LGNDNasdaqPharmaceutical PreparationsFiscal year ends December 31Also trades as LGNDZ, LGNXZ, LGNYZ, LGNZZ
LIGAND PHARMACEUTICALS INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$297.28+1.74 (+0.59%)
Close on Oct 19, 2026
- Market cap
- $6.49B
- P/E (TTM)
- 31.6
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
–
Operating margin
15.3%−7.6 pts over 5 years
Net margin
46.4%+48.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +60.4% | +11.0% | +10.4% | +14.1% | |
| Operating income | – | +138.1% | +1.8% | +4.1% | |
| Net income | – | – | – | -5.9% | |
| EPS, diluted | – | – | – | -5.5% | |
| Free cash flow | -48.6% | -25.8% | -0.5% | +1.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -0.6% | -0.4% | 13.5% | |
| Return on assets | -0.3% | -0.2% | 9.9% | |
| Current ratio | 0.72 | 5.00 | 22.23 | |
| Interest coverage | 3.4× | 1.4× | 8.7× | |
| Inventory turnover | 3.1× | – | – | |
| Capex to revenue | 1.7% | 2.7% | 0.2% | |
| Diluted shares | 21M | 17M | 20M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Ligand Pharmaceuticals generated $412.63M from operations and spent $47.48M on capital expenditure, dividends and share buybacks. 68% of that went back into the business.
Generated
$412.63M
Used
$47.48M
Capital expenditure$32.48M68%Dividends$00%Share buybacks$15.00M32%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin46.4%
×Asset turnover0.21×
×Equity multiplier1.35×
=Return on equity, FY202513.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 46.4% | 0.21× | 1.35× | 13.5% |
| FY2024 | -2.4% | 0.19× | 1.13× | -0.5% |
| FY2023 | 39.7% | 0.17× | 1.19× | 8.0% |
| FY2022 | -17.0% | 0.19× | 1.45× | -4.7% |
| FY2021 | 23.7% | 0.18× | 1.74× | 7.5% |
| FY2020 | -1.8% | 0.11× | 1.93× | -0.4% |
| FY2019 | 523.2% | 0.09× | 2.07× | 94.8% |
| FY2018 | 57.0% | 0.26× | 2.01× | 29.8% |
| FY2017 | 8.9% | 0.22× | 1.72× | 3.4% |
| FY2016 | -1.5% | 0.20× | 1.91× | -0.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$124.45M
- Cash generatingOperating cash flow above zero$49.36M
- Return on assets improvedROA up on the prior year-0.5% → 13.2%
- Earnings backed by cashOperating cash flow above net income$49.36M vs $124.45M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose8.93 → 22.23
- No dilutionShare count did not rise18M → 20M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.21 → 0.28