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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Liquidia reported revenue of $158M in the fiscal year ended Dec 2025, up 1031.2% from the year before. Operating income was −$51M, an operating margin of −32.5%, and net income was −$69M. Operating cash flow of −$36M less capital expenditure of $4M left free cash flow of −$40M.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 12.9 | 15.9 | 17.5 | 14.0 | 158 |
| Cost of revenue | 3.0 | 2.9 | 2.9 | 5.9 | – |
| Gross profit | 9.8 | 13.1 | 14.6 | 8.1 | – |
| Research & development | 20.5 | 19.4 | 43.2 | 47.8 | 39.3 |
| Selling, general & admin | – | – | 44.7 | 81.6 | 157 |
| Operating income | −33.8 | −38.8 | −73.4 | −121 | −51.4 |
| Interest expense | 0.8 | 2.3 | 6.3 | 14.7 | 24.2 |
| Income tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net income | −34.6 | −41.0 | −78.5 | −128 | −68.9 |
| Diluted EPS | −0.70 | −0.67 | −1.21 | −1.63 | −0.80 |
| Diluted shares | 49.7 | 61.0 | 65.0 | 78.7 | 86.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 57.5 | 93.3 | 83.7 | 176 | 191 |
| Receivables | 3.0 | 5.0 | 4.1 | 2.7 | 54.1 |
| Inventory | – | – | – | 0.2 | 23.8 |
| Current assets | 61.3 | 99.8 | 89.9 | 185 | 273 |
| Net PP&E | 5.0 | 4.2 | 4.5 | 8.3 | 11.8 |
| Goodwill | 3.9 | 3.9 | 3.9 | 3.9 | 3.9 |
| Total assets | 93.7 | 129 | 118 | 230 | 328 |
| Payables | 1.1 | 2.2 | 1.4 | 4.7 | 3.7 |
| Current liabilities | 7.3 | 8.8 | 18.6 | 41.8 | 136 |
| Long-term debt | 10.4 | 19.9 | – | – | – |
| Total liabilities | 28.5 | 38.8 | 71.0 | 151 | 283 |
| Shareholders' equity | 65.3 | 90.4 | 47.3 | 79.4 | 44.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −34.0 | −28.6 | −41.6 | −93.4 | −35.7 |
| Capital expenditure | 0.1 | 0.6 | 1.3 | 4.9 | 4.3 |
| Free cash flow | −34.1 | −29.2 | −42.9 | −98.4 | −40.0 |
| Depreciation & amortisation | 5.6 | 3.6 | 2.2 | 2.2 | 1.5 |
| Stock-based compensation | 6.7 | 9.3 | 10.1 | 18.8 | 29.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 24.0% | 9.7% | −20.0% | 1031.2% |
| Gross margin | 76.5% | 82.1% | 83.5% | 58.0% | – |
| Operating margin | −263.0% | −243.3% | −419.6% | −866.6% | −32.5% |
| Net margin | −269.0% | −257.4% | −448.9% | −916.6% | −43.5% |
| Return on equityBlank when equity is negative | −53.0% | −45.4% | −166.0% | −161.6% | −154.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −39.1% | −32.2% | −73.5% | −64.3% | −26.7% |
| Free cash flow margin | −265.6% | −183.1% | −245.0% | −702.9% | −25.3% |
| Cash conversion (CFO ÷ net income) | 0.98x | 0.70x | 0.53x | 0.73x | 0.52x |
| Receivable days | 85 | 115 | 85 | 71 | 125 |
| Inventory days | – | – | – | 15 | – |
| Payable days | 129 | 280 | 176 | 291 | – |
| Interest cover | −44.4x | −16.6x | −11.7x | −8.28x | −2.13x |
| Debt ÷ equity | 0.16x | 0.22x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −47.1 | −73.4 | – | – | – |
| Current ratio | 8.36x | 11.3x | 4.85x | 4.43x | 2.01x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.