Kodiak Sciences Inc. (KOD) vs Ligand Pharmaceuticals Incorporated (LGND)

Kodiak Sciences Inc. and Ligand Pharmaceuticals Incorporated are both Biotechnology companies. Kodiak Sciences Inc. and Ligand Pharmaceuticals Incorporated are of similar size ($6.0B and $5.5B). Kodiak Sciences Inc. has negative trailing earnings, so its P/E is not meaningful; Ligand Pharmaceuticals Incorporated trades at 29.5×. Ligand Pharmaceuticals Incorporated has the higher net margin (67.9% vs 0.00%) and the higher return on invested capital (8.19% vs 0.00%). Across the 14 metrics below, Ligand Pharmaceuticals Incorporated leads on 13 and Kodiak Sciences Inc. on 1.

Valuation

Metric KOD LGND Biotechnology median
P/E n/m 29.52 8.50
P/S n/m 20.41 9.71
P/B 87.90 6.13 2.13
Price to free cash flow n/m 41.36 20.82
EV/EBITDA n/m 46.38 0.64
EV/Sales n/m 19.83 9.21
Earnings yield (4.89%) 3.39% (33.15%)
Free cash flow yield (2.98%) 2.42% (25.50%)

Profitability

Metric KOD LGND Biotechnology median
Gross margin 0.00% 95.43% 65.16%
Operating margin 0.00% 32.61% 0.00%
Net margin 0.00% 67.88% 0.00%
Free cash flow margin 0.00% 49.34% 0.00%
Return on equity (368.37%) 21.96% (56.36%)
Return on assets (94.25%) 12.58% (48.04%)
Return on invested capital 0.00% 8.19% 0.00%

Growth

Metric KOD LGND Biotechnology median
Revenue growth (TTM) — 54.89% 6.02%
EPS growth (last fiscal year) (28.96%) 2,886.36% 30.26%
Revenue growth, 5-year CAGR — 10.39% 9.41%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric KOD LGND Biotechnology median
Debt to equity 0.00 1.16 0.00
Current ratio 2.49 31.18 4.72
Net debt to EBITDA 1.01 (4.36) 0.96

Dividend

Metric KOD LGND Biotechnology median
Dividend yield — — 0.09%
Payout ratio — — —

Size

Metric KOD LGND Biotechnology median
Market cap 5.54b 5.95b 135.18m

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