MANNKIND CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MANNKIND 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	175	11.7	27.9	63	65.1	75.4	99.8	199	286	349
Cost of revenue	17.1	17.2	19.4	20.1	15.1	16.8	16	20.9	17.4	26.8
Gross profit	158	-5.48	8.47	43	50.1	58.6	83.8	178	268	322
Research and development	14.9	14.1	8.74	6.9	6.25	12.3	19.7	31.3	45.9	66.3
Selling, general and administrative	46.9	75	79.7	74.7	59	77.4	91.5	94.3	94.3	144
Selling and marketing	19.9
General and administrative	27.1				24.7	31.9	37.7	42.5
Operating expenses					24.6	38.9	57.5	62.8	76.6	88
Operating income	67.3	-108	-76.6	-44.6	-47.9	-47	-64.1	8.68	72.6	38.8
Interest expense	15.6	9.49	5.12	6.3	9.47	15.2	15	15.2	12	13.8
Interest income	0.09	0.29	0.5	1	0.17	0.11	2.51	6.15	12.6	8.05
Other non-operating income	58.4	-9.09	-10.1	-7.31	-9.55	-33.9	-23.3	-19.1	-42.1	-37.4
Pre-tax income	126	-117	-86.7	-51.9	-57.5	-80.9	-87.4	-10.4	30.5	1.41
Income tax	0	0.05	0.24	0	-0.22	0	0	1.56	2.93	-4.46
Net income	126	-117	-87	-51.9	-57.2	-80.9	-87.4	-11.9	27.6	5.86
EBITDA	69.7	-106	-73.7	-43.6	-45.8	-45	-60.8	13.2	80	51.1
EPS, basic	1.37	-1.13	-0.60	-0.27	-0.26	-0.32	-0.34	-0.04	0.10	0.02
EPS, diluted	1.36	-1.13	-0.60	-0.27	-0.26	-0.32	-0.34	-0.04	0.10	0.02
Shares, basic (weighted)	92.1	104	144	196	223	249	257	267	274	306
Shares, diluted (weighted)	92.1	104	144	196	223	249	257	267	284	314

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	22.9	43.9	71.2	29.9	67	124	69.8	238	46.3	74.9
Short-term investments				20	0	79.9	101	56.6	151	96.5
Receivables	0.3	2.79	4.02	3.51	4.22	4.74	16.8	14.9	11.8	38.4
Inventory	2.33	2.66	3.6	4.16	4.97	7.15	21.8	28.5	27.9	35.3
Other current assets	4.36	3.01	2.56	2.89	3.12	3.48	25.5	34.8	31.4	46.6
Total current assets	77.5	57.2	81.9	60.8	79.5	219	235	373	268	292
Property, plant and equipment	28.9	26.9	25.6	26.8	25.9	36.6	45.1	84.2	85.4	82.4
Lease right-of-use assets						2.28	6.71	4.69	13.1	11.8
Goodwill							2.43	1.93	1.93	67.6
Intangible assets							1.15	1.07	5.27	5.07
Long-term investments						56.6	1.96	7.16	5.48	5.01
Other non-current assets	0.65	0.44	0.25	6.19	3.27	8.44	9.72	7.43	26.8	20.1
Total assets	107	84.6	108	93.7	109	321	295	475	394	792
Accounts payable	3.26	6.98	5.38	4.79	5.58	6.96	11.1	9.58	6.79	9.03
Accrued liabilities	7.94	12.4	15	15.9	19.7	27.4	35.6	42	40.3	64.6
Deferred revenue	3.42	0.25	36.9	32.5	33.3	0.83	1.73	9.09	12.4	15.3
Short-term debt				5.03
Total current liabilities	92.1	87.6	75.2	65.6	73.7	48.3	67.3	104	81.8	171
Long-term debt				114	5
Lease liabilities				2.51	1.2	1.04	5.34	3.93	11.6	10.7
Other non-current liabilities						4.95
Total liabilities	291	299	283	284	289	531	546	721	473	843
Total debt		157	102	119	122	281	273	269	36.1	355
Paid-in capital	2,553	2,639	2,763	2,799	2,866	2,918	2,964	2,981	3,119	3,142
Retained earnings	-2,738	-2,855	-2,940	-2,992	-3,049	-3,130	-3,217	-3,229	-3,202	-3,196
Other comprehensive income	-0.02	-0.02	-0.02	-0.02					1.11	0.12
Shareholders' equity	-184	-215	-175	-191	-180	-209	-251	-246	-78.8	-51
Total equity	-184	-215	-175	-191	-180	-209	-251	-246	-78.8	-51
Total liabilities and equity	107	84.6	108	93.7	109	321	295	475	394	792
Shares outstanding	95.7	119	187	212	242	251	264	270	303	308

