What is Ligand Pharmaceuticals Inc.'s earnings per share (EPS)?

Ligand Pharmaceuticals Inc. (LGND) reported diluted earnings per share of $6.13 for fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Ligand Pharmaceuticals (LGND) Financials

LGND NASDAQ

Trailing 12 months to September 30, 2026

Revenue $253.8M +1.0% YoY

Net Income $51.5M +5.9% YoY

EPS (Diluted) $2.30 +13.3% YoY

Free Cash Flow $90.6M +194.6% YoY

Market Cap $6.4B as of Oct 30, 2026

Price / Sales 25.3x on $253.8M revenue, trailing 12 months to September 30, 2026

Price / Earnings 125x on $51.5M net income, trailing 12 months to September 30, 2026

Price / Book 6.7x on $961.8M equity, Q3 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 30, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2026, ended Sep 30, 2026 Reported Oct 30, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q3 FY2026, filed Oct 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the LGND SEC filings page.

Ligand Pharmaceuticals Inc. (LGND) reported $253.8M in revenue over the twelve months to Sep 30, 2026, up 1.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI LGND FY2025 2026-10-25

Revenue recovery returned the business to profit, but cash conversion weakened as financing expanded faster than cash generation.

Although revenue increased 60.4% in FY2025, free cash flow fell 48.6%, so the growth surge did not produce proportional cash. Net income reached $124.5M while operating cash flow was only $49.4M, showing that reported profitability was not yet translating fully into cash.

The balance sheet took on a different financing shape: liabilities rose 388.1% while assets rose 65.7%, making liabilities a much larger part of the expansion. Liabilities reached 34.8% of assets, versus 11.8% in FY2024.

Operating margin returned to 15.3% from -13.5%, showing that the revenue rebound reached operating profit rather than merely top-line growth. Yet research and development spending increased 278.9% to $81.2M, making improved earnings coexist with a much heavier development investment.

Financial Health Signals

Financial Health Score 69/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Ligand Pharmaceuticals Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Ligand Pharmaceuticals Inc. has an operating margin of 15.3%, meaning the company retains $15 of operating profit per $100 of revenue. This results in a moderate score of 40/100, indicating healthy but not exceptional operating efficiency. This is up from -13.5% the prior year.

Growth

Ligand Pharmaceuticals Inc.'s revenue surged 60.4% year-over-year to $268.1M, reflecting rapid business expansion. This strong growth earns a score of 93/100.

Leverage

Liquidity

With a current ratio of 22.23, Ligand Pharmaceuticals Inc. holds $22.23 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 99/100.

Cash Flow

Ligand Pharmaceuticals Inc. converts 18.2% of revenue into free cash flow ($48.9M). This strong cash generation earns a score of 95/100.

Returns

Ligand Pharmaceuticals Inc. generates a 12.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 29/100. This is up from -0.5% the prior year.

Altman Z-Score Safe

8.52

Ligand Pharmaceuticals Inc. scores 8.52, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $6.4B against total liabilities of $543.4M. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

4/7

Ligand Pharmaceuticals Inc. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.

Earnings Quality Low Quality

0.40x

For every $1 of reported earnings, Ligand Pharmaceuticals Inc. generates $0.40 in operating cash flow ($49.4M OCF vs $124.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage Safe

8.70x

Ligand Pharmaceuticals Inc. earns $8.70 in operating income for every $1 of interest expense ($41.0M vs $4.7M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$78.7M

YoY-31.8%

QoQ+23.6%

5Y CAGR+5.7%

10Y CAGR+13.8%

Ligand Pharmaceuticals Inc. generated $78.7M in revenue in Q3 2026. This represents a decrease of 31.8% from the same quarter a year earlier. Against the prior quarter it is up 23.6%.

EBITDA

-$5.4M

YoY-108.5%

QoQ-132.3%

Ligand Pharmaceuticals Inc.'s EBITDA was -$5.4M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 108.5% from the same quarter a year earlier. Against the prior quarter it is down 132.3%.

Net Income

-$28.5M

YoY-124.3%

QoQ-158.7%

Ligand Pharmaceuticals Inc. reported a net loss of $28.5M in Q3 2026. This represents a decrease of 124.3% from the same quarter a year earlier. Against the prior quarter it is down 158.7%.

EPS (Diluted)

-$1.43

YoY-125.2%

QoQ-164.4%

Ligand Pharmaceuticals Inc. earned -$1.43 per diluted share (EPS) in Q3 2026. This represents a decrease of 125.2% from the same quarter a year earlier. Against the prior quarter it is down 164.4%.

Cash & Balance Sheet

Free Cash Flow

-$27.7M

YoY-312.1%

QoQ-215.6%

Ligand Pharmaceuticals Inc. recorded an outflow of $27.7M in free cash flow in Q3 2026, representing a cash shortfall after capex. This represents a decrease of 312.1% from the same quarter a year earlier. Against the prior quarter it is down 215.6%.

