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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. 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.

3.04 0.15 −4.70%
Market cap
$1.0B
P/E
0.0×
Fwd P/E
−108×
Dividend yield
—
F-score
4/9
Altman Z
−3.63
Beneish M
0.65
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.26
Total sells 3.26
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — 1 — — — — — — —
Sell 1 4 1 — — — 2 — 2 1 2 —
Insider Ownership 0.72%

Capital & Financial Ratios $m

Market Cap 1,030.00
Revenue 393.63
Net Income (43.61)
Free Cash Flow (18.13)
Net Debt 310.94
Current Ratio 1.72 (at or above 1.5: strong)
Debt/Equity (6.28) (negative: negative equity)
P/E ratio 0.00
Fwd P/E (108.00) (negative: loss-making)
P/S ratio 2.39
P/B ratio 0.00
Past 5Y EPS Growth —
This Y EPS Growth (1,012.50%) (below 0%: weak)
Next Y EPS Growth 102.05% (at or above 15%: strong)
Next Y revenue growth 27.43% (at or above 10%: strong)
Next 5Y EPS Growth 40.70% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.2×, 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 11.29%
10-year low 10-year high
EV/Sales against its own 10 years 11.05%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 295 197 171 111
Receivables 15 12 38 43
Inventory 29 28 35 44
Other — — — —
373 268 292 246
2023 2024 2025 Q'26
Payables 10 7 9 11
ST’ Debt 10 — 36 10
Other 43 22 46 50
104 82 171 143

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%

Revenue $m

Mar Jun Sep Dec Year
’26 90 109 — — —
’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) — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 (0.05) (0.06) — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 2.05 0.67 0.94 1.02 0.80 3.03 2.49 3.30 3.17 3.38

Analyst estimates 2026–2028

Powerpack
High 11.20 6.96 4.05 2.34 4.21 6.25 5.47 5.75 7.63 6.68
People
People Employees 153 250 225 233 241 349 395 414 407 592
Revenue/emp, $m 1.14 0.05 0.12 0.27 0.27 0.22 0.25 0.48 0.70 0.59
Income, $m
Income, $m Revenue 175 12 28 63 65 75 100 199 286 349
Gross margin, % 71.34 (46.68) 26.53 55.62 62.17 48.49 42.37 68.45 73.17 74.79
EBT 126 (117) (87) (52) (57) (81) (87) (10) 31 1
EBT margin, % 71.91 (998.57) (311.34) (82.34) (88.20) (107.27) (87.60) (5.22) 10.69 0.40
Net income 126 (117) (87) (52) (57) (81) (87) (12) 28 6
Depreciation 4 4 3 1 3 5 8 7 9 13
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
Earnings 1.37 (1.13) (0.60) (0.27) (0.26) (0.32) (0.34) (0.04) 0.10 0.02
Cash flow (0.85) (0.62) (0.26) (0.45) (0.13) (0.25) (0.31) 0.13 0.15 0.06
Capex (0.01) 0.00 0.00 (0.01) 0.00 (0.05) (0.03) (0.16) (0.04) (0.01)
Free cash flow (0.86) (0.62) (0.26) (0.47) (0.13) (0.29) (0.34) (0.03) 0.12 0.04
Book value (1.99) (2.06) (1.21) (0.97) (0.81) (0.84) (0.97) (0.92) (0.29) (0.17)
Shares, m 92 104 144 196 223 249 257 267 274 306
Valuation, ×
Valuation, × P/E 2.60 0.00 0.00 0.00 0.00 0.00 0.00 0.00 62.67 255.41
P/S 1.66 23.61 5.48 4.00 10.69 14.44 13.43 5.26 6.18 4.97
P/B 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EV/Sales 2.38 32.84 6.59 5.09 11.55 16.28 15.50 5.65 5.98 5.79
EV/FCF (5.25) (5.96) (4.84) (3.53) (26.00) (16.78) (17.52) (134.71) 52.02 147.54
Cash, $m
Cash, $m Operating cash flow (78) (65) (38) (88) (28) (62) (81) 34 43 18
Capex (1) 0 0 (3) (1) (11) (8) (42) (10) (5)
Free cash flow (79) (65) (38) (91) (29) (73) (88) (8) 33 14
Balance, $m
Balance, $m Working capital (15) (30) 7 (5) 6 171 168 269 186 121
Total debt 148 157 102 119 123 343 378 353 130 448
Net debt 126 108 31 69 56 139 207 58 (67) 276
Shareholders’ equity (184) (215) (175) (191) (180) (209) (251) (246) (79) (51)
Returns, %
Returns, % ROA 107.65 (122.45) (90.47) (51.53) (56.58) (37.66) (28.36) (3.10) 6.35 0.99
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10.76
ROE (47.07) 58.91 44.62 28.39 30.86 41.53 38.01 4.81 (16.98) (9.03)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
DMRA Galecto, Inc. $1.2B — (loss-making) — — n/m −877.51% (below 0%: shrinking) 0.00% 0.00% Compare
VOR Vor Biopharma Inc. $1.1B — (loss-making) — — n/m −47.59% (below 0%: shrinking) 0.00% — Compare
NBTX Nanobiotix S.A. - Sponsored ADR $1.1B — (loss-making) — −71.69% (below 0%: shrinking) n/m −177.26% (below 0%: shrinking) 0.00% 0.00% Compare
REPL Replimune Group, Inc. $1.1B — (loss-making) — — n/m +5.04% (above 0%: growing) 0.00% 0.00% Compare
IMTX Immatics N.V. $1.1B — (loss-making) — (loss-making) +97.71% (above 0%: growing) n/m −44.41% (below 0%: shrinking) 100.00% (734.95%) Compare
JANX Janux Therapeutics, Inc. $1.1B — (loss-making) — (loss-making) +2,238.72% (above 0%: growing) n/m +150.57% (above 0%: growing) 100.00% (308.66%) Compare
MNKD MannKind Corporation $1.0B — (loss-making) — (loss-making) +42.92% (above 0%: growing) n/m −399.41% (below 0%: shrinking) 72.99% (0.32%)
SVRA Savara Inc. $973.9M — (loss-making) — (loss-making) — n/m −14.05% (below 0%: shrinking) 0.00% 0.00% Compare
MGTX MeiraGTx Holdings PLC $949.9M 12.2× — (loss-making) +8,608.59% (above 0%: growing) n/m +13.06% (above 0%: growing) 97.77% 76.04% Compare
Median of peers $1.1B — — +1,168.22% — −29.23% 0.00% 0.00%

All 614 Biotechnology stocks →

MannKind Corporation (MNKD) key facts

  • Strength: MannKind Corporation’s revenue for fiscal 2025 (year ended December 2025) was $349.0 million, up 22.2% from fiscal 2024.
  • MannKind Corporation (MNKD) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, MNKD traded at $3.04, a market capitalization of $1.0 billion.
  • Return on equity was −9.03% and debt-to-equity -6.28.
  • Its Piotroski F-score is 4 out of 9 and its Altman Z-score is −3.63 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/MNKD · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com