Liquidia Corporation (LQDA) Key Metrics
LQDA valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $3.07B
- Enterprise value
- $5.94B
- P/E (TTM)
- 24.7
- Forward P/E
- 10.5
- PEG ratio
- —
- Price / sales
- 6.8 10-yr median 24.4
- Price / book
- 31.0 10-yr median 4.3
- EV / EBITDA
- 33.4
- Dividend yield
- —
- Beta
- 0.61
LQDA key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsLQDA valuation Price multiples at each fiscal year-end price.
LQDA returns How much profit the business earns on the capital it uses.
LQDA per-share figures Results divided by the shares outstanding at year-end.
LQDA financial health Debt, liquidity and how easily interest is covered.
LQDA efficiency & capital use Working capital cycle and where the cash goes.
LQDA valuation history
LQDA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
LQDA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
LQDA price vs earnings per share
LQDA key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.97B | $925.6M | $781.9M | $388.3M | $241.9M | $100.0M | $79.0M | — | — | — |
| Enterprise value | $2.98B | $871.5M | $747.7M | $319.5M | $200.5M | $51.8M | $47.6M | — | — | — |
| Price / sales | 18.7 | 66.1 | 44.7 | 24.4 | 18.8 | 135.2 | 9.8 | — | — | — |
| Price / book | 66.3 | 12.0 | 16.5 | 4.3 | 3.7 | 1.4 | 2.3 | — | — | — |
| EV / sales | 18.8 | 62.3 | 42.8 | 20.0 | 15.6 | 70.0 | 5.9 | — | — | — |
| Earnings yield | −2.3% | −14.1% | −10.0% | −10.6% | −14.3% | −59.8% | −60.2% | — | — | — |
| Free cash flow yield | −1.3% | −10.6% | −5.5% | −7.5% | −14.1% | −54.9% | −63.4% | — | — | — |
| Shareholder yield (dividends + buybacks) | — | — | — | — | — | — | 0.0% | — | — | — |
| Share price at fiscal year-end | $34.49 | $11.76 | $12.03 | $6.37 | $4.87 | $2.95 | $4.28 | $21.66 | — | — |
| Per share | ||||||||||
| Revenue per share | $1.84 | $0.18 | $0.27 | $0.26 | $0.26 | $0.02 | $0.44 | — | — | — |
| Earnings per share | −$0.80 | −$1.66 | −$1.21 | −$0.67 | −$0.70 | −$1.76 | −$2.57 | — | — | — |
| Operating cash flow per share | −$0.41 | −$1.19 | −$0.64 | −$0.47 | −$0.69 | −$1.60 | −$2.61 | — | — | — |
| Free cash flow per share | −$0.47 | −$1.25 | −$0.66 | −$0.48 | −$0.69 | −$1.62 | −$2.71 | — | — | — |
| Cash per share | $2.22 | $2.24 | $1.29 | $1.53 | $1.16 | $1.93 | $3.02 | — | — | — |
| Book value per share | $0.52 | $0.98 | $0.73 | $1.48 | $1.31 | $2.10 | $1.89 | — | — | — |
| Tangible book value per share | $0.44 | $0.89 | $0.61 | $1.36 | $1.15 | $1.82 | $1.89 | — | — | — |
| Capex per share | $0.05 | $0.06 | $0.02 | $0.01 | $0.00 | $0.02 | $0.10 | — | — | — |
| Debt per share | $2.30 | $1.55 | $0.76 | $0.40 | $0.32 | $0.51 | $1.32 | — | — | — |
| Shares outstanding | 86.1M | 78.7M | 65.0M | 61.0M | 49.7M | 33.9M | 18.5M | — | — | — |
| Change in shares outstanding | +9.3% | +21.1% | +6.6% | +22.7% | +46.6% | +83.4% | — | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −113.0% | −209.4% | −114.0% | −52.7% | −50.7% | −112.7% | −177.4% | — | — | — |
| Return on invested capital (ROIC) | −108.0% | −527.4% | −333.6% | −134.8% | −114.2% | −352.6% | — | — | — | — |
| Return on assets (ROA) | −24.7% | −74.8% | −63.4% | −36.8% | −35.8% | −71.0% | −80.5% | −165.4% | −249.9% | −187.8% |
| Return on tangible assets | −21.5% | −58.4% | −70.7% | −33.7% | −40.5% | −66.3% | −69.1% | −107.5% | −196.4% | −187.8% |
| Free cash flow margin | −25.3% | −702.9% | −245.0% | −183.1% | −265.6% | — | −621.1% | — | −369.7% | −127.4% |
| Financial health | ||||||||||
| Total debt | $197.9M | $122.4M | $49.5M | $24.5M | $16.1M | $17.1M | $24.4M | $12.8M | $23.5M | $8.7M |
| Cash & short-term investments | $190.7M | $176.5M | $83.7M | $93.3M | $57.5M | $65.3M | $55.8M | $39.5M | $3.4M | $1.4M |
| Net debt | $7.2M | −$54.1M | −$34.1M | −$68.8M | −$41.4M | −$48.2M | −$31.4M | −$26.8M | $20.1M | $7.2M |
| Debt / equity | 4.42 | 1.58 | 1.05 | 0.27 | 0.25 | 0.24 | 0.70 | 0.68 | — | — |
| Debt / assets | 0.60 | 0.53 | 0.42 | 0.19 | 0.17 | 0.17 | 0.35 | 0.26 | 1.58 | 1.02 |
| Current ratio | 1.40 | 4.43 | 4.85 | 11.34 | 8.36 | 5.63 | 3.34 | 4.85 | 0.18 | 0.26 |
