LIGAND PHARMACEUTICALS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LIGAND PHARMACEUTICALS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	109	141	251	120	164	242	196	131	167	268
Cost of revenue	5.57	5.37	6.34
Gross profit	103	136	245
Research and development	21.2	26.9	27.9	55.9	40.5	32.1	36.1	24.5	21.4	81.2
General and administrative	27.7	28.7	37.7	41.9	60	46.8	70.1	52.8	78.7	92.4
Operating income	43.9	68.1	164	807	37.5	104	3.04	11.9	-22.6	41
Interest expense	12.8	13.5	48.3	35.7	27.4	19.6	1.8	0.66	3.04	4.72
Interest income		2.06	14	28.4	8.08	0.89	2.05	7.71	8.06	13.7
Other non-operating income	-35.9	-10.8	9.6	-10.4	-36.2	-31.6	33	51.7	25.1	118
Pre-tax income	7.96	57.2	173	797	1.29	72.2	36	63.7	2.52	159
Income tax	10.3	44.7	30	167	-5.31	-4.15	41.2	9.84	6.55	34.5
Income from continuing operations					6.6	76.4	-5.22	53.8	-4.03	124
Net income to minority interests	0	0
Net income	-1.64	12.6	143	629	-2.99	57.1	-33.4	52.2	-4.03	124
EBITDA	55.2	79	177	825	63.2	155	54.6	48.5	12.6	74.8
EPS, basic	-0.08	0.60	6.77	33.13	-0.18	3.44	-1.98	3.02	-0.22	6.44
EPS, diluted	-0.08	0.53	5.96	31.85	-0.18	3.31	-1.98	2.94	-0.22	6.13
Shares, basic (weighted)	20.8	21	21.2	19	16.2	16.6	16.9	17.3	18.3	19.3
Shares, diluted (weighted)	20.8	23.5	24.1	19.8	16.8	17.2	16.9	17.8	18.3	20.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	18.8	20.6	117	71.5	47.6	19.5	45	23	72.3	175
Short-term investments	122	181	601	998	364	322	167	147	184	559
Receivables	14.7	25.6	55.9	30.4	56.8	85.5	30.4	32.9	38.4	59.6
Inventory	1.92	4.37	7.12	7.3	26.5	27.3	13.3	24	14.1	9.13
Other current assets	2.18	1.51	11	4.73	3.82	3.57	2.27	2.66	8.81	5.79
Total current assets	163	237	871	1,124	501	465	264	237	332	832
Property, plant and equipment	1.82	4.21	5.37	7.19	13.2	13.2	12.5	15.6	15.1	3.57
Lease right-of-use assets			0	10.4	6.89	3.21	10.9	6.06	6.91	7.22
Goodwill	72.2	86	86.6	95.2	190	106	0	103	105	102
Intangible assets	205	229	220	210	595	377	342	300	267	225
Other non-current assets	1.74	4.86	0.47	2.27	4.27	1.25	1.74	6.39	31.7	12.6
Total assets	602	671	1,261	1,495	1,362	1,298	763	787	942	1,561
Accounts payable	2.73	2.26	4.18	2.42	3.78	8.4	5.31	2.43	5.23	3.24
Accrued liabilities	6.4	7.38	19.2	8.58	18.5	17.6	15.7	12.5	27.9	31.5
Deferred revenue	0	0	3.29	2.14	29.4	0.65	0.36	1.22	0.62	0.62
Total current liabilities	227	239	82.2	17	100	41.7	98.8	16.8	37.1	37.4
Long-term debt									0	446
Lease liabilities			0	9.97	5.64	2.26	10.3	5.76	5.82	4.2
Other non-current liabilities	0.69	4.25	0.95	22.5	30.9	21.8	27.8	27.8	30.2	16.6
Total liabilities	231	252	700	728	653	476	165	86.3	111	543
Paid-in capital	770	798	791	367	318	373	148	199	337	401
Retained earnings	-431	-401	-229	400	392	449	451	503	499	608
Other comprehensive income	2.74	2.49	-1.02	-0.22	-0.8	-0.92	-0.98	-0.82	-5.94	8.46
Shareholders' equity	341	400	561	767	710	821	597	701	830	1,017
Total equity	341	400	561	767	710	821	597	701	830	1,017
Total liabilities and equity	602	671	1,261	1,495	1,362	1,298	763	787	942	1,561
Shares outstanding	20.9	21.1	20.8	16.8	16.1	16.8	17	17.6	19.1	19.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-1.64	12.6	143	629	-2.99	57.1	-33.4	52.2	-4.03	124
Depreciation and amortization	11.3	11	12.8	18.4	25.7	51.1	51.5	36.5	35.2	33.8
Stock-based compensation	18.9	24.9	20.8	24.5	30.7	38.8	60.3	25.7	41.1	46.8
Deferred income tax				74.8	-16.7	-4.59	30.5	10	-15.8	21.9
Change in receivables	-8.53	-8.36	-29.5	25.5	-26.1	-28.6	55.3	-2.6	-6.46	-21.7
Change in inventory	-0.24	-0.84	-2.56	-2.06	-17.8	-0.43	12.1	-10.9	9.62	4.99
Change in payables	-2.37	-1.71	-4.53	-6.66	-1.25	2.81	-3.34	-4.7	13.9	5.88
Cash from operations	60.7	88.6	194	-29.3	54.6	78.8	138	49.6	97	49.4
Capital expenditures	-1.85	-2.16	-0.89	-2.55	-4.46	-8.76	-17.9	-3.52	-1.82	-0.45
Acquisitions	-92.5	-26.7	-5.86	-11.8	-405	0	0	-10.4	0	0
Purchases of investments	-164	-254	-1,434	-2,357	-423	-181	-51.2	-127	-226	-727
Cash from investing	-134	-79.2	-423	467	232	30.5	164	-11.7	-144	-377
Debt repaid	0	0	-218	-27.3	-222	-156	-261	-76.9	0	0
Stock issued	6.42	4.52	20.2	3	3.02	33.8	0	0	37.1	0
Share buybacks	-3.9	-1.97	-123	-453	-78	0	0	0	0	-15
Cash from financing	-4.99	-7.52	329	-485	-311	-138	-276	-59.9	97.1	428
Exchange rate effect	0	0	-0.22	0.08	0	0	0	0	-1.17	2.36
Net change in cash	-78.7	1.87	99.4	-47.6	-24.3	-28.4	25.5	-22.1	49.4	103
Free cash flow	58.9	86.4	193	-31.9	50.1	70	120	46.1	95.2	48.9
Interest paid	1.84	1.84	1.51	5.83	4.46	3.03	1.43	0.29	0.26	0.32
