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) Beneish M-score
Liquidia Corporation's Beneish M-score for fiscal 2025 is 6.79; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 6.79 | 10.36 |
| FY2024 | −3.57 | 0.96 |
| FY2023 | −4.52 | (1.90) |
| FY2022 | −2.62 | 0.00 |
| FY2021 | −2.62 | 3.18 |
| FY2018 | −5.80 | (1.53) |
| FY2017 | −4.27 | (0.66) |
| FY2017 | −3.62 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.76 | — | 1.62 | |
| Gross margin index | 0.63 | — | 0.33 | |
| Asset quality index | 0.81 | — | 0.33 | |
| Sales growth index | 11.31 | — | 10.09 | |
| Depreciation index | 1.83 | — | 0.21 | |
| SG&A index | 0.17 | — | −0.03 | |
| Total accruals to total assets | (0.10) | — | −0.47 | |
| Leverage index | 1.38 | — | −0.45 | |
| Beneish M-score | Flagged by the model | 6.79 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| PRGO Perrigo Company plc compare | −3.5× |
| ALVO Alvotech compare | −2.7× |
| SUPN Supernus Pharmaceuticals, Inc. compare | −2.5× |
| PBH Prestige Consumer Healthcare Inc. compare | −2.5× |
| BCRX BioCryst Pharmaceuticals, Inc. compare | −2.3× |
| INDV Indivior Pharmaceuticals Inc. compare | −1.5× |
| HCM HUTCHMED (China) Limited Sponsored ADR compare | −1.2× |
| LQDA Liquidia Corporation | 6.8× |
| AMLX Amylyx Pharmaceuticals, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI