What is Liquidia Corporation's earnings per share (EPS)?

Liquidia Corporation (LQDA) reported diluted earnings per share of $-0.80 for fiscal year 2025. This represents a 50.9% 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.

Liquidia Corporation Financials

LQDA

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

This page shows Liquidia Corporation (LQDA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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 23/100

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

Profitability

Liquidia Corporation has an operating margin of -32.5%, meaning the company retains $-32 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -866.6% the prior year.

Growth

100

Liquidia Corporation's revenue surged 1031.2% year-over-year to $158.3M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Liquidia Corporation has elevated debt relative to equity (D/E of 6.33), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

Liquidia Corporation's current ratio of 2.01 indicates adequate short-term liquidity, earning a score of 36/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Liquidia Corporation generated -$35.7M in operating cash flow, capex of $4.3M consumed most of it, leaving -$40.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Liquidia Corporation generates a -154.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -161.6% the prior year.

Piotroski F-Score Weak

3/9

Liquidia Corporation passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.52x

For every $1 of reported earnings, Liquidia Corporation generates $0.52 in operating cash flow (-$35.7M OCF vs -$68.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-2.1x

Liquidia Corporation earns $-2.1 in operating income for every $1 of interest expense (-$51.4M vs $24.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$158.3M

YoY+1031.2%

5Y CAGR+192.5%

Liquidia Corporation generated $158.3M in revenue in fiscal year 2025. This represents an increase of 1031.2% from the prior year.

EBITDA

-$49.8M

YoY+58.1%

Liquidia Corporation's EBITDA was -$49.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 58.1% from the prior year.

Net Income

-$68.9M

YoY+46.3%

Liquidia Corporation reported -$68.9M in net income in fiscal year 2025. This represents an increase of 46.3% from the prior year.

EPS (Diluted)

$-0.80

YoY+50.9%

Liquidia Corporation earned $-0.80 per diluted share (EPS) in fiscal year 2025. This represents an increase of 50.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$40.0M

YoY+59.3%

Liquidia Corporation generated -$40.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 59.3% from the prior year.

Cash & Debt

$190.7M

YoY+8.0%

5Y CAGR+23.9%

Liquidia Corporation held $190.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

87M

YoY+3.0%

5Y CAGR+15.0%

Liquidia Corporation had 87M shares outstanding in fiscal year 2025. This represents an increase of 3.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-32.5%

YoY+834.2pp

5Y CAGR+7956.6pp

Liquidia Corporation's operating margin was -32.5% in fiscal year 2025, reflecting core business profitability. This is up 834.2 percentage points from the prior year.

Net Margin

-43.5%

YoY+873.1pp

5Y CAGR+8036.6pp

Liquidia Corporation's net profit margin was -43.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 873.1 percentage points from the prior year.

Return on Equity

-154.0%

YoY+7.6pp

5Y CAGR-70.0pp

Liquidia Corporation's ROE was -154.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 7.6 percentage points from the prior year.

Capital Allocation

R&D Spending

$39.3M

YoY-17.9%

5Y CAGR+4.0%

Liquidia Corporation invested $39.3M in research and development in fiscal year 2025. This represents a decrease of 17.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$4.3M

YoY-12.4%

5Y CAGR+42.0%

Liquidia Corporation invested $4.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 12.4% from the prior year.

