MannKind (MNKD) Financials

$2.86 +0.05 (+1.78%)

Closing price 04:00 PM Eastern

Extended Trading

$2.87 +0.01 (+0.35%)

As of 04:27 PM Eastern

Annual Income Statements for MannKind

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	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	-368	126	-117	-87	-52	-57	-81	-87	-12	28	5.86
Consolidated Net Income / (Loss)	-368	126	-117	-87	-52	-57	-81	-87	-12	28	5.86
Net Income / (Loss) Continuing Operations	-368	126	-117	-87	-52	-57	-81	-87	-12	28	5.86
Total Pre-Tax Income	-368	126	-117	-87	-52	-57	-81	-87	-10	31	1.41
Total Operating Income	-345	67	-108	-77	-45	-48	-47	-64	8.68	73	39
Total Gross Profit	-65	125	-5.48	7.39	35	41	37	42	136	209	261
Total Revenue	0.00	175	12	28	63	65	75	100	199	286	349
Operating Revenue	0.00	175	12	28	63	65	75	100	199	286	349
Total Cost of Revenue	65	50	17	20	28	25	39	57	63	77	88
Operating Cost of Revenue	65	50	17	20	28	25	39	57	63	77	88
Total Operating Expenses	280	57	103	84	80	88	84	106	128	136	222
Selling, General & Admin Expense	41	47	75	80	75	59	77	91	94	94	144
Research & Development Expense	30	15	14	8.74	6.90	19	12	20	31	46	66
Amortization Expense	-	-	-	-	-	-	-	-	0.00	0.00	3.97
Other Operating Expenses / (Income)	69	-5.70	13	-4.47	-1.91	8.01	-6.23	-4.81	1.92	-3.91	7.75
Total Other Income / (Expense), net	-24	58	-9.09	-10	-7.31	-9.55	-34	-23	-19	-42	-37
Interest Expense	25	-54	15	10	7.38	9.74	34	25	25	58	38
Interest & Investment Income	0.02	0.09	0.29	0.50	1.00	0.17	0.11	2.51	6.15	13	8.05
Other Income / (Expense), net	1.37	4.77	5.50	-0.44	-0.93	0.02	-0.24	-1.03	-0.05	3.74	-7.42
Income Tax Expense	0.00	-	0.05	0.24	0.00	-0.22	0.00	0.00	1.56	2.93	-4.46
Basic Earnings per Share	($4.54)	$1.37	($1.13)	($0.60)	($0.27)	($0.26)	($0.32)	($0.34)	($0.04)	$0.10	$0.02
Weighted Average Basic Shares Outstanding	81.23M	92.05M	104.25M	144.14M	195.58M	222.59M	249.24M	257.09M	267.01M	274.42M	305.64M
Diluted Earnings per Share	($4.54)	$1.36	($1.13)	($0.60)	($0.27)	($0.26)	($0.32)	($0.34)	($0.04)	$0.10	$0.02
Weighted Average Diluted Shares Outstanding	81.23M	92.09M	104.25M	144.14M	195.58M	222.59M	249.24M	257.09M	267.01M	283.84M	314.11M
Weighted Average Basic & Diluted Shares Outstanding	406.17M	91.70M	120.47M	144.14M	195.58M	222.59M	249.24M	263.92M	270.42M	303.59M	308.10M

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-5.27	1.72	1.40	11	-2.01	12	7.42	13	0.67	7.99	-16
Consolidated Net Income / (Loss)	-5.27	1.72	1.40	11	-2.01	12	7.42	13	0.67	7.99	-16
Net Income / (Loss) Continuing Operations	-5.27	1.72	1.40	11	-2.01	12	7.42	13	0.67	7.99	-16
Total Pre-Tax Income	-5.27	1.72	2.96	11	-1.69	13	8.45	14	0.94	7.78	-21
Total Operating Income	1.72	5.10	7.86	17	17	13	26	22	5.30	19	-7.69
Total Gross Profit	34	37	40	48	52	52	57	61	56	62	82
Total Revenue	49	51	58	66	72	70	77	78	77	82	112
Operating Revenue	49	51	58	66	72	70	77	78	77	82	112
Total Cost of Revenue	14	14	18	19	20	18	20	18	21	20	30
Operating Cost of Revenue	14	14	18	19	20	18	20	18	21	20	30
Total Operating Expenses	33	32	33	31	35	39	31	39	51	43	90
Selling, General & Admin Expense	26	24	21	22	24	24	24	25	32	29	58
Research & Development Expense	6.45	9.99	9.24	10	12	13	11	11	14	14	28
Other Operating Expenses / (Income)	0.25	-2.07	2.78	-1.40	-0.53	2.45	-4.43	2.51	5.36	-0.12	-0.00
Total Other Income / (Expense), net	-6.99	-3.38	-4.90	-5.83	-18	0.11	-18	-8.68	-4.36	-11	-13
Interest Expense	9.32	5.27	5.36	9.26	20	8.36	21	11	6.19	7.33	14
Interest & Investment Income	1.55	1.58	1.73	3.43	3.18	3.18	2.83	1.96	1.83	2.63	1.64
Income Tax Expense	0.00	0.00	1.56	0.26	0.32	1.32	1.02	0.46	0.27	-0.20	-4.98
Basic Earnings per Share	($0.02)	$0.01	$0.01	$0.04	($0.01)	$0.04	$0.03	$0.04	$0.00	$0.03	($0.05)
Weighted Average Basic Shares Outstanding	265.63M	268.73M	267.01M	270.36M	273.06M	275.00M	274.42M	303.48M	304.95M	306.81M	305.64M
Diluted Earnings per Share	($0.02)	$0.01	$0.01	$0.04	($0.01)	$0.04	$0.03	$0.04	$0.00	$0.03	($0.05)
Weighted Average Diluted Shares Outstanding	265.63M	323.77M	267.01M	324.73M	273.06M	284.69M	283.84M	320.90M	311.48M	311.64M	314.11M
Weighted Average Basic & Diluted Shares Outstanding	268.36M	269.57M	270.42M	272.32M	275.00M	275.78M	303.59M	303.93M	306.83M	307.07M	308.10M

