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Mannkind Corp

MNKD Nasdaq Pharmaceutical Preparations Financials FY2016–FY2025

Revenue Total sales reported in the income statement.
$349M
22.2% vs prior year
Operating margin Operating income as a share of revenue.
11.1%
14.3 pts
Net income Profit after all expenses, interest and tax.
$5.9M
78.7%
Free cash flow Cash from operations minus capital spending.
$13.7M
58.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
29.3%
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 −$0.13 EPS (TTM)

What Mannkind Corp does

No business description yet.

Legal name
MANNKIND CORP
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 26, 2026
Accession · CIK
0001193125-26-073516
0000899460

Revenue and margins

Mannkind Corp had $349M of revenue in fiscal 2025, up 22.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −37.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $13.7M in fiscal 2025, 3.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Mannkind Corp returned — to shareholders in fiscal 2025. The diluted share count rose 10.7%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Mannkind Corp can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $204M$171M$295M$197M$171M
Debt incl. finance leases $382M$378M$373M$36.1M$355M
Net debt / EBITDA ——5.9x−2.0x3.6x
Interest coverage −3.1x−4.3x0.6x6.1x2.8x
Current ratio 4.5x3.5x3.6x3.3x1.7x
Quick ratio 4.4x3.2x3.3x2.9x1.5x
Total assets $321M$295M$475M$394M$792M
Total liabilities $531M$546M$721M$473M$843M
Shareholders' equity −$209M−$251M−$246M−$78.8M−$51.0M
Net debt (− = net cash) $178M$207M$77.7M−$161M$183M

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.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
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 — / 31 / 86 / 93 / 95 / 95 / 93 / 97 / 97 / 93 / 9
Accruals ratio 190.3%−54.8%−51.2%36.3%−28.8%−8.9%−2.2%−11.9%−3.4%−2.1%
Altman Z'' −80.69−121.75−94.01−108.31−94.80−29.67−33.74−18.67−22.33−11.89

