LQDANasdaqPharmaceutical PreparationsFiscal year ends December 31
Liquidia Corp
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 12, 2026
$34.13−0.22 (-0.64%)
Close on Oct 19, 2026
- Market cap
- $3.46B
- P/E (TTM)
- 24.6
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
–
Operating margin
-32.5%+7956.6 pts over 5 years
Net margin
-43.5%+8036.6 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 | +1031.2% | +115.0% | +192.5% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -112.7% | -111.1% | |
| Return on assets | – | -71.0% | -24.7% | |
| Current ratio | – | 5.63 | 2.01 | |
| Debt to equity | – | 0.14 | – | |
| Net debt to EBITDA | – | 0.98× | – | |
| Interest coverage | – | -68.9× | -2.1× | |
| Capex to revenue | – | 101.7% | 2.7% | |
| Diluted shares | – | 34M | 86M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Liquidia generated $233.30M from operations and spent $11.27M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$233.30M
Used
$11.27M
Capital expenditure$11.27M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-43.5%
×Asset turnover0.57×
×Equity multiplier4.50×
=Return on equity, FY2025-111.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -43.5% | 0.57× | 4.50× | -111.1% |
| FY2024 | -916.6% | 0.08× | 2.75× | -202.6% |
| FY2023 | -448.9% | 0.14× | 1.80× | -114.0% |
| FY2022 | -257.4% | 0.14× | 1.43× | -52.7% |
| FY2021 | -269.0% | 0.13× | 1.42× | -50.7% |
| FY2020 | -8080.1% | 0.01× | 1.59× | -112.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$68.92M
- Cash generatingOperating cash flow above zero-$35.69M
- Return on assets improvedROA up on the prior year-108.4% → -29.9%
- Earnings backed by cashOperating cash flow above net income-$35.69M vs -$68.92M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose4.43 → 2.01
- No dilutionShare count did not rise79M → 86M
- Gross margin improvedGross margin up on the prior year58.00% → –
- More efficientAsset turnover rose0.12 → 0.69