Estados financieros detallados de MannKind Corporation (MNKD): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
MannKind Corporation registró ingresos de $349.0M en el último ejercicio fiscal, con un CAGR de 5 años del 39.9%.
Márgenes de los últimos 12 meses: margen bruto 75.7%, margen operativo 2.0%, margen neto -11.1%.
Al precio actual de $3.55, MNKD presenta beneficios negativos (P/E no significativo) y un ROE del 78.60%. La capitalización bursátil es de $1.1B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $174.8M | $11.7M | $27.9M | $63.0M | $65.1M | $75.4M | $99.8M | $199.0M | $285.5M | $349.0M |
| Coste de Ventas | $50.1M | $17.2M | $20.5M | $28.0M | $24.6M | $38.9M | $57.5M | $62.8M | $76.6M | $61.2M |
| Beneficio Bruto | $124.7M | -$5.5M | $7.4M | $35.1M | $40.5M | $36.6M | $42.3M | $136.2M | $208.9M | $287.8M |
| I+D | $14.9M | $14.1M | $8.7M | $6.9M | $6.2M | $12.3M | $19.7M | $31.3M | $45.9M | $66.3M |
| Generales y Administrativos | $46.9M | $75.0M | $79.7M | $74.7M | $59.0M | $77.4M | $91.5M | $94.3M | $94.3M | $144.1M |
| Gastos Operativos | $59.6M | $88.9M | $88.4M | $79.7M | $88.4M | $83.6M | $106.4M | $127.5M | $136.3M | $249.0M |
| Beneficio Operativo | $67.3M | -$108.2M | -$76.6M | -$44.6M | -$47.9M | -$47.0M | -$64.1M | $8.7M | $72.6M | $38.8M |
| EBITDA | $146.5M | -$102.2M | -$75.6M | -$38.8M | -$44.7M | -$61.1M | -$56.3M | $15.1M | $77.5M | $27.5M |
| Gastos por Intereses | $18.5M | $13.3M | $9.4M | $10.9M | $9.5M | $16.6M | $24.8M | $25.2M | $38.0M | $13.8M |
| Beneficio Antes de Impuestos | $125.7M | -$117.3M | -$86.7M | -$51.9M | -$57.5M | -$80.9M | -$87.4M | -$10.4M | $30.5M | $1.4M |
| Impuestos | 0 | $51000 | $240000 | 0 | -$218000 | 0 | 0 | $1.6M | $2.9M | -$4.5M |
| Beneficio Neto | $125.7M | -$117.3M | -$87.0M | -$51.9M | -$57.2M | -$80.9M | -$87.4M | -$11.9M | $27.6M | $5.9M |
| BPA | $1.37 | $-1.13 | $-0.60 | $-0.31 | $-0.26 | $-0.37 | $-0.44 | $-0.04 | $0.10 | $0.02 |
| BPA Diluido | $1.36 | $-1.13 | $-0.60 | $-0.31 | $-0.26 | $-0.37 | $-0.44 | $-0.04 | $0.10 | $0.02 |
| Acciones en Circulación (Diluidas) | $92.1M | $104.2M | $144.1M | $195.6M | $222.6M | $249.2M | $257.1M | $267.0M | $283.8M | $314.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $82.1M | $112.0M | $90.2M | $109.4M |
| Beneficio Bruto | $61.9M | $87.8M | $68.3M | $79.8M |
| Beneficio Operativo | $18.8M | -$7.7M | -$3.0M | -$350000 |
| EBITDA | $17.9M | -$2.5M | $2.5M | $12.9M |
| Beneficio Neto | $8.0M | -$15.9M | -$16.6M | -$19.0M |
| BPA | $0.03 | $-0.05 | $-0.05 | $-0.06 |
| BPA Diluido | $0.03 | $-0.05 | $-0.05 | $-0.06 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $22.9M | $43.9M | $71.2M | $29.9M | $67.0M | $124.2M | $69.8M | $238.5M | $46.3M | $74.9M |
| Inversiones a Corto | 0 | 0 | 0 | $20.0M | 0 | $79.9M | $101.1M | $56.6M | $150.9M | $96.5M |
| Cuentas por Cobrar | $30.9M | $2.8M | $4.0M | $3.5M | $4.2M | $4.7M | $16.8M | $14.9M | $11.8M | $38.4M |
