Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Liquidia Corp 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
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
8.07
0.74
12.9
15.9
17.5
14
158
Cost of revenue
0.24
3.02
2.86
2.89
5.88
Gross profit
0.5
9.83
13.1
14.6
8.12
Research and development
40.5
32.2
20.5
19.4
43.2
47.8
39.3
Selling, general and administrative
44.7
81.6
157
General and administrative
13.6
27.4
23.1
32.4
44.7
81.6
Operating income
-46.8
-59.1
-33.8
-38.8
-73.4
-121
-51.4
Interest expense
1.37
0.86
0.76
2.34
6.27
14.7
24.2
Interest income
0.61
0.18
0.03
1.09
3.47
7.65
6.62
Other non-operating income
-0.76
-0.67
-0.78
-2.25
-5.12
-7
-17.5
Income tax
0
0
0
0
0
0
0
Net income
-47.6
-59.8
-34.6
-41
-78.5
-128
-68.9
EBITDA
-44.3
-56
-28.2
-35.1
-71.2
-119
-49.8
EPS, basic
-2.57
-1.76
-0.70
-0.67
-1.21
-1.63
-0.80
EPS, diluted
-2.57
-1.76
-0.70
-0.67
-1.21
-1.63
-0.80
Shares, basic (weighted)
18.5
33.9
49.7
61
65
78.7
86.1
Shares, diluted (weighted)
18.5
33.9
49.7
61
65
78.7
86.1
Balance sheet
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
55.8
65.3
57.5
93.3
83.7
176
191
Receivables
0
2.99
5.02
4.06
2.72
54.1
Inventory
0.24
23.8
Other current assets
0.59
0.75
0.79
1.51
2.16
5.67
4.83
Total current assets
56.4
66.1
61.3
99.8
89.9
185
273
Property, plant and equipment
9.25
6.81
5.02
4.15
4.48
8.3
11.8
Lease right-of-use assets
2.82
2.65
2.41
2.1
1.7
4.19
3.95
Goodwill
0
3.9
3.9
3.9
3.9
3.9
3.9
Intangible assets
0
5.53
4.39
3.73
3.43
3.16
2.95
Other non-current assets
0.29
10.9
13.2
Total assets
68.8
99.5
93.7
129
118
230
328
Accounts payable
3.5
3.73
1.07
2.2
1.4
4.69
3.68
Accrued liabilities
3.16
3.26
3.16
2.86
8.54
10.3
20.3
Short-term debt
5.59
0
Total current liabilities
16.9
11.7
7.33
8.8
18.6
41.8
136
Long-term debt
10.3
10.3
10.4
19.9
Lease liabilities
5.67
5.01
4.23
3.33
2.3
Total liabilities
33.9
28.4
28.5
38.8
71
151
283
Total debt
15.9
10.3
10.4
19.9
Paid-in capital
250
346
375
441
476
637
671
Retained earnings
-215
-275
-310
-351
-429
-557
-626
Shareholders' equity
34.9
71.1
65.3
90.4
47.3
79.4
44.7
Total equity
34.9
71.1
65.3
90.4
47.3
79.4
44.7
Total liabilities and equity
68.8
99.5
93.7
129
118
230
328
Shares outstanding
28.2
43.3
52.3
64.5
68.6
84.7
87.2
Cash flow statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-47.6
-59.8
-34.6
-41
-78.5
-128
-68.9
Depreciation and amortization
2.57
3.13
5.61
3.65
2.18
2.2
1.53
Stock-based compensation
3.38
3.95
6.75
9.3
10.1
18.8
29.5
Change in receivables
0.27
0
-2.99
-2.03
0.96
1.34
-51.4
Change in inventory
-0.24
-23
Change in payables
0.29
-0.3
-7.56
0.81
-1.15
2.33
-2.59
Cash from operations
-48.3
-54.1
-34
-28.6
-41.6
-93.4
-35.7
Capital expenditures
-1.85
-0.75
-0.11
-0.59
-1.29
-4.95
-4.34
Cash from investing
-1.85
0.25
-0.11
-0.59
-11.3
-8.44
-6.34
Debt issued
5
0
10.4
19.8
41.7
57.5
75
Debt repaid
0
-5.65
-10.4
-10.5
-21.7
-4.85
-21.1
Stock issued
0.14
0.04
0.04
0.84
0.5
1.77
2.97
Cash from financing
66.4
63.4
26.3
65
43.2
195
59.7
Net change in cash
16.3
9.52
-7.82
35.8
-9.6
92.8
17.7
Free cash flow
-50.1
-54.9
-34.1
-29.2
-42.9
-98.4
-40
Interest paid
0.89
0.82
0.42
1.63
0.36
Income taxes paid
0
0
0
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 $68.43 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
37.4%
Operating income / revenue.
EBITDA margin
37.7%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
30.7%
Net income / revenue.
FCF margin
33.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
37.2%
Cash from operations / revenue.
Return on equity (ROE)
71.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
26.6%
Net income / average total assets.
R&D / revenue
12.4%
Research and development expense / revenue.
SG&A / revenue
42.7%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
7.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
3.8%
Capital expenditures / revenue.
D&A / revenue
0.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
1,031.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
115.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
192.5%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-43.6%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-20.9%
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
-8.8%
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
42.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
36.4%
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
26.9%
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
9.3%
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
12.2%
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
20.5%
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
2.31x
Current assets / current liabilities.
Quick ratio
2.07x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.50x
(Cash + short-term investments) / current liabilities.
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
10.1%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$1.37
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
$4.45
Revenue / diluted weighted shares.
FCF per share
$1.49
Free cash flow / diluted weighted shares.
Operating cash flow per share
$1.65
Cash from operations / diluted weighted shares.
Book value per share
$2.19
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
44.2x
Market cap / net income. Only when net income is positive.
P/S
13.6x
Market cap / revenue.
P/B
31.4x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
32.5x
Market cap / tangible book value, when positive.
P/FCF
40.6x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
36.5x
Market cap / cash from operations, when positive.
EV/Sales
13.0x
Enterprise value / revenue.
EV/EBIT
34.6x
Enterprise value / operating income, when both are positive.
EV/EBITDA
34.4x
Enterprise value / EBITDA, when both are positive.
EV/FCF
38.8x
Enterprise value / free cash flow, when both are positive.
FCF yield
2.5%
Free cash flow / market cap.
Earnings yield
2.3%
Net income / market cap (the inverse of P/E).
What was Liquidia Corp's revenue in fiscal 2025?
Liquidia Corp reported revenue of $158.3M for fiscal 2025, 1,031.2% higher than the year before.
Was Liquidia Corp profitable in fiscal 2025?
No. It reported a net loss of $68.9M.
How much free cash flow did Liquidia Corp generate in fiscal 2025?
Cash from operations of $35.7M minus capital expenditures of $4.3M left free cash flow of -$40.0M.
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.