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	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	-96	-36	25	23	-41	37	57	-54	169	-191	29
Net Cash From Operating Activities	-57	-78	-65	-38	-88	-28	-62	-81	34	43	18
Net Cash From Continuing Operating Activities	-57	-78	-65	-38	-88	-28	-62	-81	34	43	18
Net Income / (Loss) Continuing Operations	-368	126	-117	-87	-52	-57	-81	-87	-12	28	5.86
Consolidated Net Income / (Loss)	-368	126	-117	-87	-52	-57	-81	-87	-12	28	5.86
Depreciation Expense	13	4.16	3.53	2.86	0.97	2.15	1.99	3.33	4.54	7.37	12
Amortization Expense	-	-	-	-	1.18	1.18	3.49	5.79	3.39	3.31	2.07
Non-Cash Adjustments To Reconcile Net Income	260	-28	17	2.77	-32	31	21	13	9.57	36	47
Changes in Operating Assets and Liabilities, net	38	-180	32	44	-6.42	-5.03	-6.92	-15	29	-31	-49
Net Cash From Investing Activities	-10	-1.13	17	-0.23	-23	15	-152	4.87	-1.99	-97	-305
Net Cash From Continuing Investing Activities	-10	-1.13	17	-0.23	-23	15	-152	4.87	-1.99	-97	-305
Purchase of Property, Plant & Equipment	-10	-1.14	-	-0.35	-2.57	-0.80	-11	-7.59	-42	-9.69	-4.57
Acquisitions	-	-	-	-	0.00	-3.98	0.00	-15	0.00	0.00	-348
Purchase of Investments	-	-	-	-	-45	0.00	-199	-75	-79	-274	0.00
Sale and/or Maturity of Investments	-	-	-	-	25	20	59	107	119	193	215
Other Investing Activities, net	-	-	-	-	-0.30	0.00	0.00	-5.00	0.38	-6.61	-168
Net Cash From Financing Activities	-29	43	74	61	70	50	270	21	137	-137	315
Net Cash From Continuing Financing Activities	5.67	43	74	61	70	50	270	21	138	-137	316
Repayment of Debt	-65	-5.00	-4.00	-5.00	-57	0.00	-43	0.00	-6.67	-133	-7.27
Repurchase of Common Equity	-0.55	-2.69	-3.31	-4.23	-0.43	-0.29	-3.12	-0.06	-10	-6.09	-3.26
Issuance of Debt	0.04	-	19	0.01	120	15	230	-	0.00	0.00	325
Issuance of Common Equity	33	51	62	71	3.26	23	1.89	20	6.89	0.00	0.00
Other Financing Activities, net	4.05	-0.17	-0.13	-	4.38	12	85	1.66	148	2.74	1.27
Cash Interest Paid	13	8.99	18	3.76	1.76	3.56	11	8.85	18	18	15
Cash Income Taxes Paid	0.00	-	0.05	0.24	-	-	-	0.00	0.00	4.26	1.71

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	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
Net Change in Cash & Equivalents	0.32	-3.17	155	-45	-96	-34	-16	0.98	9.70	70	-53
Net Cash From Operating Activities	2.60	8.66	22	6.70	3.83	9.33	23	-6.38	8.95	24	-7.96
Net Cash From Continuing Operating Activities	2.60	8.66	22	6.70	3.83	9.33	23	-6.38	8.95	24	-7.96
Net Income / (Loss) Continuing Operations	-5.27	1.72	1.40	11	-2.01	12	7.42	13	0.67	7.99	-16
Consolidated Net Income / (Loss)	-5.27	1.72	1.40	11	-2.01	12	7.42	13	0.67	7.99	-16
Depreciation Expense	1.22	1.03	1.23	1.36	1.73	2.12	2.16	2.11	2.09	2.06	6.03
Amortization Expense	0.79	0.95	-0.09	0.83	0.73	0.91	-4.25	0.65	0.64	0.90	-0.13
Non-Cash Adjustments To Reconcile Net Income	2.24	-0.44	3.63	7.15	11	1.58	21	7.05	17	14	9.31
Changes in Operating Assets and Liabilities, net	3.61	5.39	16	-13	-7.85	-6.83	-3.32	-29	-12	-0.85	-7.23
Net Cash From Investing Activities	3.66	-12	-7.90	-48	-55	-41	48	5.96	6.26	-25	-292
Net Cash From Continuing Investing Activities	3.66	-12	-7.90	-48	-55	-41	48	5.96	6.26	-25	-292
Purchase of Property, Plant & Equipment	-17	-11	-5.87	-2.41	-2.97	-1.42	-2.90	-0.33	-1.12	-1.13	-1.99
Sale and/or Maturity of Investments	47	24	27	22	67	47	58	50	51	42	71
Other Investing Activities, net	-	0.38	-	0.40	-	-	-7.01	-44	-44	-66	-14
Net Cash From Financing Activities	-5.95	-0.28	142	-3.47	-45	-2.34	-87	1.39	-5.51	72	247
Net Cash From Continuing Financing Activities	-5.95	-0.28	142	-3.47	-45	-2.34	-87	1.39	-5.51	72	247
Repayment of Debt	-	-1.67	-5.00	-5.00	-40	-	-88	0.00	-	-2.35	-4.92
Repurchase of Common Equity	-	-1.78	0.04	0.27	-	-1.51	0.09	1.59	-5.98	-0.74	1.87
Issuance of Debt	-	-	-	-	-	-	-	-	-	-	250
Other Financing Activities, net	0.98	-0.95	147	1.26	0.59	-0.83	0.71	-0.20	0.47	0.54	0.46
Cash Interest Paid	0.56	3.72	10	5.93	2.39	5.29	3.89	3.01	2.56	-	9.15
Cash Income Taxes Paid	-	-	-	0.00	-	0.24	2.30	0.21	0.87	0.08	0.55

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	126	107	85	108	94	109	321	295	475	394	792
Total Current Assets	77	77	57	82	61	79	219	235	373	268	292
Cash & Equivalents	59	23	44	71	30	67	124	70	238	46	75
Short-Term Investments	-	-	-	-	20	0.00	80	101	57	151	96
Accounts Receivable	0.02	31	2.79	4.02	3.51	4.22	4.74	17	15	12	38
Inventories, net	0.00	2.33	2.66	3.60	4.16	4.97	7.15	22	29	28	35
Prepaid Expenses	4.02	4.36	3.01	2.56	2.89	3.12	3.48	25	35	31	47
Plant, Property, & Equipment, net	49	29	27	26	27	26	37	45	84	85	82
Total Noncurrent Assets	1.01	0.65	0.44	0.25	6.19	3.27	65	15	18	40	418
Long-Term Investments	-	-	-	-	-	0.00	57	1.96	7.16	5.48	5.01
Goodwill	-	-	-	-	-	-	0.00	2.43	1.93	1.93	68
Intangible Assets	-	-	-	-	-	-	0.00	1.15	1.07	5.27	5.07
Other Noncurrent Operating Assets	1.01	0.65	0.44	0.25	6.19	3.27	8.44	9.72	7.43	27	341
Total Liabilities & Shareholders' Equity	126	107	85	108	94	109	321	295	475	394	792
Total Liabilities	477	291	299	283	284	289	531	546	721	473	843
Total Current Liabilities	268	92	88	75	66	74	48	67	104	82	171
Short-Term Debt	75	71	53	11	5.03	4.06	-	0.00	20	0.00	57
Accounts Payable	16	3.26	6.98	5.38	4.79	5.58	6.96	11	9.58	6.79	9.03
Accrued Expenses	7.93	7.94	12	15	16	20	27	36	42	40	65
Current Deferred Revenue	158	4.42	3.29	37	33	33	0.83	1.73	9.09	12	15
Other Current Liabilities	12	5.09	12	6.66	7.39	11	13	19	23	22	25
Total Noncurrent Liabilities	208	199	212	208	219	215	482	479	617	391	672
Long-Term Debt	77	77	104	91	114	118	281	273	249	36	318
Noncurrent Deferred Revenue	-	-	-	11	8.34	1.66	20	38	70	51	40
Other Noncurrent Operating Liabilities	131	121	108	106	96	95	88	73	299	304	314
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	-350	-184	-215	-175	-191	-180	-209	-251	-246	-79	-51
Total Preferred & Common Equity	-350	-184	-215	-175	-191	-180	-209	-251	-246	-79	-51
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	-350	-184	-215	-175	-191	-180	-209	-251	-246	-79	-51
Common Stock	2,513	2,554	2,640	2,765	2,801	2,869	2,921	2,967	2,983	3,122	3,145
Retained Earnings	-2,863	-2,738	-2,855	-2,940	-2,992	-3,049	-3,130	-3,217	-3,229	-3,202	-3,196
Accumulated Other Comprehensive Income / (Loss)	-0.02	-0.02	-0.02	-0.02	-0.02	0.00	-	-	0.00	1.11	0.12

