MannKind Corporation (MNKD) Key Metrics
MNKD valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $977.5M
- Enterprise value
- $1.43B
- P/E (TTM)
- — 10-yr median 66.2
- Forward P/E
- 25.7
- PEG ratio
- 4.39
- Price / sales
- 2.5 10-yr median 5.9
- Price / book
- 187.9
- EV / EBITDA
- 70.1 10-yr median 39.8
- Dividend yield
- —
- Beta
- 1.08
MNKD key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMNKD valuation Price multiples at each fiscal year-end price.
MNKD returns How much profit the business earns on the capital it uses.
MNKD per-share figures Results divided by the shares outstanding at year-end.
MNKD financial health Debt, liquidity and how easily interest is covered.
MNKD efficiency & capital use Working capital cycle and where the cash goes.
MNKD valuation history
MNKD returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MNKD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MNKD cash returned to shareholders
MNKD price vs earnings per share
MNKD key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.78B | $1.83B | $971.9M | $1.35B | $1.09B | $696.7M | $252.3M | $152.8M | $241.8M | $294.7M |
| Enterprise value | $2.08B | $1.68B | $949.5M | $1.47B | $1.17B | $753.1M | $323.8M | $184.1M | $354.7M | $420.3M |
| P/E ratio | 303.8 | 66.2 | — | — | — | — | — | — | — | 2.3 |
| Price / sales | 5.1 | 6.4 | 4.9 | 13.6 | 14.4 | 10.7 | 4.0 | 5.5 | 20.6 | 1.7 |
| Price / free cash flow | 130.1 | 55.6 | — | — | — | — | — | — | — | — |
| Price / operating cash flow | 97.6 | 42.9 | 28.5 | — | — | — | — | — | — | — |
| EV / sales | 6.0 | 5.9 | 4.8 | 14.8 | 15.6 | 11.6 | 5.1 | 6.6 | 30.2 | 2.4 |
| EV / EBITDA | 75.7 | 21.6 | 57.9 | — | — | — | — | — | — | 6.5 |
| EV / free cash flow | 152.2 | 51.1 | — | — | — | — | — | — | — | — |
| Earnings yield | 0.3% | 1.5% | −1.2% | −6.5% | −7.4% | −8.2% | −20.6% | −56.9% | −48.5% | 42.6% |
| Free cash flow yield | 0.8% | 1.8% | −0.9% | −6.5% | −6.7% | −4.7% | −36.1% | −24.9% | −26.8% | −26.9% |
| Dividend yield | — | — | — | — | 0.0% | 2.1% | 0.3% | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 0.2% | — | 1.0% | 0.0% | 0.1% | 2.1% | 0.3% | 0.0% | 0.1% | 0.1% |
| Share price at fiscal year-end | $5.67 | $6.43 | $3.64 | $5.27 | $4.37 | $3.13 | $1.29 | $1.06 | $2.32 | $3.20 |
| Per share | ||||||||||
| Revenue per share | $1.11 | $1.01 | $0.75 | $0.39 | $0.30 | $0.29 | $0.32 | $0.19 | $0.11 | $1.90 |
| Earnings per share | $0.02 | $0.10 | −$0.04 | −$0.34 | −$0.32 | −$0.26 | −$0.27 | −$0.60 | −$1.13 | $1.36 |
| Operating cash flow per share | $0.06 | $0.15 | $0.13 | −$0.31 | −$0.25 | −$0.13 | −$0.45 | −$0.26 | −$0.62 | −$0.85 |
| Free cash flow per share | $0.04 | $0.12 | −$0.03 | −$0.34 | −$0.29 | −$0.15 | −$0.47 | −$0.26 | −$0.62 | −$0.86 |
| Cash per share | $0.55 | $0.69 | $1.11 | $0.66 | $0.82 | $0.30 | $0.26 | $0.49 | $0.42 | $0.25 |
| Book value per share | −$0.16 | −$0.28 | −$0.92 | −$0.97 | −$0.84 | −$0.81 | −$0.97 | −$1.21 | −$2.06 | −$1.99 |
| Tangible book value per share | −$0.39 | −$0.30 | −$0.93 | −$0.99 | −$0.84 | −$0.81 | −$0.97 | −$1.21 | −$2.06 | −$1.99 |
| Dividends per share | — | — | — | — | $0.00 | $0.07 | $0.00 | — | $0.00 | $0.00 |
