Madrigal Pharmaceuticals, Inc. (MDGL) Balance Sheet
MDGL balance sheet, 2025
December 31, 2025 · U.S. dollars$1.26B assets = $656.9M liabilities + $602.7M equity
Both columns are drawn to the same scale: what MDGL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MDGL financial health
Descriptive bands, not a rating. Fiscal 2025.
MDGL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $41.2M2016 | $1.26B2025 | +46.2%/yr | |
| Total liabilities | $4.8M2016 | $656.9M2025 | +72.7%/yr | |
| Shareholders’ equity | $36.4M2016 | $602.7M2025 | +36.6%/yr | |
| Cash & short-term investments | $40.5M2016 | $983.6M2025 | +42.5%/yr | |
| Total debt | $676,0002019 | $354.4M2025 | +184.0%/yr | |
| Net cash (debt) | $438.4M2019 | $629.2M2025 | +$190.8M | |
| Working capital | $36.4M2016 | $935.5M2025 | +$899.1M | |
| Book value per share | $7.002016 | $26.862025 | +16.1%/yr | |
| Current ratio | 8.582016 | 4.012025 | −4.57 | |
| Debt / equity | 0.002019 | 0.592025 | +0.59 | |
| Shares outstanding | 5.2M2016 | 22.4M2025 | +17.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MDGL assets
MDGL liabilities and equity
MDGL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MDGL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $983.6M | $926.3M | $634.1M | $358.8M | $270.3M | $284.1M | $439.0M | $483.7M | $191.5M | $40.5M |
| Cash & equivalents | $198.7M | $100.0M | $99.9M | $331.5M | $36.3M | $54.0M | $46.7M | $57.4M | $148.6M | $40.5M |
| Short-term investments | $784.9M | $826.2M | $534.2M | $27.2M | $234.1M | $230.1M | $392.3M | $426.3M | $42.9M | $21.4M |
| Receivables | $134.5M | $53.8M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $74.8M | $34.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $52.9M | $18.8M | $3.1M | $2.6M | $1.3M | $1.0M | $1.2M | $1.5M | $485,000 | $708,000 |
| Total current assets | $1.25B | $1.03B | $637.3M | $361.4M | $271.7M | $285.2M | $440.2M | $485.2M | $192.0M | $41.2M |
| Property, plant & equipment (net) | $6.4M | $4.6M | $3.3M | $1.2M | $1.6M | $1.8M | $1.9M | $227,000 | $301,000 | $2,946 |
| Goodwill & intangible assets | $7.4M | $4.7M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $54 |
| Total assets | $1.26B | $1.04B | $640.5M | $362.6M | $273.3M | $287.0M | $442.1M | $485.4M | $192.3M | $41.2M |
| Liabilities | ||||||||||
| Accounts payable | $48.9M | $43.6M | $28.0M | $23.8M | $21.4M | $1.0M | $1.2M | $2.5M | $1.9M | $762,000 |
| Short-term debt | $1.0M | $983,000 | $527,000 | $602,000 | $410,000 | $318,000 | $315,000 | — | — | — |
| Total current liabilities | $310.3M | $169.3M | $118.5M | $115.9M | $76.8M | $46.6M | $25.1M | $8.4M | $10.1M | $4.8M |
| Long-term debt | $339.9M | $117.6M | $115.5M | $49.3M | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $7.7M | $2.0M | $1.7M | $602,000 | $797,000 | $786,000 | $676,000 | — | — | — |
| Other long-term liabilities | $6.7M | $1.0M | $1.2M | $0 | $387,000 | $468,000 | $361,000 | $0 | $0 | $0 |
| Total liabilities | $656.9M | $287.9M | $235.2M | $165.2M | $77.2M | $47.0M | $25.5M | $8.4M | $10.1M | $4.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $1,000 | $1,195 |
| Retained earnings (deficit) | −$2.09B | −$1.80B | −$1.34B | −$962.7M | −$667.3M | −$425.5M | −$223.2M | −$139.3M | −$106.5M | −$75.3M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $873,000 | $468,000 | $468,000 | −$32,000 | −$80,000 | $47,000 | $216,000 | −$319,000 | −$31,000 | $25,404 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $602.7M | $754.4M | $405.3M | $197.4M | $196.1M | $240.0M | $416.6M | $477.0M | $182.3M | $36.4M |
