Madrigal Pharmaceuticals
MDGL · NasdaqPharmaceutical Preparations · Fiscal year ends Dec 31
Madrigal Pharmaceuticals reported revenue of $958M in the fiscal year ended Dec 2025, up 432.1% from the year before. Operating income was −$300M, an operating margin of −31.3%, and net income was −$288M. Operating cash flow of −$190M less capital expenditure of $467,000 left free cash flow of −$190M. Net debt was $141M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $180M | $958M |
| Cost of revenue | – | $0 | $0 | $6M | – |
| Gross profit | – | $0 | $0 | $174M | – |
| Selling, general & admin | – | $48M | $108M | $435M | $814M |
| Operating income | −$242M | −$294M | −$380M | −$498M | −$300M |
| Interest expense | $0 | $4M | $13M | $15M | $22M |
| Income tax | $0 | $0 | $0 | $0 | $0 |
| Net income | −$242M | −$295M | −$374M | −$466M | −$288M |
| Diluted EPS | −14.63 | −17.23 | −17.33 | −17.31 | −10.15 |
| Diluted shares | 17M | 17M | 22M | 27M | 28M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $36M | $332M | $100M | $100M | $199M |
| Receivables | – | – | $0 | $54M | $134M |
| Inventory | – | – | $0 | $34M | $75M |
| Current assets | $272M | $361M | $637M | $1B | $1.2B |
| Net PP&E | $851,000 | $601,000 | $2M | $2M | $1M |
| Total assets | $273M | $363M | $641M | $1B | $1.3B |
| Payables | $21M | $24M | $28M | $44M | $49M |
| Current liabilities | $77M | $116M | $119M | $169M | $310M |
| Long-term debt | $0 | $49M | $115M | $118M | $340M |
| Total liabilities | $77M | $165M | $235M | $288M | $657M |
| Shareholders' equity | $196M | $197M | $405M | $754M | $603M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$184M | −$225M | −$324M | −$456M | −$190M |
| Capital expenditure | $209,000 | $217,000 | $1M | $1M | $467,000 |
| Free cash flow | −$184M | −$225M | −$326M | −$457M | −$190M |
| Depreciation & amortisation | $405,000 | $467,000 | $527,000 | $1M | $2M |
| Stock-based compensation | $27M | $32M | $50M | $80M | $98M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | – | – | – | 432.1% |
| Gross margin | – | – | – | 96.5% | – |
| Operating margin | – | – | – | −276.4% | −31.3% |
| Net margin | – | – | – | −258.6% | −30.1% |
| Return on equityBlank when equity is negative | −123.3% | −149.6% | −92.2% | −61.8% | −47.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −123.4% | −119.0% | −72.9% | −57.0% | −31.6% |
| Free cash flow margin | – | – | – | −253.7% | −19.8% |
| Cash conversion (CFO ÷ net income) | 0.76x | 0.76x | 0.87x | 0.98x | 0.66x |
| Receivable days | – | – | – | 109 | 51 |
| Inventory days | – | – | – | 1995 | – |
| Payable days | – | – | – | 2553 | – |
| Interest cover | – | −74.1x | −29.9x | −33.9x | −13.5x |
| Debt ÷ equity | 0.00x | 0.25x | 0.28x | 0.16x | 0.56x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$36M | −$282M | $16M | $18M | $141M |
| Current ratio | 3.54x | 3.12x | 5.38x | 6.10x | 4.01x |
Recent filings
More in Pharmaceutical Preparations
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.