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	126	-117	-87	-51.9	-57.2	-80.9	-87.4	-11.9	27.6	5.86
Depreciation and amortization	2.4	1.8	2.86	0.97	2.15	1.99	3.33	4.54	7.37	12.3
Stock-based compensation	5.14	4.85	6.86	6.2	6.51	12.2	13.4	17.6	21.4	24.2
Deferred income tax	48.1	-260	-11.1	-5.25	-4.85	-19.6	-9.94	6.81	3.87	-19.5
Change in receivables	-0.3	-2.49	-1.34	0.5	-0.71	-0.78	-11.8	2.35	2.65	-4.76
Change in inventory	-2.33	-3.3	-3.15	-0.56	-1.31	-4.08	-5.67	-11.3	-3.2	-6.62
Change in payables	-12.1	3.8	-1.61	-0.59	0.79	1.37	4.1	-1.47	-2.79	-16.7
Cash from operations	-78.1	-64.8	-37.7	-88.5	-28.1	-61.7	-80.7	34.1	42.5	18.3
Capital expenditures	-1.14		-0.35	-2.57	-0.8	-11.5	-7.59	-42.4	-9.69	-4.57
Acquisitions							-15.3			-348
Purchases of investments				-45
Sales and maturities of investments									58.1	215
Cash from investing	-1.13	16.7	-0.23	-22.8	15.2	-152	4.87	-1.99	-96.6	-305
Debt issued					4.87					325
Stock issued	0.89	0.56		0.1	0.6	1	3	1.2	2.9	6.4
Cash from financing	43	73.6	61.3	69.9	49.9	270	21.4	137	-137	315
Net change in cash	-36.2	25.5	23.3	-41.5	36.9	57	-54.4	169	-191	28.6
Free cash flow	-79.2		-38.1	-91	-28.9	-73.2	-88.3	-8.35	32.8	13.7
Interest paid	8.99	7.73	3.76	1.76	3.56	11.3	8.85	18.3	17.5	14.7
Income taxes paid		0.05	0.24						4.26	1.71

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 $3.34 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	89.8%	Gross profit / revenue.
Operating margin	2.3%	Operating income / revenue.
EBITDA margin	6.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-12.4%	Pre-tax income / revenue.
Net margin	-11.1%	Net income / revenue.
FCF margin	-4.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-2.0%	Cash from operations / revenue.
Return on assets (ROA)	-6.0%	Net income / average total assets.
Return on invested capital (ROIC)	3.6%	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	19.5%	Research and development expense / revenue.
SG&A / revenue	50.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	7.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	4.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	22.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	51.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	39.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	20.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	56.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	45.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-46.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-36.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-78.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-80.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-57.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-58.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	101.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	39.0%	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	48.8%	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	10.7%	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	6.9%	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	7.1%	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	1.72x	Current assets / current liabilities.
Quick ratio	1.08x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.78x	(Cash + short-term investments) / current liabilities.
Debt / assets	43.6%	Total debt / total assets.
Liabilities / assets	109.2%	Total liabilities / total assets.
Net debt	$208.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	8.11x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.33x	Operating income / interest expense.
Working capital	$102.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	9.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$139.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.54x	Revenue / average total assets.
Fixed asset turnover	4.62x	Revenue / average property, plant and equipment.
Inventory turnover	0.91x	Cost of revenue / average inventory.
Days inventory	402 days	365 x average inventory / cost of revenue.
Receivables turnover	9.11x	Revenue / average receivables.
Days sales outstanding	40 days	365 x average receivables / revenue.
Days payables	100 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	342 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.14	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	$1.27	Revenue / diluted weighted shares.
FCF per share	-$0.06	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.03	Cash from operations / diluted weighted shares.
Book value per share	-$0.22	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.45	Tangible book value / shares outstanding.
Cash per share	$0.36	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.07B	Share price x shares outstanding.
Enterprise value	$1.28B	Market cap + total debt - cash - short-term investments.
P/S	2.73x	Market cap / revenue.
EV/Sales	3.26x	Enterprise value / revenue.
EV/EBIT	139x	Enterprise value / operating income, when both are positive.
EV/EBITDA	50.0x	Enterprise value / EBITDA, when both are positive.
FCF yield	-1.7%	Free cash flow / market cap.
Earnings yield	-4.1%	Net income / market cap (the inverse of P/E).

What was MANNKIND CORP's revenue in fiscal 2025?

MANNKIND CORP reported revenue of $349.0M for fiscal 2025, 22.2% higher than the year before.

Was MANNKIND CORP profitable in fiscal 2025?

Yes. Net income was $5.9M, a net margin of 1.7%.

How much free cash flow did MANNKIND CORP generate in fiscal 2025?

Cash from operations of $18.3M minus capital expenditures of $4.6M left free cash flow of $13.7M.

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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