| Key figures | ||||||||||
| Total debt | $354.4M | $119.6M | $117.2M | $49.9M | $797,000 | $786,000 | $676,000 | — | — | — |
| Net cash (debt) | $629.2M | $806.7M | $516.9M | $308.9M | $269.5M | $283.4M | $438.4M | — | — | — |
| Working capital | $935.5M | $863.6M | $518.7M | $245.5M | $194.8M | $238.6M | $415.1M | $476.8M | $182.0M | $36.4M |
| Tangible book value | $595.3M | $749.7M | $405.3M | $197.4M | $196.1M | $240.0M | $416.6M | $477.0M | $182.3M | $36.4M |
| Book value per share | $26.86 | $35.46 | $21.69 | $11.52 | $11.86 | $15.54 | $27.06 | $32.24 | $14.88 | $7.00 |
| Shares outstanding | 22.4M | 21.3M | 18.7M | 17.1M | 16.5M | 15.4M | 15.4M | 14.8M | 12.2M | 5.2M |
| Current ratio | 4.01 | 6.10 | 5.38 | 3.12 | 3.54 | 6.13 | 17.52 | 57.46 | 19.10 | 8.58 |
| Quick ratio | 3.60 | 5.79 | 5.35 | 3.10 | 3.52 | 6.10 | 17.47 | 57.29 | 19.05 | 8.44 |
| Debt / equity | 0.59 | 0.16 | 0.29 | 0.25 | 0.00 | 0.00 | 0.00 | — | — | — |
| Equity / assets | 47.8% | 72.4% | 63.3% | 54.4% | 71.7% | 83.6% | 94.2% | 98.3% | 94.8% | 88.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $838.8M | $817.9M | $983.6M | $1.11B | $797.0M | $843.1M | $926.3M | $998.6M | $1.06B | $1.06B | $634.1M | $232.4M |
| Cash & equivalents | $292.7M | $232.2M | $198.7M | $295.7M | $186.2M | $183.6M | $100.0M | $232.7M | $494.6M | $622.5M | $99.9M | $62.1M |
| Short-term investments | $546.0M | $585.7M | $784.9M | $814.1M | $610.8M | $659.4M | $826.2M | $765.9M | $563.2M | $436.5M | $534.2M | $170.3M |
| Receivables | $192.3M | $187.4M | $134.5M | $113.3M | $79.2M | $61.4M | $53.8M | $30.5M | $6.9M | −$14.0M | $0 | $0 |
| Inventory | $99.4M | $112.1M | $74.8M | $69.3M | $63.5M | $55.2M | $34.1M | $8.7M | $7.1M | $854,000 | $0 | $0 |
| Other current assets | $68.7M | $65.0M | $52.9M | $54.3M | $63.6M | $28.2M | $18.8M | $25.9M | $20.0M | $28.1M | $3.1M | $3.1M |
| Total current assets | $1.20B | $1.18B | $1.25B | $1.35B | $1.00B | $988.0M | $1.03B | $1.06B | $1.09B | $1.07B | $637.3M | $235.5M |
| Property, plant & equipment (net) | $17.2M | $14.2M | $6.4M | $8.3M | $7.5M | $4.0M | $4.6M | $4.8M | $3.2M | $3.3M | $3.3M | $2.5M |
| Goodwill & intangible assets | $7.2M | $7.3M | $7.4M | $7.5M | $4.5M | $4.6M | $4.7M | $4.8M | $4.9M | $5.0M | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $21.1M | $23.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $1.24B | $1.23B | $1.26B | $1.36B | $1.02B | $996.6M | $1.04B | $1.07B | $1.10B | $1.08B | $640.5M | $238.0M |
| Liabilities | ||||||||||||
| Accounts payable | $34.5M | $60.8M | $48.9M | $44.9M | $38.0M | $42.1M | $43.6M | $46.0M | $9.0M | $21.5M | $28.0M | $16.5M |
| Short-term debt | $1.0M | $1.7M | $1.0M | $1.1M | $1.0M | $1.0M | $983,000 | $878,000 | $557,000 | $542,000 | $527,000 | $513,000 |
| Total current liabilities | $374.2M | $338.3M | $310.3M | $391.4M | $196.5M | $167.2M | $169.3M | $177.8M | $125.2M | $114.3M | $118.5M | $99.7M |
| Long-term debt | $340.8M | $340.3M | $339.9M | $339.8M | $118.4M | $118.0M | $117.6M | $117.1M | $116.6M | $116.1M | $115.5M | $114.7M |
| Lease obligations | $7.0M | $7.0M | $7.7M | $6.6M | $5.6M | $1.8M | $2.0M | $2.1M | $1.5M | $1.6M | $1.7M | $1.8M |
| Other long-term liabilities | $5.9M | $5.3M | $6.7M | $5.6M | $4.5M | $750,000 | $1.0M | $1.2M | $900,000 | $1.0M | $1.2M | $1.3M |
| Total liabilities | $720.9M | $683.9M | $656.9M | $736.7M | $319.4M | $286.0M | $287.9M | $296.1M | $242.7M | $231.5M | $235.2M | $215.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