Cash & Debt

$56.0M

YoY-59.9%

QoQ-94.4%

5Y CAGR+19.0%

10Y CAGR-4.3%

Ligand Pharmaceuticals Inc. held $56.0M in cash against $679.9M in long-term debt as of Q3 2026.

Shares Outstanding

20M

YoY+1.6%

QoQ+0.3%

Ligand Pharmaceuticals Inc. had 20M shares outstanding in Q3 2026. This represents an increase of 1.6% from the same quarter a year earlier. Against the prior quarter it is up 0.3%.

Dividends Per Share

Not reported for Q3 2026.

Margins & Returns

Operating Margin

-20.0%

YoY-68.0pp

QoQ-33.5pp

Ligand Pharmaceuticals Inc.'s operating margin was -20.0% in Q3 2026, reflecting core business profitability. This is down 68.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 33.5 percentage points.

Net Margin

-36.2%

QoQ-112.3pp

5Y change-59.2pp

10Y change-41.0pp

Ligand Pharmaceuticals Inc.'s net profit margin was -36.2% in Q3 2026, showing the share of revenue converted to profit. Against the prior quarter it is down 112.3 percentage points. No change is given against Q3 2025: its reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.

Return on Equity

-3.0%

YoY-15.3pp

QoQ-8.0pp

5Y change-4.7pp

10Y change-3.3pp

Ligand Pharmaceuticals Inc.'s quarterly ROE was -3.0% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is down 15.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 8.0 percentage points.

Gross Margin

Not reported for Q3 2026.

Capital Allocation

R&D Spending

$2.8M

YoY-86.8%

QoQ-81.1%

5Y CAGR-17.9%

Ligand Pharmaceuticals Inc. invested $2.8M in research and development in Q3 2026. This represents a decrease of 86.8% from the same quarter a year earlier. Against the prior quarter it is down 81.1%.

Share Buybacks

YoY-100.0%

Ligand Pharmaceuticals Inc. repurchased no shares in Q3 2026. This represents a decrease of 100.0% from the same quarter a year earlier.

Capital Expenditures

$142K

YoY+846.7%

QoQ+446.2%

5Y CAGR-39.6%

Ligand Pharmaceuticals Inc. invested $142K in capex in Q3 2026, funding long-term assets and infrastructure. This represents an increase of 846.7% from the same quarter a year earlier. Against the prior quarter it is up 446.2%.

