MADRIGAL PHARMACEUTICALS, INC. financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MADRIGAL 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
0
0
0
0
0
0
0
180
958
Cost of revenue
0
0
6.23
Gross profit
0
0
174
Research and development
15.9
24.4
25.4
72.3
185
205
245
272
237
389
Selling, general and administrative
48.1
108
435
814
General and administrative
9.29
7.67
15.3
22.6
21.9
37.3
48.1
108
Operating expenses
25.2
32.1
40.7
95
207
242
294
380
678
1,259
Operating income
-25.2
-32.1
-40.7
-95
-207
-242
-294
-380
-498
-300
Interest expense
1.21
0
0
3.96
12.7
14.7
22.3
Interest income
0.05
0.56
7.67
11
4.33
0.36
2.19
19.6
46.7
37.4
Other non-operating income
0
0
-0.46
Pre-tax income
-374
-466
-159
Income tax
0
0
0
0
0
0
0
0
Net income
-26.4
-31.2
-32.8
-83.9
-202
-242
-295
-374
-466
-288
EBITDA
-25.2
-32
-40.6
-94.9
-206
-242
-293
-380
-497
-299
EPS, basic
-5.07
-2.54
-2.22
-5.45
-13.09
-14.63
-17.23
-19.99
-21.90
-12.85
EPS, diluted
-5.07
-2.54
-2.22
-5.45
-13.09
-14.63
-17.23
-19.99
-21.90
-12.85
Shares, basic (weighted)
5.2
12.2
14.8
15.4
15.4
16.5
17.1
18.7
21.3
22.4
Shares, diluted (weighted)
5.2
12.2
14.8
15.4
15.4
16.5
17.1
18.7
21.3
22.4
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
19.1
149
57.4
46.7
54
36.3
332
99.9
100
199
Short-term investments
42.9
426
392
230
234
27.2
534
826
785
Receivables
0
53.8
134
Inventory
0
34.1
74.8
Other current assets
0.71
0.49
1.48
1.15
1.01
1.34
2.6
3.15
13.8
47.8
Total current assets
41.2
192
485
440
285
272
361
637
1,033
1,246
Property, plant and equipment
0
0.3
0.23
1.18
1.05
0.85
0.6
1.55
2.19
1.5
Lease right-of-use assets
0.68
0.79
0.8
0.6
1.71
2.4
4.94
Intangible assets
0
4.73
7.38
Other non-current assets
0
Total assets
41.2
192
485
442
287
273
363
641
1,042
1,260
Accounts payable
0.76
1.93
2.49
1.18
1.02
21.4
23.8
28
43.6
48.9
Accrued liabilities
4.04
8.13
5.96
23.6
45.2
55
91.5
90
125
260
Total current liabilities
4.8
10.1
8.44
25.1
46.6
76.8
116
119
169
310
Long-term debt
0
49.3
115
118
340
Lease liabilities
0.36
0.47
0.39
0
1.19
1.02
6.73
Total liabilities
4.8
10.1
8.44
25.5
47
77.2
165
235
288
657
Total debt
0
69.7
115
118
340
Paid-in capital
112
289
617
640
665
863
1,160
1,741
2,556
2,692
Retained earnings
-75.3
-106
-139
-223
-425
-667
-963
-1,336
-1,802
-2,090
Other comprehensive income
0.03
-0.03
-0.32
0.22
0.05
-0.08
-0.03
0.47
0.47
0.87
Shareholders' equity
36.4
182
477
417
240
196
197
405
754
603
Total equity
36.4
182
477
417
240
196
197
405
754
603
Total liabilities and equity
41.2
192
485
442
287
273
363
641
1,042
1,260
Shares outstanding
12
14.2
15.4
15.4
15.5
17.1
18.1
19.9
22
22.8
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-26.4
-31.2
-32.8
-83.9
-202
-242
-295
-374
-466
-288
Depreciation and amortization
0
0.08
0.1
0.11
0.47
0.41
0.47
0.53
1.1
1.51
Stock-based compensation
7.93
3.25
13.5
22.8
20.7
26.9
31.6
49.7
79.9
98.1
Change in receivables
0.01
0
0
-53.8
-80.7
Change in inventory
0
0
-34.1
-37
Cash from operations
-17.6
-22.3
-25.5
-41.6
-158
-184
-225
-324
-456
-190
Capital expenditures
-0
-0.13
-0.02
-0.17
-0.33
-0.21
-0.22
-1.48
-1.46
-0.47
Purchases of investments
-10.7
-70.2
-614
-619
-329
-394
-143
-834
-1,131
-1,048
Sales and maturities of investments
26.1
48.3
234
650
489
389
350
Cash from investing
22
-22
-380
30.7
160
-5.06
207
-503
-274
32.3
Stock issued
5.95
Cash from financing
14.5
174
314
0.24
5.09
171
313
595
735
256
Net change in cash
18.8
129
-91.2
-10.7
7.31
-17.7
295
-232
5.1
98.8
Free cash flow
-17.6
-22.4
-25.5
-41.8
-158
-184
-225
-326
-457
-190
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 $516.56 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-25.1%
Operating income / revenue.
EBITDA margin
-25.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-25.3%
Net income / revenue.
FCF margin
-16.1%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-15.4%
Cash from operations / revenue.
Return on equity (ROE)
-62.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-26.1%
Net income / average total assets.
Return on invested capital (ROIC)
-44.6%
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
38.2%
Research and development expense / revenue.
SG&A / revenue
78.4%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
9.5%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.7%
Capital expenditures / revenue.
D&A / revenue
0.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
432.1%
Revenue vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-20.1%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
45.1%
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
20.2%
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
20.9%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
51.5%
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
34.4%
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
5.5%
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
9.4%
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
7.7%
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
3.20x
Current assets / current liabilities.
Quick ratio
2.76x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.24x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.65x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
27.4%
Total debt / total assets.
Liabilities / assets
57.9%
Total liabilities / total assets.
Net debt
-$498.0M
Total debt - cash - short-term investments. Negative means more cash than debt.
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
$44.05
Revenue / diluted weighted shares.
FCF per share
-$7.08
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$6.78
Cash from operations / diluted weighted shares.
Book value per share
$22.68
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
9.30x
Market cap / revenue.
P/B
22.8x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
23.1x
Market cap / tangible book value, when positive.
EV/Sales
8.91x
Enterprise value / revenue.
FCF yield
-1.7%
Free cash flow / market cap.
Earnings yield
-2.7%
Net income / market cap (the inverse of P/E).
What was MADRIGAL PHARMACEUTICALS, INC.'s revenue in fiscal 2025?
MADRIGAL PHARMACEUTICALS, INC. reported revenue of $958.4M for fiscal 2025, 432.1% higher than the year before.
Was MADRIGAL PHARMACEUTICALS, INC. profitable in fiscal 2025?
No. It reported a net loss of $288.3M.
How much free cash flow did MADRIGAL PHARMACEUTICALS, INC. generate in fiscal 2025?
Cash from operations of $189.6M minus capital expenditures of $467.0K left free cash flow of -$190.0M.
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.