Ligand Pharmaceuticals Incorporated (LGND) Key Metrics
LGND valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $5.89B
- Enterprise value
- $5.72B
- P/E (TTM)
- 31.1 10-yr median 26.7
- Forward P/E
- 24.8
- PEG ratio
- 1.53
- Price / sales
- 20.3 10-yr median 10.2
- Price / book
- 6.2 10-yr median 2.2
- EV / EBITDA
- 20.6 10-yr median 15.4
- Dividend yield
- —
- Beta
- 1.01
LGND key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsLGND valuation Price multiples at each fiscal year-end price.
LGND returns How much profit the business earns on the capital it uses.
LGND per-share figures Results divided by the shares outstanding at year-end.
LGND financial health Debt, liquidity and how easily interest is covered.
LGND efficiency & capital use Working capital cycle and where the cash goes.
LGND valuation history
LGND returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
LGND debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
LGND cash returned to shareholders
LGND price vs earnings per share
LGND key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $3.84B | $1.96B | $1.27B | $1.13B | $1.66B | $1.00B | $1.29B | $2.04B | $2.01B | $1.32B |
| Enterprise value | $3.55B | $1.71B | $1.10B | $1.00B | $1.65B | $1.05B | $865.7M | $1.91B | $2.05B | $1.42B |
| P/E ratio | 30.8 | — | 24.3 | — | 29.1 | — | 2.0 | 14.2 | 159.7 | — |
| Price / sales | 14.3 | 11.7 | 9.7 | 5.7 | 6.9 | 6.1 | 10.7 | 8.1 | 14.2 | 12.1 |
| Price / book | 3.8 | 2.4 | 1.8 | 1.9 | 2.0 | 1.4 | 1.7 | 3.6 | 4.8 | 3.6 |
| Price / free cash flow | 78.5 | 25.3 | — | 9.4 | 23.7 | 20.0 | — | 11.2 | 23.2 | 38.1 |
| Price / operating cash flow | 77.7 | 20.2 | 25.6 | 8.2 | 21.1 | 18.4 | — | 10.5 | 21.4 | 21.0 |
| EV / sales | 13.3 | 10.2 | 8.4 | 5.1 | 6.8 | 6.4 | 7.2 | 7.6 | 14.5 | 13.0 |
| EV / EBITDA | 18.4 | 41.9 | 10.9 | 12.3 | 11.5 | 18.5 | 1.0 | 8.1 | 25.5 | 25.8 |
| EV / free cash flow | 72.7 | 22.1 | — | 8.4 | 23.5 | 20.9 | — | 10.5 | 23.7 | 41.0 |
| Earnings yield | 3.2% | −0.2% | 4.1% | −3.0% | 3.4% | −0.3% | 49.0% | 7.0% | 0.6% | −0.1% |
| Free cash flow yield | 1.3% | 3.9% | −0.3% | 10.6% | 4.2% | 5.0% | −2.5% | 8.9% | 4.3% | 2.6% |
| Dividend yield | — | — | — | 0.4% | 0.9% | 0.3% | 0.2% | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 0.4% | 0.3% | 0.4% | 1.2% | 2.0% | 8.1% | 35.5% | 6.0% | 0.1% | 0.3% |
| Share price at fiscal year-end | $189.07 | $107.15 | $71.42 | $66.80 | $96.36 | $62.04 | $65.06 | $84.65 | $85.42 | $63.39 |
| Per share | ||||||||||
| Revenue per share | $13.21 | $9.14 | $7.40 | $11.63 | $14.01 | $10.11 | $6.09 | $10.45 | $6.01 | $5.23 |
| Earnings per share | $6.13 | −$0.22 | $2.94 | −$1.98 | $3.31 | −$0.18 | $31.85 | $5.96 | $0.53 | −$0.08 |
| Operating cash flow per share | $2.43 | $5.31 | $2.79 | $8.17 | $4.57 | $3.37 | −$1.48 | $8.06 | $3.98 | $3.02 |
| Free cash flow per share | $2.41 | $4.23 | −$0.24 | $7.11 | $4.06 | $3.10 | −$1.61 | $7.57 | $3.68 | $1.66 |
| Cash per share | $36.14 | $14.01 | $9.59 | $12.56 | $19.78 | $25.41 | $54.15 | $31.77 | $8.59 | $6.77 |
| Book value per share | $50.12 | $45.40 | $39.47 | $35.42 | $47.61 | $43.84 | $38.83 | $23.31 | $17.83 | $17.80 |
| Tangible book value per share | $24.31 | $25.07 | $16.78 | $8.25 | $19.06 | −$5.34 | $22.34 | $9.27 | $3.60 | $3.27 |
| Dividends per share | — | — | — | $0.30 | $0.89 | $0.19 | $0.15 | — | $0.00 | $0.00 |
| Capex per share | $0.02 | $1.07 | $3.03 | $1.06 | $0.51 | $0.28 | $0.13 | $0.49 | $0.30 | $1.36 |
| Debt per share | $22.25 | $0.39 | $0.35 | $5.20 | $18.81 | $28.20 | $32.91 | $26.44 | $10.37 | $11.64 |
