Detailed financial statements for Liquidia Corporation (LQDA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Liquidia Corporation operates as a biopharmaceutical enterprise, concentrating on the development, production, and market introduction of various treatments aimed at fulfilling critical patient requirements throughout the United States. A key asset in its developmental portfolio is YUTREPIA, an innovative inhaled dry powder version of treprostinil, intended for managing pulmonary arterial hypertension.
Analysis Summary
Liquidia Corporation reported revenue of $158.3M in the most recent fiscal year, growing at a 5-year CAGR of 192.5%.
Trailing-twelve-month margins: gross margin 92.5%, operating margin 37.4%, net margin 30.7%.
At $47.38 (closing price, November 4, 2026), LQDA trades at a P/E of 34.61 and an ROE of 149.64%. Market capitalisation stands at $4.2B.
Balance sheet quality for LQDA: debt-to-equity ratio of 0.66, current ratio of 2.31 over the last 12 months, net debt of $7.2M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.2M | $7.3M | $2.7M | $8.1M | $739,628 | $12.9M | $15.9M | $17.5M | $14.0M | $158.3M |
| Cost of Revenue | $918,778 | $319,759 | $121,391 | $807,192 | $237,712 | $3.0M | $2.9M | $2.9M | $5.9M | $13.2M |
| Gross Profit | $12.3M | $6.9M | $2.6M | $7.3M | $501,916 | $9.8M | $13.1M | $14.6M | $8.1M | $145.1M |
| Research & Development | $23.3M | $24.8M | $28.7M | $40.5M | $32.2M | $20.5M | $19.4M | $43.2M | $47.8M | $39.3M |
| Selling, General & Admin | $4.8M | $10.2M | $8.8M | $13.6M | $27.4M | $23.1M | $32.4M | $44.7M | $81.6M | $157.2M |
| Operating Expenses | $28.2M | $35.0M | $37.5M | $54.1M | $59.6M | $43.6M | $51.8M | $88.0M | $129.4M | $196.5M |
| Operating Income | -$15.9M | -$28.0M | -$34.9M | -$46.8M | -$59.1M | -$33.8M | -$38.8M | -$73.4M | -$121.3M | -$51.4M |
| EBITDA | -$15.2M | -$15.2M | -$32.6M | -$43.6M | -$55.8M | -$28.2M | -$35.0M | -$70.1M | -$115.7M | -$43.2M |
| Interest Expense | $85,865 | $13.0M | $19.0M | $1.4M | $857,998 | $762,000 | $2.3M | $6.3M | $12.5M | $24.2M |
| Pre-tax Income | -$15.9M | -$29.2M | -$53.1M | -$47.6M | -$59.8M | -$34.6M | -$41.0M | -$78.5M | -$130.4M | -$68.9M |
| Income Tax | $14,906 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$15.9M | -$29.2M | -$53.1M | -$47.6M | -$59.8M | -$34.6M | -$41.0M | -$78.5M | -$130.4M | -$68.9M |
| EPS | -$1.86 | -$3.40 | -$7.42 | -$2.51 | -$1.76 | -$0.70 | -$0.67 | -$1.21 | -$1.66 | -$0.80 |
| EPS (Diluted) | -$1.86 | -$3.40 | -$7.42 | -$2.51 | -$1.76 | -$0.70 | -$0.67 | -$1.21 | -$1.66 | -$0.80 |
| Shares Outstanding (Diluted) | 8.6 M | 8.6 M | 7.2 M | 18.5 M | 33.9 M | 49.7 M | 61.0 M | 65.0 M | 78.7 M | 86.1 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $54.3M | $92.0M | $132.9M | $171.7M |
| Gross Profit | $51.2M | $85.0M | $120.7M | $160.1M |
| Operating Income | $1.8M | $19.8M | $61.5M | $85.5M |
| EBITDA | $3.9M | $21.8M | $63.8M | $88.4M |
| Net Income | -$3.5M | $14.6M | $52.9M | $74.7M |
| EPS | -$0.04 | $0.17 | $0.60 | $0.84 |
