokinetics grew revenue faster (376.6%, against 60.4%).
- Ligand Pharmaceuticals kept more of each dollar of sales as operating profit (15.3% operating margin, against β695.4%).
- Ligand Pharmaceuticals turned more of its sales into free cash flow (18.2% FCF margin, against β607.5%).
Who comes out ahead
Of the 5 measures where higher (or lower) is clearly better, how many each company leads.
Cytokinetics
CYTK
1/5
Revenue growth
Ligand Pharmaceuticals
LGND
4/5
5-year growthOperating marginNet marginFCF margin
Side by side
Best in the row
| Latest fiscal year | CYTK FY25 | LGND FY25 |
|---|---|---|
| Size | ||
| Market cap | β | $6.6B |
| Revenue | $88.0M | $268M |
| Free cash flow | β$535M | $48.9M |
| Net income | β$785M | $125M |
| Growth | ||
| Revenue growth | 376.6% | 60.4% |
| 5-year growth | 9.5% | 10.4% |
| Share count change | β | 11.0% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β695.4% | 15.3% |
| Net margin | β891.6% | 46.4% |
| FCF margin | β607.5% | 18.2% |
| Return on capital | β | 4.9% |
| Return on equity | β | 13.5% |
| Balance sheet | ||
| Net debt | β$912M | β$287M |
| Net debt / EBITDA | β | β3.8x |
| Dividends and buybacks | $0.0M | $15.0M |
| Valuation & quality | ||
| P/E | β | 32.3x |
| Piotroski F-score | β | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.