LGND Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

LGND quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$253.8M	$268.1M+60.4%	$167.1M+27.3%	$131.3M-33.1%	$196.2M-18.8%	$241.5M+47.7%	$163.6M+36.0%	$120.3M-52.2%	$251.5M+78.2%	$141.1M+29.5%	$109.0M+51.5%	$71.9M+11.4%	$64.5M+31.8%	$49.0M+56.0%	$31.4M+4.5%	$30.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$6.3M+18.1%	$5.4M-3.7%	$5.6M-4.1%	$5.8M-36.4%	$9.1M+59.4%	$5.7M+59.2%	$3.6M-26.6%	$4.9M
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$245.1M+80.6%	$135.7M+31.3%	$103.4M+56.4%	$66.1M+19.3%	$55.4M+28.1%	$43.2M+55.6%	$27.8M+10.6%	$25.1M
R&D Expenses	$23.1M	$81.2M+278.9%	$21.4M-12.7%	$24.5M-32.0%	$36.1M+12.4%	$32.1M-20.7%	$40.5M-27.6%	$55.9M+100.7%	$27.9M+3.6%	$26.9M+26.7%	$21.2M+92.8%	$11.0M+12.9%	$9.7M+5.1%	$9.3M-14.1%	$10.8M+4.8%	$10.3M
SG&A Expenses	$147.6M	$92.4M+17.5%	$78.7M+49.0%	$52.8M-24.7%	$70.1M+49.7%	$46.8M-22.0%	$60.0M+43.3%	$41.9M+11.0%	$37.7M+31.7%	$28.7M+3.6%	$27.7M+8.9%	$25.4M+12.5%	$22.6M+25.5%	$18.0M+14.0%	$15.8M+8.2%	$14.6M
Operating Income	$23.6M	$41.0Mn/m	-$22.6M-289.3%	$11.9M+293.2%	$3.0M-97.1%	$103.9M+176.9%	$37.5M-95.4%	$807.1M+392.9%	$163.7M+140.5%	$68.1M+55.1%	$43.9M+60.6%	$27.3M+39.2%	$19.6M+31.3%	$14.9M+7642.5%	$193Kn/m	-$878K
EBITDA	N/A	$74.8M+491.9%	$12.6M-73.9%	$48.5M-11.2%	$54.6M-64.8%	$154.9M+145.2%	$63.2M-92.3%	$825.4M+367.6%	$176.5M+123.3%	$79.0M+43.2%	$55.2M+84.2%	$30.0M+34.4%	$22.3M+26.6%	$17.6M+502.9%	$2.9M+52.7%	$1.9M
Interest Expense	$8.2M	$4.7M+55.3%	$3.0M+363.0%	$656K-63.5%	$1.8M-90.8%	$19.6M-28.4%	$27.4M-23.3%	$35.7M-26.0%	$48.3M+258.7%	$13.5M+4.8%	$12.8M	N/A	$4.9M+134.0%	$2.1M-29.0%	$2.9M+16.6%	$2.5M
Income Tax	$1.3M	$34.5M+426.8%	$6.5M-33.4%	$9.8M-76.1%	$41.2Mn/m	-$4.1Mn/m	-$5.3M-103.2%	$167.3M+457.6%	$30.0M-32.8%	$44.7M+332.6%	$10.3Mn/m	-$192.1M-46957.3%	$410K+9.6%	$374Kn/m	-$1.2Mn/m	-$13.3M
Net Income	$51.5M	$124.5Mn/m	-$4.0M-107.7%	$52.2Mn/m	-$33.4M-158.4%	$57.1Mn/m	-$3.0M-100.5%	$629.3M+339.1%	$143.3M+1041.5%	$12.6Mn/m	-$1.6M-100.7%	$229.8M+1811.4%	$12.0M+5.3%	$11.4Mn/m	-$527K-105.4%	$9.7M
EPS (Basic)	N/A	$6.44n/m	-$0.22-107.3%	$3.02n/m	-$1.98-157.6%	$3.44n/m	-$0.18-100.5%	$33.13+389.4%	$6.77+1028.3%	$0.60n/m	-$0.08-100.7%	$11.61+1867.8%	$0.59+5.4%	$0.56n/m	-$0.03-106.1%	$0.49
EPS (Diluted)	$2.30	$6.13n/m	-$0.22-107.5%	$2.94n/m	-$1.98-159.8%	$3.31n/m	-$0.18-100.6%	$31.85+434.4%	$5.96+1024.5%	$0.53n/m	-$0.08-100.7%	$10.83+1833.9%	$0.56+1.8%	$0.55n/m	-$0.03-106.1%	$0.49
Diluted Shares (Avg)	N/A	20M+11.0%	18M+3.0%	18M+5.3%	17M-2.2%	17M+2.5%	17M-14.8%	20M-17.9%	24M+2.5%	23M+12.7%	21M-1.9%	21M-1.0%	21M+3.3%	21M+4.5%	20M+0.7%	20M

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Revenue	$78.7M-31.8%	$63.7M+33.7%	$51.7M+14.1%	$59.7M+39.4%	$115.5M+122.8%	$47.6M+14.7%	$45.3M+46.3%	$42.8M+52.4%
R&D Expenses	$2.8M-86.8%	$14.7M+123.4%	$2.1M-95.7%	$3.5M-20.7%	$21.0M+270.4%	$6.6M+22.7%	$50.1M+738.8%	$4.4M-19.4%
SG&A Expenses	$72.6M+155.3%	$29.1M+44.4%	$20.8M+10.8%	$25.0M-2.3%	$28.4M+16.2%	$20.2M+14.5%	$18.8M+71.7%	$25.6M+60.1%
Operating Income	-$15.8M-128.5%	$8.6M+1.7%	$17.4Mn/m	$13.4Mn/m	$55.4M+1662.2%	$8.4Mn/m	-$36.2M-1312.0%	-$9.6Mn/m
EBITDA	-$5.4M-108.5%	$16.8M-0.9%	$25.6Mn/m	$21.6Mn/m	$63.7M+424.5%	$17.0Mn/m	-$27.4M-333.5%	-$1.0M-118.2%
Interest Expense	$2.9M+218.5%	$1.7M+51.6%	$1.7M+101.5%	$1.8M+101.2%	$910K+22.8%	$1.2M-9.1%	$867K+514.9%	$887K+577.1%
Income Tax	-$15.6M-165.4%	$15.8M+147.7%	-$10.9Mn/m	$12.0Mn/m	$23.9M+2764.8%	$6.4Mn/m	-$7.7M-128.3%	-$8.1Mn/m
Net Income	-$28.5M-124.3%	$48.5M+900.8%	-$13.3Mn/m	$44.8Mn/m	$117.3Mn/m	$4.8Mn/m	-$42.5M-149.3%	-$31.1M-270.9%
EPS (Basic)	-$1.43-123.9%	$2.42+868.0%	-$0.67n/m	$2.33n/m	$5.99n/m	$0.25n/m	-$2.21-145.5%	-$1.72-263.8%
EPS (Diluted)	-$1.43-125.2%	$2.22+825.0%	-$0.67n/m	$2.18n/m	$5.68n/m	$0.24n/m	-$2.21-146.5%	-$1.68-263.1%
Diluted Shares (Avg)	20M-3.2%	22M+9.6%	20M+3.6%	N/A	21M+12.0%	20M+10.5%	19M+5.9%	N/A

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.

