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MannKind Corporation

MNKD Healthcare Biotechnology

MannKind Corporation’s revenue for fiscal 2025 (year ended December 2025) was $349.0 million, up 22.2% from fiscal 2024.

Revenue
+24.0%
EPS
−333.3%
Free cash flow
−267.7%
Total debt
+201.8%

Quarter to September 2026, against a year earlier

3.92 0.16 +4.26%
Market cap
$1.2B
P/E
0.0×
Fwd P/E
−18.3×
Dividend yield
—
F-score
4/9
Altman Z
−3.63
Beneish M
0.65
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.26
Sold, $m 3.16
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — — — — — — — —
Sell 4 1 — — — 2 — 2 1 2 — —
Insider Ownership 4.13%

Capital & Financial Ratios $m

Size
Market Cap 1,210.00
Revenue ttm 413.37
Net income ttm (74.82)
Free cash flow ttm (78.41)
Net debt Q (96.61)
Valuation
P/E 0.00
Forward P/E (18.30) (negative: loss-making)
Price / sales 3.04
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.00
Financial health
Current ratio Q 2.22 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (0.02)
Growth
Revenue growth Q +24.04% (above 0%: growing)
Operating income growth Q −111.55% (below 0%: shrinking)
EPS, this year −786.54% (below 0%: weak)
EPS, next year A +124.19% (at or above 15%: strong)
Revenue, next year A +26.63% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +42.78% (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 3.8×, against a ten-year median of 6.9×; over the ten years it ranged from 1.0× in 2017 to 35.2× in 2018.
P/S against its own 10 years 14.57%
10-year low 10-year high
EV/Sales against its own 10 years 15.94%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 295 197 171 97
Receivables 15 12 38 41
Inventory 29 28 35 48
Other — — — —
373 268 292 240
2023 2024 2025 Q'26
Payables 10 7 9 14
ST’ Debt 10 — 36 —
Other 43 22 46 —
104 82 171 109

Compound Annual Growth %

10y 5y 3y
Sales — 39.89% 51.80%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.02 Actual −0.06

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.01 0.03 Beat by 0.02
Q4 FY25 −0.01 −0.05 Miss by 0.04
Q1 FY26 −0.02 −0.05 Miss by 0.03
Q2 FY26 −0.02 −0.06 Miss by 0.04
Q3 FY26 −0.08 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.05) (0.06) (0.07) — —
’25 0.04 0.00 0.03 (0.05) 0.02
’24 0.04 (0.01) 0.04 0.03 0.10
’23 (0.04) (0.02) 0.01 0.00 (0.04)
’22 (0.10) (0.11) (0.06) (0.07) (0.34)
’21 (0.05) (0.14) (0.02) (0.11) (0.32)
’20 (0.04) (0.05) (0.05) (0.11) (0.26)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 90 109 102 — —
’25 78 77 82 112 349
’24 66 72 70 77 286
’23 41 49 51 58 199
’22 12 19 33 36 100
’21 17 23 22 13 75
’20 16 15 15 18 65
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (5) (18) (35) — —
’25 (6) 9 24 (8) 18
’24 7 4 9 23 43
’23 1 3 9 22 34
’22 (18) (32) (28) (2) (81)
’21 (13) (21) (15) (12) (62)
’20 (11) (4) (13) 0 (28)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (7) (23) (38) — —
’25 (7) 8 23 (10) 14
’24 4 1 8 20 33
’23 (7) (14) (3) 16 (8)
’22 (23) (29) (28) (7) (88)
’21 (14) (23) (19) (18) (73)
’20 (11) (4) (13) 0 (29)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
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 Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 175 12 28 63 65 75 100 199 286 349 413 +8.0% 442 507 518 +14.1%
Gross margin, % 71.34 (46.68) 26.53 55.62 62.17 48.49 42.37 68.45 73.17 74.79 0.00 +3.4 pt
EBT 126 (117) (87) (52) (57) (81) (87) (10) 31 1 (80) (39.3%)
EBT margin, % 71.91 (998.57) (311.34) (82.34) (88.20) (107.27) (87.60) (5.22) 10.69 0.40 (19.26) (71.5) pt
Net income 126 (117) (87) (52) (57) (81) (87) (12) 28 6 (75) (28.9%)
Per share, $
Per share, $ Revenue 1.90 0.11 0.19 0.32 0.29 0.30 0.39 0.75 1.04 1.14 1.29 (5.5%)
Earnings 1.37 (1.13) (0.60) (0.27) (0.26) (0.32) (0.34) (0.04) 0.10 0.02 (0.23) (37.5%)
Cash flow (0.85) (0.62) (0.26) (0.45) (0.13) (0.25) (0.31) 0.13 0.15 0.06 (0.21) n/m
Capex (0.01) 0.00 0.00 (0.01) 0.00 (0.05) (0.03) (0.16) (0.04) (0.01) (0.04) +2.2%
Free cash flow (0.86) (0.62) (0.26) (0.47) (0.13) (0.29) (0.34) (0.03) 0.12 0.04 (0.24) n/m
Book value (1.99) (2.06) (1.21) (0.97) (0.81) (0.84) (0.97) (0.92) (0.29) (0.17) (0.12) (24.1%)
Shares, m 92 104 144 196 223 249 257 267 274 306 311 +14.3%
Valuation, ×
Valuation, × P/E 2.61 0.00 0.00 0.00 0.00 0.00 0.00 0.00 62.67 255.41 0.00 32.1
P/S 1.66 23.61 5.48 4.00 10.69 14.44 13.43 5.26 6.18 4.97 3.04 9.0
P/B 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
EV/Sales 2.38 32.84 6.59 5.09 11.55 16.28 15.50 5.65 5.98 5.79 3.82 10.8
EV/FCF (5.26) (5.96) (4.84) (3.53) (26.00) (16.78) (17.52) (134.71) 52.02 147.54 (20.16) (1.5)
Cash, $m
Cash, $m Operating cash flow (78) (65) (38) (88) (28) (62) (81) 34 43 18 (66) n/m
Capex (1) 0 0 (3) (1) (11) (8) (42) (10) (5) (12) +16.8%
Free cash flow (79) (65) (38) (91) (29) (73) (88) (8) 33 14 (78) n/m
Balance, $m
Balance, $m Working capital (15) (30) 7 (5) 6 171 168 269 186 121 132 n/m
Net debt 126 108 31 69 56 139 207 58 (67) 276 (97) +9.2%
Shareholders’ equity (184) (215) (175) (191) (180) (209) (251) (246) (79) (51) (37) (13.3%)
Returns, %
Returns, % ROA 107.65 (122.45) (90.47) (51.53) (56.58) (37.66) (28.36) (3.10) 6.35 0.99 (12.29) (106.7) pt
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10.76 0.00 +10.8 pt
ROE (47.07) 58.91 44.62 28.39 30.86 41.53 38.01 4.81 (16.98) (9.03) 182.90 +38.0 pt
People
People Employees 153 250 225 233 241 349 395 414 407 592 — +16.2%
Revenue/emp, $m 1.14 0.05 0.12 0.27 0.27 0.22 0.25 0.48 0.70 0.59 — (7.1%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