| EPS (Diluted) | -$0.04 | $0.15 | $0.52 | $0.74 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.4M | $3.4M | $39.5M | $55.8M | $65.3M | $57.5M | $93.3M | $83.7M | $176.5M | $190.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.2M | $1.6M | $272,557 | 0 | 0 | $3.0M | $5.0M | $4.1M | $2.7M | $54.1M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $241,000 | 0 |
| Total Current Assets | $3.1M | $5.5M | $40.0M | $56.4M | $66.1M | $61.3M | $99.8M | $89.9M | $185.1M | $190.7M |
| Property, Plant & Equipment | $4.3M | $8.2M | $8.1M | $12.1M | $9.5M | $7.4M | $6.3M | $6.2M | $12.5M | 0 |
| Goodwill | 0 | 0 | 0 | 0 | $3.9M | $3.9M | $3.9M | $3.9M | $3.9M | $3.9M |
| Intangible Assets | 0 | 0 | 0 | 0 | $5.5M | $4.4M | $3.7M | $3.4M | $3.2M | $3.0M |
| Total Assets | $8.5M | $14.8M | $49.4M | $68.8M | $99.5M | $93.7M | $129.2M | $118.3M | $230.3M | $327.9M |
| Accounts Payable | $2.4M | $4.4M | $3.2M | $3.5M | $3.7M | $1.1M | $2.2M | $1.4M | $4.7M | $3.7M |
| Short-term Debt | $2.9M | $15.6M | $316,906 | $5.6M | 0 | 0 | 0 | $2.6M | $18.0M | $58.4M |
| Total Current Liabilities | $12.1M | $30.5M | $8.2M | $16.9M | $11.7M | $7.3M | $8.8M | $18.6M | $41.8M | $135.8M |
| Long-term Debt | $5.2M | $5.6M | $11.6M | $10.3M | $10.3M | $10.4M | $19.9M | $43.4M | $97.4M | $132.9M |
| Total Liabilities | $26.7M | $48.5M | $30.7M | $33.9M | $28.4M | $28.5M | $38.8M | $71.0M | $153.0M | $283.2M |
| Retained Earnings | -$84.3M | -$113.4M | -$167.1M | -$215.2M | -$275.0M | -$309.6M | -$350.6M | -$429.1M | -$559.5M | -$626.3M |
| Total Equity | -$18.2M | -$33.7M | $18.7M | $34.9M | $71.1M | $65.3M | $90.4M | $47.3M | $77.3M | $44.7M |
| Total Debt | $8.7M | $22.1M | $12.8M | $24.4M | $17.1M | $16.1M | $24.5M | $49.5M | $122.4M | $197.9M |
| Net Debt | $7.2M | $18.7M | -$26.8M | -$31.4M | -$48.2M | -$41.4M | -$68.8M | -$34.1M | -$54.1M | $7.2M |
| Working Capital | -$8.9M | -$25.0M | $31.8M | $39.5M | $54.3M | $53.9M | $91.0M | $71.3M | $143.3M | $54.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $157.5M | $190.7M | $222.8M | $284.2M |
| Total Assets | $276.0M | $327.9M | $401.5M | $521.9M |
| Total Liabilities | $253.9M | $283.2M | $293.0M | $326.8M |
| Total Equity | $22.1M | $44.7M | $108.6M | $195.1M |
| Total Debt | $199.2M | $197.9M | $184.8M | $128.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$15.9M | -$29.2M | -$53.1M | -$47.6M | -$59.8M | -$34.6M | -$41.0M | -$78.5M | -$130.4M | -$68.9M |
| Depreciation & Amortization | $651,560 | $931,931 | $1.5M | $2.6M | $3.1M | $5.6M | $3.6M | $2.2M | $2.2M | $1.5M |
| Stock-based Compensation | $347,444 | $514,092 | $2.2M | $3.4M | $4.0M | $6.7M | $9.3M | $10.1M | $18.8M | $29.5M |
| Change in Working Capital | $596,406 | $389,665 | $294,846 | -$7.0M | -$1.7M | -$12.4M | -$2.2M | $5.9M | -$4.8M | -$24.2M |
| Operating Cash Flow | -$13.9M | -$24.3M | -$31.8M | -$48.3M | -$54.1M | -$34.0M | -$28.6M | -$41.6M | -$93.4M | -$35.7M |
| Capital Expenditure | -$2.9M | -$2.5M | -$870,943 | -$1.9M | -$752,086 | -$107,000 | -$592,000 | -$1.3M | -$4.9M | -$4.3M |