| Retained earnings (deficit) | −$2.24B | −$2.18B | −$2.09B | −$2.03B | −$1.92B | −$1.88B | −$1.80B | −$1.74B | −$1.64B | −$1.48B | −$1.34B | −$1.22B |
| Accumulated other comprehensive income | $808,000 | $1.1M | $873,000 | $1.1M | $1.1M | $389,000 | $468,000 | $1.3M | −$368,000 | −$172,000 | $468,000 | −$42,000 |
| Total shareholders' equity | $523.7M | $543.5M | $602.7M | $625.7M | $696.0M | $710.6M | $754.4M | $777.2M | $857.1M | $850.8M | $405.3M | $22.2M |
| Key figures | ||||||||||||
| Total debt | $347.8M | $347.3M | $354.4M | $346.4M | $123.9M | $119.8M | $119.6M | $119.1M | $118.1M | $117.7M | $117.2M | $116.6M |
| Net cash (debt) | $491.0M | $470.6M | $629.2M | $763.3M | $673.1M | $723.3M | $806.7M | $879.5M | $939.7M | $941.3M | $516.9M | $115.8M |
| Working capital | $825.0M | $844.0M | $935.5M | $955.3M | $806.9M | $820.7M | $863.6M | $885.8M | $966.6M | $959.6M | $518.7M | $135.8M |
| Tangible book value | $516.5M | $536.2M | $595.3M | $618.3M | $691.4M | $706.0M | $749.7M | $772.3M | $852.2M | $845.8M | $405.3M | $22.2M |
| Book value per share | $17.97 | $18.72 | $26.86 | $27.83 | $31.34 | $32.17 | $34.40 | $35.74 | $40.05 | $42.53 | $20.51 | $1.20 |
| Shares outstanding | 29.1M | 29.0M | 22.4M | 22.5M | 22.2M | 22.1M | 21.9M | 21.7M | 21.4M | 20.0M | 19.8M | 18.5M |
| Current ratio | 3.20 | 3.50 | 4.01 | 3.44 | 5.11 | 5.91 | 6.10 | 5.98 | 8.72 | 9.39 | 5.38 | 2.36 |
| Quick ratio | 2.76 | 2.97 | 3.60 | 3.12 | 4.46 | 5.41 | 5.79 | 5.79 | 8.51 | 9.14 | 5.35 | 2.33 |
| Debt / equity | 0.66 | 0.64 | 0.59 | 0.55 | 0.18 | 0.17 | 0.16 | 0.15 | 0.14 | 0.14 | 0.29 | 5.24 |
| Equity / assets | 42.1% | 44.3% | 47.8% | 45.9% | 68.5% | 71.3% | 72.4% | 72.4% | 77.9% | 78.6% | 63.3% | 9.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
MDGL financial position
At the end of fiscal 2025 (December 31, 2025), Madrigal Pharmaceuticals had total assets of $1.3 billion (up 20.9% from a year earlier), total liabilities of $656.9 million and shareholders' equity of $602.7 million. It held $983.6 million in cash and short-term investments against $354.4 million of debt, a net cash position of $629.2 million. Its current ratio was 4.01. In the latest quarter (ended June 30, 2026) total assets were $1.2 billion and equity $523.7 million.
Related: MDGL income statement, MDGL cash flow statement, MDGL key metrics. See the MDGL stock overview for the latest quote and news.
MDGL balance sheet FAQ
What are Madrigal Pharmaceuticals's total assets?
Madrigal Pharmaceuticals reported total assets of $1.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.0 billion a year earlier.
How much debt does Madrigal Pharmaceuticals have?
Madrigal Pharmaceuticals had $354.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.59.
How much cash does Madrigal Pharmaceuticals have?
Madrigal Pharmaceuticals held $983.6 million in cash and short-term investments at the end of fiscal 2025; with $354.4 million of debt that is net cash of $629.2 million.
What is Madrigal Pharmaceuticals's book value?
Madrigal Pharmaceuticals's shareholders' equity (book value) was $602.7 million at the end of fiscal 2025, or $26.86 per share.
What is Madrigal Pharmaceuticals's current ratio?
Madrigal Pharmaceuticals had current assets of $1.2 billion and current liabilities of $310.3 million, a current ratio of 4.01 (it can cover its short-term obligations).
How much goodwill does Madrigal Pharmaceuticals have?
Madrigal Pharmaceuticals carried $7.4 million of goodwill and intangible assets, 0.6% of total assets, at the end of fiscal 2025.