LGND Balance Sheet

LGND quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$1.6B+65.7%	$941.8M+19.6%	$787.2M+3.2%	$762.7M-41.2%	$1.3B-4.7%	$1.4B-8.9%	$1.5B+18.6%	$1.3B+87.9%	$671.0M+11.5%	$601.6M+19.6%	$503.1M+95.0%	$258.0M+146.4%	$104.7M+0.4%	$104.3M-13.5%	$120.6M
Current Assets	$832.3M+151.0%	$331.6M+39.6%	$237.4M-9.9%	$263.6M-43.3%	$464.8M-7.2%	$500.6M-55.5%	$1.1B+29.1%	$870.5M+267.3%	$237.0M+45.4%	$163.1M-24.1%	$214.7M+16.0%	$185.2M+644.2%	$24.9M+4.4%	$23.8M-26.1%	$32.2M
Cash & Equivalents	$174.9M+141.9%	$72.3M+215.0%	$23.0M-49.0%	$45.0M+130.5%	$19.5M-59.0%	$47.6M-33.4%	$71.5M-38.9%	$117.2M+468.2%	$20.6M+10.0%	$18.8M-80.8%	$97.4M-39.2%	$160.2M+1276.4%	$11.6M-6.0%	$12.4M+75.8%	$7.0M
Short-Term Investments	$558.6M+203.8%	$183.9M+24.8%	$147.4M-11.7%	$166.9M-48.1%	$321.6M-11.5%	$363.6M-63.6%	$998.3M+66.1%	$601.2M+232.1%	$181.0M+48.0%	$122.3M+19.0%	$102.8M+1341.1%	$7.1M+64.4%	$4.3Mn/m	$0-100.0%	$10.0M
Inventory	$9.1M-35.3%	$14.1M-41.1%	$24.0M+80.3%	$13.3M-51.4%	$27.3M+3.2%	$26.5M+263.0%	$7.3M+2.4%	$7.1M+62.9%	$4.4M+127.4%	$1.9M+17.8%	$1.6M+507.1%	$269K-80.7%	$1.4M-18.0%	$1.7M+30.4%	$1.3M
Accounts Receivable	$59.6M+55.3%	$38.4M+16.6%	$32.9M+8.2%	$30.4M-64.4%	$85.5M+50.3%	$56.8M+87.1%	$30.4M-45.6%	$55.9M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Investments	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0
Goodwill	$101.5M-3.5%	$105.3M+1.8%	$103.4Mn/m	$0-100.0%	$105.7M-44.3%	$189.7M+99.2%	$95.2M+9.9%	$86.6M+0.8%	$86.0M+19.0%	$72.2M+490.0%	$12.2M0.0%	$12.2M0.0%	$12.2M0.0%	$12.2M0.0%	$12.2M
Total Liabilities	$543.4M+388.1%	$111.3M+29.0%	$86.3M-47.8%	$165.2M-65.3%	$476.4M-27.0%	$652.8M-10.3%	$727.7M+4.0%	$699.9M+177.3%	$252.4M+9.4%	$230.7M+2.0%	$226.2M-3.2%	$233.6M+324.0%	$55.1M-29.2%	$77.8M-25.3%	$104.1M
Current Liabilities	$37.4M+0.9%	$37.1M+121.1%	$16.8M-83.0%	$98.8M+137.2%	$41.7M-58.4%	$100.1M+488.8%	$17.0M-79.3%	$82.2M-65.6%	$238.9M+5.2%	$227.1M+1.9%	$222.8M+878.2%	$22.8M-21.3%	$28.9M-18.3%	$35.4M-18.8%	$43.6M
Non-Current Liabilities	$506.0M+581.7%	$74.2M+6.8%	$69.5M+4.7%	$66.4M-84.7%	$434.8M-21.3%	$552.6M-22.2%	$710.7M+15.1%	$617.6M+4473.1%	$13.5M+274.9%	$3.6M+8.2%	$3.3M-98.4%	$210.8M+705.9%	$26.2M-38.2%	$42.3M-29.9%	$60.4M
Long-Term Debt	N/A	N/A	N/A	$0-100.0%	$320.7M-27.5%	$442.3M-30.8%	$639.0M+4.8%	$609.9Mn/m	$0	N/A	$0-100.0%	$195.9M	N/A	$27.5M	N/A
Total Equity	$1.0B+22.5%	$830.4M+18.5%	$700.9M+17.3%	$597.5M-27.2%	$821.2M+15.7%	$709.5M-7.5%	$767.2M+36.8%	$560.9M+40.3%	$399.8M+17.1%	$341.3M+43.8%	$237.3M+801.6%	$26.3M-47.0%	$49.6M+87.3%	$26.5M+223.6%	$8.2M
Retained Earnings	$608.1M+21.9%	$499.0M-0.8%	$503.0M+11.6%	$450.9M+0.4%	$449.1M+14.6%	$392.0M-2.0%	$400.1Mn/m	-$229.2Mn/m	-$400.9Mn/m	-$431.1Mn/m	-$429.5Mn/m	-$659.3Mn/m	-$671.3Mn/m	-$682.8Mn/m	-$682.2M