| Inventario | $2.3M | $2.7M | $3.6M | $4.2M | $5.0M | $7.2M | $21.8M | $28.5M | $27.9M | $35.3M |
| Activos Corrientes | $77.5M | $57.2M | $81.9M | $60.8M | $79.5M | $219.5M | $234.9M | $373.4M | $268.3M | $291.6M |
| Inmovilizado Material | $28.9M | $26.9M | $25.6M | $26.8M | $25.9M | $36.6M | $45.1M | $84.2M | $85.4M | $82.4M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | $2.4M | $1.9M | $1.9M | $67.6M |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | $1.2M | $1.1M | $5.3M | $5.1M |
| Activos Totales | $107.1M | $84.6M | $107.7M | $93.7M | $108.6M | $321.2M | $295.3M | $475.2M | $393.8M | $792.2M |
| Cuentas por Pagar | $3.3M | $7.0M | $5.4M | $4.8M | $5.6M | $7.0M | $11.1M | $9.6M | $6.8M | $9.0M |
| Deuda a Corto | $71.3M | $52.7M | $11.3M | $5.0M | $4.1M | $7.0M | $9.6M | $20.0M | 0 | $49.2M |
| Pasivos Corrientes | $92.1M | $87.6M | $75.2M | $65.6M | $73.7M | $48.3M | $67.3M | $104.1M | $81.8M | $171.0M |
| Deuda a Largo | $77.2M | $104.1M | $91.2M | $113.9M | $118.2M | $281.2M | $273.5M | $248.7M | $36.1M | $320.4M |
| Pasivos Totales | $290.7M | $299.3M | $282.8M | $284.3M | $289.0M | $530.5M | $545.8M | $721.4M | $472.7M | $843.2M |
| Reservas | -$2.74B | -$2.85B | -$2.94B | -$2.99B | -$3.05B | -$3.13B | -$3.22B | -$3.23B | -$3.20B | -$3.20B |
| Patrimonio Neto | -$183.6M | -$214.7M | -$175.1M | -$190.5M | -$180.4M | -$209.3M | -$250.5M | -$246.2M | -$78.8M | -$51.0M |
| Deuda Total | $148.5M | $156.8M | $102.5M | $121.4M | $123.4M | $289.2M | $288.4M | $272.6M | $47.7M | $473.4M |
| Deuda Neta | $125.6M | $112.9M | $31.3M | $71.5M | $56.4M | $85.1M | $117.6M | -$22.5M | -$149.6M | $302.0M |
| Capital Circulante | -$14.6M | -$30.4M | $6.6M | -$4.9M | $5.8M | $171.1M | $167.6M | $269.3M | $186.5M | $120.5M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $127.4M | $74.9M | $52.8M | $52.9M |
| Activos Totales | $494.6M | $792.2M | $744.4M | $732.3M |
| Pasivos Totales | $539.2M | $843.2M | $803.6M | $799.5M |
| Patrimonio Neto | -$44.6M | -$51.0M | -$59.2M | -$67.2M |
| Deuda Total | $226.0M | $473.4M | $436.7M | $330.8M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $125.7M | -$117.3M | -$87.0M | -$51.9M | -$57.2M | -$80.9M | -$87.4M | -$11.9M | $27.6M | $5.9M |
| Amortizaciones | $4.2M | $3.5M | $1.7M | $2.2M | $3.3M | $5.5M | $6.3M | $5.8M | $9.0M | $12.3M |
| Compensación en Acciones | $5.1M | $4.8M | $6.9M | $6.2M | $6.5M | $12.2M | 0 | $17.6M | $21.4M | $24.2M |
| Cambio en Capital Circulante | -$139.3M | $27.6M | $36.7M | -$12.4M | -$9.8M | -$17.7M | -$24.1M | $14.6M | -$36.5M | -$86.3M |
| Flujo de Caja Operativo | -$78.1M | -$64.8M | -$37.7M | -$88.5M | -$28.1M | -$61.7M | -$80.7M | $34.1M | $42.5M | $18.3M |
| Inversiones (CapEx) | -$1.1M | 0 | -$354000 | -$2.6M | -$4.8M | -$11.5M | -$7.6M | -$42.4M | -$9.7M | -$4.6M |
