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

Ligand Pharma (LGNYZ) 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

LGNYZ

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Ligand Pharma (LGNYZ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

Financial Health Signals

Financial Profile 76/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Ligand Pharma 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 56/100, indicating healthy but not exceptional operating efficiency. This is up from -13.5% the prior year.

Growth

100

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

Leverage

Ligand Pharma carries a low D/E ratio of 0.53, meaning only $0.53 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

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

Cash Flow

Ligand Pharma converts 18.2% of revenue into free cash flow ($48.9M). This strong cash generation earns a score of 71/100.

Returns

Ligand Pharma's ROE of 12.2% shows moderate profitability relative to equity, earning a score of 38/100. This is up from -0.5% the prior year.

Piotroski F-Score Neutral

4/9

Ligand Pharma passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 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

8.7x

Ligand Pharma earns $8.7 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 against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

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.

Margins & Returns

Gross Margin

N/A

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

10Y CAGR-273.2pp

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.

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.

LGNYZ Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$268.1M+60.4%	$167.1M+27.3%	$131.3M-33.1%	$196.2M-18.8%	$241.5M+47.7%	$163.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$81.2M+278.9%	$21.4M-12.7%	$24.5M-32.0%	$36.1M+12.4%	$32.1M-20.7%	$40.5M
SG&A Expenses	$92.4M+17.5%	$78.7M+49.0%	$52.8M-24.7%	$70.1M+49.7%	$46.8M-22.0%	$60.0M
Operating Income	$41.0M+281.4%	-$22.6M-289.3%	$11.9M+293.2%	$3.0M-97.1%	$103.9M+176.9%	$37.5M
Interest Expense	$4.7M+55.3%	$3.0M+363.0%	$656K-63.5%	$1.8M-90.8%	$19.6M-28.4%	$27.4M
Income Tax	$34.5M+426.8%	$6.5M-33.4%	$9.8M-76.1%	$41.2M+1094.0%	-$4.1M+21.8%	-$5.3M
Net Income	$124.5M+3186.6%	-$4.0M-107.7%	$52.2M+256.3%	-$33.4M-158.4%	$57.1M+2014.2%	-$3.0M
EPS (Diluted)	$6.13+2886.4%	$-0.22-107.5%	$2.94+248.5%	$-1.98-159.8%	$3.31+1938.9%	$-0.18

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$59.7M-48.3%	$115.5M+142.4%	$47.6M+5.1%	$45.3M+5.9%	$42.8M-17.4%	$51.8M+24.8%	$41.5M+34.1%	$31.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$3.5M-83.3%	$21.0M+220.1%	$6.6M-86.9%	$50.1M+1031.9%	$4.4M-22.0%	$5.7M+6.0%	$5.4M-10.3%	$6.0M
SG&A Expenses	$25.0M-12.0%	$28.4M+41.0%	$20.2M+7.3%	$18.8M-26.6%	$25.6M+4.6%	$24.5M+38.9%	$17.6M+60.9%	$11.0M
Operating Income	$13.8M-74.8%	$54.9M+550.5%	$8.4M+123.3%	-$36.2M-275.8%	-$9.6M-406.6%	$3.1M+116.5%	-$19.1M-739.2%	$3.0M
Interest Expense	$1.8M+96.2%	$910K-21.1%	$1.2M+33.0%	$867K-2.3%	$887K+19.7%	$741K-41.6%	$1.3M+799.3%	$141K
Income Tax	$12.0M-49.7%	$23.9M+274.3%	$6.4M+182.5%	-$7.7M+4.7%	-$8.1M-1073.8%	$833K+106.2%	-$13.5M-149.4%	$27.3M
Net Income	$44.8M-61.8%	$117.3M+2319.5%	$4.8M+111.4%	-$42.5M-36.6%	-$31.1M-333.5%	-$7.2M+86.2%	-$51.9M-160.3%	$86.1M
EPS (Diluted)	N/A	$5.68+2266.7%	$0.24+110.9%	$-2.21	N/A	$-0.39+86.5%	$-2.88-160.6%	$4.75