| Shares outstanding | 20.3M | 18.3M | 17.8M | 16.9M | 17.2M | 16.2M | 19.8M | 24.1M | 23.5M | 20.8M |
| Change in shares outstanding | +11.0% | +3.0% | +5.3% | −2.2% | +6.6% | −18.1% | −17.9% | +2.5% | +12.7% | −1.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 13.5% | −0.5% | 8.0% | −4.7% | 7.5% | −0.4% | 94.8% | 29.3% | 3.2% | −0.5% |
| Return on invested capital (ROIC) | 5.6% | −2.0% | 2.0% | 0.2% | 13.3% | 6.8% | 163.4% | 30.3% | 7.3% | 5.6% |
| Return on assets (ROA) | 9.9% | −0.5% | 6.7% | −3.2% | 4.3% | −0.2% | 45.7% | 14.8% | 2.0% | −0.3% |
| Return on tangible assets | 12.0% | −0.7% | 13.6% | −11.0% | 7.1% | −0.5% | 53.8% | 15.5% | 3.7% | −0.5% |
| Free cash flow margin | 18.2% | 46.3% | −3.3% | 61.1% | 29.0% | 30.6% | −26.5% | 72.4% | 61.2% | 31.8% |
| Income quality (OCF / net income) | 0.40 | — | 0.95 | — | 1.38 | — | −0.05 | 1.35 | 7.45 | — |
| Financial health | ||||||||||
| Total debt | $451.5M | $7.1M | $6.2M | $87.7M | $324.4M | $456.4M | $650.2M | $636.3M | $243.4M | $242.5M |
| Cash & short-term investments | $733.5M | $256.2M | $170.3M | $211.9M | $341.1M | $411.2M | $1.07B | $764.6M | $201.7M | $141.0M |
| Net debt | −$282.0M | −$249.1M | −$164.1M | −$124.1M | −$16.7M | $45.2M | −$419.7M | −$128.3M | $41.7M | $101.4M |
| Debt / equity | 0.44 | 0.01 | 0.01 | 0.15 | 0.40 | 0.64 | 0.85 | 1.13 | 0.58 | 0.65 |
| Debt / assets | 0.29 | 0.01 | 0.01 | 0.12 | 0.25 | 0.34 | 0.43 | 0.50 | 0.36 | 0.40 |
| Net debt / EBITDA | −1.46 | −6.11 | −1.63 | −1.53 | −0.12 | 0.80 | −0.48 | −0.54 | 0.52 | 1.84 |
| Current ratio | 22.23 | 8.93 | 14.15 | 2.67 | 11.15 | 5.00 | 66.09 | 10.58 | 0.99 | 0.72 |
| Quick ratio | 21.98 | 8.55 | 12.72 | 2.53 | 10.50 | 4.74 | 65.66 | 10.50 | 0.97 | 0.71 |
| Interest coverage | 10.0 | -7.4 | 18.2 | 1.7 | 5.3 | 1.4 | 22.6 | 3.4 | 6.0 | 3.6 |
| Working capital | $794.8M | $294.4M | $220.6M | $164.8M | $423.1M | $400.4M | $1.11B | $788.3M | −$1.8M | −$64.1M |
| Invested capital | $735.2M | $581.4M | $536.8M | $473.4M | $804.4M | $754.8M | $347.5M | $432.6M | $460.4M | $472.3M |
| Tangible asset value | $493.4M | $458.5M | $297.9M | $139.2M | $328.7M | −$86.4M | $441.5M | $223.0M | $84.6M | $68.1M |
| Net current asset value | $288.8M | $220.2M | $151.1M | $98.4M | −$11.7M | −$152.2M | $396.0M | $170.7M | −$15.4M | −$67.7M |
| Graham number | $83.16 | — | $51.07 | — | $59.58 | — | $166.83 | $55.88 | $14.65 | — |
| Graham net-net per share | $11.85 | $10.05 | $7.07 | $4.72 | −$3.07 | −$11.37 | $19.09 | $4.58 | −$1.13 | −$3.61 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $5.0M | $15.3M | $3.0M | $3.0M | — | $0 | $0 |
| Share buybacks (net) | $15.0M | $5.1M | $4.5M | $8.2M | $18.4M | $78.0M | $453.0M | $122.9M | $2.0M | $3.9M |
| Dividend payout ratio | — | — | — | — | 26.8% | — | 0.5% | — | 0.0% | — |
| Dividends + buybacks / free cash flow | 30.7% | 6.6% | — | 11.0% | 48.2% | 161.6% | — | 67.4% | 2.3% | 11.2% |
| Capex / revenue | 0.2% | 11.8% | 41.0% | 9.1% | 3.6% | 2.7% | 2.1% | 4.7% | 5.1% | 26.0% |
| Capex / operating cash flow | 0.9% | 20.2% | 108.6% | 13.0% | 11.1% | 8.2% | — | 6.1% | 7.6% | 45.0% |
| Capex / depreciation | 0.01 | 0.56 | 1.47 | 0.41 | 0.17 | 0.16 | 0.06 | 0.81 | 0.61 | 2.51 |
| Stock-based compensation / revenue | 17.5% | 24.6% | 19.6% | 30.7% | 16.1% | 18.8% | 20.4% | 8.3% | 17.7% | 17.3% |
| R&D / revenue | 30.3% | 12.8% | 18.7% | 18.4% | 13.3% | 24.8% | 46.5% | 11.1% | 19.1% | 19.5% |
| SG&A / revenue | 34.5% | 47.1% | 40.2% | 35.7% | 19.4% | 36.7% | 34.8% | 15.0% | 20.3% | 24.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 70.5 | 89.3 | 103.3 | 117.8 | 113.9 | 112.5 | 148.1 | 61.9 | 61.3 | 49.6 |