This table presents MannKind'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
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
Total Assets	294	298	313	320	481	444	464	410	412	495
Total Current Assets	218	223	230	226	383	326	328	274	279	359
Cash & Equivalents	54	86	86	83	193	97	62	47	57	127
Short-Term Investments	111	80	58	58	107	151	189	134	122	133
Accounts Receivable	23	20	28	22	20	23	18	29	27	17
Inventories, net	18	22	25	27	26	25	27	29	28	27
Prepaid Expenses	12	15	33	36	36	30	31	34	44	54
Plant, Property, & Equipment, net	41	55	70	80	84	85	85	84	83	83
Total Noncurrent Assets	34	20	14	14	14	33	51	53	50	53
Long-Term Investments	13	0.49	2.28	3.27	3.73	13	17	17	22	26
Goodwill	3.07	2.00	1.93	1.93	1.93	1.93	1.93	1.93	1.93	1.93
Intangible Assets	1.17	1.13	1.11	1.09	1.05	1.03	5.31	5.22	5.17	5.12
Other Noncurrent Operating Assets	17	16	8.35	8.05	7.45	16	27	29	20	20
Total Liabilities & Shareholders' Equity	294	298	313	320	481	444	464	410	412	495
Total Liabilities	532	554	574	572	711	670	674	469	467	539
Total Current Liabilities	60	82	97	96	100	80	72	116	112	109
Short-Term Debt	-	12	17	20	20	0.00	0.00	36	36	36
Accounts Payable	9.87	14	17	17	7.15	9.56	6.44	5.04	10	7.27
Accrued Expenses	30	33	37	32	42	41	37	40	31	31
Current Deferred Revenue	1.79	2.32	3.49	3.67	7.60	7.42	6.52	12	11	10
Other Current Liabilities	18	21	23	24	23	22	22	23	24	24
Total Noncurrent Liabilities	472	472	477	476	611	590	602	353	355	430
Long-Term Debt	273	262	258	253	244	228	228	0.00	0.00	73
Noncurrent Deferred Revenue	32	46	60	69	68	66	65	47	45	48
Other Noncurrent Operating Liabilities	72	164	65	59	205	296	309	305	309	308
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-238	-255	-260	-252	-230	-226	-210	-59	-55	-45
Total Preferred & Common Equity	-238	-255	-260	-252	-230	-226	-210	-59	-55	-45
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-238	-255	-260	-252	-230	-226	-210	-59	-55	-45
Common Stock	2,963	2,972	2,972	2,979	2,989	2,995	2,999	3,129	3,132	3,135
Retained Earnings	-3,200	-3,227	-3,233	-3,231	-3,219	-3,221	-3,209	-3,189	-3,188	-3,180
Accumulated Other Comprehensive Income / (Loss)	-1.21	0.00	0.44	0.44	0.00	0.00	0.59	1.17	1.26	0.14