Income taxes paid	0.04	0.16	0.34	104	2.13	3.72	11.6	8.77	19.2	7.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $314.10 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	32.6%	Operating income / revenue.
EBITDA margin	43.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	81.9%	Pre-tax income / revenue.
Net margin	67.9%	Net income / revenue.
FCF margin	45.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	45.3%	Cash from operations / revenue.
Effective tax rate	17.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	20.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.0%	Net income / average total assets.
Return on invested capital (ROIC)	7.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	14.2%	Research and development expense / revenue.
Stock-based pay / revenue	18.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	11.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	60.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	138.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	1.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	491.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	11.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-49.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-29.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-48.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-25.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-0.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	22.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	19.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	65.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	27.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	11.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	6.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	31.2x	Current assets / current liabilities.
Quick ratio	30.5x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	29.1x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.16x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	51.5%	Total debt / total assets.
Liabilities / assets	55.7%	Total liabilities / total assets.
Net debt	-$231.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.81x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	15.3x	Operating income / interest expense.
Working capital	$1.41B	Current assets - current liabilities.
Goodwill and intangibles / assets	14.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$656.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.13x	Revenue / average total assets.
Fixed asset turnover	85.6x	Revenue / average property, plant and equipment.
Receivables turnover	4.34x	Revenue / average receivables.
Days sales outstanding	84 days	365 x average receivables / revenue.
FCF conversion	66.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$9.03	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$13.31	Revenue / diluted weighted shares.
FCF per share	$6.02	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.03	Cash from operations / diluted weighted shares.
Book value per share	$48.57	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$32.97	Tangible book value / shares outstanding.
Cash per share	$68.16	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$6.26B	Share price x shares outstanding.
Enterprise value	$6.03B	Market cap + total debt - cash - short-term investments.
P/E	31.8x	Market cap / net income. Only when net income is positive.
P/S	21.6x	Market cap / revenue.
P/B	6.47x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	9.53x	Market cap / tangible book value, when positive.
P/FCF	47.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	47.5x	Market cap / cash from operations, when positive.
EV/Sales	20.8x	Enterprise value / revenue.
EV/EBIT	63.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	47.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	45.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.1%	Free cash flow / market cap.
Earnings yield	3.1%	Net income / market cap (the inverse of P/E).

What was LIGAND PHARMACEUTICALS INC's revenue in fiscal 2025?

LIGAND PHARMACEUTICALS INC reported revenue of $268.1M for fiscal 2025, 60.4% higher than the year before.

Was LIGAND PHARMACEUTICALS INC profitable in fiscal 2025?

Yes. Net income was $124.5M, a net margin of 46.4%.

How much free cash flow did LIGAND PHARMACEUTICALS INC generate in fiscal 2025?

Cash from operations of $49.4M minus capital expenditures of $452.0K left free cash flow of $48.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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