| Quick ratio | 1.23 | 4.42 | 4.85 | 11.34 | 8.36 | 5.63 | 3.34 | 4.85 | 0.18 | 0.26 |
| Interest coverage | -2.1 | -9.7 | -11.7 | -16.6 | -44.4 | -68.9 | -34.1 | -1.8 | -2.2 | -184.7 |
| Working capital | $54.9M | $143.3M | $71.3M | $91.0M | $53.9M | $54.3M | $39.5M | $31.8M | −$25.0M | −$8.9M |
| Invested capital | $52.0M | $23.2M | $13.2M | $21.6M | $23.9M | $22.9M | $3.6M | −$8.1M | −$13.6M | −$11.0M |
| Tangible asset value | $37.9M | $70.2M | $40.0M | $82.8M | $57.0M | $61.6M | $34.9M | $18.7M | −$33.7M | −$18.2M |
| Net current asset value | −$92.5M | $32.1M | $18.9M | $61.0M | $32.8M | $37.6M | $22.5M | $9.3M | −$43.1M | −$23.6M |
| Graham net-net per share | −$0.47 | $0.33 | $0.24 | $0.96 | $0.63 | $1.09 | $1.19 | — | — | — |
| Capital allocation | ||||||||||
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | $0 | $0 |
| Capex / revenue | 2.7% | 35.4% | 7.4% | 3.7% | 0.8% | 101.7% | 22.9% | 32.2% | 35.1% | 21.8% |
| Capex / depreciation | 2.84 | 2.25 | 0.59 | 0.16 | 0.02 | 0.24 | 0.72 | 0.56 | 2.73 | 4.43 |
| Stock-based compensation / revenue | 18.6% | 134.4% | 57.7% | 58.3% | 52.5% | 534.6% | 41.8% | 81.1% | 7.1% | 2.6% |
| R&D / revenue | 24.8% | 341.8% | 247.3% | 122.0% | 159.6% | 4,356.6% | 501.6% | 1,060.2% | 341.1% | 176.4% |
| SG&A / revenue | 99.3% | 582.8% | 260.3% | 203.4% | 179.8% | 3,700.3% | 168.4% | 323.4% | 140.7% | 36.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 65.5 | 88.4 | 94.7 | 91.7 | 42.5 | 0.0 | — | 127.7 | 71.9 | 34.2 |
| Days of inventory on hand | 331.4 | 7.5 | 0.0 | — | — | — | — | 0.0 | 0.0 | 0.0 |
| Days payables outstanding | 115.3 | 188.9 | 227.1 | 208.5 | 290.0 | 5,552.5 | 1,522.5 | 11,517.4 | 3,899.4 | 956.3 |
| Cash conversion cycle (days) | 281.5 | -93.0 | -132.3 | -116.8 | -247.6 | -5,552.5 | — | -11,389.7 | -3,827.5 | -922.1 |
| Receivables turnover | 5.57 | 4.13 | 3.85 | 3.98 | 8.60 | — | — | 2.86 | 5.07 | 10.67 |
| Payables turnover | 3.17 | 1.93 | 1.61 | 1.75 | 1.26 | 0.07 | 0.24 | 0.03 | 0.09 | 0.38 |
| Inventory turnover | 1.10 | 48.79 | 2,888,000.00 | — | — | — | — | 121,391.00 | 319,759.00 | 918,778.00 |
| Asset turnover | 0.57 | 0.08 | 0.14 | 0.14 | 0.13 | 0.01 | 0.14 | 0.08 | 0.62 | 1.56 |
| Average receivables | $28.4M | $3.4M | $4.5M | $4.0M | $1.5M | $0 | — | $947,368 | $1.4M | $1.2M |
| Average payables | $4.2M | $3.0M | $1.8M | $1.6M | $2.4M | $3.6M | $3.4M | $3.8M | $3.4M | $2.4M |
| Average inventory | $12.0M | $120,500 | $1 | — | — | — | — | $1 | $1 | $1 |
| Intangibles / total assets | 2.1% | 3.1% | 6.2% | 5.9% | 8.8% | 9.5% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from LQDA's annual financial statements (latest annual report filed March 5, 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.
LQDA valuation and financial ratios
Based on the latest twelve months, the trailing P/E is 24.7 and the forward P/E is 10.5. Liquidia earned a return on equity of −113.0% and a return on invested capital of −108.0% in fiscal 2025. It ended the year with $197.9 million of debt and $190.7 million in cash and short-term investments, net debt of $7.2 million.
See the LQDA income statement, the LQDA chart for price history, or the LQDA stock overview for the latest quote and news.
LQDA key metrics FAQ
What is Liquidia's P/E ratio?
Liquidia's trailing P/E ratio is 24.7 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 10.5. At the end of fiscal 2025 it was —.
What is Liquidia's return on equity?
Liquidia's return on equity (ROE) was −113.0% in fiscal 2025: net income of -$68.9 million on average shareholders' equity of $61.0 million.
What is Liquidia's ROIC?
Liquidia's return on invested capital was −108.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Liquidia have?
Liquidia had total debt of $197.9 million at the end of fiscal 2025, a debt-to-equity ratio of 4.42.
What is Liquidia's free cash flow yield?
Liquidia generated -$40.0 million of free cash flow in fiscal 2025, a free cash flow yield of −1.3% on its market value at year-end ($3.0 billion).
What is Liquidia's current ratio?
Liquidia's current ratio was 1.40 at the end of fiscal 2025: current assets were 1.40 times current liabilities.