Saturday 17 October 2026 Export LQDA’s income statement to Excel — free account

Liquidia Corporation

LQDA Healthcare Drug Manufacturers Specialty & Generic

Liquidia Corporation’s revenue for fiscal 2025 (year ended December 2025) was $158.3 million, up 1,031.2% from fiscal 2024. In the quarter to June 2026, revenue grew 1,842.7%, EPS grew 271.4%, free cash flow grew 270.2% and total debt fell 9.04%, each against the same quarter a year earlier.

34.35 0.43 −1.24%

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Market cap: $3.1B
P/E: 21.9×
Fwd P/E: 18.5×
Dividend yield: —
F-score: 5/9
Altman Z: 4.08
Beneish M: 6.79
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 230.58

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	3	6	10	—	12	15	9	10	15	3	2	10

Insider Ownership 12.86%

Capital & Financial Ratios $m

Market Cap 3,110.00

Revenue 450.91

Net Income 138.61

Free Cash Flow 150.69

Net Debt (108.08)

Current Ratio 2.31

Debt/Equity 0.90

P/E ratio 21.88

Fwd P/E 18.50

P/S ratio 6.77

P/B ratio 15.65

Past 5Y EPS Growth —

This Y EPS Growth 361.46%

Next Y EPS Growth 4.53%

Next Y revenue growth 321.11%

Next 5Y EPS Growth 35.73%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 3.63%

10-year low 10-year high

P/B against its own 10 years 74.58%

10-year low 10-year high

EV/Sales against its own 10 years 18.38%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	84	176	191	284
Receivables	4	3	54	109
Inventory	—	0	24	36
Other	—	—	—	—
	90	185	273	438

	2023	2024	2025	Q'26
Payables	1	5	4	13
ST’ Debt	3	18	58	54
Other	—	—	—	—
	19	42	136	189

Compound Annual Growth %

	10y	5y	3y
Sales	28.19%	192.49%	114.98%
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	0.00%	(8.84%)	(20.90%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	133	172	—	—	—
’25	3	9	54	92	158
’24	3	4	4	3	14
’23	4	5	4	5	17
’22	3	4	3	5	16
’21	3	3	3	3	13
’20	—	—	—	—	1

