Madrigal Pharmaceuticals, Inc.
MDGL Nasdaq Pharmaceutical Preparations Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$958M
432.1%
vs prior year
Operating margin
Operating income as a share of revenue.
−31.3%
245.1 pts
Net income
Profit after all expenses, interest and tax.
−$288M
Free cash flow
Cash from operations minus capital spending.
−$190M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$11.28 EPS (TTM)
What Madrigal Pharmaceuticals, Inc. does
No business description yet.
- Legal name
- MADRIGAL PHARMACEUTICALS, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 19, 2026
- Accession · CIK
- 0001628280-26-009514
0001157601
Revenue and margins
Madrigal Pharmaceuticals, Inc. had $958M of revenue in fiscal 2025, up 432.1% on the year before.
FY16
Revenue —
FY17
Revenue $0.0M
FY18
Revenue $0.0M
FY19
Revenue $0.0M
FY20
Revenue $0.0M
FY21
Revenue $0.0M
FY22
Revenue $0.0M
FY23
Revenue $0.0M
FY24
Revenue $180M
FY25
Revenue $958M
Q3 '23
Revenue $0.0M
Q4 '23
Revenue $0.0M
Q1 '24
Revenue $0.0M
Q2 '24
Revenue $14.6M
Q3 '24
Revenue $62.2M
Q4 '24
Revenue $103M
Q1 '25
Revenue $137M
Q2 '25
Revenue $213M
Q3 '25
Revenue $287M
Q4 '25
Revenue $321M
Q1 '26
Revenue $311M
Q2 '26
Revenue $364M
FY16
Gross —
Operating —
Net —
FCF —
FY17
Gross —
Operating —
Net —
FCF —
FY18
Gross —
Operating —
Net —
FCF —
FY19
Gross —
Operating —
Net —
FCF —
FY20
Gross —
Operating —
Net —
FCF —
FY21
Gross —
Operating —
Net —
FCF —
FY22
Gross —
Operating —
Net —
FCF —
FY23
Gross —
Operating —
Net —
FCF —
FY24
Gross 96.5%
Operating −276.4%
Net −258.6%
FCF −253.7%
FY25
Gross —
Operating −31.3%
Net −30.1%
FCF −19.8%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net —
FCF —
Q4 '23
Gross —
Operating —
Net —
FCF —
Q1 '24
Gross —
Operating —
Net —
FCF —
Q2 '24
Gross —
Operating −1,110.4%
Net −1,038.2%
FCF −922.8%
Q3 '24
Gross —
Operating −187.1%
Net −172.0%
FCF −109.0%
Q4 '24
Gross —
Operating −64.8%
Net −57.5%
FCF −101.3%
Q1 '25
Gross 96.7%
Operating −57.8%
Net −53.4%
FCF −64.8%
Q2 '25
Gross —
Operating −22.2%
Net −19.9%
FCF −22.1%
Q3 '25
Gross —
Operating −39.7%
Net −39.8%
FCF 27.5%
Q4 '25
Gross —
Operating −18.6%
Net −18.2%
FCF −41.4%
Q1 '26
Gross —
Operating −29.8%
Net −30.3%
FCF −55.0%
Q2 '26
Gross —
Operating −15.5%
Net −15.9%
FCF 5.2%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income −$26.4M
FY17
Net income −$31.2M
FY18
Net income −$32.8M
FY19
Net income −$83.9M
FY20
Net income −$202M
FY21
Net income −$242M
FY22
Net income −$295M
FY23
Net income −$374M
FY24
Net income −$466M
FY25
Net income −$288M
Q3 '23
Net income −$98.7M
Q4 '23
Net income −$112M
Q1 '24
Net income −$148M
Q2 '24
Net income −$152M
Q3 '24
Net income −$107M
Q4 '24
Net income −$59.4M
Q1 '25
Net income −$73.2M
Q2 '25
Net income −$42.3M
Q3 '25
Net income −$114M
Q4 '25
Net income −$58.6M
Q1 '26
Net income −$94.4M
Q2 '26
Net income −$57.9M
FY16
Diluted EPS −$5.07
FY17
Diluted EPS −$2.54
FY18
Diluted EPS −$2.22
FY19
Diluted EPS −$5.45
FY20
Diluted EPS −$13.09
FY21
Diluted EPS −$14.63
FY22
Diluted EPS −$17.23
FY23
Diluted EPS −$17.33
FY24
Diluted EPS −$17.31
FY25
Diluted EPS −$10.15
Q3 '23
Diluted EPS −$5.34
Q4 '23
Diluted EPS −$5.68
Q1 '24
Diluted EPS −$7.38
Q2 '24
Diluted EPS −$7.10
Q3 '24
Diluted EPS −$4.92
Q4 '24
Diluted EPS $2.09
Q1 '25
Diluted EPS −$2.61
Q2 '25
Diluted EPS −$1.50
Q3 '25
Diluted EPS −$4.01
Q4 '25
Diluted EPS −$2.03
Q1 '26
Diluted EPS −$3.25
Q2 '26
Diluted EPS −$1.99
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity −72.5%
Return on assets −64.0%
FY17
Return on capital —
Return on equity −28.5%
Return on assets −26.7%
FY18
Return on capital —
Return on equity −10.0%
Return on assets −9.7%
FY19
Return on capital —
Return on equity −18.8%
Return on assets −18.1%
FY20
Return on capital —
Return on equity −61.6%
Return on assets −55.5%
FY21
Return on capital —
Return on equity −110.9%
Return on assets −86.3%
FY22
Return on capital —
Return on equity −150.1%
Return on assets −92.9%
FY23
Return on capital —
Return on equity −124.0%
Return on assets −74.5%
FY24
Return on capital —
Return on equity −80.3%
Return on assets −55.4%
FY25
Return on capital —
Return on equity −42.5%
Return on assets −25.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$190M in fiscal 2025, −19.8% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow −$17.6M
FY17
Free cash flow −$22.4M
FY18
Free cash flow −$25.5M
FY19
Free cash flow −$41.8M
FY20
Free cash flow −$158M
FY21
Free cash flow −$184M
FY22
Free cash flow −$225M
FY23
Free cash flow −$326M
FY24
Free cash flow −$457M
FY25
Free cash flow −$190M
Q3 '23
Free cash flow −$85.3M
Q4 '23
Free cash flow −$81.0M
Q1 '24
Free cash flow −$150M
Q2 '24
Free cash flow −$135M
Q3 '24
Free cash flow −$67.8M
Q4 '24
Free cash flow −$105M
Q1 '25
Free cash flow −$88.9M
Q2 '25
Free cash flow −$47.1M
Q3 '25
Free cash flow $79.0M
Q4 '25
Free cash flow −$133M
Q1 '26
Free cash flow −$171M
Q2 '26
Free cash flow $19.1M
FY16
Cash from operations −$17.6M
Capital spending $0.0M
FY17
Cash from operations −$22.3M
Capital spending $0.1M
FY18
Cash from operations −$25.5M
Capital spending $0.0M
FY19
Cash from operations −$41.6M
Capital spending $0.2M
FY20
Cash from operations −$158M
Capital spending $0.3M
FY21
Cash from operations −$184M
Capital spending $0.2M
FY22
Cash from operations −$225M
Capital spending $0.2M
FY23
Cash from operations −$324M
Capital spending $1.5M
FY24
Cash from operations −$456M
Capital spending $1.5M
FY25
Cash from operations −$190M
Capital spending $0.5M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$84.9M
Capital spending $0.3M
Q4 '23
Cash from operations −$79.9M
Capital spending $1.0M
Q1 '24
Cash from operations −$149M
Capital spending $0.4M
Q2 '24
Cash from operations −$135M
Capital spending $0.1M
Q3 '24
Cash from operations −$67.0M
Capital spending $0.8M
Q4 '24
Cash from operations −$104M
Capital spending $0.2M
Q1 '25
Cash from operations −$88.9M
Capital spending $0.0M
Q2 '25
Cash from operations −$47.1M
Capital spending $0.0M
Q3 '25
Cash from operations $79.9M
Capital spending $0.9M
Q4 '25
Cash from operations −$133M
Capital spending −$0.4M
Q1 '26
Cash from operations −$167M
Capital spending $3.8M
Q2 '26
Cash from operations $23.3M
Capital spending $4.3M
Cash from operations
Capital spending
Dividends, buybacks and share count
Madrigal Pharmaceuticals, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 5.6%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.01B
FY17
Diluted shares 0.01B
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.02B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.02B
FY23
Diluted shares 0.02B
FY24
Diluted shares 0.03B
FY25
Diluted shares 0.03B
Balance sheet
Cash, debt and the ratios that show how comfortably Madrigal Pharmaceuticals, Inc. can carry it.