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	-93.28%	137.20%	126.28%	3.34%	15.81%	32.25%	99.42%	43.50%	22.23%
EBITDA Growth	-107.07%	123.09%	-230.15%	25.20%	41.53%	-2.76%	6.23%	-34.09%	127.89%	424.26%	-47.44%
EBIT Growth	-92.92%	120.98%	-242.56%	24.98%	40.90%	-5.20%	1.31%	-37.84%	113.25%	784.45%	-58.88%
NOPAT Growth	-91.87%	127.88%	-212.60%	29.20%	41.78%	-7.44%	1.86%	-36.34%	113.54%	980.20%	146.40%
Net Income Growth	-85.73%	134.11%	-193.37%	25.87%	40.32%	-10.28%	-41.38%	-8.00%	86.34%	331.09%	-78.75%
EPS Growth	-85.73%	134.11%	-183.09%	46.90%	55.00%	3.70%	-23.08%	-6.25%	88.24%	350.00%	-80.00%
Operating Cash Flow Growth	-1,500.69%	-36.44%	17.05%	41.75%	-134.51%	68.21%	-119.39%	-30.74%	142.26%	24.69%	-57.06%
Free Cash Flow Firm Growth	1,129.93%	-403.13%	79.26%	43.19%	-244.01%	44.07%	-109.55%	-34.95%	371.47%	-86.38%	-839.57%
Invested Capital Growth	-1,045.29%	77.49%	-83.24%	-35.77%	15.56%	-2.89%	23.93%	41.96%	-405.44%	12.23%	160.44%
Revenue Q/Q Growth	0.00%	7.64%	-40.13%	70.32%	-0.06%	3.91%	-7.29%	30.89%	12.70%	6.85%	11.21%
EBITDA Q/Q Growth	-278.07%	142.25%	-17.48%	21.36%	-6.33%	-35.14%	2.21%	16.36%	597.64%	25.56%	-42.36%
EBIT Q/Q Growth	-241.97%	138.60%	-16.46%	21.10%	-9.53%	-31.79%	-0.47%	13.71%	174.53%	35.27%	-57.00%
NOPAT Q/Q Growth	-238.24%	149.59%	-18.65%	21.61%	-8.85%	-34.90%	-0.47%	14.85%	172.50%	41.19%	133.28%
Net Income Q/Q Growth	-188.15%	161.20%	-283.78%	20.94%	-9.53%	-26.94%	-2.08%	10.37%	61.84%	27.92%	-79.94%
EPS Q/Q Growth	-188.15%	161.20%	-289.66%	16.67%	-12.50%	-23.81%	3.03%	10.53%	66.67%	25.00%	-80.00%
Operating Cash Flow Q/Q Growth	18.73%	11.15%	-36.23%	59.30%	-51.54%	15.96%	-25.61%	11.00%	239.58%	2.33%	-62.64%
Free Cash Flow Firm Q/Q Growth	176.65%	-745.32%	67.37%	75.35%	-130.25%	-25.82%	3.22%	5.49%	926.77%	-88.29%	-676.62%
Invested Capital Q/Q Growth	-4,052.22%	54.04%	-0.40%	-30.06%	-4.75%	-6.85%	-12.09%	-15.42%	-883.07%	1.88%	167.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	71.34%	-46.68%	26.53%	55.62%	62.17%	48.49%	42.37%	68.45%	73.17%	74.79%
EBITDA Margin	0.00%	43.60%	-844.27%	-266.25%	-68.80%	-68.41%	-55.39%	-56.16%	7.85%	28.69%	13.11%
Operating Margin	0.00%	38.49%	-921.15%	-274.94%	-70.75%	-73.55%	-62.33%	-64.26%	4.36%	25.42%	11.12%
EBIT Margin	0.00%	41.22%	-874.31%	-276.51%	-72.22%	-73.51%	-62.65%	-65.29%	4.34%	26.73%	8.99%
Profit (Net Income) Margin	0.00%	71.91%	-999.00%	-312.20%	-82.34%	-87.87%	-107.27%	-87.60%	-6.00%	9.66%	1.68%
Tax Burden Percent	100.00%	100.00%	100.04%	100.28%	100.00%	99.62%	100.00%	100.00%	115.04%	90.40%	416.70%
Interest Burden Percent	107.33%	174.46%	114.21%	112.60%	114.01%	119.98%	171.23%	134.16%	-120.24%	39.98%	4.48%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.60%	-316.70%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	173.75%	-47.07%	58.91%	44.62%	28.39%	30.86%	41.53%	38.01%	4.81%	-16.98%	-9.03%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-156.48%
Operating Return on Assets (OROA)	0.00%	61.70%	-107.17%	-80.12%	-45.20%	-47.34%	-21.99%	-21.14%	2.24%	17.57%	5.29%
Return on Assets (ROA)	0.00%	107.65%	-122.45%	-90.47%	-51.53%	-56.58%	-37.66%	-28.36%	-3.10%	6.35%	0.99%
Return on Common Equity (ROCE)	173.75%	-47.07%	58.91%	44.62%	28.39%	30.86%	41.53%	38.01%	4.81%	-16.98%	-9.03%
Return on Equity Simple (ROE_SIMPLE)	105.17%	-68.45%	54.64%	49.68%	27.24%	31.73%	38.66%	34.88%	4.85%	-35.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-241	67	-76	-54	-31	-34	-33	-45	6.07	66	162
NOPAT Margin	0.00%	38.49%	-644.80%	-192.46%	-49.52%	-51.48%	-43.63%	-44.98%	3.05%	22.98%	46.33%
Net Nonoperating Expense Percent (NNEP)	131.34%	-53.52%	35.55%	47.91%	41.58%	38.30%	56.80%	27.51%	22.29%	-37.98%	952.22%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-38.20%	26.96%	-153.44%	49.79%
Cost of Revenue to Revenue	0.00%	28.66%	146.68%	73.47%	44.38%	37.83%	51.51%	57.63%	31.55%	26.83%	25.21%
SG&A Expenses to Revenue	0.00%	26.85%	638.22%	286.14%	118.45%	90.63%	102.62%	91.68%	47.40%	33.04%	41.30%
R&D to Revenue	0.00%	8.54%	120.20%	31.36%	10.95%	29.90%	16.32%	19.77%	15.72%	16.07%	19.01%
Operating Expenses to Revenue	0.00%	32.85%	874.47%	301.46%	126.36%	135.72%	110.82%	106.63%	64.09%	47.75%	63.68%
Earnings before Interest and Taxes (EBIT)	-343	72	-103	-77	-46	-48	-47	-65	8.63	76	31
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-330	76	-99	-74	-43	-45	-42	-56	16	82	46
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	1.74	23.14	6.07	4.22	11.18	14.55	13.90	4.93	6.21	4.99
Price to Earnings (P/E)	0.00	2.42	0.00	0.00	0.00	0.00	0.00	0.00	0.00	64.28	296.96
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	41.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.56%	0.34%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.08
Enterprise Value to Revenue (EV/Rev)	0.00	2.46	32.38	7.18	5.31	12.02	16.07	15.86	4.76	5.63	5.56
Enterprise Value to EBITDA (EV/EBITDA)	0.00	5.65	0.00	0.00	0.00	0.00	0.00	0.00	60.65	19.61	42.43
Enterprise Value to EBIT (EV/EBIT)	0.00	5.97	0.00	0.00	0.00	0.00	0.00	0.00	109.81	21.05	61.83
Enterprise Value to NOPAT (EV/NOPAT)	0.00	6.40	0.00	0.00	0.00	0.00	0.00	0.00	156.01	24.48	12.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	27.80	37.79	106.30
Enterprise Value to Free Cash Flow (EV/FCFF)	15.71	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.11	51.17	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-0.43	-0.81	-0.73	-0.59	-0.62	-0.68	-1.79	-1.47	-1.09	-0.46	-7.36
Long-Term Debt to Equity	-0.22	-0.42	-0.48	-0.52	-0.60	-0.66	-1.79	-1.47	-1.01	-0.46	-6.24
Financial Leverage	-0.46	-0.41	-0.59	-0.36	-0.27	-0.33	-0.43	-0.67	-0.33	0.62	-0.25
Leverage Ratio	-1.23	-0.44	-0.48	-0.49	-0.55	-0.55	-1.10	-1.34	-1.55	-2.67	-9.13
Compound Leverage Factor	-1.32	-0.76	-0.55	-0.56	-0.63	-0.65	-1.89	-1.80	1.87	-1.07	-0.41
Debt to Total Capital	-76.39%	-423.09%	-270.80%	-141.17%	-166.00%	-210.08%	226.59%	313.29%	1,192.57%	-84.30%	115.71%
Short-Term Debt to Total Capital	-37.55%	-203.26%	-91.08%	-15.56%	-7.02%	-6.98%	0.00%	0.00%	88.77%	0.00%	17.68%
Long-Term Debt to Total Capital	-38.84%	-219.83%	-179.72%	-125.61%	-158.98%	-203.10%	226.59%	313.29%	1,103.81%	-84.30%	98.03%
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%	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%	0.00%
Common Equity to Total Capital	176.39%	523.09%	370.80%	241.17%	266.00%	310.08%	-126.59%	-213.29%	-1,092.57%	184.30%	-15.71%
Debt to EBITDA	-0.46	1.95	-1.58	-1.38	-2.74	-2.74	-8.97	-6.57	17.20	0.44	8.22
Net Debt to EBITDA	-0.28	1.65	-1.09	-0.42	-1.58	-1.24	-2.73	-3.48	-2.15	-2.03	4.36
Long-Term Debt to EBITDA	-0.23	1.01	-1.05	-1.23	-2.63	-2.65	-8.97	-6.57	15.92	0.44	6.96
Debt to NOPAT	-0.63	2.21	-2.07	-1.91	-3.81	-3.64	-11.38	-8.20	44.23	0.55	2.32
Net Debt to NOPAT	-0.38	1.87	-1.43	-0.57	-2.20	-1.64	-3.46	-4.35	-5.52	-2.54	1.23
Long-Term Debt to NOPAT	-0.32	1.15	-1.37	-1.70	-3.65	-3.52	-11.38	-8.20	40.94	0.55	1.97
Altman Z-Score	-41.74	-31.48	-51.01	-39.88	-45.12	-38.58	-12.01	-13.44	-7.54	-7.20	-3.66
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.29	0.84	0.65	1.09	0.93	1.08	4.54	3.49	3.59	3.28	1.70
Quick Ratio	0.22	0.58	0.53	1.00	0.81	0.97	4.32	2.79	2.98	2.55	1.23
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	44	-132	-27	-16	-54	-30	-63	-85	230	31	-232
Operating Cash Flow to CapEx	-560.93%	-6,929.02%	0.00%	-16,124.36%	-3,449.63%	-3,511.61%	-538.19%	-1,063.10%	80.33%	438.57%	399.80%
Free Cash Flow to Firm to Interest Expense	1.74	0.00	-1.84	-1.53	-7.28	-3.08	-1.86	-3.43	9.16	0.54	-6.11
Operating Cash Flow to Interest Expense	-2.27	0.00	-4.35	-3.70	-11.99	-2.89	-1.83	-3.26	1.36	0.73	0.48
Operating Cash Flow Less CapEx to Interest Expense	-2.68	0.00	-3.23	-3.72	-12.34	-2.97	-2.17	-3.56	-0.33	0.56	0.36
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	1.50	0.12	0.29	0.63	0.64	0.35	0.32	0.52	0.66	0.59
Accounts Receivable Turnover	0.00	11.32	0.70	8.19	16.74	16.85	16.85	9.26	12.55	21.38	13.91
Inventory Turnover	0.00	0.00	6.91	6.55	7.22	5.40	6.41	3.98	2.50	2.71	2.78
Fixed Asset Turnover	0.00	4.50	0.42	1.06	2.41	2.47	2.42	2.44	3.08	3.37	4.16
Accounts Payable Turnover	5.63	5.31	3.36	3.31	5.50	4.75	6.20	6.39	6.08	9.36	11.12