| Days of inventory on hand | 643.8 | 627.6 | 194.0 | 140.3 | 158.0 | 202.7 | 231.9 | 331.1 | 214.1 | 116.5 |
| Days payables outstanding | 234.7 | 126.2 | 40.3 | 47.4 | 35.8 | 37.2 | 106.2 | 398.0 | 638.3 | 432.9 |
| Cash conversion cycle (days) | 479.6 | 590.7 | 257.1 | 210.8 | 236.1 | 277.9 | 273.8 | -4.9 | -362.9 | -266.8 |
| Receivables turnover | 5.18 | 4.09 | 3.53 | 3.10 | 3.21 | 3.24 | 2.46 | 5.89 | 5.96 | 7.37 |
| Payables turnover | 1.56 | 2.89 | 9.06 | 7.71 | 10.20 | 9.81 | 3.44 | 0.92 | 0.57 | 0.84 |
| Inventory turnover | 0.57 | 0.58 | 1.88 | 2.60 | 2.31 | 1.80 | 1.57 | 1.10 | 1.70 | 3.13 |
| Asset turnover | 0.21 | 0.19 | 0.17 | 0.19 | 0.18 | 0.11 | 0.09 | 0.26 | 0.22 | 0.19 |
| Average receivables | $51.7M | $40.9M | $37.2M | $63.3M | $75.4M | $50.4M | $48.8M | $42.7M | $23.7M | $14.8M |
| Average payables | $4.2M | $3.8M | $3.9M | $6.9M | $6.1M | $3.1M | $3.3M | $6.9M | $9.4M | $6.6M |
| Average inventory | $11.6M | $19.0M | $18.6M | $20.3M | $26.9M | $16.9M | $7.2M | $5.7M | $3.1M | $1.8M |
| Intangibles / total assets | 33.6% | 39.5% | 51.2% | 60.1% | 38.0% | 58.4% | 21.8% | 26.8% | 49.8% | 50.3% |
Computed from LGND's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
LGND valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Ligand Pharmaceuticals traded at 30.8 times earnings, against a 10-year median of 26.7. Based on the latest twelve months, the trailing P/E is 31.1 and the forward P/E is 24.8. Ligand Pharmaceuticals earned a return on equity of 13.5% and a return on invested capital of 5.6% in fiscal 2025. It ended the year with $451.5 million of debt and $733.5 million in cash and short-term investments, a net cash position of $282.0 million. It returned $15.0 million to shareholders: $0 in dividends and $15.0 million in share buybacks, 31% of free cash flow.
See the LGND income statement, the LGND chart for price history, or the LGND stock overview for the latest quote and news.
LGND key metrics FAQ
What is Ligand Pharmaceuticals's P/E ratio?
Ligand Pharmaceuticals's trailing P/E ratio is 31.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 24.8. At the end of fiscal 2025 it was 30.8, compared with a 10-year median of 26.7.
What is Ligand Pharmaceuticals's EV/EBITDA?
Ligand Pharmaceuticals's enterprise value was 18.4 times EBITDA at the end of fiscal 2025 (enterprise value $3.6 billion, EBITDA $192.7 million); the current EV/EBITDA is 20.6.
What is Ligand Pharmaceuticals's return on equity?
Ligand Pharmaceuticals's return on equity (ROE) was 13.5% in fiscal 2025: net income of $124.5 million on average shareholders' equity of $923.8 million.
What is Ligand Pharmaceuticals's ROIC?
Ligand Pharmaceuticals's return on invested capital was 5.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Ligand Pharmaceuticals have?
Ligand Pharmaceuticals had total debt of $451.5 million at the end of fiscal 2025, a debt-to-equity ratio of 0.44 and more cash than debt.
Does Ligand Pharmaceuticals buy back its shares?
Yes. Ligand Pharmaceuticals spent $15.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +11.0% over the year, to 20.3M..
What is Ligand Pharmaceuticals's free cash flow yield?
Ligand Pharmaceuticals generated $48.9 million of free cash flow in fiscal 2025, a free cash flow yield of 1.3% on its market value at year-end ($3.8 billion).
What is Ligand Pharmaceuticals's current ratio?
Ligand Pharmaceuticals's current ratio was 22.23 at the end of fiscal 2025: current assets were 22.23 times current liabilities.