Ligand Pharmaceuticals Incorporated (LGND) Cash Flow Statement
Where LGND’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $49.4M −49.1% vs 2024
- Capital expenditures
- $452,000 0.2% of revenue
- Free cash flow
- $48.9M 18.2% margin
- Returned to shareholders
- $15.0M 31% of free cash flow
- Change in cash
- $102.6M cash at year-end $174.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
LGND operating cash flow, capex and free cash flow
LGND cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $63.0M2016 | $49.4M2025 | −2.7%/yr | |
| Capital expenditures | $28.3M2016 | $452,0002025 | −36.9%/yr | |
| Free cash flow | $34.7M2016 | $48.9M2025 | +3.9%/yr | |
| Free cash flow margin | 31.8%2016 | 18.2%2025 | −13.6 pts | |
| Operating cash flow / net income | 7.452017 | 0.402025 | −7.06 | |
| Stock-based compensation | $18.9M2016 | $46.8M2025 | +10.6%/yr | |
| Dividends paid | $02016 | $5.0M2022 | — | |
| Share buybacks (net) | $3.9M2016 | $15.0M2025 | +16.1%/yr | |
| Capex / revenue | 26.0%2016 | 0.2%2025 | −25.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LGND cash flow by activity
LGND net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LGND cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $124.5M | −$4.0M | $52.2M | −$33.4M | $57.1M | −$3.0M | $629.3M | $143.3M | $12.6M | −$2.4M |
| Depreciation & amortization | $33.8M | $35.2M | $36.5M | $43.4M | $50.9M | $28.0M | $43.7M | $14.7M | $11.7M | $11.3M |
| Stock-based compensation | $46.8M | $41.1M | $25.7M | $60.3M | $38.8M | $30.7M | $24.5M | $20.8M | $24.9M | $18.9M |
| Change in working capital | −$12.7M | $19.4M | −$34.4M | $65.7M | −$52.2M | −$10.1M | −$4.2M | −$38.9M | −$11.4M | −$10.6M |
| Other non-cash items | −$143.1M | $5.4M | −$30.4M | $1.9M | −$15.9M | $8.9M | −$722.7M | $54.0M | $55.8M | $45.8M |
| Cash from operating activities | $49.4M | $97.0M | $49.6M | $137.8M | $78.8M | $54.6M | −$29.3M | $194.1M | $93.6M | $63.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$452,000 | −$19.6M | −$53.8M | −$17.9M | −$8.8M | −$4.5M | −$2.6M | −$11.9M | −$7.2M | −$28.3M |
| Investments (net) | −$363.2M | −$143.7M | −$8.7M | $163.6M | $40.0M | $615.7M | −$326.8M | −$405.5M | −$57.4M | −$22.4M |
| Acquisitions & other investing | −$13.6M | $19.6M | $50.8M | $17.9M | −$726,000 | −$379.6M | $796.3M | −$5.9M | −$19.6M | −$92.5M |
| Cash from investing activities | −$377.3M | −$143.7M | −$11.7M | $163.6M | $30.5M | $231.6M | $466.9M | −$423.3M | −$84.2M | −$143.2M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | −$5.0M | −$15.3M | −$3.0M | −$3.0M | — | $0 | $0 |
| Share repurchases & issuance (net) | −$15.0M | −$5.1M | −$4.5M | −$8.2M | −$18.4M | −$78.0M | −$453.0M | −$122.9M | −$2.0M | −$3.9M |
| Net borrowing (repayment) | $353.6M | −$25,000 | −$76.9M | −$261.0M | −$164.9M | −$222.2M | −$27.3M | $515.4M | $532.3M | $532.3M |
| Shares issued | $0 | $37.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $89.6M | $65.2M | $21.5M | −$1.7M | $61.0M | −$7.3M | −$1.8M | −$64.0M | −$537.9M | −$526.9M |
| Cash from financing activities | $428.2M | $97.1M | −$59.9M | −$276.0M | −$137.8M | −$310.5M | −$485.2M | $328.6M | −$7.5M | $1.5M |
| Summary | ||||||||||
| Net change in cash | $102.6M | $49.4M | −$22.1M | $25.5M | −$28.4M | −$24.3M | −$47.5M | $99.2M | $1.9M | −$78.7M |
| Cash at end of period | $174.9M | $72.3M | $23.0M | $45.0M | $19.5M | $48.0M | $72.3M | $119.8M | $20.6M | $18.8M |
| Free cash flow | $48.9M | $77.4M | −$4.3M | $119.9M | $70.0M | $50.1M | −$31.9M | $182.2M | $86.4M | $34.7M |
| Free cash flow margin | 18.2% | 46.3% | −3.3% | 61.1% | 29.0% | 30.6% | −26.5% | 72.4% | 61.2% | 31.8% |
| Capex / revenue | 0.2% | 11.8% | 41.0% | 9.1% | 3.6% | 2.7% | 2.1% | 4.7% | 5.1% | 26.0% |
| Operating cash flow / net income | 0.40 | — | 0.95 | — | 1.38 | — | −0.05 | 1.35 | 7.45 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $48.5M | −$13.3M | $44.8M | $117.3M | $4.8M | −$42.5M | −$31.1M | −$7.2M | −$51.9M | $86.1M | $18.2M | −$10.3M |
