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Liquidia (LQDA) Financials

Liquidia logo
$56.93 -2.37 (-4.00%)
Closing price 05/15/2026 04:00 PM Eastern
Extended Trading
$56.72 -0.20 (-0.36%)
As of 05/15/2026 07:53 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Liquidia

Annual Income Statements for Liquidia

This table shows Liquidia's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -48 -60 -35 -41 -79 -128 -69
Consolidated Net Income / (Loss)		 -48 -60 -35 -41 -79 -128 -69
Net Income / (Loss) Continuing Operations		 -48 -60 -35 -41 -79 -128 -69
Total Pre-Tax Income 		-48 -60 -35 -41 -79 -128 -69
Total Operating Income		 -47 -59 -34 -39 -73 -121 -51
Total Gross Profit		 7.26 0.50 9.83 13 15 8.12 145
Total Revenue		 8.07 0.74 13 16 17 14 158
Operating Revenue		 8.07 0.74 13 16 17 14 158
Total Cost of Revenue		 0.81 0.24 3.02 2.86 2.89 5.88 13
Operating Cost of Revenue		 0.81 0.24 3.02 2.86 2.89 5.88 13
Total Operating Expenses		 54 60 44 52 88 129 196
Selling, General & Admin Expense		 14 27 23 32 45 82 157
Research & Development Expense		 40 32 21 19 43 48 39
Total Other Income / (Expense), net		 -0.76 -0.67 -0.78 -2.25 -5.12 -7.00 -18
Interest Expense		 1.37 0.86 0.82 3.34 8.58 15 24
Interest & Investment Income		 0.61 0.18 0.03 1.09 3.47 7.65 6.62
Basic Earnings per Share		 ($2.57) ($1.76) ($0.70) ($0.67) ($1.21) ($1.63) ($0.80)
Weighted Average Basic Shares Outstanding		 18.48M 33.89M 49.68M 60.96M 64.99M 78.71M 86.06M
Diluted Earnings per Share		 ($2.57) ($1.76) ($0.70) ($0.67) ($1.21) ($1.63) ($0.80)
Weighted Average Diluted Shares Outstanding		 18.48M 33.89M 49.68M 60.96M 64.99M 78.71M 86.06M
Weighted Average Basic & Diluted Shares Outstanding		 18.48M 33.89M 52.44M 64.69M 76.03M 85.30M 88.11M

Quarterly Income Statements for Liquidia

This table shows Liquidia's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -16 -27 -30 -29 -31 -38 -38 -42 -3.53 15 53
Consolidated Net Income / (Loss)		 -16 -27 -30 -29 -31 -38 -38 -42 -3.53 15 53
Net Income / (Loss) Continuing Operations		 -16 -27 -30 -29 -31 -38 -38 -42 -3.53 15 53
Total Pre-Tax Income 		-16 -27 -30 -29 -31 -38 -38 -42 -3.53 15 57
Total Operating Income		 -15 -26 -29 -27 -29 -36 -35 -38 1.77 20 62
Total Gross Profit		 3.11 3.54 1.51 2.17 2.88 1.56 1.60 7.34 51 85 121
Total Revenue		 3.68 4.53 2.97 3.66 4.45 2.92 3.12 8.84 54 92 133
Operating Revenue		 3.68 4.53 2.97 3.66 4.45 2.92 3.12 8.84 54 92 133
Total Cost of Revenue		 0.57 0.99 1.47 1.49 1.57 1.35 1.52 1.50 3.17 7.06 12
Operating Cost of Revenue		 0.57 0.99 1.47 1.49 1.57 1.35 1.52 1.50 3.17 7.06 12
Total Operating Expenses		 18 30 30 29 32 38 37 45 49 65 60
Selling, General & Admin Expense		 11 17 20 20 20 21 30 39 40 48 47
Research & Development Expense		 7.44 13 10 9.42 12 16 6.97 6.02 9.35 17 13
Total Other Income / (Expense), net		 -0.90 -1.01 -1.28 -1.47 -1.84 -2.26 -2.94 -4.07 -5.30 -5.23 -4.72
Interest Expense		 1.76 1.96 3.16 3.33 3.66 4.37 4.67 5.66 6.95 6.90 6.49
Interest & Investment Income		 0.86 0.95 1.88 1.86 1.82 2.10 1.73 1.58 1.65 1.67 1.77
Income Tax Expense		 - - - - - - 0.00 - - - 3.92
Basic Earnings per Share		 ($0.24) ($0.43) ($0.40) ($0.38) ($0.40) ($0.45) ($0.45) ($0.49) ($0.04) $0.18 $0.60
Weighted Average Basic Shares Outstanding		 64.86M 64.99M 75.39M 76.44M 78.32M 78.71M 85.17M 85.59M 86.33M 86.06M 88.01M
Diluted Earnings per Share		 ($0.24) ($0.43) ($0.40) ($0.38) ($0.40) ($0.45) ($0.45) ($0.49) ($0.04) $0.18 $0.52
Weighted Average Diluted Shares Outstanding		 64.86M 64.99M 75.39M 76.44M 78.32M 78.71M 85.17M 85.59M 86.33M 86.06M 101.11M
Weighted Average Basic & Diluted Shares Outstanding		 64.91M 76.03M 76.38M 76.79M 84.64M 85.30M 85.48M 86.09M 87.00M 88.11M 88.93M