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Total Assets	$2.2B+51.5%	$2.2B+130.4%	$1.5B+69.2%	$1.6B+65.7%	$1.5B+54.7%	$948.6M+9.5%	$905.4M-0.9%	$941.8M+19.6%
Current Assets	$608.2M-19.3%	$1.5B+312.8%	$865.4M+179.8%	$832.3M+151.0%	$753.9M+143.7%	$352.9M+13.0%	$309.3M-16.2%	$331.6M+39.6%
Cash & Equivalents	$56.0M-59.9%	$1.0B+1387.7%	$115.1M+139.8%	$174.9M+141.9%	$139.4M+119.1%	$67.7M+273.1%	$48.0M-4.2%	$72.3M+215.0%
Short-Term Investments	$391.4M-25.5%	$351.1M+97.9%	$664.3M+312.9%	$558.6M+203.8%	$525.1M+236.6%	$177.4M-15.1%	$160.9M-38.2%	$183.9M+24.8%
Inventory	$14.5M+21.9%	$10.3M-33.7%	$13.3M-9.2%	$9.1M-35.3%	$11.9M-28.9%	$15.5M-17.0%	$14.6M-31.5%	$14.1M-41.1%
Accounts Receivable	$83.2M+44.6%	$67.0M+62.3%	$53.4M+38.7%	$59.6M+55.3%	$57.6M+67.7%	$41.3M+10.2%	$38.5M+35.4%	$38.4M+16.6%
Long-Term Investments	$0n/m	N/A	$0n/m	N/A	$0n/m	N/A	$0n/m	N/A
Goodwill	$207.9M+104.7%	$101.5M0.0%	$101.5M0.0%	$101.5M-3.5%	$101.5M-3.5%	$101.5M-3.5%	$101.5M-3.5%	$105.3M+1.8%
Total Liabilities	$1.3B+142.3%	$1.2B+914.7%	$534.8M+386.6%	$543.4M+388.1%	$526.6M+363.2%	$120.1M+31.7%	$109.9M+2.4%	$111.3M+29.0%
Current Liabilities	$500.6M+1539.1%	$46.7M-27.8%	$40.7M-30.7%	$37.4M+0.9%	$30.5M+23.3%	$64.7M+248.7%	$58.7M+229.3%	$37.1M+121.1%
Non-Current Liabilities	$775.1M+56.3%	$1.2B+2017.1%	$494.1M+864.7%	$506.0M+581.7%	$496.1M+457.9%	$55.3M-23.8%	$51.2M-42.8%	$74.2M+6.8%
Long-Term Debt	$679.9M	$1.1B	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$961.8M+1.2%	$967.5M+16.9%	$997.3M+25.4%	$1.0B+22.5%	$950.2M+13.0%	$827.3M+6.7%	$795.6M-1.4%	$830.4M+18.5%
Retained Earnings	$554.8M-4.1%	$583.3M+26.4%	$594.7M+30.3%	$608.1M+21.9%	$578.2M+9.1%	$461.4M-14.1%	$456.5M-22.5%	$499.0M-0.8%

