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.
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Liquidia Corporation (LQDA) Altman Z-score
Liquidia Corporation's Altman Z-score for fiscal 2025 is 4.08, 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 | 4.08 | 4.72 |
| FY2024 | −0.64 | (0.99) |
| FY2023 | 0.35 | (1.84) |
| FY2022 | 2.19 | 2.57 |
| FY2022 | −0.38 | (0.49) |
| FY2021 | 0.11 | 3.26 |
| FY2021 | −3.15 | (0.09) |
| FY2020 | −3.06 | 1.06 |
| FY2020 | −4.11 | 0.30 |
| FY2019 | −4.42 | (3.44) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.42 | — | 0.50 | |
| Retained earnings / total assets | (1.91) | — | −2.67 | |
| EBIT / total assets | (0.16) | — | −0.52 | |
| Market value of equity / total liabilities | 10.48 | — | 6.29 | |
| Sales / total assets | 0.48 | — | 0.48 | |
| Altman Z-score | Safe zone | 4.08 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −4.36 | ||
Z and Z″ put Liquidia Corporation in different zones: safe zone by Z, distress zone by Z″.
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 |
|---|---|
| SUPN Supernus Pharmaceuticals, Inc. compare | 5.4× |
| LQDA Liquidia Corporation | 4.1× |
| HCM HUTCHMED (China) Limited Sponsored ADR compare | 3.5× |
| INDV Indivior Pharmaceuticals Inc. compare | 3.3× |
| PBH Prestige Consumer Healthcare Inc. compare | 2.5× |
| BCRX BioCryst Pharmaceuticals, Inc. compare | 1.8× |
| PRGO Perrigo Company plc compare | −0.1× |
| ALVO Alvotech compare | −1.0× |
| AMLX Amylyx Pharmaceuticals, Inc. compare | −2.9× |
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