Annual Cash Flow Statements for Liquidia

This table details how cash moves in and out of Liquidia's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 16 9.52 -7.82 36 -9.60 93 18
Net Cash From Operating Activities		 -48 -54 -34 -29 -42 -93 -36
Net Cash From Continuing Operating Activities		 -48 -54 -34 -29 -42 -93 -36
Net Income / (Loss) Continuing Operations		 -48 -60 -35 -41 -79 -128 -69
Consolidated Net Income / (Loss)		 -48 -60 -35 -41 -79 -128 -69
Depreciation Expense		 2.57 3.13 5.61 3.65 2.18 2.20 1.53
Non-Cash Adjustments To Reconcile Net Income		 3.61 4.20 7.31 11 29 37 56
Changes in Operating Assets and Liabilities, net		 -6.95 -1.71 -12 -2.16 5.87 -4.79 -24
Net Cash From Investing Activities		 -1.85 0.25 -0.11 -0.59 -11 -8.44 -6.34
Net Cash From Continuing Investing Activities		 -1.85 0.25 -0.11 -0.59 -11 -8.44 -6.34
Purchase of Property, Plant & Equipment		 -1.85 -0.75 -0.11 -0.59 -1.29 -4.95 -4.34
Acquisitions		 - - - 0.00 -10 -3.50 -2.00
Sale of Property, Plant & Equipment		 - - 0.00 0.01 0.00 0.01 0.00
Net Cash From Financing Activities		 66 63 26 65 43 195 60
Net Cash From Continuing Financing Activities		 66 63 26 65 43 195 60
Repayment of Debt		 -1.00 -5.65 -10 -11 -24 -4.85 -21
Issuance of Debt		 5.00 0.00 10 20 42 57 75
Issuance of Common Equity		 63 71 22 56 25 142 4.82
Other Financing Activities, net		 -0.03 -0.61 4.51 0.14 -0.07 0.49 1.02
Cash Interest Paid		 0.89 0.82 0.42 1.63 0.36 0.00 0.00

Quarterly Cash Flow Statements for Liquidia

This table details how cash moves in and out of Liquidia's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -12 7.45 74 -25 71 -28 -6.72 7.17 -16 33 32
Net Cash From Operating Activities		 -12 -16 -25 -23 -25 -21 -31 -39 -9.77 44 53
Net Cash From Continuing Operating Activities		 -12 -16 -25 -23 -25 -21 -31 -39 -9.77 44 53
Net Income / (Loss) Continuing Operations		 -16 -27 -30 -28 -23 -38 -38 -42 -3.53 15 53
Consolidated Net Income / (Loss)		 -16 -27 -30 -28 -23 -38 -38 -42 -3.53 15 53
Depreciation Expense		 0.51 0.51 0.49 0.58 0.61 0.52 0.45 0.28 0.48 0.32 0.50
Non-Cash Adjustments To Reconcile Net Income		 4.35 4.62 7.80 7.09 0.79 13 12 13 15 16 15
Changes in Operating Assets and Liabilities, net		 -0.63 6.34 -3.07 -2.39 -3.33 3.99 -4.93 -11 -22 13 -16
Net Cash From Investing Activities		 -10 -0.21 -0.62 -1.29 -1.75 -4.78 -0.33 -1.06 -0.91 -4.04 -2.83
Net Cash From Continuing Investing Activities		 -10 -0.21 -0.62 -1.29 -1.75 -4.78 -0.33 -1.06 -0.91 -4.04 -2.83
Purchase of Property, Plant & Equipment		 -0.48 -0.21 -0.62 -1.29 -1.75 -1.29 -0.33 -1.06 -0.91 -2.04 -2.83
Net Cash From Financing Activities		 10 24 100 -0.81 98 -2.30 24 48 -5.25 -7.02 -18
Net Cash From Continuing Financing Activities		 10 24 100 -0.81 98 -2.30 24 48 -5.25 -7.02 -18
Repayment of Debt		 - -1.65 -0.65 - - -4.85 -2.12 -2.85 -8.06 -8.06 -20
Issuance of Debt		 - - 25 - - - 25 50 - - 0.00
Issuance of Common Equity		 0.65 24 75 0.03 66 -0.25 1.26 0.13 2.50 0.94 1.75
Other Financing Activities, net		 9.41 0.98 -0.02 -0.85 32 2.81 0.17 0.44 0.31 0.10 0.16