FY16
Cash $19.1M
Debt —
FY17
Cash $192M
Debt —
FY18
Cash $484M
Debt —
FY19
Cash $439M
Debt —
FY20
Cash $284M
Debt —
FY21
Cash $270M
Debt $0.0M
FY22
Cash $359M
Debt $69.7M
FY23
Cash $634M
Debt $115M
FY24
Cash $926M
Debt $118M
FY25
Cash $984M
Debt $340M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $270M | $359M | $634M | $926M | $984M |
| Debt incl. finance leases | $0.0M | $69.7M | $115M | $118M | $340M |
| Debt / equity | 0.0x | 0.4x | 0.3x | 0.2x | 0.6x |
| Interest coverage | — | −74.1x | −29.9x | −33.9x | −13.5x |
| Current ratio | 3.5x | 3.1x | 5.4x | 6.1x | 4.0x |
| Quick ratio | 3.5x | 3.1x | 5.4x | 5.9x | 3.8x |
| Total assets | $273M | $363M | $641M | $1.0B | $1.3B |
| Total liabilities | $77.2M | $165M | $235M | $288M | $657M |
| Shareholders' equity | $196M | $197M | $405M | $754M | $603M |
| Net debt (− = net cash) | −$270M | −$289M | −$519M | −$809M | −$644M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — | ✕ | ✓ | ✓ | ✕ |
| Current ratio rose | — | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ |
| F-score | — / 3 | — / 6 | 3 / 7 | 1 / 7 | 1 / 7 | 1 / 7 | 2 / 8 | 4 / 8 | 5 / 8 | 3 / 8 |
| Accruals ratio | −21.3% | −7.6% | −2.2% | −9.1% | −12.3% | −20.7% | −22.2% | −9.8% | −1.2% | −8.6% |
| Altman Z'' | 3.69 | 22.32 | 64.26 | 20.23 | 1.14 | −6.58 | −8.40 | −3.67 | −0.66 | −1.18 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $180M | $958M |
| Gross profit | — | — | — | — | — | — | $0.0M | $0.0M | $174M | — |
| Research and development | $15.9M | $24.4M | $25.4M | $72.3M | $185M | $205M | $245M | $272M | $237M | $389M |
| Operating income | −$25.2M | −$32.1M | −$40.7M | −$95.0M | −$207M | −$242M | −$294M | −$380M | −$498M | −$300M |
| Interest expense | $1.2M | — | — | — | $0.0M | $0.0M | $4.0M | $12.7M | $14.7M | $22.3M |
| Pretax income | — | — | — | — | — | — | — | −$374M | −$466M | −$159M |
| Income tax | — | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | −$26.4M | −$31.2M | −$32.8M | −$83.9M | −$202M | −$242M | −$295M | −$374M | −$466M | −$288M |
| Net income to common | −$26.4M | −$31.2M | — | — | — | — | — | — | — | — |
| Diluted EPS | −$5.07 | −$2.54 | −$2.22 | −$5.45 | −$13.09 | −$14.63 | −$17.23 | −$17.33 | −$17.31 | −$10.15 |
| Diluted shares | 0.01B | 0.01B | 0.01B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.03B | 0.03B |
| Cash flow | ||||||||||
| Cash from operations | −$17.6M | −$22.3M | −$25.5M | −$41.6M | −$158M | −$184M | −$225M | −$324M | −$456M | −$190M |
| Capital expenditure | $0.0M | $0.1M | $0.0M | $0.2M | $0.3M | $0.2M | $0.2M | $1.5M | $1.5M | $0.5M |
| Free cash flow | −$17.6M | −$22.4M | −$25.5M | −$41.8M | −$158M | −$184M | −$225M | −$326M | −$457M | −$190M |
| Depreciation and amortization | $0.0M | $0.1M | $0.1M | $0.1M | $0.5M | $0.4M | $0.5M | $0.5M | $1.1M | $1.5M |
| Stock-based compensation | $7.9M | $3.3M | $13.5M | $22.8M | $20.7M | $26.9M | $31.6M | $49.7M | $79.9M | $98.1M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $19.1M | $192M | $484M | $439M | $284M | $270M | $359M | $634M | $926M | $984M |
