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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.

Revenue
+1,842.7%
EPS
+271.4%
Free cash flow
+270.2%
Total debt
−9.04%

Quarter to June 2026, against a year earlier

44.69 2.69 −5.68%
Market cap
$4.0B
P/E
28.5×
Fwd P/E
22.1×
Dividend yield
—
F-score
5/9
Altman Z
4.08
Beneish M
6.79
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 226.81
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 10 — 12 15 9 10 15 3 2 12 —
Insider Ownership 12.85%

Capital & Financial Ratios $m

Size
Market Cap 3,980.00
Revenue ttm 450.91
Net income ttm 138.61
Free cash flow ttm 150.69
Net debt Q (108.08)
Valuation
P/E 28.47
Forward P/E 22.10
Price / sales 8.81
Forward P/S Powerpack
Price / FCF 26.36
Price / book 20.36 (above 6: high)
Financial health
Current ratio Q 2.31 (at or above 1.5: strong)
Debt / equity Q 0.90
Interest coverage Q 13.58
Growth
Revenue growth Q +1,842.73% (above 0%: growing)
Operating income growth Q +328.01% (above 0%: growing)
EPS, this year +353.40% (at or above 15%: strong)
EPS, next year A +7.86%
Revenue, next year A +352.88% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +35.73% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.6×, against a ten-year median of 19.0×; over the ten years it ranged from 1.9× in 2018 to 124× in 2025.
P/S against its own 10 years 10.37%
10-year low 10-year high
P/B against its own 10 years 79.86%
10-year low 10-year high
EV/Sales against its own 10 years 22.91%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

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%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.70 Actual 0.74

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.45 −0.04 Beat by 0.41
Q4 FY25 0.08 0.15 Beat by 0.07
Q1 FY26 0.34 0.52 Beat by 0.18
Q2 FY26 0.70 0.74 Beat by 0.04
Q3 FY26 0.77 — Reports 10 November 2026