Annual Balance Sheets for Liquidia

This table presents Liquidia's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 69 100 94 129 118 230 328
Total Current Assets		 56 66 61 100 90 185 273
Cash & Equivalents		 56 65 57 93 84 176 191
Accounts Receivable		 - 0.00 2.99 5.02 4.06 2.72 54
Inventories, net		 - - - - 0.00 0.24 24
Prepaid Expenses		 0.59 0.75 0.79 1.51 2.16 5.67 4.83
Plant, Property, & Equipment, net		 9.25 6.81 5.02 4.15 4.48 8.30 12
Total Noncurrent Assets		 3.20 27 27 25 24 37 43
Goodwill		 0.00 3.90 3.90 3.90 3.90 3.90 3.90
Intangible Assets		 0.00 5.53 4.39 3.73 3.43 3.16 2.95
Noncurrent Deferred & Refundable Income Taxes		 - - - - - - 0.00
Other Noncurrent Operating Assets		 3.20 17 19 18 17 30 36
Total Liabilities & Shareholders' Equity		 69 100 94 129 118 230 328
Total Liabilities		 34 28 28 39 71 151 283
Total Current Liabilities		 17 12 7.33 8.80 19 42 136
Short-Term Debt		 5.59 - - - - 18 58
Accounts Payable		 3.50 3.73 1.07 2.20 1.40 4.69 3.68
Accrued Expenses		 2.82 1.39 5.17 5.52 13 19 73
Other Current Liabilities		 1.81 1.59 1.09 1.08 3.75 0.42 0.49
Total Noncurrent Liabilities		 17 17 21 30 52 109 147
Long-Term Debt		 10 10 10 20 - 95 133
Asset Retirement Reserve & Litigation Obligation		 0.00 1.15 6.14 6.59 6.71 7.30 8.38
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - - 0.00
Other Noncurrent Operating Liabilities		 6.73 5.26 4.58 3.50 46 6.59 6.10
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 35 71 65 90 47 79 45
Total Preferred & Common Equity		 35 71 65 90 47 79 45
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 35 71 65 90 47 79 45
Common Stock		 250 346 375 441 476 637 671
Retained Earnings		 -215 -275 -310 -351 -429 -557 -626

Quarterly Balance Sheets for Liquidia

This table presents Liquidia's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 133 129 122 112 197 177 253 227 257 276 402
Total Current Assets		 103 100 93 83 168 147 214 177 196 227 333
Cash & Equivalents		 98 94 88 76 158 133 204 170 173 157 223
Accounts Receivable		 3.14 4.13 4.10 3.34 2.57 3.25 4.20 1.25 9.97 36 74
Inventories, net		 - - - - 3.52 7.21 0.04 1.35 6.44 25 29
Prepaid Expenses		 1.60 1.15 0.60 3.42 3.99 3.71 5.60 4.85 5.75 8.73 7.61
Plant, Property, & Equipment, net		 3.94 4.35 4.17 4.40 5.58 6.39 7.78 8.48 9.54 11 21
Total Noncurrent Assets		 26 25 25 24 24 24 31 42 52 39 48
Goodwill		 3.90 3.90 3.90 3.90 3.90 3.90 3.90 3.90 3.90 3.90 3.90
Intangible Assets		 3.81 3.64 3.55 3.49 3.38 3.30 3.22 3.11 3.05 2.99 2.89
Noncurrent Deferred & Refundable Income Taxes		 - - - - - - - - - - 0.87
Other Noncurrent Operating Assets		 18 17 17 17 16 17 24 35 45 32 40
Total Liabilities & Shareholders' Equity		 133 129 122 112 197 177 253 227 257 276 402
Total Liabilities		 38 47 61 64 111 115 142 178 242 254 293
Total Current Liabilities		 7.46 6.82 19 12 22 24 34 61 78 103 150
Short-Term Debt		 - - - - - - - 38 44 56 50
Accounts Payable		 1.14 0.84 1.92 1.81 2.49 5.74 2.30 8.68 11 6.02 11
Accrued Expenses		 5.22 2.95 15 6.62 14 13 17 14 23 40 88
Other Current Liabilities		 1.10 3.03 2.81 3.72 5.37 5.38 15 0.38 0.40 0.43 0.81
Total Noncurrent Liabilities		 30 40 41 51 89 90 109 117 164 151 143
Long-Term Debt		 20 0.00 0.00 0.00 - - - 103 149 136 128
Asset Retirement Reserve & Litigation Obligation		 6.56 6.61 6.70 6.70 6.71 6.93 7.20 7.54 7.97 8.28 8.55
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - - - - - - 0.87
Other Noncurrent Operating Liabilities		 3.77 34 35 45 82 83 101 6.48 6.37 6.26 6.15
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 95 82 61 48 86 63 111 50 15 22 109
Total Preferred & Common Equity		 95 82 61 48 86 63 111 50 15 22 109
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 95 82 61 48 86 63 111 50 15 22 109
Common Stock		 439 444 447 450 556 561 632 645 653 663 682
Retained Earnings		 -344 -362 -386 -402 -470 -498 -521 -596 -637 -641 -573

