Ligand Pharmaceuticals Incorporated
LGND Healthcare Biotechnology
Ligand Pharmaceuticals Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $268.1 million, up 60.4% from fiscal 2024. In the quarter to June 2026, revenue grew 33.7%, EPS grew 868.0% and free cash flow grew 35.5%, each against the same quarter a year earlier.
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Ligand Pharmaceuticals Incorporated (LGND) Altman Z-score
Ligand Pharmaceuticals Incorporated's Altman Z-score for fiscal 2025 is 5.45, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 5.45 | (6.32) |
| FY2024 | 11.78 | 1.74 |
| FY2023 | 10.04 | 4.59 |
| FY2022 | 5.45 | 2.11 |
| FY2021 | 3.34 | 1.45 |
| FY2020 | 1.89 | (2.25) |
| FY2019 | 4.14 | 1.48 |
| FY2018 | 2.66 | (1.02) |
| FY2017 | 3.68 | 1.35 |
| FY2016 | 2.33 | 0.21 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.51 | — | 0.61 | |
| Retained earnings / total assets | 0.39 | — | 0.55 | |
| EBIT / total assets | 0.03 | — | 0.09 | |
| Market value of equity / total liabilities | 6.73 | — | 4.04 | |
| Sales / total assets | 0.17 | — | 0.17 | |
| Altman Z-score | Safe zone | 5.45 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.75 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CGON CG Oncology, Inc. compare | 49.0× |
| RYTM Rhythm Pharmaceuticals, Inc. compare | 15.9× |
| LGND Ligand Pharmaceuticals Incorporated | 5.5× |
| MIRM Mirum Pharmaceuticals, Inc. compare | 4.4× |
| IOVA Iovance Biotherapeutics, Inc. compare | −2.3× |
| BLTE Belite Bio, Inc. Sponsored ADR compare | — |
| ERAS Erasca, Inc. compare | — |
| IMVT Immunovant, Inc. compare | — |
| KOD Kodiak Sciences Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets