What is Ligand Pharma's earnings per share (EPS)?

Ligand Pharma (LGNDZ) reported diluted earnings per share of $6.13 for fiscal year 2025. This represents a 2886.4% change compared to the previous fiscal year. 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 Pharma Financials

LGNDZ

FY2025 annual

Revenue $268.1M +60.4% YoY

Net Income $124.5M +3186.6% YoY

EPS (Diluted) $6.13 +2886.4% YoY

Free Cash Flow $48.9M -48.6% YoY

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

Ligand Pharma (LGNDZ) reported $268.1M in revenue for fiscal year 2025, up 60.4% from the prior fiscal year. 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 LGNDZ FY2025 2026-08-07

FY2025 shows a financing-led expansion, while core cash generation stayed much smaller than the reported earnings rebound.

In FY2025, net income ran far ahead of cash: profit reached $124.5M while operating cash flow was only $49.4M. That gap is much wider than FY2024, when a small loss still produced $97.0M of operating cash, so FY2025 looks more like earnings helped by non-cash or non-operating factors than a pure surge in core cash generation.

FY2025’s balance-sheet jump was externally funded, not self-funded: assets increased by about $619M while financing cash inflow of $428.2M largely offset a heavy investing outflow. The business ended with more cash, but that cash build reflects capital raised and redeployed at least as much as cash produced by operations.

Revenue recovered to $268.1M and operating margin returned to 15.3% in FY2025, showing the FY2024 operating loss was not simply a permanent margin reset. But SG&A plus R&D reached roughly $173.6M, so this model still depends on keeping overhead and reinvestment aligned with a volatile revenue base for margins to stay positive.

Financial Health Signals

Financial health score not available

Ligand Pharma does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

4/7

Ligand Pharma 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, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.40x

For every $1 of reported earnings, Ligand Pharma 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 Pharma 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

$268.1M

YoY+60.4%

5Y CAGR+10.4%

10Y CAGR+14.1%

Ligand Pharma generated $268.1M in revenue in fiscal year 2025. This represents an increase of 60.4% from the prior year.

EBITDA

$74.8M

YoY+491.9%

5Y CAGR+3.4%

10Y CAGR+9.6%

Ligand Pharma's EBITDA was $74.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 491.9% from the prior year.

Net Income

$124.5M

YoY+3186.6%

10Y CAGR-5.9%

Ligand Pharma reported $124.5M in net income in fiscal year 2025. This represents an increase of 3186.6% from the prior year.

EPS (Diluted)

$6.13

YoY+2886.4%

10Y CAGR-5.5%

Ligand Pharma earned $6.13 per diluted share (EPS) in fiscal year 2025. This represents an increase of 2886.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$48.9M

YoY-48.6%

5Y CAGR-0.5%

10Y CAGR+1.6%

Ligand Pharma generated $48.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 48.6% from the prior year.

Cash & Debt

$174.9M

YoY+141.9%

5Y CAGR+29.7%

10Y CAGR+6.0%

Ligand Pharma held $174.9M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding

20M

YoY+3.5%

5Y CAGR+4.2%

10Y CAGR-0.1%

Ligand Pharma had 20M shares outstanding in fiscal year 2025. This represents an increase of 3.5% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Operating Margin

15.3%

YoY+28.8pp

5Y CAGR-7.6pp

10Y CAGR-22.7pp

Ligand Pharma's operating margin was 15.3% in fiscal year 2025, reflecting core business profitability. This is up 28.8 percentage points from the prior year.

Net Margin

46.4%

YoY+48.8pp

5Y CAGR+48.2pp

Ligand Pharma's net profit margin was 46.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 48.8 percentage points from the prior year.

Return on Equity

12.2%

YoY+12.7pp

5Y CAGR+12.7pp

10Y CAGR-84.6pp

Ligand Pharma's ROE was 12.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 12.7 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Capital Allocation

R&D Spending

$81.2M

YoY+278.9%

5Y CAGR+14.9%

10Y CAGR+22.1%

Ligand Pharma invested $81.2M in research and development in fiscal year 2025. This represents an increase of 278.9% from the prior year.

Share Buybacks

$15.0M

5Y CAGR-28.1%

10Y CAGR+40.8%

Ligand Pharma spent $15.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$452K

YoY-75.2%

5Y CAGR-36.7%

10Y CAGR+17.1%

Ligand Pharma invested $452K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 75.2% from the prior year.

LGNDZ Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

LGNDZ annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$290.5M	$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	$41.3M	$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	$103.4M	$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	$94.7M	$41.0M+281.4%	-$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%	$193K+122.0%	-$878K
Interest Expense	$6.2M	$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+208.8%	-$11.8M-342.8%	$4.9M+134.0%	$2.1M-29.0%	$2.9M+16.6%	$2.5M
Income Tax	$40.7M	$34.5M+426.8%	$6.5M-33.4%	$9.8M-76.1%	$41.2M+1094.0%	-$4.1M+21.8%	-$5.3M-103.2%	$167.3M+457.6%	$30.0M-32.8%	$44.7M+332.6%	$10.3M+105.4%	-$192.1M-46957.3%	$410K+9.6%	$374K+131.4%	-$1.2M+91.0%	-$13.3M
Net Income	$197.2M	$124.5M+3186.6%	-$4.0M-107.7%	$52.2M+256.3%	-$33.4M-158.4%	$57.1M+2014.2%	-$3.0M-100.5%	$629.3M+339.1%	$143.3M+1041.5%	$12.6M+867.5%	-$1.6M-100.7%	$229.8M+1811.4%	$12.0M+5.3%	$11.4M+2267.0%	-$527K-105.4%	$9.7M
EPS (Diluted)	—	$6.13+2886.4%	-$0.22-107.5%	$2.94+248.5%	-$1.98-159.8%	$3.31+1938.9%	-$0.18-100.6%	$31.85+434.4%	$5.96+1024.5%	$0.53+762.5%	-$0.08-100.7%	$10.83+1833.9%	$0.56+1.8%	$0.55+1933.3%	-$0.03-106.1%	$0.49

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$63.7M+23.1%	$51.7M-13.3%	$59.7M-48.3%	$115.5M+142.4%	$47.6M+5.1%	$45.3M+5.9%	$42.8M-17.4%	$51.8M
R&D Expenses	$14.7M+582.9%	$2.1M-38.8%	$3.5M-83.3%	$21.0M+220.1%	$6.6M-86.9%	$50.1M+1031.9%	$4.4M-22.0%	$5.7M
SG&A Expenses	$29.1M+39.8%	$20.8M-16.7%	$25.0M-12.0%	$28.4M+41.0%	$20.2M+7.3%	$18.8M-26.6%	$25.6M+4.6%	$24.5M
Operating Income	$8.6M-50.5%	$17.4M+25.5%	$13.8M-74.8%	$54.9M+550.5%	$8.4M+123.3%	-$36.2M-275.8%	-$9.6M-406.6%	$3.1M
Interest Expense	$1.7M+0.1%	$1.7M-2.1%	$1.8M+96.2%	$910K-21.1%	$1.2M+33.0%	$867K-2.3%	$887K+19.7%	$741K
Income Tax	$15.8M+244.7%	-$10.9M-191.0%	$12.0M-49.7%	$23.9M+274.3%	$6.4M+182.5%	-$7.7M+4.7%	-$8.1M-1073.8%	$833K
Net Income	$48.5M+463.5%	-$13.3M-129.8%	$44.8M-61.8%	$117.3M+2319.5%	$4.8M+111.4%	-$42.5M-36.6%	-$31.1M-333.5%	-$7.2M
EPS (Diluted)	$2.22+431.3%	-$0.67	N/A	$5.68+2266.7%	$0.24+110.9%	-$2.21	N/A	-$0.39