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) (0.40) (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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 13 7 3 8 1 13 16 17 14 158 451 +31.8% 717 762 886 +77.5%
Gross margin, % 93.05 95.60 95.52 90.00 67.86 76.48 82.06 83.49 58.00 91.64 92.54 (1.4) pt
EBT (16) (29) (53) (48) (60) (35) (41) (79) (128) (69) 150 +17.7%
EBT margin, % (120.56) (401.68) (1,962.91) (589.48) (8,080.42) (269.03) (257.39) (448.89) (916.63) (43.53) 33.16 +77.0 pt
Net income (16) (29) (53) (48) (60) (35) (41) (79) (128) (69) 139 +17.7%
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 5.07 +9.1%
Earnings (1.01) (51.77) (7.42) (2.57) (1.76) (0.70) (0.67) (1.21) (1.66) (0.80) 1.57 (2.6%)
Cash flow (0.88) (43.14) (4.44) (2.61) (1.60) (0.69) (0.47) (0.64) (1.19) (0.41) 1.89 (8.1%)
Capex 0.00 (4.52) (0.12) (0.10) (0.02) 0.00 (0.01) (0.02) (0.06) (0.05) (0.19) n/m
Free cash flow (0.88) (47.65) (4.57) (2.71) (1.62) (0.69) (0.48) (0.66) (1.25) (0.47) 1.70 (6.9%)
Book value (1.15) (59.83) 2.61 1.89 2.10 1.31 1.48 0.73 1.01 0.52 2.20 n/m
Shares, m 16 1 7 18 34 50 61 65 79 86 87 +20.7%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 28.47 0.0
P/S 1.22 1.22 57.32 8.03 10.15 18.82 23.30 42.85 66.13 18.75 8.81 24.8
P/B 0.00 0.00 8.30 2.26 1.41 3.71 4.11 15.85 11.66 66.33 20.36 11.4
EV/Sales 1.87 1.87 47.26 4.08 5.15 15.27 18.77 40.70 61.62 18.75 8.57 21.5
EV/FCF (0.36) (0.36) (3.91) (0.80) (0.93) (5.75) (10.24) (16.61) (8.77) (74.18) 25.64 (12.2)
Cash, $m
Cash, $m Operating cash flow (14) (24) (32) (48) (54) (34) (29) (42) (93) (36) 168 +11.0%
Capex (3) (3) (1) (2) (1) 0 (1) (1) (5) (4) (17) +4.6%
Free cash flow (14) (27) (33) (50) (55) (34) (29) (43) (98) (40) 151 +12.4%
Balance, $m
Balance, $m Working capital (9) (25) 32 40 54 54 91 71 143 138 248 n/m
Net debt 7 18 (27) (39) (55) (47) (73) (38) (63) 1 (108) (23.4%)
Shareholders’ equity (18) (34) 19 35 71 65 90 47 79 45 195 n/m
Returns, %
Returns, % ROA (136.59) (196.41) (165.37) (80.47) (70.99) (35.78) (36.80) (63.43) (73.59) (24.69) 35.57 +111.9 pt
ROIC 0.00 0.00 0.00 0.00 (226.33) (113.98) (140.97) (475.43) (468.45) (70.71) 121.05 (70.7) pt
ROE 61.26 86.42 706.24 (177.43) (112.72) (50.72) (52.69) (114.01) (202.56) (111.05) 131.82 (172.3) pt
People
People Employees — 60 63 64 51 52 63 145 170 216 — +17.4%
Revenue/emp, $m 0.00 0.12 0.04 0.13 0.01 0.25 0.25 0.12 0.08 0.73 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Liquidia Corporation vs peers in Drug Manufacturers Specialty & Generic (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AMRX AMNEAL PHARMACEUTICALS, INC. $6.8B 36.9× 44.2× +9.96% (above 0%: growing) +267.00% (above 0%: growing) −50.92% (below 0%: shrinking) 38.73% 11.06% Compare
LNTH Lantheus Holdings, Inc. $6.6B 24.3× 21.3× +1.54% (above 0%: growing) −17.07% (below 0%: shrinking) +7.71% (above 0%: growing) 62.43% 8.26% Compare
HIMS Hims & Hers Health, Inc. $5.6B — (loss-making) — (loss-making) +38.25% (above 0%: growing) n/m +5.09% (above 0%: growing) 63.83% (12.90%) Compare
SUPN Indivior Pharmaceuticals Inc. $5.6B 7.6× 9.5× +13.38% (above 0%: growing) +241.47% (above 0%: growing) +240.68% (above 0%: growing) 85.67% 50.84% Compare
LQDA Liquidia Corporation $4.0B 28.5× 22.1× +1,842.73% (above 0%: growing) n/m +270.23% (above 0%: growing) 93.27% 49.81%
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
RGC Regencell Bioscience Holdings Limited $2.6B — (loss-making) — — — +57.15% (above 0%: growing) 0.00% — Compare
HCM HUTCHMED (China) Limited Sponsored ADR $2.5B — (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. $2.1B 13.7× 11.7× +22.69% (above 0%: growing) −38.37% (below 0%: shrinking) −38.18% (below 0%: shrinking) 51.30% 24.00% Compare
Median of peers $4.5B 19.0× 16.5× +13.38% +241.47% +6.40% 61.66% 8.26%

All 84 Drug Manufacturers Specialty & Generic stocks →

Liquidia Corporation (LQDA) Latest News

4 Nov

Impact 4 · · GuruFocus.com

29 Oct

Impact 4 · · Trefis

28 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

26 Oct

Impact 3 · · Zacks

24 Oct

Impact 3 · · Simply Wall St.

22 Oct

Impact 3 · · MT Newswires

15 Oct

Impact 4 · · Simply Wall St.

14 Oct

Impact 4 · · Barchart
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Impact 4 · · Proactive Investors
Impact 4 · · 24/7 Wall St.
Impact 4 · · Stocktwits
Impact 4 · · MT Newswires
Impact 4 · · Investing.com
Impact 3 · · Trefis
Impact 3 · · Simply Wall St.

13 Oct

Impact 4 · · Stocktwits
Impact 4 · · Investing.com
Impact 4 · · GlobeNewswire
Impact 3 · · MT Newswires

7 Oct

Impact 4 · · Simply Wall St.

1 Oct

Impact 4 · · Barchart
Impact 4 · · Stocktwits
Impact 4 · · Zacks
Impact 4 · · Benzinga
Impact 4 · · Zacks
Impact 4 · · 24/7 Wall St.
Impact 4 · · TIKR
Impact 4 · · TIKR

LQDA metrics, ten years each

stockrow.com/LQDA · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com