Friday 6 November 2026 Export LGND’s income statement to Excel — free account

Ligand Pharmaceuticals Incorporated

Ligand Pharmaceuticals Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $268.1 million, up 60.4% from fiscal 2024.

Revenue: −31.8%
EPS: −123.8%
Free cash flow: −268.5%
Total debt: +153.3%

Quarter to September 2026, against a year earlier

306.43 7.43 +2.48%

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Market cap: $6.0B
P/E: 118×
Fwd P/E: 88.3×
Dividend yield: —
F-score: 6/9
Altman Z: 5.45
Beneish M: −4.02
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	Dec '24	Dec '25
P/E ratio Full definition →	0.00	163.60	14.24	2.41	0.00	31.61	0.00	23.79	0.00	30.01
Piotroski F-Score Full definition →	5	8	7	5	5	7	4	6	5	6
P/S ratio Full definition →	13.87	14.63	8.09	11.66	6.97	7.53	5.68	9.53	11.73	13.64
Altman Z-Score Full definition →	2.75	4.22	2.87	4.28	2.01	3.62	5.45	10.04	11.78	5.45
P/FCF ratio Full definition →	36.71	21.80	10.70	0.00	23.33	26.38	9.96	0.00	21.84	60.02
Altman Z″-Score (non-manufacturers) Full definition →	(1.17)	0.26	5.22	10.46	4.19	5.61	7.17	12.55	11.45	6.75
Beneish M-Score Full definition →	(1.78)	(2.41)	(2.08)	(0.57)	(1.56)	(1.79)	(3.98)	(1.93)	(3.22)	(4.02)
P/Operating CF Full definition →	80.74	65.94	62.42	(191.11)	2,122.44	65.80	20.83	155.09	68.83	79.63
P/B ratio Full definition →	4.43	5.16	3.62	1.83	1.61	2.21	1.86	1.78	2.36	3.59
Price to Tangible BV Full definition →	39.21	31.41	9.12	3.18	0.00	5.53	8.00	4.20	4.27	5.30
EV/Sales Full definition →	14.80	14.93	7.54	8.09	7.21	7.45	5.04	8.86	10.63	12.77
EV/EBITDA Full definition →	24.28	23.06	8.74	1.12	13.10	10.49	17.87	24.55	150.69	48.15
EV/Operating CF Full definition →	26.56	23.78	9.77	(33.16)	21.60	22.85	7.17	23.46	18.30	69.35
EV/FCF Full definition →	39.17	22.24	9.97	(27.72)	24.13	26.11	8.84	(301.84)	19.80	56.19
Quick Ratio Full definition →	0.69	0.95	10.09	65.38	4.70	10.39	2.50	12.49	8.32	21.83
Current Ratio Full definition →	0.72	0.99	10.58	66.09	5.00	11.15	2.67	14.15	8.93	22.23
Net Debt/EBITDA Full definition →	1.53	0.46	(0.63)	(0.49)	0.43	(0.11)	(2.26)	(3.59)	(22.58)	(4.36)
Debt/Assets Full definition →	40.31%	36.27%	50.47%	42.81%	33.05%	24.79%	11.37%	0.00%	0.00%	28.59%
Debt/Equity Full definition →	0.71	0.61	1.13	0.83	0.63	0.39	0.15	0.00	0.00	0.44
Asset Turnover Full definition →	0.20	0.22	0.26	0.09	0.11	0.18	0.19	0.17	0.19	0.21
Operating CF/Net income Full definition →	(37.12)	7.05	1.35	(0.05)	(18.29)	1.38	(4.13)	0.95	(24.07)	0.40
Capex/Depreciation Full definition →	(0.87)	0.21	(0.20)	(0.04)	(0.06)	(0.12)	(0.34)	(1.51)	(0.35)	(0.03)
Interest Coverage Full definition →	3.42	5.06	3.39	22.58	1.37	5.29	1.69	18.20	(7.44)	8.70
ROE Full definition →	(0.57%)	3.39%	29.84%	94.76%	(0.40%)	7.47%	(4.70%)	8.03%	(0.53%)	13.47%
ROA Full definition →	(0.30%)	1.97%	14.84%	45.67%	(0.21%)	4.30%	(3.24%)	6.73%	(0.47%)	9.95%
ROIC Full definition →	6.20%	9.64%	24.17%	149.54%	3.13%	8.10%	0.40%	1.41%	(2.50%)	3.62%
Return on Tangible Assets Full definition →	2.63%	530.91%	18.06%	56.50%	(0.72%)	13.10%	(18.82%)	22.08%	(1.30%)	15.66%
Average Days of Receivables Full definition →	49.24	66.21	81.28	126.69	131.81	138.49	65.17	109.27	92.70	83.12
Research and Development Expense of Revenue Full definition →	19.47%	19.06%	11.08%	46.48%	24.76%	13.29%	18.39%	18.69%	12.82%	30.28%
Selling, General and Administrative Expense of Revenue Full definition →	25.38%	20.31%	15.01%	34.82%	36.69%	19.37%	35.70%	40.20%	47.06%	34.48%