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

LGNDZ Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

LGNDZ annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
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
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
Goodwill	$101.5M-3.5%	$105.3M+1.8%	$103.4M	$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
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	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%	$400.1M+274.6%	-$229.2M+42.8%	-$400.9M+7.0%	-$431.1M-0.4%	-$429.5M+34.9%	-$659.3M+1.8%	-$671.3M+1.7%	-$682.8M-0.1%	-$682.2M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$2.2B+42.7%	$1.5B-1.8%	$1.6B+5.7%	$1.5B+55.7%	$948.6M+4.8%	$905.4M-3.9%	$941.8M-1.4%	$954.9M
Current Assets	$1.5B+68.4%	$865.4M+4.0%	$832.3M+10.4%	$753.9M+113.6%	$352.9M+14.1%	$309.3M-6.7%	$331.6M+7.2%	$309.4M
Cash & Equivalents	$1.0B+774.8%	$115.1M-34.2%	$174.9M+25.5%	$139.4M+106.0%	$67.7M+41.0%	$48.0M-33.6%	$72.3M+13.7%	$63.6M
Inventory	$10.3M-22.6%	$13.3M+45.4%	$9.1M-23.3%	$11.9M-23.2%	$15.5M+6.0%	$14.6M+3.5%	$14.1M-15.7%	$16.7M
Accounts Receivable	$67.0M+25.5%	$53.4M-10.4%	$59.6M+3.5%	$57.6M+39.4%	$41.3M+7.3%	$38.5M+0.3%	$38.4M+11.8%	$34.3M
Goodwill	$101.5M0.0%	$101.5M0.0%	$101.5M0.0%	$101.5M0.0%	$101.5M0.0%	$101.5M-3.5%	$105.3M0.0%	$105.3M
Total Liabilities	$1.2B+127.8%	$534.8M-1.6%	$543.4M+3.2%	$526.6M+338.6%	$120.1M+9.3%	$109.9M-1.3%	$111.3M-2.1%	$113.7M
Current Liabilities	$46.7M+14.9%	$40.7M+8.6%	$37.4M+22.6%	$30.5M-52.8%	$64.7M+10.3%	$58.7M+58.1%	$37.1M+49.8%	$24.8M
Long-Term Debt	$1.1B	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$967.5M-3.0%	$997.3M-2.0%	$1.0B+7.1%	$950.2M+14.9%	$827.3M+4.0%	$795.6M-4.2%	$830.4M-1.3%	$841.2M
Retained Earnings	$583.3M-1.9%	$594.7M-2.2%	$608.1M+5.2%	$578.2M+25.3%	$461.4M+1.1%	$456.5M-8.5%	$499.0M-5.9%	$530.1M

LGNDZ Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

LGNDZ annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$131.7M	$49.4M-49.1%	$97.0M+95.8%	$49.6M-64.0%	$137.8M+74.9%	$78.8M+44.4%	$54.6M+286.1%	-$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%	$161K+113.7%	-$1.2M
Capital Expenditures	$278K	$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	$131.4M	$48.9M-48.6%	$95.2M+106.8%	$46.1M-61.6%	$119.9M+71.2%	$70.0M+39.7%	$50.1M+257.2%	-$31.9M-116.5%	$193.2M+123.5%	$86.4M+46.8%	$58.9M+41.4%	$41.6M+102.5%	$20.6M+1.2%	$20.3M+4780.4%	-$434K+65.3%	-$1.3M
Investing Cash Flow	-$144.8M	-$377.3M-162.6%	-$143.7M-1129.8%	-$11.7M-107.1%	$163.6M+436.1%	$30.5M-86.8%	$231.6M-50.4%	$466.9M+210.3%	-$423.3M-434.6%	-$79.2M+41.1%	-$134.4M-19.1%	-$112.9M-5467.9%	-$2.0M+59.2%	-$5.0M-493.8%	$1.3M+105.0%	-$25.1M
Financing Cash Flow	$950.3M	$428.2M+340.8%	$97.1M+262.0%	-$59.9M+78.3%	-$276.0M-100.3%	-$137.8M+55.6%	-$310.5M+36.0%	-$485.2M-247.7%	$328.6M+4467.7%	-$7.5M-50.6%	-$5.0M-159.7%	$8.4M-93.6%	$130.0M+890.0%	-$16.5M-520.3%	$3.9M-86.9%	$30.0M
Share Buybacks	N/A	$15.0M	$0	$0	$0	$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%	$68.0M	$0	$0-100.0%	$55K

