Latest Ratios: P/E Ratio -99.0x · EV/EBITDA N/A · ROE -113.0%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.0B | $3.0B | $926M | $782M | $388M | $242M | $100M | $79M | $155M | — | — |
| Enterprise Value | $7.1B | $3.0B | $872M | $748M | $319M | $201M | $52M | $48M | $128M | — | — |
| P/E Ratio → | -99.01 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 44.49 | 18.75 | 66.13 | 44.71 | 24.37 | 18.82 | 135.16 | 9.79 | 57.32 | — | — |
| P/B Ratio | 152.34 | 66.33 | 11.98 | 16.53 | 4.29 | 3.71 | 1.41 | 2.26 | 8.30 | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 18.79 | 62.27 | 42.76 | 20.05 | 15.60 | 70.03 | 5.90 | 47.43 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 91.6% | 91.6% | 58.0% | 83.5% | 82.1% | 76.5% | 67.9% | 90.0% | 95.5% | 95.6% | 93.0% |
| Operating Margin | -32.5% | -32.5% | -866.6% | -419.6% | -243.3% | -263.0% | -7989.0% | -580.1% | -1288.1% | -386.2% | -120.0% |
| Net Profit Margin | -43.5% | -43.5% | -931.7% | -448.9% | -257.4% | -269.0% | -8080.1% | -589.5% | -1962.9% | -401.7% | -120.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -113.0% | -113.0% | -209.4% | -114.0% | -52.7% | -50.7% | -112.7% | -177.4% | -284.3% | — | — |
| ROA | -24.7% | -24.7% | -74.8% | -63.4% | -36.8% | -35.8% | -71.0% | -80.5% | -165.4% | -249.9% | -187.8% |
| ROIC | -102.5% | -102.5% | -500.7% | -316.7% | -127.9% | -108.4% | -334.7% | — | — | — | — |
| ROCE | -27.0% | -27.0% | -84.1% | -66.7% | -37.5% | -38.8% | -84.6% | -100.5% | -273.6% | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.42 | 4.42 | 1.58 | 1.05 | 0.27 | 0.25 | 0.24 | 0.70 | 0.68 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.16 | -0.70 | -0.72 | -0.76 | -0.63 | -0.68 | -0.90 | -1.43 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1.85 | -1.85 | -9.44 | -11.51 | -16.54 | -44.38 | -68.65 | -33.64 | -1.80 | -1.24 | -184.57 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.40 | 1.40 | 4.43 | 4.85 | 11.34 | 8.36 | 5.63 | 3.34 | 4.85 | 0.18 | 0.26 |
| Quick Ratio | 1.40 | 1.40 | 4.42 | 4.85 | 11.34 | 8.36 | 5.63 | 3.34 | 4.85 | 0.18 | 0.26 |
| Cash Ratio | 1.40 | 1.40 | 4.22 | 4.51 | 10.60 | 7.85 | 5.56 | 3.31 | 4.79 | 0.11 | 0.12 |
| Asset Turnover | — | 0.48 | 0.06 | 0.15 | 0.12 | 0.14 | 0.01 | 0.12 | 0.05 | 0.49 | 1.56 |
| Inventory Turnover | — | — | 24.39 | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 124.71 | 70.91 | 84.76 | 114.92 | 84.91 | — | — | 36.75 | 81.58 | 34.21 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $86M | $79M | $65M | $61M | $50M | $34M | $18M | $7M | $9M | $9M |
Patent Litigation and Dilution
According to recent market data, Liquidia trades at a P/S ratio of 43.91, which appears to price in significant future growth expectations while simultaneously discounting the stock for ongoing legal hurdles compared to the more established valuation multiples seen in the broader pulmonary biotech peer group.
The forward P/E of 23.71 suggests that investors are looking past current volatility toward a normalized earnings state, yet this valuation remains highly sensitive to the timing of YUTREPIA's full market entry. Investors should monitor whether this premium valuation can be sustained if legal delays persist, as the current multiple implies a high degree of confidence in a successful commercial outcome.
Based on reported figures, Liquidia's ROIC surged to 75.2% in 2026Q1, a dramatic reversal from the negative returns observed in early 2025, which suggests that the company has successfully transitioned from a capital-intensive development phase to a more efficient, revenue-generating commercial model.
This rapid improvement in return on capital appears driven by the high-margin nature of the generic treprostinil distribution business rather than a fundamental change in R&D productivity. Analysts should investigate whether this level of return is sustainable as the company shifts its focus toward the more competitive branded YUTREPIA launch.
As evidenced by the 2026Q1 cash conversion cycle of 200 days, Liquidia's working capital efficiency remains inconsistent, reflecting the complex timing of inventory procurement and profit-sharing settlements that are inherent to its current generic distribution business model as reported in recent financial statements.
The high DIO of 211 days suggests that inventory management is still being optimized for a scaling commercial operation, which may create periodic cash flow friction. Investors should monitor these metrics closely, as any further lengthening of the CCC could indicate potential bottlenecks in the supply chain or challenges in managing customer receivables.
According to the most recent balance sheet data, Liquidia maintains a current ratio of 2.22, providing a substantial liquidity cushion that appears sufficient to navigate ongoing patent litigation and the associated legal expenditures without requiring immediate, dilutive capital raises in the near term.
The company's ability to maintain a quick ratio of 2.03 suggests that its liquidity is not overly dependent on slow-moving inventory, which is a positive indicator for a firm in this stage of commercialization. This financial flexibility warrants further investigation, as it may provide the necessary runway to withstand potential regulatory setbacks.
Based on an analysis of the company's financial structure, the trailing P/E ratio is a fundamentally misleading metric for Liquidia, as it obscures the company's recent transition from heavy R&D-driven losses to a profitable, distribution-led revenue model that is still in its early stages.
Using a trailing P/E ignores the significant non-recurring legal costs and the rapid scaling of the generic business, which makes historical earnings irrelevant for forecasting. Analysts should instead focus on forward-looking EV/Sales or adjusted EBITDA metrics to better capture the underlying earning power of the PRINT technology platform.
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying LQDA stock.
Liquidia Corporation's current P/E ratio is -99.0x. This places it at the 50th percentile of its historical range.
Liquidia Corporation's return on equity (ROE) is -113.0%. The historical average is -139.3%.
Based on historical data, Liquidia Corporation is trading at a P/E of -99.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Liquidia Corporation has 91.6% gross margin and -32.5% operating margin.