Days Sales Outstanding (DSO)	0.00	32.25	522.84	44.59	21.80	21.66	21.67	39.40	29.08	17.07	26.24
Days Inventory Outstanding (DIO)	0.00	0.00	52.84	55.76	50.56	67.61	56.95	91.81	146.29	134.44	131.13
Days Payable Outstanding (DPO)	64.81	68.72	108.55	110.23	66.32	76.81	58.89	57.16	59.99	39.01	32.84
Cash Conversion Cycle (CCC)	0.00	-36.47	467.13	-9.88	6.04	12.45	19.73	74.05	115.39	112.51	124.53
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-258	-58	-106	-144	-122	-125	-95	-55	-280	-246	148
Invested Capital Turnover	0.00	-1.11	-0.14	-0.22	-0.47	-0.53	-0.68	-1.32	-1.19	-1.09	-7.19
Increase / (Decrease) in Invested Capital	-285	200	-48	-38	22	-3.52	30	40	-224	34	394
Enterprise Value (EV)	686	430	380	200	335	783	1,212	1,582	948	1,607	1,941
Market Capitalization	594	305	272	169	266	728	1,098	1,387	981	1,773	1,741
Book Value per Share	($0.86)	($0.38)	($1.83)	($1.10)	($0.92)	($0.78)	($0.83)	($0.95)	($0.91)	($0.29)	($0.17)
Tangible Book Value per Share	($0.86)	($0.38)	($1.83)	($1.10)	($0.92)	($0.78)	($0.83)	($0.97)	($0.92)	($0.31)	($0.40)
Total Capital	-199	-35	-58	-73	-72	-58	165	117	23	-43	325
Total Debt	152	148	157	102	119	122	375	368	269	36	376
Total Long-Term Debt	77	77	104	91	114	118	375	368	249	36	318
Net Debt	93	126	108	31	69	55	114	195	-34	-167	199
Capital Expenditures (CapEx)	10	1.13	-17	0.23	2.57	0.80	11	7.59	42	9.69	4.57
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-176	34	-26	-54	-50	-57	-33	-3.25	-5.83	-11	6.61
Debt-free Net Working Capital (DFNWC)	-117	57	22	18	0.17	9.83	171	168	289	186	178
Net Working Capital (NWC)	-192	-15	-30	6.61	-4.86	5.77	171	168	269	186	121
Net Nonoperating Expense (NNE)	127	-58	42	33	21	24	48	43	18	38	156
Net Nonoperating Obligations (NNO)	93	126	108	31	69	55	114	195	-34	-167	199
Total Depreciation and Amortization (D&A)	13	4.16	3.53	2.86	2.15	3.33	5.47	9.11	7.00	5.59	14
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	19.39%	-221.29%	-193.02%	-79.37%	-88.01%	-43.71%	-3.25%	-2.93%	-3.78%	1.90%
Debt-free Net Working Capital to Revenue	0.00%	32.49%	190.41%	64.29%	0.26%	15.09%	226.85%	167.99%	145.39%	65.31%	51.00%
Net Working Capital to Revenue	0.00%	-8.33%	-258.67%	23.74%	-7.71%	8.86%	226.85%	167.99%	135.34%	65.31%	34.54%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($4.55)	$1.37	($1.13)	($0.60)	($0.27)	($0.26)	($0.32)	($0.34)	($0.04)	$0.10	$0.02
Adjusted Weighted Average Basic Shares Outstanding	85.77M	92.05M	104.25M	144.14M	212.30M	247.16M	251.80M	257.09M	267.01M	274.42M	305.64M
Adjusted Diluted Earnings per Share	($4.55)	$1.36	($1.13)	($0.60)	($0.27)	($0.26)	($0.32)	($0.34)	($0.04)	$0.10	$0.02
Adjusted Weighted Average Diluted Shares Outstanding	85.77M	92.09M	104.25M	144.14M	212.30M	247.16M	251.80M	257.09M	267.01M	283.84M	314.11M
Adjusted Basic & Diluted Earnings per Share	($4.55)	$0.00	$0.00	$0.00	($0.27)	($0.26)	($0.32)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	81.23M	95.78M	120.47M	187.34M	195.58M	222.59M	249.24M	263.92M	270.42M	303.59M	308.10M
Normalized Net Operating Profit after Tax (NOPAT)	-143	48	-76	-54	-31	-32	-33	-45	6.07	66	27
Normalized NOPAT Margin	0.00%	27.45%	-643.59%	-192.46%	-49.52%	-49.45%	-43.53%	-44.98%	3.05%	22.98%	7.78%
Pre Tax Income Margin	0.00%	71.91%	-998.57%	-311.34%	-82.34%	-88.20%	-107.27%	-87.60%	-5.22%	10.69%	0.40%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-13.64	0.00	-6.90	-7.55	-6.17	-4.92	-1.40	-2.63	0.34	1.31	0.83
NOPAT to Interest Expense	-9.58	0.00	-5.09	-5.25	-4.23	-3.45	-0.97	-1.81	0.24	1.12	4.25
EBIT Less CapEx to Interest Expense	-14.04	0.00	-5.78	-7.57	-6.52	-5.00	-1.74	-2.94	-1.34	1.14	0.71
NOPAT Less CapEx to Interest Expense	-9.99	0.00	-3.97	-5.28	-4.58	-3.53	-1.31	-2.12	-1.45	0.96	4.13
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%	0.00%
Augmented Payout Ratio	-0.15%	2.14%	-2.82%	-4.87%	-0.83%	-0.50%	-3.86%	-0.07%	-86.03%	22.06%	55.64%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	157.28%	56.14%	62.16%	63.10%	48.91%	36.73%	31.30%	18.25%	5.72%	17.20%	45.82%
EBITDA Growth	126.25%	193.85%	170.04%	570.21%	287.81%	184.90%	215.71%	32.47%	-54.20%	-26.73%	-106.04%
EBIT Growth	112.27%	155.16%	148.41%	384.05%	500.00%	233.35%	301.93%	33.32%	-64.81%	-30.82%	-129.01%
NOPAT Growth	108.41%	175.77%	141.51%	488.62%	865.14%	124.67%	526.50%	32.02%	-67.61%	69.34%	-123.11%
Net Income Growth	81.86%	111.92%	107.81%	208.52%	61.75%	571.12%	429.76%	23.78%	133.17%	-30.87%	-314.87%
EPS Growth	81.82%	116.67%	114.29%	200.00%	50.00%	300.00%	200.00%	0.00%	100.00%	-25.00%	-266.67%
Operating Cash Flow Growth	108.12%	130.86%	1,012.37%	479.84%	47.65%	7.70%	4.46%	-195.14%	133.50%	153.35%	-135.14%
Free Cash Flow Firm Growth	42.32%	67.16%	565.82%	-17.86%	951.07%	1,719.64%	-104.79%	49.38%	-115.19%	-104.14%	-3,551.53%
Invested Capital Growth	42.69%	40.66%	-405.44%	-18.91%	-576.88%	-779.31%	12.23%	-25.37%	15.08%	11.61%	160.44%
Revenue Q/Q Growth	19.65%	5.44%	14.09%	13.32%	9.24%	-3.19%	9.56%	2.06%	-2.33%	7.32%	36.31%
EBITDA Q/Q Growth	212.36%	63.73%	4.47%	144.66%	-7.33%	20.29%	15.77%	2.66%	-67.96%	92.45%	-111.54%
EBIT Q/Q Growth	142.64%	115.74%	21.74%	153.67%	-9.94%	19.86%	46.78%	-15.86%	-76.23%	135.65%	-161.56%
NOPAT Q/Q Growth	128.69%	323.09%	-27.08%	339.00%	-28.74%	-1.51%	103.34%	-7.49%	-82.52%	414.95%	-127.75%
Net Income Q/Q Growth	46.25%	132.69%	-18.59%	658.74%	-118.95%	673.49%	-35.74%	77.28%	-94.92%	1,095.36%	-299.72%
EPS Q/Q Growth	50.00%	150.00%	0.00%	300.00%	-125.00%	500.00%	-25.00%	33.33%	-100.00%	0.00%	-266.67%
Operating Cash Flow Q/Q Growth	124.57%	233.74%	150.21%	-69.08%	-42.82%	143.44%	142.68%	-128.16%	240.35%	164.13%	-133.66%
Free Cash Flow Firm Q/Q Growth	-150.64%	47.30%	1,684.23%	-80.57%	424.65%	0.29%	-104.69%	705.45%	-153.34%	72.68%	-4,039.48%
Invested Capital Q/Q Growth	74.14%	25.69%	-883.07%	37.06%	-47.20%	3.46%	1.88%	10.09%	0.29%	-0.48%	167.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	70.71%	72.19%	69.10%	71.93%	71.85%	74.28%	74.47%	77.65%	73.12%	75.40%	73.50%
EBITDA Margin	9.30%	14.44%	13.22%	28.54%	24.21%	30.08%	31.79%	31.97%	10.49%	18.81%	-1.59%
Operating Margin	3.54%	9.94%	13.44%	25.24%	22.95%	18.21%	34.51%	28.45%	6.92%	23.01%	-6.87%
EBIT Margin	5.16%	10.57%	11.27%	25.24%	20.81%	25.76%	34.51%	28.45%	6.92%	15.20%	-6.87%
Profit (Net Income) Margin	-10.83%	3.36%	2.40%	16.04%	-2.78%	16.48%	9.67%	16.79%	0.87%	9.72%	-14.25%
Tax Burden Percent	100.00%	100.00%	47.30%	97.58%	119.10%	89.74%	87.89%	96.63%	71.06%	102.62%	76.19%
Interest Burden Percent	-209.76%	31.78%	44.93%	65.15%	-11.23%	71.30%	31.87%	61.08%	17.74%	62.31%	272.29%
Effective Tax Rate	0.00%	0.00%	52.70%	2.42%	0.00%	10.26%	12.11%	3.37%	28.94%	-2.62%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	18.69%	12.78%	4.81%	-3.50%	-4.83%	-9.34%	-16.98%	-20.87%	-23.36%	-22.97%	-9.03%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-156.48%
Operating Return on Assets (OROA)	2.73%	6.07%	5.82%	14.55%	13.65%	17.55%	22.67%	19.01%	4.88%	9.95%	-4.04%
Return on Assets (ROA)	-5.72%	1.93%	1.24%	9.25%	-1.83%	11.23%	6.35%	11.22%	0.62%	6.36%	-8.38%
Return on Common Equity (ROCE)	18.69%	12.78%	4.81%	-3.50%	-4.83%	-9.34%	-16.98%	-20.87%	-23.36%	-22.97%	-9.03%
Return on Equity Simple (ROE_SIMPLE)	18.21%	12.43%	0.00%	-3.69%	-5.20%	-10.27%	0.00%	-51.38%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	1.20	5.10	3.72	16	12	11	23	22	3.77	19	-5.38
NOPAT Margin	2.48%	9.94%	6.36%	24.62%	16.06%	16.34%	30.33%	27.49%	4.92%	23.61%	-4.81%
Net Nonoperating Expense Percent (NNEP)	3.22%	1.63%	2.87%	7.05%	14.45%	-0.11%	-15.84%	-15.49%	-3.12%	-10.52%	64.58%
Return On Investment Capital (ROIC_SIMPLE)	-	-	16.50%	-	-	-	-54.45%	-95.70%	-19.95%	29.79%	-1.66%
Cost of Revenue to Revenue	29.29%	27.81%	30.90%	28.07%	28.15%	25.72%	25.53%	22.36%	26.88%	24.60%	26.50%
SG&A Expenses to Revenue	53.38%	46.78%	35.12%	33.70%	33.31%	34.13%	31.22%	31.92%	41.32%	35.42%	52.17%
R&D to Revenue	13.27%	19.49%	15.80%	15.11%	16.32%	18.44%	14.51%	14.07%	17.87%	17.12%	24.64%
Operating Expenses to Revenue	67.17%	62.24%	55.66%	46.70%	48.90%	56.07%	39.96%	49.19%	66.20%	52.39%	80.36%
Earnings before Interest and Taxes (EBIT)	2.51	5.42	6.59	17	15	18	26	22	5.30	12	-7.69