LQDA Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$158.3M+1031.2%	$14.0M-20.0%	$17.5M+9.7%	$15.9M+24.0%	$12.9M+1637.8%	$740K
Cost of Revenue	N/A	$5.9M+103.6%	$2.9M+1.0%	$2.9M-5.4%	$3.0M+1171.7%	$238K
Gross Profit	N/A	$8.1M-44.4%	$14.6M+11.7%	$13.1M+33.0%	$9.8M+1858.5%	$502K
R&D Expenses	$39.3M-17.9%	$47.8M+10.6%	$43.2M+122.5%	$19.4M-5.3%	$20.5M-36.3%	$32.2M
SG&A Expenses	$157.2M+92.7%	$81.6M+82.3%	$44.7M+38.0%	$32.4M+40.2%	$23.1M-15.6%	$27.4M
Operating Income	-$51.4M+57.6%	-$121.3M-65.3%	-$73.4M-89.3%	-$38.8M-14.7%	-$33.8M+42.8%	-$59.1M
Interest Expense	$24.2M+65.0%	$14.7M+133.6%	$6.3M+168.3%	$2.3M+206.8%	$762K-11.2%	$858K
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$68.9M+46.3%	-$128.3M-63.4%	-$78.5M-91.4%	-$41.0M-18.6%	-$34.6M+42.1%	-$59.8M
EPS (Diluted)	$-0.80+50.9%	$-1.63-34.7%	$-1.21-80.6%	$-0.67+4.3%	$-0.70+60.2%	$-1.76

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$92.0M+69.3%	$54.3M+514.9%	$8.8M+183.2%	$3.1M+7.0%	$2.9M-34.4%	$4.4M+21.6%	$3.7M+23.1%	$3.0M
Cost of Revenue	N/A	N/A	N/A	$1.5M	N/A	$1.6M+4.8%	$1.5M+1.8%	$1.5M
Gross Profit	N/A	N/A	N/A	$1.6M	N/A	$2.9M+33.1%	$2.2M+43.9%	$1.5M
R&D Expenses	$16.9M+81.3%	$9.3M+55.2%	$6.0M-13.6%	$7.0M	N/A	$11.9M+26.2%	$9.4M-6.3%	$10.1M
SG&A Expenses	$48.2M+20.4%	$40.1M+3.2%	$38.8M+29.1%	$30.1M	N/A	$20.2M+1.2%	$19.9M-1.5%	$20.2M
Operating Income	$19.8M+1019.8%	$1.8M+104.7%	-$37.5M-5.9%	-$35.4M+1.9%	-$36.1M-23.7%	-$29.2M-7.3%	-$27.2M+5.6%	-$28.8M
Interest Expense	$6.9M-0.7%	$6.9M+22.7%	$5.7M+21.2%	$4.7M	N/A	$3.0M+15.2%	$2.6M+3.0%	$2.5M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$14.6M+512.0%	-$3.5M+91.5%	-$41.6M-8.4%	-$38.4M+0.4%	-$38.5M-24.1%	-$31.0M-8.2%	-$28.7M+4.7%	-$30.1M
EPS (Diluted)	N/A	$-0.04+91.8%	$-0.49-8.9%	$-0.450.0%	$-0.45-12.5%	$-0.40-5.3%	$-0.38+5.0%	$-0.40