| Adquisiciones | $17000 | $24000 | $120000 | 0 | -$4.0M | -$56.1M | -$15.3M | 0 | 0 | -$347.7M |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$3.3M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$79.2M | -$64.8M | -$38.1M | -$91.0M | -$32.9M | -$73.2M | -$88.3M | -$8.3M | $32.8M | $13.7M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $23.5M | -$8.0M | -$5.6M | -$18.4M |
| Inversiones (CapEx) | -$1.1M | -$2.0M | -$1.9M | -$5.1M |
| Flujo de Caja Libre | $22.4M | -$10.0M | -$7.5M | -$23.5M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | $7.0M | 0 | $10.2M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -93.3% | +137.2% | +126.3% | +3.3% | +15.8% | +32.2% | +99.4% | +43.5% | +22.2% |
| Crecimiento Beneficio Neto (anual) | | -193.4% | +25.9% | +40.3% | -10.3% | -41.4% | -8.0% | +86.3% | +331.1% | -78.7% |
| Crecimiento BPA (anual) | | -182.5% | +46.9% | +48.3% | +16.1% | -42.3% | -18.9% | +89.8% | +323.7% | -80.0% |
| Cambio en Acciones (anual) | | +13.2% | +38.3% | +35.7% | +13.8% | +12.0% | +3.1% | +3.9% | +6.3% | +10.7% |
| Crecimiento FCF (anual) | | +18.2% | +41.2% | -139.1% | +63.9% | -122.3% | -20.7% | +90.5% | +493.2% | -58.3% |
| Margen Bruto | 71.3% | -46.7% | 26.5% | 55.6% | 62.2% | 48.5% | 42.4% | 68.5% | 73.2% | 82.5% |
| Margen Operativo | 38.5% | -921.1% | -274.9% | -70.7% | -73.5% | -62.3% | -64.3% | 4.4% | 25.4% | 11.1% |
| Margen EBITDA | 83.9% | -870.2% | -271.4% | -61.6% | -68.6% | -81.0% | -56.4% | 7.6% | 27.1% | 7.9% |
| Margen Neto | 71.9% | -999.0% | -312.2% | -82.3% | -87.9% | -107.3% | -87.6% | -6.0% | 9.7% | 1.7% |
| Margen FCF | -45.3% | -551.5% | -136.7% | -144.4% | -50.5% | -97.0% | -88.5% | -4.2% | 11.5% | 3.9% |
| Tasa Impositiva Efectiva | 0.0% | -0.0% | -0.3% | -0.0% | 0.4% | -0.0% | -0.0% | -15.0% | 9.6% | -316.7% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.86 | $-0.62 | $-0.26 | $-0.47 | $-0.15 | $-0.29 | $-0.34 | $-0.03 | $0.12 | $0.04 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $92.1M | $103.8M | $144.1M | $195.6M | $222.6M | $249.2M | $257.1M | $267.0M | $274.4M | $305.6M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | 78.60% |
| Rentabilidad sobre capital invertido | 1.18% |
| Rentabilidad sobre activos | -5.96% |
| Margen bruto | 75.69% |
| Margen operativo | 1.97% |
| Margen neto | -11.08% |
Salud financiera
| Deuda / Patrimonio | -4.92 |
| Ratio corriente | 1.72 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 2.32 | -2.05 | -1.77 | -4.16 | -12.04 | -11.81 | -11.98 | -81.43 | 64.30 | 283.50 |
| P/VC | -1.60 | -1.12 | -0.87 | -1.32 | -3.86 | -5.20 | -5.41 | -3.95 | -22.39 | -33.97 |
| P/V | 1.68 | 20.51 | 5.48 | 4.00 | 10.69 | 14.44 | 13.58 | 4.89 | 6.18 | 4.97 |
| Margen Bruto | 71.3% | -46.7% | 26.5% | 55.6% | 62.2% | 48.5% | 42.4% | 68.5% | 73.2% | 82.5% |
| Margen Operativo | 38.5% | -921.1% | -274.9% | -70.7% | -73.5% | -62.3% | -64.3% | 4.4% | 25.4% | 11.1% |
| Margen Neto | 71.9% | -999.0% | -312.2% | -82.3% | -87.9% | -107.3% | -87.6% | -6.0% | 9.7% | 1.7% |