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4.52	7.40	7.73	19	18	21	24	25	8.03	15	-1.78
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	6.80	6.28	4.93	5.44	5.72	6.47	6.21	5.13	3.77	5.25	4.99
Price to Earnings (P/E)	0.00	0.00	0.00	143.89	121.10	80.20	64.28	50.71	34.66	56.36	296.96
Dividend Yield	0.00%	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%	0.70%	0.83%	1.25%	1.56%	1.97%	2.89%	1.77%	0.34%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.08
Enterprise Value to Revenue (EV/Rev)	8.21	7.54	4.76	5.68	5.59	6.32	5.63	4.59	3.22	4.69	5.56
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	60.65	33.07	26.92	25.89	19.61	16.19	13.26	18.54	42.43
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	109.81	40.82	31.70	29.94	21.05	17.46	14.54	20.16	61.83
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	156.01	49.34	35.48	36.35	24.48	19.28	15.90	21.22	12.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	132.63	27.80	32.17	33.96	40.67	37.79	46.38	28.12	30.11	106.30
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	4.11	23.68	5.34	6.30	51.17	11.82	44.08	36.53	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-1.42	-1.46	-1.09	-1.56	-1.01	-1.09	-0.46	-0.62	-0.66	-2.46	-7.36
Long-Term Debt to Equity	-1.35	-1.38	-1.01	-1.47	-1.01	-1.09	-0.46	0.00	0.00	-1.65	-6.24
Financial Leverage	-0.79	-0.84	-0.33	-0.33	-0.39	-0.40	0.62	0.38	0.71	0.85	-0.25
Leverage Ratio	-1.18	-1.25	-1.55	-1.61	-1.56	-1.70	-2.67	-3.09	-3.05	-3.77	-9.13
Compound Leverage Factor	2.48	-0.40	-0.70	-1.05	0.17	-1.21	-0.85	-1.89	-0.54	-2.35	-24.87
Debt to Total Capital	340.44%	317.36%	1,192.57%	279.13%	11,497.27%	1,254.33%	-84.30%	-160.42%	-191.60%	168.44%	115.71%
Short-Term Debt to Total Capital	15.38%	17.27%	88.77%	15.58%	0.00%	0.00%	0.00%	-160.42%	-191.60%	55.64%	17.68%
Long-Term Debt to Total Capital	325.05%	300.10%	1,103.81%	263.55%	11,497.27%	1,254.33%	-84.30%	0.00%	0.00%	112.79%	98.03%
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%	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%	0.00%
Common Equity to Total Capital	-240.44%	-217.36%	-1,092.57%	-179.13%	-11,397.27%	-1,154.33%	184.30%	260.42%	291.60%	-68.44%	-15.71%
Debt to EBITDA	-20.02	-117.07	17.20	9.29	4.42	3.50	0.44	0.43	0.49	1.38	8.22
Net Debt to EBITDA	-12.06	-71.12	-2.15	1.40	-0.65	-0.62	-2.03	-1.92	-2.25	-2.23	4.36
Long-Term Debt to EBITDA	-19.12	-110.70	15.92	8.77	4.42	3.50	0.44	0.00	0.00	0.93	6.96
Debt to NOPAT	-19.75	-43.87	44.23	13.87	5.82	4.91	0.55	0.51	0.59	1.58	2.32
Net Debt to NOPAT	-11.90	-26.65	-5.52	2.09	-0.85	-0.87	-2.54	-2.29	-2.70	-2.55	1.23
Long-Term Debt to NOPAT	-18.86	-41.49	40.94	13.09	5.82	4.91	0.55	0.00	0.00	1.06	1.97
Altman Z-Score	-12.27	-11.87	-7.55	-7.05	-7.55	-6.77	-7.62	-7.56	-8.12	-5.84	-3.82
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.37	2.34	3.59	3.84	4.07	4.54	3.28	2.36	2.50	3.29	1.70
Quick Ratio	1.78	1.69	2.98	3.21	3.39	3.74	2.55	1.82	1.84	2.54	1.23
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-27	-14	228	44	233	233	-11	66	-35	-9.65	-399
Operating Cash Flow to CapEx	15.39%	76.09%	369.05%	278.36%	128.97%	658.50%	781.91%	-1,932.42%	801.25%	2,101.33%	-399.10%
Free Cash Flow to Firm to Interest Expense	-2.93	-2.73	42.60	4.78	11.67	27.89	-0.52	6.23	-5.70	-1.32	-28.78
Operating Cash Flow to Interest Expense	0.28	1.64	4.05	0.72	0.19	1.12	1.08	-0.60	1.45	3.22	-0.57
Operating Cash Flow Less CapEx to Interest Expense	-1.53	-0.52	2.95	0.46	0.04	0.95	0.95	-0.63	1.27	3.07	-0.72
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.53	0.57	0.52	0.58	0.66	0.68	0.66	0.67	0.71	0.65	0.59
Accounts Receivable Turnover	7.39	7.79	12.55	11.34	9.71	13.36	21.38	12.19	11.95	17.64	13.91
Inventory Turnover	2.79	2.68	2.50	2.69	2.85	2.79	2.71	2.73	2.84	2.90	2.78
Fixed Asset Turnover	2.94	2.90	3.08	3.24	3.21	3.22	3.37	3.56	3.59	3.74	4.16
Accounts Payable Turnover	5.13	4.57	6.08	6.19	5.34	6.47	9.36	12.39	7.64	11.36	11.12
Days Sales Outstanding (DSO)	49.42	46.84	29.08	32.20	37.57	27.32	17.07	29.93	30.54	20.69	26.24
Days Inventory Outstanding (DIO)	130.71	136.18	146.29	135.68	128.10	130.75	134.44	133.72	128.34	125.67	131.13
Days Payable Outstanding (DPO)	71.11	79.88	59.99	58.93	68.30	56.40	39.01	29.46	47.76	32.13	32.84
Cash Conversion Cycle (CCC)	109.02	103.14	115.39	108.95	97.37	101.68	112.51	134.19	111.12	114.22	124.53
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-38	-28	-280	-176	-259	-250	-246	-221	-220	-221	148
Invested Capital Turnover	-3.01	-4.62	-1.19	-1.39	-1.67	-1.92	-1.09	-1.50	-1.26	-1.33	-7.19
Increase / (Decrease) in Invested Capital	29	19	-224	-28	-221	-222	34	-45	39	29	394
Enterprise Value (EV)	1,298	1,332	948	1,275	1,388	1,689	1,607	1,365	972	1,471	1,941
Market Capitalization	1,076	1,108	981	1,221	1,421	1,730	1,773	1,527	1,137	1,648	1,741
Book Value per Share	($0.99)	($0.94)	($0.91)	($0.85)	($0.83)	($0.76)	($0.29)	($0.19)	($0.18)	($0.15)	($0.17)
Tangible Book Value per Share	($1.00)	($0.95)	($0.92)	($0.86)	($0.84)	($0.79)	($0.31)	($0.22)	($0.20)	($0.17)	($0.40)
Total Capital	108	116	23	128	1.98	18	-43	-23	-19	65	325
Total Debt	369	368	269	358	228	228	36	36	36	110	376
Total Long-Term Debt	352	348	249	338	228	228	36	0.00	0.00	73	318
Net Debt	222	223	-34	54	-33	-40	-167	-162	-165	-177	199
Capital Expenditures (CapEx)	17	11	5.87	2.41	2.97	1.42	2.90	0.33	1.12	1.13	1.99
Debt-free, Cash-free Net Working Capital (DFCFNWC)	5.59	8.19	-5.83	2.48	-1.83	3.98	-11	12	24	26	6.61
Debt-free Net Working Capital (DFNWC)	150	149	289	303	246	256	186	194	203	286	178
Net Working Capital (NWC)	133	129	269	283	246	256	186	158	167	250	121
Net Nonoperating Expense (NNE)	6.47	3.38	2.32	5.69	14	-0.10	16	8.38	3.10	11	11
Net Nonoperating Obligations (NNO)	222	223	-34	54	-33	-40	-167	-162	-165	-177	199
Total Depreciation and Amortization (D&A)	2.01	1.98	1.14	2.19	2.47	3.03	-2.09	2.76	2.73	2.96	5.91
Debt-free, Cash-free Net Working Capital to Revenue	3.53%	4.64%	-2.93%	1.10%	-0.74%	1.49%	-3.78%	4.16%	8.08%	8.25%	1.90%
Debt-free Net Working Capital to Revenue	94.82%	84.51%	145.39%	135.00%	99.02%	95.64%	65.31%	65.16%	67.40%	91.12%	51.00%
Net Working Capital to Revenue	84.28%	73.18%	135.34%	126.09%	99.02%	95.64%	65.31%	53.03%	55.41%	79.58%	34.54%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.02)	$0.01	$0.01	$0.04	($0.01)	$0.04	$0.03	$0.04	$0.00	$0.03	($0.05)
Adjusted Weighted Average Basic Shares Outstanding	265.63M	268.73M	267.01M	270.36M	273.06M	275.00M	274.42M	303.48M	304.95M	306.81M	305.64M
Adjusted Diluted Earnings per Share	($0.02)	$0.01	$0.01	$0.04	($0.01)	$0.04	$0.03	$0.04	$0.00	$0.03	($0.05)
Adjusted Weighted Average Diluted Shares Outstanding	265.63M	323.77M	267.01M	324.73M	273.06M	284.69M	283.84M	320.90M	311.48M	311.64M	314.11M
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	268.36M	269.57M	270.42M	272.32M	275.00M	275.78M	303.59M	303.93M	306.83M	307.07M	308.10M
Normalized Net Operating Profit after Tax (NOPAT)	1.20	3.57	5.50	16	12	11	23	22	3.77	13	-5.38
Normalized NOPAT Margin	2.48%	6.96%	9.41%	24.62%	16.06%	16.34%	30.33%	27.49%	4.92%	16.11%	-4.81%
Pre Tax Income Margin	-10.83%	3.36%	5.07%	16.44%	-2.34%	18.37%	11.00%	17.38%	1.23%	9.47%	-18.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.27	1.03	1.23	1.81	0.76	2.16	1.27	2.10	0.86	1.70	-0.55
NOPAT to Interest Expense	0.13	0.97	0.69	1.76	0.58	1.37	1.12	2.03	0.61	2.64	-0.39
EBIT Less CapEx to Interest Expense	-1.54	-1.13	0.13	1.55	0.61	1.99	1.13	2.07	0.68	1.55	-0.70
NOPAT Less CapEx to Interest Expense	-1.68	-1.19	-0.40	1.50	0.43	1.20	0.98	2.00	0.43	2.49	-0.53
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%	0.00%
Augmented Payout Ratio	-17.60%	-30.52%	-86.03%	0.00%	-32.02%	-18.65%	22.06%	15.82%	17.72%	17.26%	55.64%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, data-driven read on MannKind (MNKD) using the last four years of quarterly statements provided. The story shows a mix of top-line growth in 2025, solid gross margins, episodic profitability, and ongoing balance-sheet and cash-flow challenges. Below are the 10 most relevant takeaways, categorized for quick scanning.