| Acquisitions | 0 | 0 | 0 | 0 | $1.0M | 0 | $5,000 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$16.8M | -$26.8M | -$32.7M | -$50.1M | -$54.9M | -$34.1M | -$29.2M | -$42.9M | -$98.4M | -$40.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$9.8M | $44.2M | -$35.7M | $80.2M |
| Capital Expenditure | -$911,000 | -$2.0M | -$4.3M | -$11.2M |
| Free Cash Flow | -$10.7M | $42.2M | -$40.0M | $69.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $7.9M | $7.2M | $29.5M | $10.4M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -45.1% | -62.7% | +198.2% | -90.8% | +1,637.8% | +24.0% | +9.7% | -20.0% | +1,031.2% | |
| Net Income Growth (YoY) | -83.0% | -82.3% | +10.4% | -25.6% | +42.1% | -18.6% | -91.4% | -66.1% | +47.1% | |
| EPS Growth (YoY) | -82.8% | -118.2% | +66.2% | +29.9% | +60.2% | +4.3% | -80.6% | -37.2% | +51.8% | |
| Shares Change (YoY) | +0.0% | -16.6% | +158.0% | +83.4% | +46.6% | +22.7% | +6.6% | +21.1% | +9.3% | |
| FCF Growth (YoY) | -59.4% | -21.9% | -53.3% | -9.5% | +37.8% | +14.5% | -46.9% | -129.5% | +59.3% | |
| Gross Margin | 93.0% | 95.6% | 95.5% | 90.0% | 67.9% | 76.5% | 82.1% | 83.5% | 58.0% | 91.6% |
| Operating Margin | -120.0% | -386.2% | -1,288.1% | -580.1% | -7,989.0% | -263.0% | -243.3% | -419.6% | -866.6% | -32.5% |
| EBITDA Margin | -115.0% | -209.6% | -1,204.4% | -540.7% | -7,541.0% | -219.4% | -219.8% | -400.6% | -826.7% | -27.3% |
| Net Margin | -120.6% | -401.7% | -1,962.9% | -589.5% | -8,080.1% | -269.0% | -257.4% | -448.9% | -931.7% | -43.5% |
| FCF Margin | -127.4% | -369.7% | -1,208.0% | -621.1% | -7,422.2% | -265.6% | -183.1% | -245.0% | -702.9% | -25.3% |
| Effective Tax Rate | -0.1% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -$1.96 | -$3.13 | -$4.57 | -$2.71 | -$1.62 | -$0.69 | -$0.48 | -$0.66 | -$1.25 | -$0.47 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 8.6 M | 8.6 M | 7.2 M | 18.5 M | 33.9 M | 49.7 M | 61.0 M | 65.0 M | 78.7 M | 86.1 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 149.64% |
| Return on Invested Capital | 46.86% |
| Return on Assets | 26.56% |
| Gross Margin | 92.48% |
| Operating Margin | 37.39% |
| Net Margin | 30.74% |
Financial Health
| Debt / Equity | 0.66 |
| Current Ratio | 2.31 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 3.78 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -5.97 | -3.26 | -2.92 | -1.70 | -1.68 | -6.96 | -9.51 | -9.94 | -7.08 | -43.11 |
| P/B | -5.22 | -2.83 | 8.30 | 2.26 | 1.41 | 3.71 | 4.29 | 16.53 | 11.98 | 66.33 |
| P/S | 7.21 | 13.13 | 57.32 | 9.79 | 135.16 | 18.82 | 24.37 | 44.71 | 66.13 | 18.75 |
| Gross Margin | 93.0% | 95.6% | 95.5% | 90.0% | 67.9% | 76.5% | 82.1% | 83.5% | 58.0% | 91.6% |
| Operating Margin | -120.0% | -386.2% | -1,288.1% | -580.1% | -7,989.0% | -263.0% | -243.3% | -419.6% | -866.6% | -32.5% |
| Net Margin | -120.6% | -401.7% | -1,962.9% | -589.5% | -8,080.1% | -269.0% | -257.4% | -448.9% | -931.7% | -43.5% |
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