LGNYZ Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.6B+65.7%	$941.8M+19.6%	$787.2M+3.2%	$762.7M-41.2%	$1.3B-4.7%	$1.4B
Current Assets	$832.3M+151.0%	$331.6M+39.6%	$237.4M-9.9%	$263.6M-43.3%	$464.8M-7.2%	$500.6M
Cash & Equivalents	$174.9M+141.9%	$72.3M+215.0%	$23.0M-49.0%	$45.0M+130.5%	$19.5M-59.0%	$47.6M
Inventory	$9.1M-35.3%	$14.1M-41.1%	$24.0M+80.3%	$13.3M-51.4%	$27.3M+3.2%	$26.5M
Accounts Receivable	$59.6M+55.3%	$38.4M+16.6%	$32.9M+8.2%	$30.4M-64.4%	$85.5M+50.3%	$56.8M
Goodwill	$101.5M-3.5%	$105.3M+1.8%	$103.4M	$0-100.0%	$105.7M-44.3%	$189.7M
Total Liabilities	$543.4M+388.1%	$111.3M+29.0%	$86.3M-47.8%	$165.2M-65.3%	$476.4M-27.0%	$652.8M
Current Liabilities	$37.4M+0.9%	$37.1M+121.1%	$16.8M-83.0%	$98.8M+137.2%	$41.7M-58.4%	$100.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	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
Retained Earnings	$608.1M+21.9%	$499.0M-0.8%	$503.0M+11.6%	$450.9M+0.4%	$449.1M+14.6%	$392.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$1.6B+5.7%	$1.5B+55.7%	$948.6M+4.8%	$905.4M-3.9%	$941.8M-1.4%	$954.9M+10.2%	$866.4M-5.2%	$913.9M
Current Assets	$832.3M+10.4%	$753.9M+113.6%	$352.9M+14.1%	$309.3M-6.7%	$331.6M+7.2%	$309.4M-0.9%	$312.3M-15.4%	$368.9M
Cash & Equivalents	$174.9M+25.5%	$139.4M+106.0%	$67.7M+41.0%	$48.0M-33.6%	$72.3M+13.7%	$63.6M+250.7%	$18.1M-63.8%	$50.1M
Inventory	$9.1M-23.3%	$11.9M-23.2%	$15.5M+6.0%	$14.6M+3.5%	$14.1M-15.7%	$16.7M-10.3%	$18.7M-12.5%	$21.3M
Accounts Receivable	$59.6M+3.5%	$57.6M+39.4%	$41.3M+7.3%	$38.5M+0.3%	$38.4M+11.8%	$34.3M-8.4%	$37.5M+31.8%	$28.4M
Goodwill	$101.5M0.0%	$101.5M0.0%	$101.5M0.0%	$101.5M-3.5%	$105.3M0.0%	$105.3M0.0%	$105.3M0.0%	$105.3M
Total Liabilities	$543.4M+3.2%	$526.6M+338.6%	$120.1M+9.3%	$109.9M-1.3%	$111.3M-2.1%	$113.7M+24.6%	$91.2M-15.0%	$107.3M
Current Liabilities	$37.4M+22.6%	$30.5M-52.8%	$64.7M+10.3%	$58.7M+58.1%	$37.1M+49.8%	$24.8M+33.4%	$18.6M+4.2%	$17.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.0B+7.1%	$950.2M+14.9%	$827.3M+4.0%	$795.6M-4.2%	$830.4M-1.3%	$841.2M+8.5%	$775.2M-3.9%	$806.5M
Retained Earnings	$608.1M+5.2%	$578.2M+25.3%	$461.4M+1.1%	$456.5M-8.5%	$499.0M-5.9%	$530.1M-1.3%	$537.2M-8.8%	$589.2M