Q4 2025 quarterly revenue jumped to 111,955,000, marking a sharp step up from prior 2024–2025 quarters and signaling a notable top-line acceleration.
Gross margins remained robust in the latest periods (Gross Profit ≈ 82,282,000 on 111,955,000 revenue in Q4 2025), indicating strong cost of revenue discipline despite revenue volatility.
Notable profitability in select quarters, including Q3 2025 net income attributable to common shareholders of about 7.99 million, and several prior quarters posting positive net income, showing episodic profitability despite an overall loss trend.
Q4 2025 debt issuance of 250 million produced a large net financing infusion (about 247.4 million), providing a substantial liquidity runway for near-term operations and investments.
Mid-2025 operating cash flow improved, with net cash from continuing operating activities around 23.6 million in Q3 2025, before variability re-emerged in Q4 2025.
Liquidity cushion remained visible through 2025, with cash and equivalents totaling about 127.4 million on the balance sheet in Q3 2025, supporting short-term liquidity even as other periods were weaker.
Revenue volatility remains evident, with 2025 showing a step-up in Q4 while earlier 2025 quarters were more modest, suggesting uneven quarterly demand or execution timing rather than a steady ramp.
Net income has been negative in many quarters; the most recent quarterly result (Q4 2025) shows net income attributable to common shareholders of -15.95 million, underscoring ongoing profitability headwinds.
Balance-sheet weakness persists: by Q3 2025, total liabilities (~539.2 million) exceeded total assets (~494.6 million), yielding a negative equity position (~-44.6 million) and signaling a continued capital structure risk.
Investing cash outflows remain material, with Q4 2025 net cash from investing activities around -291.96 million, indicating substantial use of cash for investments even as financing provided liquidity, which could strain liquidity if financing slows.