| Total debt | — | — | — | — | — | $0.0M | $69.7M | $115M | $118M | $340M |
| Current assets | $41.2M | $192M | $485M | $440M | $285M | $272M | $361M | $637M | $1.0B | $1.2B |
| Current liabilities | $4.8M | $10.1M | $8.4M | $25.1M | $46.6M | $76.8M | $116M | $119M | $169M | $310M |
| Inventory | — | — | — | — | — | — | — | $0.0M | $34.1M | $74.8M |
| Property and equipment, net | $0.0M | $0.3M | $0.2M | $1.2M | $1.0M | $0.9M | $0.6M | $1.6M | $2.2M | $1.5M |
| Intangible assets | — | — | — | — | — | — | — | $0.0M | $4.7M | $7.4M |
| Total assets | $41.2M | $192M | $485M | $442M | $287M | $273M | $363M | $641M | $1.0B | $1.3B |
| Total liabilities | $4.8M | $10.1M | $8.4M | $25.5M | $47.0M | $77.2M | $165M | $235M | $288M | $657M |
| Preferred stock | — | — | — | — | — | — | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $36.4M | $182M | $477M | $417M | $240M | $196M | $197M | $405M | $754M | $603M |
| Margins | ||||||||||
| Gross margin | — | — | — | — | — | — | — | — | 96.5% | — |
| Operating margin | — | — | — | — | — | — | — | — | −276.4% | −31.3% |
| EBITDA margin | — | — | — | — | — | — | — | — | −275.8% | −31.2% |
| Net margin | — | — | — | — | — | — | — | — | −258.6% | −30.1% |
| FCF margin | — | — | — | — | — | — | — | — | −253.7% | −19.8% |
| Returns | ||||||||||
| Return on capital employed | −69.3% | −17.6% | −8.5% | −22.8% | −86.0% | −123.4% | −119.0% | −72.9% | −57.0% | −31.6% |
| Return on equity | −72.5% | −28.5% | −10.0% | −18.8% | −61.6% | −110.9% | −150.1% | −124.0% | −80.3% | −42.5% |
| Return on assets | −64.0% | −26.7% | −9.7% | −18.1% | −55.5% | −86.3% | −92.9% | −74.5% | −55.4% | −25.0% |
| Return on tangible equity | −72.5% | −17.1% | −6.9% | −20.2% | −84.3% | −123.3% | −149.6% | −92.2% | −62.1% | −48.4% |
| Growth | ||||||||||
| Revenue growth | — | — | — | — | — | — | — | — | — | 432.1% |
| Share count change | — | 135.3% | 20.8% | 4.0% | 0.3% | 7.0% | 3.6% | 25.8% | 24.8% | 5.6% |
| Financial health | ||||||||||
| Debt / equity | — | — | — | — | — | 0.0x | 0.4x | 0.3x | 0.2x | 0.6x |
| Interest coverage | −20.8x | — | — | — | — | — | −74.1x | −29.9x | −33.9x | −13.5x |
| Current ratio | 8.6x | 19.1x | 57.5x | 17.5x | 6.1x | 3.5x | 3.1x | 5.4x | 6.1x | 4.0x |
| Quick ratio | 8.6x | 19.1x | 57.5x | 17.5x | 6.1x | 3.5x | 3.1x | 5.4x | 5.9x | 3.8x |
| Capital allocation | ||||||||||
| Capex / revenue | — | — | — | — | — | — | — | — | 0.8% | 0.0% |
| Stock comp / revenue | — | — | — | — | — | — | — | — | 44.3% | 10.2% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | 3.0 | 1.0 | 1.0 | 1.0 | 2.0 | 4.0 | 5.0 | 3.0 |
| Altman Z'' | 3.7 | 22.3 | 64.3 | 20.2 | 1.1 | −6.6 | −8.4 | −3.7 | −0.7 | −1.2 |
| Accruals ratio | −21.3% | −7.6% | −2.2% | −9.1% | −12.3% | −20.7% | −22.2% | −9.8% | −1.2% | −8.6% |
Source: SEC EDGAR XBRL filings (CIK 0001157601). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.