LGNYZ Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$49.4M-49.1%	$97.0M+95.8%	$49.6M-64.0%	$137.8M+74.9%	$78.8M+44.4%	$54.6M
Capital Expenditures	$452K-75.2%	$1.8M-48.3%	$3.5M-80.4%	$17.9M+104.6%	$8.8M+96.5%	$4.5M
Free Cash Flow	$48.9M-48.6%	$95.2M+106.8%	$46.1M-61.6%	$119.9M+71.2%	$70.0M+39.7%	$50.1M
Investing Cash Flow	-$377.3M-162.6%	-$143.7M-1129.8%	-$11.7M-107.1%	$163.6M+436.1%	$30.5M-86.8%	$231.6M
Financing Cash Flow	$428.2M+340.8%	$97.1M+262.0%	-$59.9M+78.3%	-$276.0M-100.3%	-$137.8M+55.6%	-$310.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$15.0M	$0	$0	$0	$0-100.0%	$78.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$45.9M+250.8%	$13.1M-17.1%	$15.8M+162.1%	-$25.4M-189.4%	$28.5M-22.1%	$36.5M+174.4%	$13.3M-28.9%	$18.7M
Capital Expenditures	$9K-40.0%	$15K-93.0%	$214K0.0%	$214K-69.9%	$712K+19.5%	$596K+46.1%	$408K+288.6%	$105K
Free Cash Flow	$45.9M+251.1%	$13.1M-16.1%	$15.6M+160.7%	-$25.7M-192.4%	$27.8M-22.8%	$35.9M+178.4%	$12.9M-30.7%	$18.6M
Investing Cash Flow	-$18.1M+94.9%	-$353.4M-3213.4%	-$10.7M-318.0%	$4.9M+112.7%	-$38.6M+17.0%	-$46.5M+15.1%	-$54.8M-1350.6%	-$3.8M
Financing Cash Flow	$8.3M-98.0%	$409.6M+2631.9%	$15.0M+415.9%	-$4.7M-123.3%	$20.4M-63.0%	$55.1M+480.3%	$9.5M-22.1%	$12.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	N/A	N/A	N/A	$0	N/A	N/A	N/A

LGNYZ Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	15.3%+28.8pp	-13.5%-22.6pp	9.1%+7.5pp	1.6%-41.4pp	43.0%+20.1pp	22.9%
Net Margin	46.4%+48.8pp	-2.4%-42.1pp	39.7%+56.7pp	-17.0%-40.7pp	23.7%+25.5pp	-1.8%
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%
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%
Current Ratio	22.23+13.3	8.93-5.2	14.15+11.5	2.67-8.5	11.15+6.2	5.00
Debt-to-Equity	0.53+0.4	0.13+0.0	0.12-0.2	0.28-0.3	0.58-0.3	0.92
FCF Margin	18.2%-38.7pp	57.0%+21.9pp	35.1%-26.0pp	61.1%+32.1pp	29.0%-1.7pp	30.6%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	23.2%-24.4pp	47.6%+29.8pp	17.7%+97.6pp	-79.9%-57.4pp	-22.5%-28.6pp	6.1%+52.1pp	-46.0%-55.6pp	9.7%
Net Margin	75.1%-26.5pp	101.6%+91.4pp	10.2%+103.8pp	-93.6%-21.0pp	-72.6%-58.8pp	-13.8%+111.1pp	-125.0%-403.1pp	278.1%
Return on Equity	4.4%-7.9pp	12.3%+11.8pp	0.6%+5.9pp	-5.3%-1.6pp	-3.7%-2.9pp	-0.9%+5.9pp	-6.7%-17.4pp	10.7%
Return on Assets	2.9%-5.1pp	7.9%+7.4pp	0.5%+5.2pp	-4.7%-1.4pp	-3.3%-2.6pp	-0.8%+5.2pp	-6.0%-15.4pp	9.4%
Current Ratio	22.23-2.5	24.69+19.2	5.45+0.2	5.27-3.7	8.93-3.6	12.49-4.3	16.82-3.9	20.70
Debt-to-Equity	0.53-0.0	0.55+0.4	0.150.0	0.140.0	0.130.0	0.14+0.0	0.12-0.0	0.13
FCF Margin	76.9%+65.6pp	11.3%-21.4pp	32.7%+89.3pp	-56.6%-121.4pp	64.8%-4.5pp	69.3%+38.3pp	31.1%-29.0pp	60.1%

Frequently Asked Questions

What is Ligand Pharma's annual revenue?

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

Does Ligand Pharma buy back shares?

Yes, Ligand Pharma (LGNYZ) 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 (LGNYZ) had 20M shares outstanding as of fiscal year 2025.

What is Ligand Pharma's current ratio?

Ligand Pharma (LGNYZ) 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 (LGNYZ) 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 (LGNYZ) 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 (LGNYZ) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ligand Pharma's earnings high quality?

Ligand Pharma (LGNYZ) 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 (LGNYZ) has an interest coverage ratio of 8.7x, 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 Pharma?

Ligand Pharma (LGNYZ) scores 76 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.