Latest Ratios: P/E Ratio 211.0x · EV/EBITDA 33.3x · ROE N/A. (2002–2025 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 | $1.3B | $1.8B | $1.8B | $972M | $1.4B | $1.1B | $697M | $252M | $153M | $242M | $293M |
| Enterprise Value | $1.7B | $2.2B | $1.8B | $1.0B | $1.6B | $1.3B | $753M | $344M | $184M | $355M | $419M |
| P/E Ratio → | 211.00 | 283.50 | 66.15 | — | — | — | — | — | — | — | 2.34 |
| P/S Ratio | 3.74 | 5.10 | 6.39 | 4.89 | 13.58 | 14.44 | 10.69 | 4.00 | 5.48 | 20.59 | 1.68 |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/FCF | 95.24 | 130.11 | 55.61 | — | — | — | — | — | — | — | — |
| P/OCF | 71.42 | 97.56 | 42.93 | 28.51 | — | — | — | — | — | — | — |
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 | — | 6.25 | 6.40 | 5.06 | 15.77 | 16.63 | 11.56 | 5.45 | 6.61 | 30.20 | 2.40 |
| EV / EBITDA | 33.32 | 42.66 | 22.40 | 76.14 | — | — | — | — | — | — | 6.01 |
| EV / EBIT | 43.87 | 143.04 | 26.66 | 94.97 | — | — | — | — | — | — | 2.91 |
| EV / FCF | — | 159.22 | 55.65 | — | — | — | — | — | — | — | — |
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 | 82.5% | 82.5% | 73.2% | 68.5% | 42.4% | 48.5% | 62.2% | 55.6% | 26.5% | -46.7% | 71.3% |
| Operating Margin | 11.1% | 11.1% | 25.4% | 4.4% | -64.3% | -62.3% | -73.5% | -70.7% | -274.9% | -921.1% | 38.5% |
| Net Profit Margin | 1.7% | 1.7% | 9.7% | -6.0% | -87.6% | -107.3% | -87.9% | -82.3% | -312.2% | -999.0% | 71.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | — | — | — |
| ROA | 1.0% | 1.0% | 6.3% | -3.1% | -28.4% | -37.7% | -56.6% | -51.5% | -90.5% | -122.5% | 107.6% |
| ROIC | 21.6% | 21.6% | — | — | — | — | — | — | — | — | — |
| ROCE | 8.3% | 8.3% | 21.3% | 2.9% | -25.6% | -30.6% | -152.1% | -147.3% | -520.3% | -1804.7% | 448.0% |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | 9.27 | 9.27 | 0.58 | 20.63 | — | — | — | — | — | — | 2.13 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / EBITDA | 7.80 | 7.80 | 0.02 | 2.58 | — | — | — | — | — | — | 1.80 |
| Debt / FCF | — | 29.11 | 0.04 | — | — | — | — | — | — | — | — |
| Interest Coverage | 1.10 | 1.10 | 1.80 | 0.42 | -2.53 | -3.88 | -5.07 | -3.76 | -8.19 | -7.83 | 7.80 |
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 | 1.70 | 1.70 | 3.28 | 3.59 | 3.49 | 4.54 | 1.08 | 0.93 | 1.09 | 0.65 | 0.84 |
| Quick Ratio | 1.50 | 1.50 | 2.94 | 3.31 | 3.17 | 4.39 | 1.01 | 0.86 | 1.04 | 0.62 | 0.82 |
| Cash Ratio | 1.00 | 1.00 | 2.41 | 2.83 | 2.54 | 4.22 | 0.91 | 0.76 | 0.95 | 0.50 | 0.25 |
| Asset Turnover | — | 0.44 | 0.72 | 0.42 | 0.34 | 0.23 | 0.60 | 0.67 | 0.26 | 0.14 | 1.63 |
| Inventory Turnover | 1.73 | 1.73 | 2.75 | 2.20 | 2.64 | 5.43 | 4.95 | 6.73 | 5.69 | 6.48 | 21.49 |
| Days Sales Outstanding | — | 40.13 | 15.09 | 27.34 | 61.47 | 22.93 | 23.63 | 20.34 | 52.63 | 86.67 | 64.45 |
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 | 0.5% | 0.4% | 1.5% | — | — | — | — | — | — | — | 42.7% |
| FCF Yield | 1.1% | 0.8% | 1.8% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 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% | 0.0% | 0.0% |
| Shares Outstanding | — | $314M | $284M | $267M | $257M | $249M | $223M | $196M | $144M | $104M | $92M |
Tyvaso royalty dependency
Based on current market data, MannKind trades at an EV/EBITDA of 32.84, a multiple that appears to price in significant future growth from the Technosphere platform rather than current earnings, which remains elevated compared to traditional biotech peers lacking similar proprietary drug-delivery technology.
The high P/S ratio of 3.67 suggests investors are paying a premium for the royalty-heavy revenue mix derived from the United Therapeutics partnership. This valuation warrants caution, as it implies a high hurdle rate for future pipeline successes to justify the current market capitalization.
As reported in financial statements, ROIC has exhibited extreme volatility, swinging from a peak of 883.2% in 2024Q4 to -0.7% in 2026Q1, which indicates that the company has struggled to maintain a consistent, value-accretive return on its invested capital base over the recent period.
The erratic nature of these returns suggests that the company's capital allocation is heavily influenced by non-recurring items and milestone payments rather than steady operational efficiency. Investors should monitor whether the company can stabilize these returns as the Tyvaso DPI royalty stream matures.
According to quarterly data, the cash conversion cycle has remained elevated, peaking at 156 days in 2026Q1, which highlights significant friction in managing inventory and receivables compared to the more streamlined operations of larger, established pharmaceutical peers in the endocrine and pulmonary space.
The high days inventory outstanding (DIO) of 174 days suggests that the manufacturing facility in Danbury may be carrying excess stock, potentially tying up liquidity. This inefficiency appears to be a structural drag on the company's ability to convert revenue into free cash flow.
Based on recent SEC filings, the current ratio has fluctuated significantly, dropping from a high of 4.54 in 2024Q3 to 1.87 in 2026Q1, indicating that the company's short-term solvency remains sensitive to the timing of collaboration payments and working capital requirements.
While the current liquidity position appears adequate for immediate operations, the reliance on variable royalty income makes the balance sheet vulnerable to sudden shifts in partner demand. The company's liquidity profile warrants close monitoring to ensure it can withstand potential delays in milestone-based cash inflows.
As evidenced by the TTM P/E of 207.00, the price-to-earnings ratio is a fundamentally flawed metric for MannKind, as it obscures the company's transition from a loss-making R&D entity to a royalty-generating platform, failing to account for the non-cash charges that distort net income.
Analysts should instead prioritize EV/Revenue or SOTP valuations that isolate the high-margin royalty stream from the lower-margin commercial endocrine business. Relying on P/E ratios in this context risks misinterpreting the company's true earning power and its potential for long-term margin expansion.
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying MNKD stock.
MannKind Corporation's current P/E ratio is 211.0x. The historical average is 34.2x. This places it at the 100th percentile of its historical range.
MannKind Corporation's current EV/EBITDA is 33.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 36.8x.
Based on historical data, MannKind Corporation is trading at a P/E of 211.0x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MannKind Corporation has 82.5% gross margin and 11.1% operating margin. Operating margin between 10-20% is typical for established companies.
MannKind Corporation's Debt/EBITDA ratio is 9.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.