Annual Metrics And Ratios for Liquidia

This table displays calculated financial ratios and metrics derived from Liquidia's official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - 86,995,483.00
DEI Adjusted Shares Outstanding		 - - - - - - 86,995,483.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - -0.79
Growth Metrics		 - - - - - - -
Profitability Metrics		 - - - - - - -
Net Operating Profit after Tax (NOPAT)		 -33 -41 -24 -27 -51 -85 -36
Return On Investment Capital (ROIC_SIMPLE)		 - - - - -108.62% -109.87% -15.23%
Earnings before Interest and Taxes (EBIT)		 -47 -59 -34 -39 -73 -121 -51
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -44 -56 -28 -35 -71 -119 -50
Valuation Ratios		 - - - - - - -
Leverage & Solvency		 - - - - - - -
Liquidity Ratios		 - - - - - - -
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -62 -26 -26 2.04 -22 -65
Efficiency Ratios		 - - - - - - -
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 -4.97 16 18 17 -36 -99 45
Increase / (Decrease) in Invested Capital		 0.00 21 2.12 -1.16 -53 -63 29
Book Value per Share		 $1.89 $2.10 $1.26 $1.40 $0.73 $0.91 $0.51
Tangible Book Value per Share		 $1.89 $1.82 $1.10 $1.28 $0.62 $0.83 $0.44
Total Capital		 51 81 76 110 47 77 236
Total Debt		 16 10 10 20 0.00 0.00 191
Total Long-Term Debt		 10 10 10 20 0.00 0.00 133
Net Debt		 -40 -55 -47 -73 -84 -176 0.66
Capital Expenditures (CapEx)		 1.85 0.75 0.11 0.59 1.29 4.94 4.34
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -11 -11 -3.55 -2.27 -12 -33 5.36
Debt-free Net Working Capital (DFNWC)		 45 54 54 91 71 143 196
Net Working Capital (NWC)		 40 54 54 91 71 143 138
Net Nonoperating Expense (NNE)		 15 18 11 14 27 45 33
Net Nonoperating Obligations (NNO)		 -40 -55 -47 -73 -84 -176 0.66
Total Depreciation and Amortization (D&A)		 2.64 3.13 5.61 3.65 2.18 2.20 1.53
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($1.76) ($0.70) ($0.67) ($1.21) ($1.66) ($0.80)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 43.34M 49.68M 60.96M 64.99M 78.71M 86.06M
Adjusted Diluted Earnings per Share		 $0.00 ($1.76) ($0.70) ($0.67) ($1.21) ($1.66) ($0.80)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 43.34M 49.68M 60.96M 64.99M 78.71M 86.06M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($1.76) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 33.89M 52.44M 64.69M 76.03M 85.30M 88.11M
Normalized Net Operating Profit after Tax (NOPAT)		 -33 -41 -24 -27 -51 -85 -36
Debt Service Ratios		 - - - - - - -
Payout Ratios		 - - - - - - -