| Capex per share | $0.01 | $0.03 | $0.16 | $0.03 | $0.05 | $0.02 | $0.01 | $0.00 | $0.01 | $0.01 |
| Debt per share | $1.51 | $0.17 | $1.02 | $1.12 | $1.16 | $0.55 | $0.62 | $0.71 | $1.50 | $1.61 |
| Shares outstanding | 314.1M | 283.8M | 267.0M | 257.1M | 249.2M | 222.6M | 195.6M | 144.1M | 104.2M | 92.1M |
| Change in shares outstanding | +10.7% | +6.3% | +3.9% | +3.1% | +12.0% | +13.8% | +35.7% | +38.3% | +13.2% | +13.4% |
| Returns & profitability | ||||||||||
| Return on invested capital (ROIC) | 342.8% | — | — | — | — | — | — | — | — | — |
| Return on assets (ROA) | 1.0% | 6.3% | −3.1% | −28.4% | −37.7% | −56.6% | −51.5% | −90.5% | −122.5% | 107.6% |
| Return on tangible assets | 0.8% | 7.1% | −2.5% | −30.0% | −25.2% | −52.7% | −55.4% | −80.8% | −138.7% | 117.4% |
| Free cash flow margin | 3.9% | 11.5% | −4.2% | −88.5% | −97.0% | −50.5% | −144.4% | −136.7% | −551.5% | −45.3% |
| Income quality (OCF / net income) | 3.11 | 1.54 | — | — | — | — | — | — | — | −0.62 |
| Financial health | ||||||||||
| Total debt | $473.4M | $47.7M | $272.6M | $288.4M | $289.2M | $123.4M | $121.4M | $102.5M | $156.8M | $148.5M |
| Cash & short-term investments | $171.3M | $197.3M | $295.1M | $170.8M | $204.1M | $67.0M | $49.9M | $71.2M | $43.9M | $22.9M |
| Net debt | $302.0M | −$149.6M | −$22.5M | $117.6M | $85.1M | $56.4M | $71.5M | $31.3M | $112.9M | $125.6M |
| Debt / assets | 0.60 | 0.12 | 0.57 | 0.98 | 0.90 | 1.14 | 1.30 | 0.95 | 1.85 | 1.39 |
| Net debt / EBITDA | 10.97 | −1.93 | −1.37 | — | — | — | — | — | — | 1.95 |
| Current ratio | 1.70 | 3.28 | 3.59 | 3.49 | 4.54 | 1.08 | 0.93 | 1.09 | 0.65 | 0.84 |
| Quick ratio | 1.50 | 2.94 | 3.31 | 3.17 | 4.39 | 1.01 | 0.86 | 1.04 | 0.62 | 0.82 |
| Interest coverage | 2.8 | 1.9 | 0.3 | -2.6 | -2.8 | -5.1 | -4.1 | -8.1 | -8.1 | 3.6 |
| Working capital | $120.5M | $186.5M | $269.3M | $167.6M | $171.1M | $5.8M | −$4.9M | $6.6M | −$30.4M | −$14.6M |
| Invested capital | $251.0M | −$228.4M | −$268.6M | −$133.0M | −$124.2M | −$124.0M | −$119.0M | −$143.8M | −$101.9M | −$58.0M |
| Tangible asset value | −$123.7M | −$86.0M | −$249.2M | −$254.1M | −$209.3M | −$180.4M | −$190.5M | −$175.1M | −$214.7M | −$183.6M |
| Net current asset value | −$551.6M | −$204.4M | −$348.0M | −$310.9M | −$311.0M | −$209.6M | −$223.5M | −$200.9M | −$242.1M | −$213.2M |
| Graham net-net per share | −$1.99 | −$0.89 | −$1.50 | −$1.37 | −$1.28 | −$0.97 | −$1.17 | −$1.43 | −$2.42 | −$2.64 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | $498,000 | $14.9M | $656,000 | — | $0 | $0 |
| Share buybacks (net) | $3.3M | — | $10.2M | $0 | $498,000 | $0 | $0 | $0 | $127,000 | $165,000 |
| Dividend payout ratio | — | — | — | — | — | — | — | — | — | 0.0% |
| Dividends + buybacks / free cash flow | 23.8% | — | — | — | — | — | — | — | — | — |
| Capex / revenue | 1.3% | 3.4% | 21.3% | 7.6% | 15.2% | 7.3% | 4.1% | 1.3% | 9.7% | 0.7% |
| Capex / operating cash flow | 25.0% | 22.8% | 124.5% | — | — | — | — | — | — | — |
| Capex / depreciation | 0.37 | 1.08 | 7.32 | 1.20 | 3.53 | 1.44 | 1.19 | 0.21 | 0.32 | 0.28 |
| Stock-based compensation / revenue | 6.9% | 7.5% | 8.9% | 13.5% | 16.2% | 10.0% | 9.8% | 24.6% | 41.3% | 2.9% |
| R&D / revenue | 19.0% | 16.1% | 15.7% | 19.8% | 16.3% | 9.6% | 10.9% | 31.4% | 120.2% | 8.5% |