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $175M $11.7M $27.9M $63.0M $65.1M $75.4M $99.8M $199M $286M $349M
Gross profit $158M −$5.5M $8.5M $43.0M $50.1M $58.6M $83.8M $178M $268M $322M
Research and development $14.9M $14.1M $8.7M $6.9M $6.2M $12.3M $19.7M $31.3M $45.9M $66.3M
Operating income $67.3M −$108M −$76.6M −$44.6M −$47.9M −$47.0M −$64.1M $8.7M $72.6M $38.8M
Interest expense $15.6M $9.5M $5.1M $6.3M $9.5M $15.2M $15.0M $15.2M $12.0M $13.8M
Pretax income $126M −$117M −$86.7M −$51.9M −$57.5M −$80.9M −$87.4M −$10.4M $30.5M $1.4M
Income tax $0.0M $0.1M $0.2M $0.0M −$0.2M $0.0M $0.0M $1.6M $2.9M −$4.5M
Net income $126M −$117M −$87.0M −$51.9M −$57.2M −$80.9M −$87.4M −$11.9M $27.6M $5.9M
Diluted EPS $1.36 −$1.13 −$0.60 −$0.27 −$0.26 −$0.32 −$0.34 −$0.04 $0.10 $0.02
Diluted shares 0.09B 0.10B 0.14B 0.20B 0.22B 0.25B 0.26B 0.27B 0.28B 0.31B
Cash flow
Cash from operations −$78.1M −$64.8M −$37.7M −$88.5M −$28.1M −$61.7M −$80.7M $34.1M $42.5M $18.3M
Capital expenditure $1.1M — $0.4M $2.6M $0.8M $11.5M $7.6M $42.4M $9.7M $4.6M
Free cash flow −$79.2M — −$38.1M −$91.0M −$28.9M −$73.2M −$88.3M −$8.3M $32.8M $13.7M
Depreciation and amortization $2.4M $1.8M $2.9M $1.0M $2.1M $2.0M $3.3M $4.5M $7.4M $12.3M
Stock-based compensation $5.1M $4.8M $6.9M $6.2M $6.5M $12.2M $13.4M $17.6M $21.4M $24.2M
Acquisitions — — — — — — $15.3M — — $348M
Balance sheet
Cash and short-term investments $22.9M $43.9M $71.2M $49.9M $67.0M $204M $171M $295M $197M $171M
Total debt — $157M $102M $119M $122M $281M $273M $269M $36.1M $355M
Finance lease liabilities — — — — — $101M $104M $104M — —
Current assets $77.5M $57.2M $81.9M $60.8M $79.5M $219M $235M $373M $268M $292M
Current liabilities $92.1M $87.6M $75.2M $65.6M $73.7M $48.3M $67.3M $104M $81.8M $171M
Inventory $2.3M $2.7M $3.6M $4.2M $5.0M $7.2M $21.8M $28.5M $27.9M $35.3M
Property and equipment, net $28.9M $26.9M $25.6M $26.8M $25.9M $36.6M $45.1M $84.2M $85.4M $82.4M
Goodwill — — — — — — $2.4M $1.9M $1.9M $67.6M
Intangible assets — — — — — — $1.2M $1.1M $5.3M $5.1M
Total assets $107M $84.6M $108M $93.7M $109M $321M $295M $475M $394M $792M
Total liabilities $291M $299M $283M $284M $289M $531M $546M $721M $473M $843M
Shareholders' equity −$184M −$215M −$175M −$191M −$180M −$209M −$251M −$246M −$78.8M −$51.0M
Margins
Gross margin 90.2% −46.7% 30.4% 68.1% 76.8% 77.7% 84.0% 89.5% 93.9% 92.3%
Operating margin 38.5% −921.1% −274.9% −70.7% −73.5% −62.3% −64.3% 4.4% 25.4% 11.1%
EBITDA margin 39.9% −905.8% −264.7% −69.2% −70.3% −59.7% −60.9% 6.6% 28.0% 14.6%
Net margin 71.9% −999.0% −312.2% −82.3% −87.9% −107.3% −87.6% −6.0% 9.7% 1.7%
FCF margin −45.3% — −136.7% −144.4% −44.4% −97.0% −88.5% −4.2% 11.5% 3.9%
Returns
Return on capital — — — — — — — — — 29.3%
Return on capital employed 448.0% 3,580.0% −235.9% −158.7% −137.3% −17.2% −28.1% 2.3% 23.3% 6.2%
Return on assets 117.4% −122.5% −90.5% −51.5% −56.6% −37.7% −28.4% −3.1% 6.3% 1.0%
Growth
Revenue growth — −93.3% 137.2% 126.3% 3.3% 15.8% 32.2% 99.4% 43.5% 22.2%
Net income growth — −193.4% — — — — — — — −78.7%
EPS growth — −183.1% — — — — — — — −80.0%
FCF growth — — — — — — — — — −58.3%
Share count change — 13.2% 38.3% 35.7% 13.8% 12.0% 3.1% 3.9% 6.3% 10.7%
Financial health
Net debt / EBITDA — — — — — — — 5.9x −2.0x 3.6x
Interest coverage 4.3x −11.4x −15.0x −7.1x −5.1x −3.1x −4.3x 0.6x 6.1x 2.8x
Current ratio 0.8x 0.7x 1.1x 0.9x 1.1x 4.5x 3.5x 3.6x 3.3x 1.7x
Quick ratio 0.8x 0.6x 1.0x 0.9x 1.0x 4.4x 3.2x 3.3x 2.9x 1.5x
Capital allocation
Capex / revenue 0.7% — 1.3% 4.1% 1.2% 15.2% 7.6% 21.3% 3.4% 1.3%
Stock comp / revenue 2.9% 41.3% 24.6% 9.8% 10.0% 16.2% 13.5% 8.9% 7.5% 6.9%
Quality scores
Piotroski F-score — 1.0 6.0 3.0 5.0 5.0 3.0 7.0 7.0 3.0
Altman Z'' −80.7 −121.8 −94.0 −108.3 −94.8 −29.7 −33.7 −18.7 −22.3 −11.9
Accruals ratio 190.3% −54.8% −51.2% 36.3% −28.8% −8.9% −2.2% −11.9% −3.4% −2.1%

Source: SEC EDGAR XBRL filings (CIK 0000899460). 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.

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