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$24.0M-50.7%	$48.7M+6.0%	$45.9M+250.8%	$13.1M-17.1%	$15.8M+162.1%	-$25.4M-189.4%	$28.5M-22.1%	$36.5M
Capital Expenditures	$26K-88.6%	$228K+2433.3%	$9K-40.0%	$15K-93.0%	$214K0.0%	$214K-69.9%	$712K+19.5%	$596K
Free Cash Flow	$24.0M-50.5%	$48.5M+5.6%	$45.9M+251.1%	$13.1M-16.1%	$15.6M+160.7%	-$25.7M-192.4%	$27.8M-22.8%	$35.9M
Investing Cash Flow	$321.1M+440.4%	-$94.3M-421.1%	-$18.1M+94.9%	-$353.4M-3213.4%	-$10.7M-318.0%	$4.9M+112.7%	-$38.6M+17.0%	-$46.5M
Financing Cash Flow	$546.4M+3966.4%	-$14.1M-269.7%	$8.3M-98.0%	$409.6M+2631.9%	$15.0M+415.9%	-$4.7M-123.3%	$20.4M-63.0%	$55.1M
Share Buybacks	N/A	N/A	$0-100.0%	$15.0M	N/A	N/A	$0	N/A

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

LGNDZ Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

LGNDZ annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
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	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+0.1x	1.04-11.7x	12.71
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Margin	13.5%-20.1pp	33.6%+10.4pp	23.2%-24.4pp	47.6%+29.8pp	17.7%+97.6pp	-79.9%-57.4pp	-22.5%-28.6pp	6.1%
Net Margin	76.2%+102.0pp	-25.8%-100.9pp	75.1%	101.6%	10.2%+103.8pp	-93.6%-21.0pp	-72.6%-58.8pp	-13.8%
Return on Equity	5.0%+6.3pp	-1.3%-5.7pp	4.4%-7.9pp	12.3%+11.8pp	0.6%+5.9pp	-5.3%-1.6pp	-3.7%-2.9pp	-0.9%
Return on Assets	2.2%+3.1pp	-0.9%-3.7pp	2.9%-5.1pp	7.9%+7.4pp	0.5%+5.2pp	-4.7%-1.4pp	-3.3%-2.6pp	-0.8%
Current Ratio	31.18+9.9x	21.28-0.9x	22.23-2.5x	24.69+19.2x	5.45+0.2x	5.27-3.7x	8.93-3.6x	12.49
Debt-to-Equity	1.16+0.6x	0.540.0x	0.530.0x	0.55+0.4x	0.150.0x	0.140.0x	0.130.0x	0.14
FCF Margin	37.7%-56.0pp	93.7%+16.8pp	76.9%+65.6pp	11.3%-21.4pp	32.7%+89.3pp	-56.6%-121.4pp	64.8%-4.5pp	69.3%

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: Operating Margin, Net Margin.

Where Ligand Pharma Ranks

Frequently Asked Questions

What is Ligand Pharma's annual revenue?

Ligand Pharma (LGNDZ) 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 Pharma's revenue growing?

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

Is Ligand Pharma profitable?

Yes, Ligand Pharma (LGNDZ) reported a net income of $124.5M in fiscal year 2025, with a net profit margin of 46.4%.

What is Ligand Pharma's EBITDA?

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

What is Ligand Pharma's operating margin?

Ligand Pharma (LGNDZ) 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 Pharma's net profit margin?

Ligand Pharma (LGNDZ) 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 Pharma's return on equity (ROE)?

Ligand Pharma (LGNDZ) 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 Pharma's free cash flow?

Ligand Pharma (LGNDZ) 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 Pharma's operating cash flow?

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

What are Ligand Pharma's total assets?

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

What are Ligand Pharma's capital expenditures?

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

How much does Ligand Pharma spend on research and development?

Ligand Pharma (LGNDZ) invested $81.2M in research and development during fiscal year 2025.

Does Ligand Pharma buy back shares?

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

How many shares does Ligand Pharma have outstanding?

Ligand Pharma (LGNDZ) had 20M shares outstanding as of fiscal year 2025.

What is Ligand Pharma's current ratio?

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

What is Ligand Pharma's debt-to-equity ratio?

Ligand Pharma (LGNDZ) had a debt-to-equity ratio of 0.53 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ligand Pharma's return on assets (ROA)?

Ligand Pharma (LGNDZ) 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 Pharma's Piotroski F-Score?

Ligand Pharma (LGNDZ) 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 Pharma's earnings high quality?

Ligand Pharma (LGNDZ) 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 Pharma cover its interest payments?

Ligand Pharma (LGNDZ) 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.