A Business at a Glance
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MANNKIND CORP
MNKD
$1.2B
Mkt Cap
$4.13
+6.17%
MANNKIND CORP (MNKD) has a current P/E ratio of 206.5, compared to its historical median P/E of 35.4. The stock is currently considered Expensive based on its historical valuation range.
MANNKIND CORP (MNKD) has a 5-year average return on invested capital (ROIC) of -34.4%. This is below average and may indicate limited pricing power.
MANNKIND CORP (MNKD) has a market capitalization of $1.3B. It is classified as a small-cap stock.
MANNKIND CORP (MNKD) does not currently pay a regular dividend.
Based on historical P/E analysis, MANNKIND CORP (MNKD) appears expensive. The current P/E of 206.5 is 484% above its historical median of 35.4. The estimated fair value CAGR (P/E method) is -28.2%.
MANNKIND CORP (MNKD) operates in the Pharmaceutical Preparations industry, within the Healthcare sector.
MANNKIND CORP (MNKD) reported annual revenue of $349 million in its most recent fiscal year, based on SEC EDGAR filings.
Unless the context requires otherwise, the words “MannKind,” “we,” “Company,” “us” and “our” refer to MannKind Corporation and its subsidiaries. We are a biopharmaceutical company dedicated to transforming chronic disease care through innovative, patient-centric solutions. Focused on cardiometabolic and orphan lung diseases, we develop and commercialize treatments that address serious unmet medical needs, including diabetes, pulmonary hypertension, and fluid overload in heart failure and chronic kidney disease. With deep expertise in drug-device combinations, we aim to deliver therapies designed to fit seamlessly into daily life. Our cardiometabolic business is currently comprised of three commercial products: Afrezza (insulin human) Inhalation Powder; Furoscix (furosemide injection); and the V-Go wearable insulin delivery device: •Afrezza is an ultra rapid-acting inhaled insulin indicated to improve glycemic control in adults with diabetes.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 361M | 349M | 286M | 199M | 100M | 75M |
| Net Income | -24M | 5.9M | 28M | -12M | -87M | -81M |
| EPS | $-0.08 | $0.02 | $0.10 | $-0.04 | $-0.34 | $-0.32 |
| Free Cash Flow | 13M | 14M | 33M | -8.3M | -88M | -73M |
| ROIC | 9.3% | 6.5% | 15.1% | 2.3% | -184.4% | -11.6% |
| Gross Margin | - | 78.9% | 66.6% | 77.4% | 65.6% | 77.7% |
| Debt/Equity | 0.00 | -7.91 | -0.64 | -1.15 | -1.16 | -1.39 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 15M | 39M | 73M | 8.7M | -64M | -47M |
| Operating Margin | 4.1% | 11.1% | 25.4% | 4.4% | -64.3% | -62.3% |
| ROE | 0.0% | -9.0% | -17.0% | 4.8% | 38.0% | 41.5% |
| Shares Outstanding | 309M | 293M | 276M | 298M | 257M | 253M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 0 | 0 | 175M | N/A | N/A | 63M | 65M | 75M | 100M | 199M | 286M | 349M | 361M |
| Gross Margin | N/A | N/A | 84.2% | N/A | N/A | 68.1% | 76.8% | 77.7% | 65.6% | 77.4% | 66.6% | 78.9% | N/A |
| R&D | 100M | 30M | 15M | 14M | 8.7M | 6.9M | 6.2M | 12M | 20M | 31M | 46M | 66M | 73M |