LGND Cash Flow Statement

LGND quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$91.0M	$49.4M-49.1%	$97.0M+95.8%	$49.6M-64.0%	$137.8M+74.9%	$78.8M+44.4%	$54.6Mn/m	-$29.3M-115.1%	$194.1M+119.1%	$88.6M+45.8%	$60.7M+45.5%	$41.7M+102.9%	$20.6M-0.6%	$20.7M+12750.9%	$161Kn/m	-$1.2M
Depreciation & Amortization	N/A	$33.8M-4.2%	$35.2M-3.5%	$36.5M-29.1%	$51.5M+0.9%	$51.1M+98.8%	$25.7M+39.9%	$18.4M+43.6%	$12.8M+16.7%	$11.0M-3.0%	$11.3M+329.8%	$2.6M-1.1%	$2.7M-0.2%	$2.7M-2.3%	$2.7M-2.3%	$2.8M
Stock-Based Compensation	N/A	$46.8M+14.0%	$41.1M+59.6%	$25.7M-57.3%	$60.3M+55.4%	$38.8M+26.2%	$30.7M+25.3%	$24.5M+17.6%	$20.8M-16.3%	$24.9M+31.9%	$18.9M+51.7%	$12.5M+10.5%	$11.3M+98.9%	$5.7M+39.3%	$4.1M+21.4%	$3.4M
Capital Expenditures	$405K	$452K-75.2%	$1.8M-48.3%	$3.5M-80.4%	$17.9M+104.6%	$8.8M+96.5%	$4.5M+74.6%	$2.6M+187.8%	$887K-58.9%	$2.2M+16.5%	$1.9M+1889.2%	$93K+1450.0%	$6K-98.4%	$377K-36.6%	$595K+662.8%	$78K
Free Cash Flow	$90.6M	$48.9M-48.6%	$95.2M+106.8%	$46.1M-61.6%	$119.9M+71.2%	$70.0M+39.7%	$50.1Mn/m	-$31.9M-116.5%	$193.2M+123.5%	$86.4M+46.8%	$58.9M+41.4%	$41.6M+102.5%	$20.6M+1.2%	$20.3Mn/m	-$434Kn/m	-$1.3M
Investing Cash Flow	-$669.3M	-$377.3Mn/m	-$143.7Mn/m	-$11.7M-107.1%	$163.6M+436.1%	$30.5M-86.8%	$231.6M-50.4%	$466.9Mn/m	-$423.3Mn/m	-$79.2Mn/m	-$134.4Mn/m	-$112.9Mn/m	-$2.0Mn/m	-$5.0M-493.8%	$1.3Mn/m	-$25.1M
Financing Cash Flow	$544.7M	$428.2M+340.8%	$97.1Mn/m	-$59.9Mn/m	-$276.0Mn/m	-$137.8Mn/m	-$310.5Mn/m	-$485.2M-247.7%	$328.6Mn/m	-$7.5Mn/m	-$5.0M-159.7%	$8.4M-93.6%	$130.0Mn/m	-$16.5M-520.3%	$3.9M-86.9%	$30.0M
Share Buybacks	N/A	$15.0Mn/m	$0n/m	$0n/m	$0n/m	$0-100.0%	$78.0M-82.8%	$453.0M+268.7%	$122.9M+6149.6%	$2.0M-49.6%	$3.9M+697.8%	$489K-99.3%	$68.0Mn/m	$0n/m	$0-100.0%	$55K

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Operating Cash Flow	-$27.6M-310.8%	$24.0M+52.0%	$48.7Mn/m	$45.9M+61.3%	$13.1M-64.2%	$15.8M+18.7%	-$25.4M-235.8%	$28.5M+253.0%
Depreciation & Amortization	$10.3M+24.8%	$8.2M-3.6%	$8.2M-6.3%	$8.2M-4.8%	$8.3M-8.1%	$8.5M-3.7%	$8.8M+0.1%	$8.6M-3.2%
Stock-Based Compensation	N/A	N/A	$10.6M+35.2%	N/A	N/A	N/A	$7.8M+6.8%	N/A
Capital Expenditures	$142K+846.7%	$26K-87.9%	$228K+6.5%	$9K-98.7%	$15K-97.5%	$214K-47.5%	$214K+103.8%	$712K+70.7%
Free Cash Flow	-$27.7M-312.1%	$24.0M+53.9%	$48.5Mn/m	$45.9M+65.4%	$13.1M-63.6%	$15.6M+20.8%	-$25.7M-237.8%	$27.8M+263.0%
Investing Cash Flow	-$878.0Mn/m	$321.1Mn/m	-$94.3M-2027.8%	-$18.1Mn/m	-$353.4Mn/m	-$10.7Mn/m	$4.9Mn/m	-$38.6Mn/m
Financing Cash Flow	$4.1M-99.0%	$546.4M+3544.1%	-$14.1Mn/m	$8.3M-59.1%	$409.6M+643.7%	$15.0M+58.0%	-$4.7M-139.0%	$20.4M+283.6%
Share Buybacks	$0-100.0%	N/A	N/A	$0n/m	$15.0M	N/A	N/A	$0

Not reported in any period shown, so not listed: Dividends Paid.