Quarterly Metrics And Ratios for Liquidia

This table displays calculated financial ratios and metrics derived from Liquidia's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 86,995,483.00 88,114,429.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 86,995,483.00 88,114,429.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.17 0.60
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 16.21% -15.47% -33.85% -23.55% 20.94% -35.62% 4.98% 141.51% 1,121.72% - 4,158.49%
EBITDA Growth		 -86.64% -337.19% -226.82% -19.70% -98.78% -37.25% -23.53% -39.85% 107.85% - 277.28%
EBIT Growth		 -68.62% -306.90% -211.97% -19.15% -96.02% -36.58% -23.00% -37.90% 106.05% - 273.62%
NOPAT Growth		 -68.62% -306.90% -211.97% -19.15% -96.02% -36.58% -23.00% -37.90% 106.05% - 330.90%
Net Income Growth		 -73.67% -320.17% -156.13% -18.82% -46.64% -39.78% -27.54% -45.04% 88.61% - 237.78%
EPS Growth		 -71.43% -437.50% -122.22% -2.78% -25.00% -4.65% -12.50% -28.95% 90.00% - 215.56%
Operating Cash Flow Growth		 -100.23% -247.21% -194.03% -307.28% -116.95% -30.23% -23.38% -74.22% 61.05% - 272.72%
Free Cash Flow Firm Growth		 1,108.89% 1,131.01% 65.41% -19.16% 31.97% 7.58% -402.98% -654.77% -431.13% - 112.26%
Invested Capital Growth		 -271.49% -313.81% -460.72% -155.53% -232.58% -172.64% 129.00% 150.27% 160.79% - 206.61%
Revenue Q/Q Growth		 -23.15% 23.19% -34.41% 23.12% 21.56% -34.42% 6.96% 183.24% 514.94% - 44.39%
EBITDA Q/Q Growth		 35.34% -80.36% -9.19% 5.99% -7.37% -24.53% 1.73% -6.43% 106.03% - 208.36%
EBIT Q/Q Growth		 34.76% -77.53% -8.95% 5.57% -7.32% -23.70% 1.89% -5.87% 104.71% - 210.83%
NOPAT Q/Q Growth		 34.76% -77.53% -8.95% 5.57% -7.32% -23.70% 1.89% -5.87% 104.71% - 189.37%
Net Income Q/Q Growth		 32.86% -73.84% -9.59% 31.73% 17.13% -65.71% 0.01% -8.37% 91.50% - 263.19%
EPS Q/Q Growth		 33.33% -79.17% 6.98% 31.48% 18.92% -50.00% 0.00% -8.89% 91.84% - 188.89%
Operating Cash Flow Q/Q Growth		 -107.78% -38.24% -55.59% 8.87% -10.68% 17.02% -47.40% -28.69% 75.25% - 19.77%
Free Cash Flow Firm Q/Q Growth		 16.36% 1.89% 10.80% -38.47% 89.96% -16.94% -412.06% -12.67% -13.38% - 252.15%
Invested Capital Q/Q Growth		 -2.47% -28.94% -96.77% 1.71% -33.36% -5.70% 120.93% 70.39% 61.27% - 40.19%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 84.50% 78.08% 50.64% 59.20% 64.82% 53.58% 51.38% 83.06% 94.16% - 91.08%
EBITDA Margin		 -390.89% -572.28% -952.62% -727.44% -642.51% -1,220.05% -1,120.96% -421.23% 4.13% - 46.66%
Operating Margin		 -404.87% -583.45% -969.08% -743.29% -656.23% -1,237.81% -1,135.42% -424.41% 3.25% - 46.29%
EBIT Margin		 -404.87% -583.45% -969.08% -743.29% -656.23% -1,237.81% -1,135.42% -424.41% 3.25% - 46.29%
Profit (Net Income) Margin		 -429.31% -605.83% -1,012.21% -763.65% -520.57% -1,315.36% -1,229.71% -470.51% -6.50% - 39.79%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 93.10%
Interest Burden Percent		 106.04% 103.84% 104.45% 102.74% 79.33% 106.26% 108.30% 110.86% -199.94% - 92.32%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 6.90%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 294.10%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 306.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - -142.80%
Return on Equity (ROE)		 -80.52% -114.01% -115.35% -181.73% -150.73% -209.35% -203.98% -389.13% -187.21% - 151.30%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -876.13% -572.42% -396.11% - 6.29%
Operating Return on Assets (OROA)		 -60.73% -82.44% -94.92% -73.79% -56.20% -99.38% -75.65% -37.72% 0.85% - 42.40%
Return on Assets (ROA)		 -64.40% -85.60% -99.14% -75.81% -44.58% -105.61% -81.94% -41.82% -1.70% - 36.44%
Return on Common Equity (ROCE)		 -80.52% -114.01% -115.35% -181.73% -150.73% -209.35% -203.98% -389.13% -187.21% - 151.30%
Return on Equity Simple (ROE_SIMPLE)		 -119.95% 0.00% -112.27% -178.74% -108.10% 0.00% -278.96% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 -10 -19 -20 -19 -20 -25 -25 -26 1.24 20 57