05/05/26 03:15 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About MannKind's Financials

When does MannKind's financial year end?

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

How has MannKind's net income changed over the last 10 years?

MannKind's net income appears to be on a downward trend, with a most recent value of $5.86 million in 2025, falling from -$368.45 million in 2015. The previous period was $27.59 million in 2024. See where experts think MannKind is headed by visiting MannKind's forecast page.

What is MannKind's operating income?

MannKind's total operating income in 2025 was $38.80 million, based on the following breakdown:

Total Gross Profit: $261.01 million
Total Operating Expenses: $222.21 million

How has MannKind's revenue changed over the last 10 years?

Over the last 10 years, MannKind's total revenue changed from $0.00 in 2015 to $348.97 million in 2025, a change of 34,896,600,000.0%.

How much debt does MannKind have?

MannKind's total liabilities were at $843.20 million at the end of 2025, a 78.4% increase from 2024, and a 76.9% increase since 2015.

How much cash does MannKind have?

In the past 10 years, MannKind's cash and equivalents has ranged from $22.90 million in 2016 to $238.48 million in 2023, and is currently $74.88 million as of their latest financial filing in 2025.

How has MannKind's book value per share changed over the last 10 years?

Over the last 10 years, MannKind's book value per share changed from -0.86 in 2015 to -0.17 in 2025, a change of -80.6%.

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Financial statements for NASDAQ:MNKD last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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