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. In the quarter to June 2026, revenue grew 42.9%, EPS fell 2,827.3%, free cash flow fell 399.4% and total debt rose 201.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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MannKind Corporation (MNKD) Altman Z-score
MannKind Corporation's Altman Z-score for fiscal 2025 is −3.63, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −3.63 | 3.61 |
| FY2024 | −7.24 | 0.31 |
| FY2023 | −7.55 | 5.92 |
| FY2022 | −13.46 | (1.44) |
| FY2021 | −12.02 | 26.63 |
| FY2020 | −38.65 | 6.47 |
| FY2019 | −45.12 | (5.21) |
| FY2018 | −39.91 | 11.38 |
| FY2017 | −51.29 | (19.64) |
| FY2016 | −31.65 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.15 | — | 0.18 | |
| Retained earnings / total assets | (4.03) | — | −5.65 | |
| EBIT / total assets | 0.05 | — | 0.16 | |
| Market value of equity / total liabilities | 2.06 | — | 1.23 | |
| Sales / total assets | 0.44 | — | 0.44 | |
| Altman Z-score | Distress zone | −3.63 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −11.89 | ||
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 |
|---|---|
| JANX Janux Therapeutics, Inc. compare | 11.6× |
| IMTX Immatics N.V. compare | 6.8× |
| NBTX Nanobiotix S.A. - Sponsored ADR compare | 3.4× |
| SVRA Savara Inc. compare | −3.2× |
| MNKD MannKind Corporation | −3.6× |
| MGTX MeiraGTx Holdings PLC compare | −4.4× |
| VOR Vor Biopharma Inc. compare | — |
| REPL Replimune Group, Inc. compare | — |
| DMRA Galecto, Inc. compare | — |
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