A Business at a Glance
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LIGAND PHARMACEUTICALS INC
LGND
$6.1B
Mkt Cap
$300.53
-0.54%
LIGAND PHARMACEUTICALS INC (LGND) has a current P/E ratio of 49.0, compared to its historical median P/E of 24.4. The stock is currently considered Expensive based on its historical valuation range.
LIGAND PHARMACEUTICALS INC (LGND) has a 5-year average return on invested capital (ROIC) of 7.5%. This is below average and may indicate limited pricing power.
LIGAND PHARMACEUTICALS INC (LGND) has a market capitalization of $6.0B. It is classified as a mid-cap stock.
LIGAND PHARMACEUTICALS INC (LGND) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.25%.
Based on historical P/E analysis, LIGAND PHARMACEUTICALS INC (LGND) appears expensive. The current P/E of 49.0 is 101% above its historical median of 24.4. The estimated fair value CAGR (P/E method) is -14.1%.
LIGAND PHARMACEUTICALS INC (LGND) operates in the Pharmaceutical Preparations industry, within the Healthcare sector.
PART I Cautionary Note Regarding Forward-Looking Statements: You should read the following report together with the more detailed information regarding our company, our common stock and our financial statements and notes to those statements appearing elsewhere in this document. This report contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, as amended, that involve a number of risks and uncertainties and reflect Ligand’s judgment as of the date of this report. Although our forward-looking statements reflect the good faith judgment of our management, these statements can only be based on facts and factors currently known by us. Consequently, these forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from results and outcomes discussed in the forward-looking statements.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 274M | 268M | 167M | 131M | 196M | 242M |
| Net Income | 154M | 124M | -4.0M | 52M | -33M | 57M |
| EPS | $7.81 | $6.13 | $-0.22 | $2.94 | $-1.98 | $3.31 |
| Free Cash Flow | 123M | 49M | 95M | 46M | 120M | 70M |
| ROIC | 11.8% | 13.5% | -0.5% | 6.4% | 0.3% | 17.8% |
| Gross Margin | - | 87.8% | 69.3% | 74.4% | 82.6% | 85.8% |
| Debt/Equity | 0.45 | 0.01 | 0.01 | 0.12 | 0.46 | 0.19 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 95M | 41M | -23M | 12M | 3.0M | 104M |
| Operating Margin | 34.5% | 15.3% | -13.5% | 9.1% | 1.5% | 43.0% |
| ROE | 15.4% | 13.5% | -0.5% | 8.0% | -4.7% | 7.5% |
| Shares Outstanding | 20M | 20M | 18M | 18M | 17M | 17M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 65M | N/A | 109M | 141M | 251M | N/A | 164M | 242M | 196M | 131M | 167M | 268M | 274M |
| Gross Margin | 79.2% | N/A | 74.3% | 96.2% | 97.5% | N/A | 92.9% | 85.8% | 82.6% | 74.4% | 69.3% | 87.8% | N/A |
| R&D | 9.7M | 11M | 21M | 27M | 28M | 56M | 41M | 32M | 36M | 25M | 21M | 81M | 33M |
| SG&A | 23M | 25M | 28M | 29M | 38M | 42M | 60M | 47M | 70M | 53M | 79M | 92M | 94M |
| EBIT | 20M | 27M | 44M | 68M | 164M | 807M | 38M | 104M | 3.0M | 12M | -23M | 41M | 95M |
| Op. Margin | 30.4% | N/A | 40.3% | 48.2% | 65.1% | N/A | 22.9% | 43.0% | 1.5% | 9.1% | -13.5% | 15.3% | 34.5% |