LGND Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

LGND quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	97.5%+1.3pp	96.2%+1.3pp	94.9%+3.0pp	91.9%+6.1pp	85.8%-2.5pp	88.3%-0.2pp	88.5%+4.9pp	83.7%
Operating Margin	15.3%+28.8pp	-13.5%-22.6pp	9.1%+7.5pp	1.6%-41.4pp	43.0%+20.1pp	22.9%	671.0%	65.1%+16.9pp	48.3%+8.0pp	40.3%+2.3pp	38.0%+7.6pp	30.4%-0.1pp	30.5%+29.9pp	0.6%+3.5pp	-2.9%
Net Margin	46.4%+48.8pp	-2.4%-42.1pp	39.7%+56.7pp	-17.0%-40.7pp	23.7%+25.5pp	-1.8%	523.2%	57.0%+48.1pp	8.9%+10.4pp	-1.5%	319.6%	18.6%-4.7pp	23.3%+25.0pp	-1.7%-34.0pp	32.3%
Return on Equity	12.2%+12.7pp	-0.5%-7.9pp	7.4%+13.0pp	-5.6%-12.5pp	7.0%+7.4pp	-0.4%-82.4pp	82.0%+56.5pp	25.6%+22.4pp	3.1%+3.6pp	-0.5%-97.3pp	96.9%+51.2pp	45.7%+22.7pp	23.0%+25.0pp	-2.0%-120.7pp	118.7%
Return on Assets	8.0%+8.4pp	-0.4%-7.1pp	6.6%+11.0pp	-4.4%-8.8pp	4.4%+4.6pp	-0.2%-42.3pp	42.1%+30.7pp	11.4%+9.5pp	1.9%+2.1pp	-0.3%-46.0pp	45.7%+41.0pp	4.7%-6.3pp	10.9%+11.4pp	-0.5%-8.6pp	8.1%
Current Ratio	22.23+13.3x	8.93-5.2x	14.15+11.5x	2.67-8.5x	11.15+6.2x	5.00-61.1x	66.09+55.5x	10.58+9.6x	0.99+0.3x	0.72-0.2x	0.96-7.2x	8.13+7.3x	0.86+0.2x	0.67-0.1x	0.74
Debt-to-Equity	N/A	N/A	N/A	0.00-0.4x	0.39-0.2x	0.62-0.2x	0.83-0.3x	1.09+1.1x	0.00	N/A	0.00-7.4x	7.44	N/A	1.04	N/A
Liabilities-to-Equity	0.53+0.4x	0.130.0x	0.12-0.2x	0.28-0.3x	0.58-0.3x	0.920.0x	0.95-0.3x	1.25+0.6x	0.630.0x	0.68-0.3x	0.95-7.9x	8.88+7.8x	1.11-1.8x	2.94-9.8x	12.71
Asset Turnover	0.170.0x	0.180.0x	0.17-0.1x	0.26+0.1x	0.19+0.1x	0.120.0x	0.08-0.1x	0.200.0x	0.210.0x	0.180.0x	0.14-0.1x	0.25-0.2x	0.47+0.2x	0.30+0.1x	0.25
FCF Margin	18.2%-38.7pp	57.0%+21.9pp	35.1%-26.0pp	61.1%+32.1pp	29.0%-1.7pp	30.6%+57.2pp	-26.5%-103.3pp	76.8%+15.6pp	61.2%+7.2pp	54.0%-3.9pp	57.9%+26.0pp	31.9%-9.6pp	41.5%+42.9pp	-1.4%+2.8pp	-4.2%

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Operating Margin	-20.0%-68.0pp	13.5%-4.2pp	33.6%+113.5pp	22.4%+45.0pp	48.0%+41.9pp	17.7%+63.7pp	-79.9%-89.5pp	-22.5%-10.6pp
Net Margin	-36.2%	76.2%+66.0pp	-25.8%+67.8pp	75.1%+147.7pp	101.6%	10.2%	-93.6%	-72.6%-137.3pp
Return on Equity	-3.0%-15.3pp	5.0%+4.4pp	-1.3%+4.0pp	4.4%+8.1pp	12.3%+13.2pp	0.6%+7.3pp	-5.3%-16.0pp	-3.7%-6.3pp
Return on Assets	-1.3%-9.2pp	2.2%+1.7pp	-0.9%+3.8pp	2.9%+6.2pp	7.9%+8.7pp	0.5%+6.5pp	-4.7%-14.1pp	-3.3%-5.6pp
Current Ratio	1.22-23.5x	31.18+25.7x	21.28+16.0x	22.23+13.3x	24.69+12.2x	5.45-11.4x	5.27-15.4x	8.93-5.2x
Debt-to-Equity	0.71	1.16	N/A	N/A	N/A	N/A	N/A	N/A
Liabilities-to-Equity	1.33+0.8x	1.26+1.1x	0.54+0.4x	0.53+0.4x	0.55+0.4x	0.150.0x	0.140.0x	0.130.0x
Asset Turnover	0.040.0x	0.030.0x	0.030.0x	0.040.0x	0.080.0x	0.050.0x	0.050.0x	0.050.0x
FCF Margin	-35.2%-46.5pp	37.7%+4.9pp	93.7%+150.3pp	76.9%+12.1pp	11.3%-58.0pp	32.7%+1.6pp	-56.6%-116.7pp	64.8%+37.6pp

Not reported in any period shown, so not listed: Gross Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Ligand Pharmaceuticals Inc. LGND	FY2025	$268.1M	$124.5M	46.4%	$6.4B	69/100
Telix Pharmaceuticals Limited TLX	FY2025	$803.8M	-$7.1M	-0.9%	$3.2B	44/100
Zai Lab Limited ZLAB	FY2025	$460.2M	-$175.5M	-38.1%	$2.8B	65/100
Scholar Rock Holding Corporation SRRK	FY2025	$0	-$377.9M	N/A	$5.4B	—
ADMA Biologics, Inc. ADMA	FY2025	$510.2M	$146.9M	28.8%	$2.6B	80/100

Where Ligand Pharmaceuticals Inc. Ranks

Frequently Asked Questions

What is Ligand Pharmaceuticals Inc.'s annual revenue?