| SG&A / revenue | 41.3% | 33.0% | 47.4% | 37.8% | 42.3% | 87.9% | 118.5% | 286.1% | 638.2% | 15.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 26.2 | 17.1 | 29.1 | 39.4 | 21.7 | 21.7 | 21.8 | 44.6 | 522.8 | 32.3 |
| Days of inventory on hand | 188.6 | 134.4 | 146.3 | 91.8 | 56.9 | 67.6 | 50.6 | 55.7 | 52.8 | 57.8 |
| Days payables outstanding | 47.2 | 39.0 | 60.0 | 57.2 | 58.9 | 76.8 | 66.3 | 110.2 | 108.5 | 68.7 |
| Cash conversion cycle (days) | 167.6 | 112.5 | 115.4 | 74.0 | 19.7 | 12.5 | 6.0 | -9.9 | 467.1 | 21.3 |
| Receivables turnover | 13.91 | 21.38 | 12.55 | 9.26 | 16.85 | 16.85 | 16.74 | 8.19 | 0.70 | 11.32 |
| Payables turnover | 7.73 | 9.36 | 6.08 | 6.39 | 6.20 | 4.75 | 5.50 | 3.31 | 3.36 | 5.31 |
| Inventory turnover | 1.94 | 2.71 | 2.50 | 3.98 | 6.41 | 5.40 | 7.22 | 6.55 | 6.91 | 6.31 |
| Asset turnover | 0.59 | 0.66 | 0.52 | 0.32 | 0.35 | 0.64 | 0.63 | 0.29 | 0.12 | 1.50 |
| Average receivables | $25.1M | $13.4M | $15.9M | $10.8M | $4.5M | $3.9M | $3.8M | $3.4M | $16.8M | $15.4M |
| Average payables | $7.9M | $8.2M | $10.3M | $9.0M | $6.3M | $5.2M | $5.1M | $6.2M | $5.1M | $9.4M |
| Average inventory | $31.6M | $28.2M | $25.2M | $14.5M | $6.1M | $4.6M | $3.9M | $3.1M | $2.5M | $7.9M |
| Intangibles / total assets | 9.2% | 1.8% | 0.6% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from MNKD's annual financial statements (latest annual report filed February 26, 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.
MNKD valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), MannKind traded at 303.8 times earnings, against a 10-year median of 66.2. MannKind earned a return on invested capital of 342.8% in fiscal 2025. It ended the year with $473.4 million of debt and $171.3 million in cash and short-term investments, net debt of $302.0 million. It returned $3.3 million to shareholders: $0 in dividends and $3.3 million in share buybacks, 24% of free cash flow. The share count rose 241.1% from 92.1M to 314.1M over 9 years.
See the MNKD income statement, the MNKD chart for price history, or the MNKD stock overview for the latest quote and news.
MNKD key metrics FAQ
What is MannKind's P/E ratio?
MannKind traded at 303.8 times earnings at the end of fiscal 2025.
What is MannKind's EV/EBITDA?
MannKind's enterprise value was 75.7 times EBITDA at the end of fiscal 2025 (enterprise value $2.1 billion, EBITDA $27.5 million); the current EV/EBITDA is 70.1.
What is MannKind's ROIC?
MannKind's return on invested capital was 342.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does MannKind have?
MannKind had total debt of $473.4 million at the end of fiscal 2025 and $302.0 million of net debt (10.97 times EBITDA).
Does MannKind buy back its shares?
Yes. MannKind spent $3.3 million on net share repurchases in fiscal 2025 Shares outstanding changed +10.7% over the year, to 314.1M..
What is MannKind's free cash flow yield?
MannKind generated $13.7 million of free cash flow in fiscal 2025, a free cash flow yield of 0.8% on its market value at year-end ($1.8 billion).
What is MannKind's current ratio?
MannKind's current ratio was 1.70 at the end of fiscal 2025: current assets were 1.70 times current liabilities.