Intangible Assets out of Total Assets Full definition →	0.50	0.50	0.27	0.22	0.58	0.38	0.60	0.51	0.39	0.21
Share Based Compensation of Revenue Full definition →	17.34%	17.66%	8.29%	20.38%	18.79%	16.06%	30.72%	19.60%	24.58%	17.48%
Graham Net Nets Full definition →	(0.06)	(0.02)	0.08	0.28	(0.13)	(0.01)	0.09	0.12	0.11	0.08
Graham Number Full definition →	0.00	16.02	63.45	166.79	0.00	62.00	0.00	52.64	0.00	86.35
Earnings Yield Full definition →	(0.08%)	0.61%	7.02%	41.45%	(0.20%)	3.16%	(3.00%)	4.20%	(0.05%)	3.33%
Free Cash Flow Yield Full definition →	2.72%	4.59%	9.35%	(2.50%)	4.29%	3.79%	10.04%	(0.31%)	4.58%	1.67%
Revenue per Share Full definition →	5.23	6.71	11.88	6.33	10.11	14.52	11.63	7.59	9.14	13.86
Operating CF per Share Full definition →	2.92	4.21	9.17	(1.54)	3.37	4.74	8.17	2.87	5.31	2.55
Capex per Share Full definition →	(0.94)	0.23	(0.51)	(0.13)	(0.19)	(0.50)	(1.06)	(3.09)	(0.67)	(0.05)
Free Cash Flow per Share Full definition →	1.98	4.44	8.66	(1.68)	3.18	4.24	7.12	(0.22)	4.64	2.50
Cash per Share Full definition →	6.77	9.59	36.57	56.32	25.41	20.51	12.56	9.85	14.55	39.11
Shareholders Equity per Share Full definition →	16.38	19.01	26.51	40.39	43.84	49.38	35.42	40.52	45.40	52.60
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	16.38	19.01	26.51	40.39	43.84	49.38	35.42	40.52	45.40	52.60
Free Cash Flow Full definition →	41.19	93.47	183.17	(31.89)	51.49	70.53	120.02	(3.85)	84.84	48.31
Working Capital Full definition →	(64.08)	(1.85)	788.29	1,106.64	400.45	423.09	164.79	220.65	294.45	794.82
Capital Expenditures Full definition →	(19.54)	4.90	(10.89)	(2.55)	(3.10)	(8.27)	(17.83)	(53.43)	(12.21)	(1.05)
Net Current Asset Value Full definition →	(97.24)	(34.21)	170.65	395.96	(152.20)	(11.68)	98.42	151.13	220.22	288.85
EV/EBIT Full definition →	36.76	30.94	11.58	1.21	31.44	17.34	325.52	97.41	0.00	83.48
Capex to Sales Full definition →	0.18	(0.03)	0.04	0.02	0.02	0.03	0.09	0.41	0.07	0.00
Price to Operating Income Full definition →	34.45	30.33	12.42	1.74	30.39	17.51	366.74	104.74	0.00	89.17
Other line items
Depreciation/Fixed assets Full definition →	12.40	5.52	9.91	8.83	3.64	5.14	4.19	2.27	2.27	0.00
Cash ROIC Full definition →	5.68%	11.06%	9.29%	(1.29%)	3.28%	4.75%	13.39%	(0.44%)	7.74%	2.18%
Accounts Receivable Turnover Full definition →	10.44	7.00	6.16	2.46	3.24	3.21	3.10	3.53	4.09	5.18
Accounts Payable Turnover Full definition →	1.63	2.15	1.97	3.44	9.81	10.20	7.71	2.72	2.89	3.44
Inventory Turnover Full definition →	3.13	1.70	1.10	1.57	1.80	2.31	2.60	0.56	0.58	1.25
Average Days of Payables Full definition →	179.13	153.66	240.93	77.84	45.40	49.33	36.67	84.27	172.48	81.23
Days of Inventory on Hand Full definition →	125.99	297.46	410.33	234.69	317.82	160.42	91.85	832.26	465.20	228.95
Average Receivables Full definition →	10.44	20.15	40.79	48.87	50.41	75.36	63.34	37.18	40.88	51.75
Average Payables Full definition →	3.41	2.50	3.22	3.30	3.10	6.09	6.86	3.87	3.83	4.24
Average Inventory Full definition →	1.78	3.15	5.75	7.21	16.89	26.91	20.31	18.63	19.04	11.62
Average Assets Full definition →	552.32	636.30	965.91	1,377.86	1,428.60	1,329.94	1,030.13	774.94	864.50	1,251.21
Average Common Equity Full definition →	289.29	370.54	480.35	664.07	738.38	765.34	709.32	649.20	765.68	923.83

Show all line items

Columns are period end dates · fundamentals updated 6 Nov 2026

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