| Depreciation & amortization | $8.2M | $8.2M | $9.6M | $8.3M | $8.5M | $8.8M | $8.6M | $9.0M | $8.9M | $8.8M | $9.4M | $8.6M |
| Stock-based compensation | $13.7M | $10.6M | $14.3M | $14.7M | $10.0M | $7.8M | $7.5M | $26.2M | $11.1M | $7.3M | $5.7M | $6.9M |
| Change in working capital | −$7.0M | $5.9M | $9.3M | −$10.6M | −$6.2M | −$5.2M | $11.6M | −$633,000 | −$7.6M | $8.2M | −$16.0M | −$20.8M |
| Other non-cash items | −$39.4M | $37.3M | −$32.1M | −$116.6M | −$1.4M | $5.5M | $31.8M | $9.1M | $52.9M | −$91.8M | −$10.2M | $23.3M |
| Cash from operating activities | $24.0M | $48.7M | $45.8M | $13.1M | $15.8M | −$25.5M | $28.5M | $36.5M | $13.3M | $18.7M | $7.1M | $7.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −$26,000 | −$228,000 | −$9,000 | −$15,000 | −$214,000 | −$214,000 | −$712,000 | −$14.2M | −$2.1M | −$105,000 | −$417,000 | −$487,000 |
| Investments (net) | $321.3M | −$101.1M | −$14.8M | −$353.4M | −$10.7M | $4.9M | −$38.6M | −$46.5M | −$54.8M | −$3.8M | −$10.3M | −$19.5M |
| Acquisitions & other investing | −$119,000 | $7.0M | −$3.3M | $15,000 | $214,000 | $214,000 | $712,000 | $14.2M | $2.1M | $105,000 | $417,000 | $487,000 |
| Cash from investing activities | $321.1M | −$94.3M | −$18.1M | −$353.4M | −$10.7M | $4.9M | −$38.6M | −$46.5M | −$54.8M | −$3.8M | −$10.3M | −$19.5M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$60.0M | — | $0 | −$15.0M | — | — | — | — | — | −$3.1M | −$257,000 | −$103,000 |
| Net borrowing (repayment) | $700.0M | −$7,000 | $6.9M | $346.7M | −$7,000 | −$7,000 | −$6,000 | −$10,000 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $3.1M | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$93.6M | −$14.1M | $1.4M | $77.9M | $15.0M | −$4.7M | $17.3M | $55.1M | $9.5M | $15.3M | $6.5M | $3.4M |
| Cash from financing activities | $546.4M | −$14.1M | $8.3M | $409.6M | $15.0M | −$4.7M | $20.4M | $55.1M | $9.5M | $12.2M | $6.3M | $3.3M |
| Summary | ||||||||||||
| Net change in cash | $891.6M | −$59.8M | $35.6M | $71.7M | $19.7M | −$24.3M | $8.7M | $45.5M | −$32.0M | $27.1M | $3.7M | −$8.6M |
| Cash at end of period | $1.01B | $115.1M | $174.9M | $139.4M | $67.7M | $48.0M | $72.3M | $63.6M | $18.1M | $50.1M | $23.0M | $19.9M |
| Free cash flow | $24.0M | $48.5M | $45.8M | $13.1M | $15.6M | −$25.7M | $27.8M | $22.3M | $11.2M | $18.6M | $6.7M | $7.2M |
| Free cash flow margin | 37.7% | 93.7% | 76.8% | 11.3% | 32.7% | −56.8% | 64.8% | 43.0% | 26.9% | 60.0% | 23.8% | 21.8% |
| Capex / revenue | 0.0% | 0.4% | 0.0% | 0.0% | 0.4% | 0.5% | 1.7% | 27.5% | 5.2% | 0.3% | 1.5% | 1.5% |
| Operating cash flow / net income | 0.50 | — | 1.02 | 0.11 | 3.26 | — | — | — | — | 0.22 | 0.39 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
LGND cash generation
In fiscal 2025 (ended December 31, 2025), Ligand Pharmaceuticals generated $49.4 million of cash from operations (down 49.1%) and spent $0.5 million on capital expenditures, leaving free cash flow of $48.9 million, 18.2% of revenue. It returned $15.0 million to shareholders through dividends ($0) and net share buybacks ($15.0 million). Cash and equivalents rose by $102.6 million over the year.
Related: LGND income statement, LGND balance sheet. See the LGND stock overview for the latest quote and news.
LGND cash flow FAQ
What is Ligand Pharmaceuticals's free cash flow?
Ligand Pharmaceuticals's free cash flow was $48.9 million in fiscal 2025: $49.4 million of operating cash flow minus $0.5 million of capital expenditures It was $77.4 million a year earlier..
How much cash does Ligand Pharmaceuticals generate from operations?
Ligand Pharmaceuticals generated $49.4 million of cash from operating activities in fiscal 2025, 0.40 times its net income of $124.5 million.
How much does Ligand Pharmaceuticals spend on capital expenditures?
Ligand Pharmaceuticals spent $0.5 million on capital expenditures in fiscal 2025, 0.2% of revenue, compared with $19.6 million the year before.
How much stock does Ligand Pharmaceuticals buy back?
Ligand Pharmaceuticals spent $15.0 million on net share repurchases in fiscal 2025.