| SG&A | 79M | 41M | 47M | 75M | 80M | 75M | 59M | 77M | 91M | 94M | 94M | 144M | 173M |
| EBIT | -180M | -345M | 67M | -108M | -77M | -45M | -48M | -47M | -64M | 8.7M | 73M | 39M | 15M |
| Op. Margin | N/A | N/A | 38.5% | N/A | N/A | -70.7% | -73.5% | -62.3% | -64.3% | 4.4% | 25.4% | 11.1% | 4.1% |
| Net Income | -198M | -368M | 126M | -117M | -87M | -52M | -57M | -81M | -87M | -12M | 28M | 5.9M | -24M |
| Net Margin | N/A | N/A | 71.9% | N/A | N/A | -82.3% | -87.9% | -107.3% | -87.6% | -6.0% | 9.7% | 1.7% | -6.6% |
| Non-Recurring | 1.8M | 6.1M | 2.1M | -3K | 114K | 0 | 1.9M | 106K | 0 | 0 | -565K | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -36.0% | N/M | 57.6% | -127.9% | -71.1% | -47.6% | -44.1% | -11.6% | -184.4% | 2.3% | 15.1% | 6.5% | 9.3% |
| ROE | 379.7% | 173.8% | -47.1% | 58.9% | 44.6% | 28.4% | 30.9% | 41.5% | 38.0% | 4.8% | -17.0% | -9.0% | 0.0% |
| ROA | -60.8% | -141.5% | 107.6% | -122.5% | -90.5% | -51.5% | -56.6% | -37.7% | -28.4% | -3.1% | 6.3% | 1.0% | -3.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 4.1M | -57M | -78M | -65M | -38M | -88M | -28M | -62M | -81M | 34M | 43M | 18M | 19M |
| Free Cash Flow | -20M | -68M | -79M | -65M | -38M | -91M | -29M | -73M | -88M | -8.3M | 33M | 14M | 13M |
| Owner Earnings | -54M | -77M | -86M | -71M | -47M | -96M | -37M | -76M | -97M | 12M | 14M | -18M | -127M |
| CapEx | 24M | 10M | 1.1M | 0 | 354K | 2.6M | 801K | 11M | 7.6M | 42M | 9.7M | 4.6M | 6.1M |
| Maint. CapEx | 9.8M | 11M | 2.4M | 1.8M | 2.9M | 972K | 2.1M | 2.0M | 3.3M | 4.5M | 7.4M | 12M | 121M |
| Growth CapEx | 14M | 0 | 0 | N/A | 0 | 1.6M | 0 | 9.5M | 4.3M | 38M | 2.3M | 0 | 0 |
| D&A | 9.8M | 11M | 2.4M | 1.8M | 2.9M | 972K | 2.1M | 2.0M | 3.3M | 4.5M | 7.4M | 12M | 121M |
| CapEx/OCF | 589.7% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 124.5% | 22.8% | 25.0% | 31.7% |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback 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 | 0.0% |
| Stock-Based Comp | 49M | 8.7M | 5.1M | 4.8M | 6.9M | 6.2M | 6.5M | 12M | 13M | 18M | 21M | 24M | 25M |
| Debt Repayment | 0 | 831K | 0 | 0 | 0 | 11M | 0 | 7.3M | 0 | 0 | 88M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -66M | 17M | 63M | -2.2M | 43M | 77M | 56M | 86M | 119M | -11M | -147M | 232M | 185M |
| Cash & Equiv. | 121M | 59M | 23M | 44M | 71M | 30M | 67M | 124M | 70M | 238M | 46M | 75M | 134M |
| Long-Term Debt | 20M | 28M | 35M | 30M | 102M | 119M | 122M | 281M | 273M | 269M | 36M | 355M | 319M |
| Debt/Equity | -2.35 | -0.38 | -0.58 | -0.39 | -0.65 | -0.66 | -0.68 | -1.39 | -1.16 | -1.15 | -0.64 | -7.91 | 0.00 |
| Interest Coverage | -8.8 | -14.3 | 4.3 | -11.4 | -15.0 | -7.1 | -5.1 | -3.1 | -4.3 | 0.6 | 6.1 | 2.8 | 2.8 |
| Equity | -74M | -350M | -184M | -215M | -175M | -191M | -180M | -209M | -251M | -246M | -79M | -51M | -59M |
| Total Assets | 394M | 126M | 107M | 85M | 108M | 94M | 109M | 321M | 295M | 475M | 394M | 792M | 744M |
| Total Liabilities | 468M | 477M | 291M | 299M | 283M | 284M | 289M | 531M | 546M | 721M | 473M | 843M | 804M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.2M | 1.1M | 5.3M | 5.1M | 5.0M |