| Net Income | 12M | 230M | -1.6M | 13M | 143M | 629M | -3.0M | 57M | -33M | 52M | -4.0M | 124M | 154M |
| Net Margin | 18.6% | N/A | -1.5% | 8.9% | 57.0% | N/A | -1.8% | 23.7% | -17.0% | 39.7% | -2.4% | 46.4% | 55.9% |
| Non-Recurring | 16K | 0 | -183K | 0 | 0 | 813M | 17M | 0 | 0 | 2.1M | 31M | 6.2M | 6.2M |
| Returns on Capital | |||||||||||||
| ROIC | 32.3% | 168.4% | 8.1% | 9.8% | 53.2% | 96.0% | 28.9% | 17.8% | 0.3% | 6.4% | -0.5% | 13.5% | 11.8% |
| ROE | 31.7% | 174.4% | -0.6% | 3.4% | 29.8% | 94.8% | -0.4% | 7.5% | -4.7% | 8.0% | -0.5% | 13.5% | 15.4% |
| ROA | 6.6% | 60.4% | -0.3% | 2.0% | 14.8% | 45.7% | -0.2% | 4.3% | -3.2% | 6.7% | -0.5% | 9.9% | 10.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 21M | 42M | 61M | 89M | 194M | -29M | 55M | 79M | 138M | 50M | 97M | 49M | 123M |
| Free Cash Flow | 21M | 42M | 59M | 86M | 193M | -32M | 50M | 70M | 120M | 46M | 95M | 49M | 123M |
| Owner Earnings | 6.6M | 27M | 31M | 53M | 160M | -72M | -1.8M | -11M | 26M | -13M | 21M | -31M | 41M |
| CapEx | 6K | 93K | 1.9M | 2.2M | 887K | 2.6M | 4.5M | 8.8M | 18M | 3.5M | 1.8M | 452K | 466K |
| Maint. CapEx | 2.7M | 2.6M | 11M | 11M | 13M | 18M | 26M | 51M | 52M | 37M | 35M | 34M | 33M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 2.7M | 2.6M | 11M | 11M | 13M | 18M | 26M | 51M | 52M | 37M | 35M | 34M | 33M |
| CapEx/OCF | 0.0% | 0.2% | 2.9% | 2.4% | 0.5% | N/A | 8.2% | 11.1% | 13.0% | 7.1% | 1.9% | 0.9% | 0.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 68M | 489K | 3.9M | 2.0M | 123M | 453M | 78M | 0 | 0 | 0 | 0 | 15M | 15M |
| Buyback Yield | 6.0% | 0.0% | 0.2% | 0.1% | 3.8% | 21.5% | 4.5% | N/A | N/A | N/A | N/A | 0.4% | 0.2% |
| Stock-Based Comp | 11M | 12M | 19M | 25M | 21M | 25M | 31M | 39M | 60M | 26M | 41M | 47M | 50M |
| Debt Repayment | 9.4M | 0 | 0 | 0 | 218M | 27M | 222M | 156M | 261M | 77M | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 29M | 1.8M | 72M | 23M | -474M | -1.0B | -175M | -182M | 60M | -87M | -249M | -728M | -333M |
| Cash & Equiv. | 160M | 97M | 19M | 21M | 117M | 72M | 48M | 20M | 45M | 23M | 72M | 175M | 779M |
| Long-Term Debt | 9.4M | 0 | 0 | 0 | 218M | 27M | 222M | 156M | 261M | 77M | 49K | 26K | 447M |
| Debt/Equity | 7.44 | 0.85 | 0.62 | 0.56 | 0.44 | 0.05 | 0.33 | 0.19 | 0.46 | 0.12 | 0.01 | 0.01 | 0.45 |
| Interest Coverage | 4.0 | 2.3 | 3.4 | 5.1 | 3.4 | 22.6 | 1.4 | 5.3 | 1.7 | 18.2 | -7.4 | 8.7 | 59.9 |
| Equity | 26M | 237M | 341M | 400M | 561M | 767M | 710M | 821M | 597M | 701M | 830M | 1.0B | 997M |
| Total Assets | 258M | 503M | 602M | 671M | 1.3B | 1.5B | 1.4B | 1.3B | 763M | 787M | 942M | 1.6B | 1.5B |
| Total Liabilities | 234M | 226M | 231M | 252M | 700M | 728M | 653M | 476M | 165M | 86M | 111M | 543M | 535M |
| Intangibles | 51M | 48M | 205M | 229M | 220M | 210M | 595M | 377M | 342M | 300M | 267M | 225M | 217M |
| Retained Earnings | -659M | -429M | -431M | -401M | -229M | 400M | 392M | 449M | 451M | 503M | 499M | 608M | 595M |
| Working Capital | 162M | -8.1M | -64M | -1.8M | 788M | 1.1B | 400M | 423M | 165M | 221M | 294M | 795M | 825M |
| Current Assets | 185M | 215M | 163M | 237M | 871M | 1.1B | 501M | 465M | 264M | 237M | 332M | 832M | 865M |
| Current Liabilities | 23M | 223M | 227M | 239M | 82M | 17M | 100M | 42M | 99M | 17M | 37M | 37M | 41M |