MannKind Corporation vs peers in Biotechnology (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
URGN Urogen Pharma $1.3B — (loss-making) — (loss-making) +223.85% (above 0%: growing) n/m +63.95% (above 0%: growing) 91.57% 9.36% Compare
OMER Omeros Corporation $1.2B 9.8× 2.1× +35.46% (above 0%: growing) n/m +118.70% (above 0%: growing) 97.20% 0.26% Compare
DRTS Alpha Tau Medical Ltd. $1.2B — (loss-making) — — n/m −30.42% (below 0%: shrinking) 0.00% 0.00% Compare
LBRX LB Pharmaceuticals Inc $1.2B — (loss-making) — — n/m −579.03% (below 0%: shrinking) — 0.00% Compare
NKTR Nektar Therapeutics $1.2B — (loss-making) — (loss-making) −9.34% (below 0%: shrinking) n/m −65.73% (below 0%: shrinking) 100.00% (417.94%) Compare
SLN Silence Therapeutics PLC Sponsored ADR $1.2B — (loss-making) — (loss-making) +197.18% (above 0%: growing) n/m +106.95% (above 0%: growing) 97.39% 0.00% Compare
MNKD MannKind Corporation $1.2B — (loss-making) — (loss-making) +24.04% (above 0%: growing) n/m −267.69% (below 0%: shrinking) 0.00% (2.14%)
AVLN Avalyn Pharma Inc. $1.2B — (loss-making) — — n/m — — 0.00% Compare
INBX Inhibrx Biosciences, Inc. $1.2B — (loss-making) — (loss-making) +992.44% (above 0%: growing) n/m +0.12% (above 0%: growing) 100.00% 0.00% Compare
Median of peers $1.2B — — +197.18% — +0.12% 97.30% 0.00%

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 7 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 9.30m 752.39k 181.15
2024 9.49m 22.84m 205.43
2023 7.07m 96.76k 116.29
2022 3.91m 9.65m 168.37
2021 4.03m 7.32m 139.62

Ownership

Directors and executive officers, together 2.60%
BlackRock, Inc. 7.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

MannKind Corporation (MNKD) Latest News

6 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · GuruFocus.com
Impact 3 · · MarketBeat transcript

5 Nov

Impact 3 · · GlobeNewswire

29 Oct

Impact 3 · · GlobeNewswire

20 Oct

Impact 4 · · MarketBeat

19 Oct

Impact 4 · · Simply Wall St.

15 Oct

Impact 4 · · Simply Wall St.

9 Oct

Impact 4 · · GlobeNewswire

17 Sep

Impact 4 · · MarketBeat

15 Sep

Impact 4 ·

9 Sep

Impact 4 · · Stocktwits
Impact 4 ·

29 Aug

Impact 3 ·

6 Aug

Impact 4 · transcript
Impact 3 ·

5 Aug

Impact 4 ·
Impact 3 · · MarketBeat transcript
Impact 3 ·

29 Jul

Impact 4 ·
Impact 3 · · MarketBeat

27 Jul

Impact 4 ·

25 Jul

Impact 4 ·
Impact 3 ·

24 Jul

Impact 4 · · Stocktwits
Impact 4 · · MarketBeat
Impact 4 ·
Impact 4 · · InvestorsHub
Impact 4 ·
Impact 3 ·
stockrow.com/MNKD · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com