NOPAT Margin		 -283.41% -408.41% -678.35% -520.30% -459.36% -866.47% -794.79% -297.09% 2.28% - 43.09%
Net Nonoperating Expense Percent (NNEP)		 -6.93% -11.39% -7.87% -8.05% -1.94% -10.07% -14.53% -27.15% -5.63% - -11.90%
Return On Investment Capital (ROIC_SIMPLE)		 - -39.13% -23.37% - - -32.71% -13.02% -12.57% 0.58% 8.38% 19.99%
Cost of Revenue to Revenue		 15.50% 21.92% 49.36% 40.80% 35.18% 46.42% 48.62% 16.94% 5.84% - 8.92%
SG&A Expenses to Revenue		 287.09% 378.39% 681.33% 545.04% 453.73% 726.60% 963.53% 439.33% 73.71% - 35.33%
R&D to Revenue		 202.28% 283.14% 338.39% 257.45% 267.31% 564.79% 223.27% 68.13% 17.20% - 9.46%
Operating Expenses to Revenue		 489.37% 661.53% 1,019.72% 802.49% 721.04% 1,291.40% 1,186.79% 507.47% 90.91% - 44.79%
Earnings before Interest and Taxes (EBIT)		 -15 -26 -29 -27 -29 -36 -35 -38 1.77 20 62
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -14 -26 -28 -27 -29 -36 -35 -37 2.24 20 62
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 8.57 16.53 12.89 14.62 7.09 11.98 25.27 70.21 89.03 - 35.14
Price to Tangible Book Value (P/TBV)		 10.13 19.57 14.08 16.52 7.57 13.18 29.42 129.52 129.49 - 37.49
Price to Revenue (P/Rev)		 22.45 44.71 69.65 61.81 50.17 66.13 88.82 55.19 28.36 - 13.25
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 171.08
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.58%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 59.12 30.72 35.02 - 59.24
Enterprise Value to Revenue (EV/Rev)		 18.29 39.92 59.76 52.84 37.08 53.52 86.78 56.24 28.87 - 13.09
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 80.02
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 82.78
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 82.78
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 78.59
Enterprise Value to Free Cash Flow (EV/FCFF)		 46.12 343.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 1,419.82
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 2.83 12.75 8.73 - 1.64
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 2.08 9.84 6.19 - 1.18
Financial Leverage		 -1.08 -1.14 -1.50 -1.79 -1.77 -2.09 -1.37 -1.45 -1.28 - -0.47
Leverage Ratio		 1.71 1.80 1.94 2.42 2.30 2.80 3.12 5.58 3.99 - 3.97
Compound Leverage Factor		 1.81 1.87 2.03 2.49 1.82 2.97 3.38 6.19 -7.98 - 3.67
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 73.91% 92.73% 89.72% - 62.09%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 19.75% 21.14% 26.13% - 17.53%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 54.16% 71.59% 63.60% - 44.56%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 26.09% 7.27% 10.28% - 37.91%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 -1.12 -1.42 -1.82 - 3.77
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.23 -0.15 -0.33 - -0.95
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 -0.82 -1.10 -1.29 - 2.71
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 -1.57 -2.00 -2.56 - 3.90
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.32 -0.21 -0.47 - -0.99
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 -1.15 -1.54 -1.82 - 2.80
Altman Z-Score		 -0.67 1.66 3.17 1.28 0.95 0.52 0.74 -0.68 2.20 - 7.59
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 6.83 4.85 7.66 6.08 6.33 4.43 2.93 2.49 2.20 - 2.22
Quick Ratio		 6.55 4.73 7.32 5.63 6.16 4.29 2.83 2.34 1.88 - 1.98
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 34 35 39 24 45 38 -117 -132 -150 -9.44 14
Operating Cash Flow to CapEx		 -2,433.89% -7,758.25% -3,984.94% -1,756.67% -1,435.72% -1,626.02% -9,296.67% -3,735.19% -1,072.45% - 1,872.44%
Free Cash Flow to Firm to Interest Expense		 19.45 17.79 12.23 9.15 0.00 8.60 -25.09 -23.33 -21.55 - 2.21
Operating Cash Flow to Interest Expense		 -6.57 -8.15 -7.86 -8.72 0.00 -4.77 -6.57 -6.98 -1.41 - 8.16
Operating Cash Flow Less CapEx to Interest Expense		 -6.83 -8.25 -8.06 -9.21 0.00 -5.06 -6.64 -7.16 -1.54 - 7.72
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.15 0.14 0.10 0.10 0.09 0.08 0.07 0.09 0.26 - 0.92
Accounts Receivable Turnover		 5.66 3.85 4.77 4.04 4.14 4.13 7.41 2.92 3.45 - 7.64
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 2.44 0.87 0.61 - 1.58
Fixed Asset Turnover		 4.39 4.05 3.22 2.81 2.56 2.19 2.01 2.43 7.49 - 19.65
Accounts Payable Turnover		 1.75 1.61 2.22 1.18 2.69 1.93 1.06 0.69 1.81 - 2.40
Days Sales Outstanding (DSO)		 64.50 94.74 76.59 90.32 88.15 88.41 49.25 124.84 105.89 - 47.77
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 149.78 420.06 594.67 - 231.10
Days Payable Outstanding (DPO)		 208.09 227.05 164.25 309.04 135.93 188.89 343.67 525.60 201.28 - 152.15
Cash Conversion Cycle (CCC)		 -143.58 -132.32 -87.66 -218.72 -47.78 -100.49 -144.64 19.30 499.28 - 126.72
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -28 -36 -72 -70 -94 -99 21 35 57 45 64
Invested Capital Turnover		 -3.11 -1.81 -0.38 -0.30 -0.26 -0.21 -0.56 -1.10 -3.76 - 6.82
Increase / (Decrease) in Invested Capital		 -45 -53 -59 -43 -66 -63 92 106 151 29 43
Enterprise Value (EV)		 335 698 954 784 579 749 1,227 1,087 1,998 - 3,771
Market Capitalization		 411 782 1,112 917 783 926 1,256 1,066 1,963 - 3,816
Book Value per Share		 $0.74 $0.73 $1.13 $0.82 $1.44 $0.91 $0.58 $0.18 $0.26 $0.51 $1.23
Tangible Book Value per Share		 $0.63 $0.62 $1.04 $0.73 $1.35 $0.83 $0.50 $0.10 $0.18 $0.44 $1.16
Total Capital		 48 47 86 63 111 77 191 209 215 236 286
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 141 194 192 191 178
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 103 149 136 133 128
Net Debt		 -76 -84 -158 -133 -204 -176 -29 20 35 0.66 -45
Capital Expenditures (CapEx)		 0.48 0.21 0.62 1.29 1.75 1.28 0.33 1.06 0.91 2.04 2.83
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -5.40 -12 -12 -10 -24 -33 -15 -12 22 5.36 11
Debt-free Net Working Capital (DFNWC)		 71 71 146 123 180 143 154 161 180 196 234
Net Working Capital (NWC)		 71 71 146 123 180 143 117 117 124 138 183
Net Nonoperating Expense (NNE)		 5.37 8.94 9.92 8.90 2.72 13 14 15 4.77 5.23 4.40
Net Nonoperating Obligations (NNO)		 -76 -84 -158 -133 -204 -176 -29 20 35 0.66 -45
Total Depreciation and Amortization (D&A)		 0.51 0.51 0.49 0.58 0.61 0.52 0.45 0.28 0.48 0.32 0.50
Debt-free, Cash-free Net Working Capital to Revenue		 -29.49% -70.51% -74.20% -67.74% -153.71% -236.89% -109.21% -62.67% 32.26% - 3.73%
Debt-free Net Working Capital to Revenue		 386.66% 407.99% 914.45% 829.12% 1,155.50% 1,024.04% 1,091.01% 834.87% 259.81% - 81.07%
Net Working Capital to Revenue		 386.66% 407.99% 914.45% 829.12% 1,155.50% 1,024.04% 824.99% 606.42% 178.83% - 63.64%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.24) ($0.43) ($0.54) ($0.37) ($0.30) ($0.45) ($0.45) ($0.49) ($0.04) $0.18 $0.60
Adjusted Weighted Average Basic Shares Outstanding		 64.86M 64.99M 75.39M 76.44M 78.32M 78.71M 85.17M 85.59M 86.33M 86.06M 88.01M
Adjusted Diluted Earnings per Share		 ($0.24) ($0.43) ($0.54) ($0.37) ($0.30) ($0.45) ($0.45) ($0.49) ($0.04) $0.18 $0.52
Adjusted Weighted Average Diluted Shares Outstanding		 64.86M 64.99M 75.39M 76.44M 78.32M 78.71M 85.17M 85.59M 86.33M 86.06M 101.11M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 64.91M 76.03M 76.38M 76.79M 84.64M 85.30M 85.48M 86.09M 87.00M 88.11M 88.93M
Normalized Net Operating Profit after Tax (NOPAT)		 -10 -19 -20 -19 -20 -25 -25 -26 1.24 14 57
Normalized NOPAT Margin		 -283.41% -408.41% -678.35% -520.30% -459.36% -866.47% -794.79% -297.09% 2.28% - 43.09%
Pre Tax Income Margin		 -429.31% -605.83% -1,012.21% -763.65% -520.57% -1,315.36% -1,229.71% -470.51% -6.50% - 42.74%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -8.46 -13.47 -9.11 -10.46 0.00 -8.27 -7.59 -6.63 0.25 - 9.47
NOPAT to Interest Expense		 -5.92 -9.43 -6.38 -7.32 0.00 -5.79 -5.31 -4.64 0.18 - 8.82
EBIT Less CapEx to Interest Expense		 -8.73 -13.58 -9.31 -10.96 0.00 -8.56 -7.66 -6.82 0.12 - 9.04
NOPAT Less CapEx to Interest Expense		 -6.19 -9.54 -6.57 -7.82 0.00 -6.08 -5.38 -4.83 0.05 - 8.38
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%