| Retained Earnings | -2.5B | -2.9B | -2.7B | -2.9B | -2.9B | -3.0B | -3.0B | -3.1B | -3.2B | -3.2B | -3.2B | -3.2B | -3.2B |
| Working Capital | -202M | -192M | -15M | -30M | 6.6M | -4.9M | 5.8M | 171M | 168M | 269M | 186M | 121M | 117M |
| Current Assets | 201M | 77M | 77M | 57M | 82M | 61M | 79M | 219M | 235M | 373M | 268M | 292M | 251M |
| Current Liabilities | 403M | 268M | 92M | 88M | 75M | 66M | 74M | 48M | 67M | 104M | 82M | 171M | 135M |
| Per Share Data | |||||||||||||
| EPS | -2.44 | -22.70 | 6.80 | -1.13 | -0.60 | -0.27 | -0.26 | -0.32 | -0.34 | -0.04 | 0.10 | 0.02 | -0.08 |
| Owner EPS | -0.67 | -4.74 | -4.63 | -0.69 | -0.33 | -0.50 | -0.17 | -0.30 | -0.38 | 0.04 | 0.05 | -0.06 | -0.41 |
| Book Value | -0.91 | -21.58 | -9.93 | -2.07 | -1.21 | -0.99 | -0.82 | -0.83 | -0.97 | -0.82 | -0.29 | -0.17 | -0.19 |
| Cash Flow/Share | 0.05 | -3.53 | -4.23 | -0.62 | -0.26 | -0.46 | -0.13 | -0.24 | -0.31 | 0.11 | 0.15 | 0.06 | 0.31 |
| 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. | 81.2M | 16.2M | 18.5M | 103.8M | 145.0M | 192.2M | 220.2M | 252.9M | 257.1M | 298.4M | 275.9M | 293.1M | 308.9M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 2.5 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 68.2 | 289.5 | -53.3 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 57.3 | 124.0 | 97.0 |
| EV/EBIT | N/A | N/A | 7.2 | N/A | N/A | N/A | N/A | N/A | N/A | 119.4 | 23.7 | 49.4 | 98.4 |
| Price/Book | 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 |
| Price/Sales | N/A | N/A | 2.6 | N/A | N/A | 4.1 | 5.9 | 14.7 | 9.8 | 6.5 | 5.1 | 4.2 | 3.5 |
| FCF Yield | -0.2% | -11.2% | -24.9% | -25.5% | -22.8% | -34.6% | -3.6% | -6.5% | -6.8% | -0.8% | 1.7% | 0.8% | 1.0% |
| Market Cap | 11.5B | 601M | 319M | 254M | 167M | 263M | 795M | 1.1B | 1.3B | 1.1B | 1.9B | 1.7B | 1.3B |
| Avg. Price | 34.05 | 22.43 | 4.84 | 2.24 | 1.95 | 1.35 | 1.76 | 4.38 | 3.80 | 4.34 | 5.23 | 4.97 | 4.13 |
| Year-End Price | 28.35 | 7.40 | 3.45 | 2.45 | 1.15 | 1.37 | 3.61 | 4.42 | 5.07 | 3.70 | 6.82 | 5.79 | 4.13 |
MANNKIND CORP passes 2 of 9 quality checks, indicating weak fundamentals.
MANNKIND CORP trades at 206.5x trailing earnings, compared to its 15-year median P/E of 35.4x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 93.0x vs a median of 57.3x. The company's 5-year average gross margin is 73.2%. At current prices, the estimated annualized return to fair value is +33.1%.
MANNKIND CORP (MNKD) has a net profit margin of 1.7%. This is a modest margin.
MANNKIND CORP (MNKD) generated $14 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MANNKIND CORP (MNKD) reported earnings per share (EPS) of $0.02 in its most recent fiscal year.
MANNKIND CORP (MNKD) has a return on equity (ROE) of -9.0%. A negative ROE may indicate losses or negative equity.
MANNKIND CORP (MNKD) has a 5-year average gross margin of 73.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for MANNKIND CORP (MNKD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MANNKIND CORP (MNKD) has a book value per share of $-0.17, based on its most recent annual SEC filing.
No recent press releases.