| Per Share Data | |||||||||||||
| EPS | 0.56 | 10.83 | -0.08 | 0.53 | 5.96 | 31.85 | -0.18 | 3.31 | -1.98 | 2.94 | -0.22 | 6.13 | 7.81 |
| Owner EPS | 0.31 | 1.26 | 1.49 | 2.22 | 6.67 | -3.65 | -0.11 | -0.64 | 1.54 | -0.72 | 1.13 | -1.54 | 2.03 |
| Book Value | 1.23 | 11.18 | 16.69 | 16.88 | 23.33 | 38.83 | 42.79 | 47.57 | 35.46 | 39.51 | 45.31 | 50.10 | 49.79 |
| Cash Flow/Share | 0.96 | 1.97 | 2.97 | 3.74 | 8.07 | -1.48 | 3.29 | 4.56 | 8.18 | 2.79 | 5.30 | 2.43 | 9.33 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 21.5M | 21.2M | 20.4M | 23.7M | 24.0M | 19.8M | 16.6M | 17.3M | 16.8M | 17.7M | 18.3M | 20.3M | 20.0M |
| Valuation | |||||||||||||
| P/E Ratio | 94.6 | 9.8 | N/A | 261.6 | 22.8 | 3.4 | N/A | 29.7 | N/A | 24.4 | N/A | 31.9 | 38.5 |
| P/FCF | 34.5 | 33.9 | 22.1 | 23.7 | 10.5 | N/A | 21.4 | 24.2 | 9.3 | 27.7 | 21.0 | 81.3 | 48.9 |
| EV/EBIT | 59.4 | 90.2 | 53.9 | 51.9 | 19.6 | 2.1 | 68.2 | 16.2 | 298.0 | 92.5 | N/A | 90.0 | 60.1 |
| Price/Book | 43.2 | 9.5 | 6.1 | 8.2 | 5.8 | 2.8 | 2.4 | 2.1 | 1.9 | 1.8 | 2.4 | 3.9 | 6.0 |
| Price/Sales | 19.7 | N/A | 20.5 | 20.3 | 17.9 | N/A | 8.8 | 6.2 | 5.5 | 9.1 | 10.1 | 10.6 | 21.9 |
| FCF Yield | 1.8% | 1.8% | 2.8% | 2.6% | 5.9% | -1.5% | 2.9% | 4.1% | 10.7% | 3.6% | 4.8% | 1.2% | 2.0% |
| Market Cap | 1.1B | 2.3B | 2.1B | 3.3B | 3.3B | 2.1B | 1.7B | 1.7B | 1.1B | 1.3B | 2.0B | 4.0B | 6.0B |
| Avg. Price | 36.95 | 53.58 | 68.02 | 75.26 | 116.97 | 69.83 | 61.37 | 86.27 | 63.77 | 67.67 | 91.82 | 140.01 | 300.53 |
| Year-End Price | 33.04 | 66.49 | 63.51 | 86.50 | 84.74 | 66.66 | 64.66 | 98.38 | 66.29 | 71.84 | 109.19 | 195.83 | 300.53 |
LIGAND PHARMACEUTICALS INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
LIGAND PHARMACEUTICALS INC trades at 49.0x trailing earnings, compared to its 15-year median P/E of 24.4x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 122.5x vs a median of 22.1x. The company's 5-year average ROIC is 7.5% with a gross margin of 80.0%. Total shareholder yield (buybacks) is 0.2%. At current prices, the estimated annualized return to fair value is +12.0%.
LIGAND PHARMACEUTICALS INC (LGND) reported annual revenue of $268 million in its most recent fiscal year, based on SEC EDGAR filings.
LIGAND PHARMACEUTICALS INC (LGND) has a net profit margin of 46.4%. This is a strong margin indicating high profitability.
LIGAND PHARMACEUTICALS INC (LGND) generated $49 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
LIGAND PHARMACEUTICALS INC (LGND) has a debt-to-equity ratio of 0.01. This indicates a conservatively financed balance sheet.
LIGAND PHARMACEUTICALS INC (LGND) reported earnings per share (EPS) of $6.13 in its most recent fiscal year.
LIGAND PHARMACEUTICALS INC (LGND) has a return on equity (ROE) of 13.5%. This indicates moderate shareholder returns.
LIGAND PHARMACEUTICALS INC (LGND) has a 5-year average gross margin of 80.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for LIGAND PHARMACEUTICALS INC (LGND), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
LIGAND PHARMACEUTICALS INC (LGND) has a book value per share of $50.10, based on its most recent annual SEC filing.
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