Financials Breakdown Chart

Key Financial Trends

Liquidia (LQDA) has shown a notable turnaround signal in late 2025, with a leap in quarterly revenue and a swing to quarterly profitability in Q4 2025. Below are the key trends across the last four years of quarterly data, highlighting what may matter most to retail investors.

  • Q4 2025 revenue rose to 92.021 million, up from 54.342 million in Q3 2025, indicating a strong sequential ramp in top-line activity.
  • Q4 2025 net income attributable to common shareholders reached 14.555 million, marking a quarterly profit after several prior losses.
  • Q4 2025 gross profit was 84.966 million on 92.021 million of revenue, implying a gross margin of about 92% for the quarter.
  • Q4 2025 operating income was 19.787 million, showing meaningful operating profitability alongside the revenue surge.
  • Long-term debt hovered around 136.4 million by Q3 2025, signaling a rise in leverage that could affect future interest costs and flexibility.
  • Cash balance fluctuated through 2025, with about 157.5 million in cash and equivalents at Q3 2025, down from roughly 252.9 million at Q2 2024, indicating liquidity dynamics that warrant monitoring.
  • Earnings have been highly volatile across 2023–2025, with multiple quarters reporting net losses before the Q4 2025 rebound (for example, Q2 2025 net income of about -41.58 million, and earlier quarters negative as well).
  • Several recent quarters posted net losses prior to the Q4 2025 rebound, including Q2 2025 (-41.58 million) and Q3 2025 (-3.53 million), underscoring ongoing profitability challenges outside the latest upturn.
  • A substantial cumulative deficit persists in retained earnings (for example, -637.335 million in Q2 2025), highlighting an accumulated equity deficit relative to assets.
  • Debt levels, while manageable in parts of 2025, remain a financing constraint with long-term debt around 136.4 million by Q3 2025, raising ongoing interest and debt-service considerations for future quarters.
05/17/26 09:52 PM ETAI Generated. May Contain Errors.

Liquidia Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Liquidia's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Liquidia's net income appears to be on an upward trend, with a most recent value of -$68.92 million in 2025, rising from -$47.58 million in 2019. The previous period was -$128.29 million in 2024. Find out what analysts predict for Liquidia in the coming months.

Liquidia's total operating income in 2025 was -$51.38 million, based on the following breakdown:
  • Total Gross Profit: $145.08 million
  • Total Operating Expenses: $196.45 million

Over the last 6 years, Liquidia's total revenue changed from $8.07 million in 2019 to $158.32 million in 2025, a change of 1,861.3%.

Liquidia's total liabilities were at $283.19 million at the end of 2025, a 87.6% increase from 2024, and a 735.5% increase since 2019.

In the past 6 years, Liquidia's cash and equivalents has ranged from $55.80 million in 2019 to $190.68 million in 2025, and is currently $190.68 million as of their latest financial filing in 2025.

Over the last 6 years, Liquidia's book value per share changed from 1.89 in 2019 to 0.51 in 2025, a change of -72.8%.


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Financial statements for NASDAQ:LQDA last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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