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MannKind Corp (MNKD) stock analysis

MNKDNasdaqPharmaceutical PreparationsFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 5, 2026Score 6/30279% above fair value
$4.16−0.03 (-0.72%)

Close on Nov 12, 2026Market cap $1.34BP/E –Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Value1Growth2Performance2Health1Dividend0

Weak6 of 30 checks passed

MannKind passes 6 of the 30 checks behind our score; 17 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
1/6
Growth
2/6
Past performance
2/6
Financial health
1/6
Dividend
0/6

What stands out

  • Revenue growing 10%+ a year

    Revenue grew 51.8% a year over the last three fiscal years.

  • P/S below the industry

    MannKind's price-to-sales of 3.26 is below the Drugs median of 4.80 (book value is negative, so we use sales).

  • Growing faster than the industry

    Revenue grew 31.7% over the last twelve months; the Drugs median is 8.0%.

  • Net margin above its 5-year average

    Net margin was -18.1% over the last twelve months, against a 5-year average of -37.9%.

What to watch

  • Margin of safety under 20%

    The price is 279% above fair value, so there is no margin of safety.

  • Trading above fair value

    The share price of $4.19 is above our fair value estimate of $1.11.

  • Interest not well covered

    Operating income covers interest expense -0.3 times; we look for at least 5.

  • Elevated bankruptcy risk

    The Altman Z-score is -4.51; above 3 is the safe zone and below 1.8 the distress zone.

Valuation1/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA above its 5-year median

    MannKind's EV/EBITDA of 88.3 is above its 5-year median of 25.6.

  • P/S below the industry

    MannKind's price-to-sales of 3.26 is below the Drugs median of 4.80 (book value is negative, so we use sales).

  • Trading above fair value

    The share price of $4.19 is above our fair value estimate of $1.11.

  • Margin of safety under 20%

    The price is 279% above fair value, so there is no margin of safety.

Growth2/6

  • Revenue growing 10%+ a year

    Revenue grew 51.8% a year over the last three fiscal years.

  • EPS growth over 3 years

    Needs positive EPS three years ago and today.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing faster than the industry

    Revenue grew 31.7% over the last twelve months; the Drugs median is 8.0%.

  • Company guidance

    No outlook found in earnings releases from the last twelve months.

  • Gross margin slipping

    Gross margin was 88.6% over the last twelve months, against 94.4% a year earlier.

Past performance2/6

  • Return on equity

    Needs positive equity and five years of results.

  • Return on invested capital

    Needs operating income and invested capital.

  • Return on equity against the industry

    Needs positive equity.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin above its 5-year average

    Net margin was -18.1% over the last twelve months, against a 5-year average of -37.9%.

  • Net margin above the industry

    MannKind's net margin of -18.1% is above the Drugs median of -53.0%.

Financial health1/6

  • Debt level

    Needs debt and equity figures.

  • Debt trend

    Needs a balance sheet from five years ago with positive equity.

  • Debt coverage

    Needs operating cash flow.

  • Interest not well covered

    Operating income covers interest expense -0.3 times; we look for at least 5.

  • Short-term assets cover short-term debts

    Current assets are 2.22 times current liabilities.

  • Elevated bankruptcy risk

    The Altman Z-score is -4.51; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

  • No dividend

    MannKind has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$1.11

The share price is 279% above this estimate.

20%+ below
Near fair value
20%+ above
$4.19Price$1.11Fair value
MethodMultiple usedOwn 5Y medianIndustry medianValue per shareWeight
EV/EBITDA21.4×25.6×17.1×$1.2470%
Earnings power10.3% cost of equity––$0.7930%
Fair value$1.11100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • P/E at month end
  • Own 5-year median 58.9
  • Drugs median 25.1

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Medium risk

Average value traded per day
$14.04M
Value traded per 1% price move
$5.15M

Downside

High risk

Typical loss in a bad month
54.0%
Volatility (annualized)
70%
Sharpe ratio, 1 year
-0.38
Beta to the S&P 500 (5Y)
1.08

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2011 to 2025

Gross margin

92.3%+15.5 pts over 5 years

Operating margin

11.1%+84.7 pts over 5 years

Net margin

1.7%+89.5 pts over 5 years

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