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	53	80	—	—	—
’25	(31)	(39)	(10)	44	(36)
’24	(25)	(23)	(25)	(21)	(93)
’23	(8)	(6)	(12)	(16)	(42)
’22	(10)	(8)	(6)	(5)	(29)
’21	(12)	(8)	(6)	(8)	(34)
’20	(14)	(13)	(13)	(14)	(54)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	50	69	—	—	—
’25	(31)	(41)	(11)	42	(40)
’24	(25)	(24)	(27)	(22)	(98)
’23	(9)	(6)	(12)	(16)	(43)
’22	(10)	(8)	(6)	(5)	(29)
’22	—	—	—	—	(29)
’21	(12)	(8)	(6)	(8)	(34)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.52	0.74	—	—	—
’25	(0.45)	(0.49)	(0.04)	0.15	(0.80)
’24	(0.40)	(0.37)	(0.30)	(0.46)	(1.66)
’23	(0.18)	(0.36)	(0.24)	(0.42)	(1.21)
’22	(0.30)	(0.15)	(0.14)	(0.09)	(0.67)
’21	(0.21)	(0.13)	(0.14)	(0.23)	(0.70)
’20	(0.52)	(0.49)	(0.40)	(0.38)	(1.76)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	10.52	2.65	2.53	2.25	3.26	5.67	8.26	11.26	Analyst estimates 2026–2028 Powerpack
	High	—	—	38.46	22.40	12.10	5.40	8.79	12.36	16.99	36.41
People
People	Employees	—	60	63	64	51	52	63	145	170	216
	Revenue/emp, $m	0.00	0.12	0.04	0.13	0.01	0.25	0.25	0.12	0.08	0.73
Income, $m
Income, $m	Revenue	13	7	3	8	1	13	16	17	14	158
	Gross margin, %	93.05	95.60	95.52	90.00	67.86	76.48	82.06	83.49	58.00	91.64
	EBT	(16)	(29)	(53)	(48)	(60)	(35)	(41)	(79)	(128)	(69)
	EBT margin, %	(120.56)	(401.68)	(1,962.91)	(589.48)	(8,080.42)	(269.03)	(257.39)	(448.89)	(916.63)	(43.53)
	Net income	(16)	(29)	(53)	(48)	(60)	(35)	(41)	(79)	(128)	(69)
	Depreciation	1	11	19	3	3	6	4	2	2	2
Per share, $
Per share, $	Revenue	0.84	12.89	0.38	0.44	0.02	0.26	0.26	0.27	0.18	1.84
	Earnings	(1.01)	(51.77)	(7.42)	(2.57)	(1.76)	(0.70)	(0.67)	(1.21)	(1.66)	(0.80)
	Cash flow	(0.88)	(43.14)	(4.44)	(2.61)	(1.60)	(0.69)	(0.47)	(0.64)	(1.19)	(0.41)
	Capex	0.00	(4.52)	(0.12)	(0.10)	(0.02)	0.00	(0.01)	(0.02)	(0.06)	(0.05)
	Free cash flow	(0.88)	(47.65)	(4.57)	(2.71)	(1.62)	(0.69)	(0.48)	(0.66)	(1.25)	(0.47)
	Book value	(1.15)	(59.83)	2.61	1.89	2.10	1.31	1.48	0.73	1.01	0.52
	Shares, m	16	1	7	18	34	50	61	65	79	86
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	1.22	1.22	57.32	8.03	10.15	18.82	23.30	42.85	66.13	18.75
	P/B	0.00	0.00	8.30	2.26	1.41	3.71	4.11	15.85	11.66	66.33
	EV/Sales	1.87	1.87	47.26	4.08	5.15	15.27	18.77	40.70	61.62	18.75
	EV/FCF	(0.36)	(0.36)	(3.91)	(0.80)	(0.93)	(5.75)	(10.24)	(16.61)	(8.77)	(74.18)
Cash, $m
Cash, $m	Operating cash flow	(14)	(24)	(32)	(48)	(54)	(34)	(29)	(42)	(93)	(36)
	Capex	(3)	(3)	(1)	(2)	(1)	0	(1)	(1)	(5)	(4)
	Free cash flow	(14)	(27)	(33)	(50)	(55)	(34)	(29)	(43)	(98)	(40)
Balance, $m
Balance, $m	Working capital	(9)	(25)	32	40	54	54	91	71	143	138
	Total debt	9	22	12	17	11	11	20	46	113	191
	Net debt	7	18	(27)	(39)	(55)	(47)	(73)	(38)	(63)	1
	Shareholders’ equity	(18)	(34)	19	35	71	65	90	47	79	45
Returns, %
Returns, %	ROA	(136.59)	(196.41)	(165.37)	(80.47)	(70.99)	(35.78)	(36.80)	(63.43)	(73.59)	(24.69)
	ROIC	0.00	0.00	0.00	0.00	(226.33)	(113.98)	(140.97)	(475.43)	(468.45)	(70.71)
	ROE	61.26	86.42	706.24	(177.43)	(112.72)	(50.72)	(52.69)	(114.01)	(202.56)	(111.05)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
INDV Indivior Pharmaceuticals Inc.	$4.0B	11.2×	11.8×	+13.58% (above 0%: growing)	+580.00% (above 0%: growing)	+58.57% (above 0%: growing)	85.42%	46.36%	Compare
AMLX Amylyx Pharmaceuticals, Inc.	$3.5B	— (loss-making)	— (loss-making)	−100.61% (below 0%: shrinking)	n/m	−24.50% (below 0%: shrinking)	100.00%	0.00%	Compare
LQDA Liquidia Corporation	$3.1B	21.9×	18.5×	+1,842.73% (above 0%: growing)	n/m	+270.23% (above 0%: growing)	93.27%	49.81%
HCM HUTCHMED (China) Limited Sponsored ADR	$2.4B	— (loss-making)	—	+510.07% (above 0%: growing)	+419.25% (above 0%: growing)	+113.21% (above 0%: growing)	60.90%	0.00%	Compare
PBH Prestige Consumer Healthcare Inc.	$2.3B	13.9×	10.3×	+6.48% (above 0%: growing)	−36.46% (below 0%: shrinking)	−14.19% (below 0%: shrinking)	51.25%	19.77%	Compare
SUPN Supernus Pharmaceuticals, Inc.	$2.3B	— (loss-making)	103×	+32.40% (above 0%: growing)	n/m	−109.26% (below 0%: shrinking)	84.63%	(26.46%)	Compare
PRGO Perrigo Company plc	$2.3B	— (loss-making)	— (loss-making)	−3.17% (below 0%: shrinking)	n/m	+18.37% (above 0%: growing)	30.69%	2.31%	Compare
ALVO Alvotech	$2.1B	— (loss-making)	8.9×	+2,310.95% (above 0%: growing)	−99.51% (below 0%: shrinking)	−496.58% (below 0%: shrinking)	56.47%	9.14%	Compare
BCRX BioCryst Pharmaceuticals, Inc.	$2.1B	— (loss-making)	— (loss-making)	+33.61% (above 0%: growing)	+1,450.00% (above 0%: growing)	+153.22% (above 0%: growing)	98.24%	45.12%	Compare
Median of peers	$2.3B	—	11.1×	+22.99%	+419.25%	+2.09%	72.77%	5.72%

All 86 Drug Manufacturers Specialty & Generic stocks →

Liquidia Corporation (LQDA) key facts

Strength: Liquidia Corporation’s revenue for fiscal 2025 (year ended December 2025) was $158.3 million, up 1,031.2% from fiscal 2024.
Liquidia Corporation (LQDA) is a Drug Manufacturers Specialty & Generic company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, LQDA traded at $34.35, a market capitalization of $3.1 billion.
Return on equity was −111.1% and debt-to-equity 0.90.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 4.08 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.