Ligand Pharmaceuticals Inc. (LGND) reported $268.1M in total revenue for fiscal year 2025. This represents a 60.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ligand Pharmaceuticals Inc.'s revenue growing?

Ligand Pharmaceuticals Inc. (LGND) revenue grew by 60.4% year-over-year, from $167.1M to $268.1M in fiscal year 2025.

Is Ligand Pharmaceuticals Inc. profitable?

Yes, Ligand Pharmaceuticals Inc. (LGND) reported a net income of $51.5M over the trailing 12 months to September 30, 2026. In fiscal year 2025 it reported a net income of $124.5M, with a net profit margin of 46.4%.

What is Ligand Pharmaceuticals Inc.'s EBITDA?

Ligand Pharmaceuticals Inc. (LGND) had EBITDA of $74.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Ligand Pharmaceuticals Inc.'s operating margin?

Ligand Pharmaceuticals Inc. (LGND) had an operating margin of 15.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Ligand Pharmaceuticals Inc.'s net profit margin?

Ligand Pharmaceuticals Inc. (LGND) had a net profit margin of 46.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Ligand Pharmaceuticals Inc.'s return on equity (ROE)?

Ligand Pharmaceuticals Inc. (LGND) has a return on equity of 12.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Ligand Pharmaceuticals Inc.'s free cash flow?

Ligand Pharmaceuticals Inc. (LGND) generated $48.9M in free cash flow during fiscal year 2025. This represents a -48.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Ligand Pharmaceuticals Inc.'s operating cash flow?

Ligand Pharmaceuticals Inc. (LGND) generated $49.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Ligand Pharmaceuticals Inc.'s total assets?

Ligand Pharmaceuticals Inc. (LGND) had $1.6B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Ligand Pharmaceuticals Inc.'s capital expenditures?

Ligand Pharmaceuticals Inc. (LGND) invested $452K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Ligand Pharmaceuticals Inc. spend on research and development?

Ligand Pharmaceuticals Inc. (LGND) invested $81.2M in research and development during fiscal year 2025.

Does Ligand Pharmaceuticals Inc. buy back shares?

Yes, Ligand Pharmaceuticals Inc. (LGND) spent $15.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Ligand Pharmaceuticals Inc. have outstanding?

Ligand Pharmaceuticals Inc. (LGND) had 20M shares outstanding as of fiscal year 2025.

What is Ligand Pharmaceuticals Inc.'s current ratio?

Ligand Pharmaceuticals Inc. (LGND) had a current ratio of 22.23 as of fiscal year 2025, which is generally considered healthy.

What is Ligand Pharmaceuticals Inc.'s liabilities-to-equity ratio?

Ligand Pharmaceuticals Inc. (LGND) had a liabilities-to-equity ratio of 0.53 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.

What is Ligand Pharmaceuticals Inc.'s return on assets (ROA)?

Ligand Pharmaceuticals Inc. (LGND) had a return on assets of 8.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Ligand Pharmaceuticals Inc.'s P/E ratio?

Ligand Pharmaceuticals Inc. (LGND) trades at 125x earnings, its market capitalization divided by $51.5M net income, trailing 12 months to September 30, 2026. The market capitalization is $6.4B as of Oct 30, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Ligand Pharmaceuticals Inc.'s price-to-sales ratio?

Ligand Pharmaceuticals Inc. (LGND) trades at 25.3x sales, its market capitalization divided by $253.8M revenue, trailing 12 months to September 30, 2026. The market capitalization is $6.4B as of Oct 30, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Ligand Pharmaceuticals Inc.'s Altman Z-Score?

Ligand Pharmaceuticals Inc. (LGND) has an Altman Z-Score of 8.52, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Ligand Pharmaceuticals Inc.'s Piotroski F-Score?

Ligand Pharmaceuticals Inc. (LGND) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ligand Pharmaceuticals Inc.'s earnings high quality?

Ligand Pharmaceuticals Inc. (LGND) has an earnings quality ratio of 0.40x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Ligand Pharmaceuticals Inc. cover its interest payments?

Ligand Pharmaceuticals Inc. (LGND) has an interest coverage ratio of 8.70x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Ligand Pharmaceuticals Inc.?

Ligand Pharmaceuticals Inc. (LGND) scores 69 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.