LQDA Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$327.9M+42.4%	$230.3M+94.6%	$118.3M-8.4%	$129.2M+37.8%	$93.7M-5.8%	$99.5M
Current Assets	$273.4M+47.7%	$185.1M+105.9%	$89.9M-9.9%	$99.8M+62.9%	$61.3M-7.3%	$66.1M
Cash & Equivalents	$190.7M+8.0%	$176.5M+110.9%	$83.7M-10.3%	$93.3M+62.2%	$57.5M-12.0%	$65.3M
Inventory	$23.8M+9776.3%	$241K	N/A	N/A	N/A	N/A
Accounts Receivable	$54.1M+1889.4%	$2.7M-33.0%	$4.1M-19.1%	$5.0M+67.8%	$3.0M	$0
Goodwill	$3.9M0.0%	$3.9M0.0%	$3.9M0.0%	$3.9M0.0%	$3.9M0.0%	$3.9M
Total Liabilities	$283.2M+87.6%	$150.9M+112.5%	$71.0M+83.2%	$38.8M+36.2%	$28.5M+0.1%	$28.4M
Current Liabilities	$135.8M+225.0%	$41.8M+125.2%	$18.6M+110.8%	$8.8M+20.1%	$7.3M-37.6%	$11.7M
Long-Term Debt	N/A	N/A	N/A	$19.9M+91.0%	$10.4M+1.1%	$10.3M
Total Equity	$44.7M-43.6%	$79.4M+67.8%	$47.3M-47.7%	$90.4M+38.5%	$65.3M-8.2%	$71.1M
Retained Earnings	-$626.3M-12.4%	-$557.4M-29.9%	-$429.1M-22.4%	-$350.6M-13.2%	-$309.6M-12.6%	-$275.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$327.9M+18.8%	$276.0M+7.2%	$257.4M+13.2%	$227.4M-1.3%	$230.3M-8.9%	$252.9M+42.6%	$177.4M-10.0%	$197.1M
Current Assets	$273.4M+20.6%	$226.7M+15.9%	$195.6M+10.4%	$177.2M-4.3%	$185.1M-13.6%	$214.2M+45.5%	$147.3M-12.3%	$167.9M
Cash & Equivalents	$190.7M+21.1%	$157.5M-9.2%	$173.4M+2.2%	$169.8M-3.8%	$176.5M-13.6%	$204.4M+53.6%	$133.1M-15.7%	$157.9M
Inventory	$23.8M-3.0%	$24.5M+280.7%	$6.4M+377.7%	$1.3M+459.8%	$241K+534.2%	$38K	N/A	N/A
Accounts Receivable	$54.1M+50.4%	$36.0M+260.7%	$10.0M+699.4%	$1.2M-54.1%	$2.7M-35.3%	$4.2M+29.3%	$3.2M+26.4%	$2.6M
Goodwill	$3.9M0.0%	$3.9M0.0%	$3.9M0.0%	$3.9M0.0%	$3.9M0.0%	$3.9M0.0%	$3.9M0.0%	$3.9M
Total Liabilities	$283.2M+11.5%	$253.9M+4.8%	$242.2M+36.3%	$177.7M+17.7%	$150.9M+7.7%	$140.1M+34.1%	$104.5M+4.5%	$100.0M
Current Liabilities	$135.8M+31.9%	$102.9M+31.3%	$78.4M+29.6%	$60.5M+44.8%	$41.8M+23.5%	$33.8M+39.7%	$24.2M+10.5%	$21.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$44.7M+102.9%	$22.1M+45.2%	$15.2M-69.4%	$49.7M-37.4%	$79.4M-29.6%	$112.8M+54.8%	$72.8M-25.0%	$97.1M
Retained Earnings	-$626.3M+2.3%	-$640.9M-0.6%	-$637.3M-7.0%	-$595.8M-6.9%	-$557.4M-7.4%	-$518.9M-6.4%	-$487.8M-6.2%	-$459.2M

LQDA Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$35.7M+61.8%	-$93.4M-124.8%	-$41.6M-45.4%	-$28.6M+16.0%	-$34.0M+37.1%	-$54.1M
Capital Expenditures	$4.3M-12.4%	$4.9M+283.6%	$1.3M+117.9%	$592K+453.3%	$107K-85.8%	$752K
Free Cash Flow	-$40.0M+59.3%	-$98.4M-129.5%	-$42.9M-46.9%	-$29.2M+14.5%	-$34.1M+37.8%	-$54.9M
Investing Cash Flow	-$6.3M+24.9%	-$8.4M+25.2%	-$11.3M-1823.0%	-$587K-448.6%	-$107K-143.2%	$248K
Financing Cash Flow	$59.7M-69.3%	$194.7M+350.1%	$43.2M-33.4%	$65.0M+146.8%	$26.3M-58.5%	$63.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$44.2M+552.9%	-$9.8M+75.3%	-$39.5M-28.7%	-$30.7M-47.4%	-$20.8M+17.0%	-$25.1M-10.7%	-$22.7M+8.9%	-$24.9M
Capital Expenditures	$2.0M+123.7%	$911K-13.8%	$1.1M+220.3%	$330K-74.4%	$1.3M-26.3%	$1.7M+35.4%	$1.3M+106.7%	$624K
Free Cash Flow	$42.2M+495.2%	-$10.7M+73.7%	-$40.5M-30.7%	-$31.0M-40.3%	-$22.1M+17.6%	-$26.8M-12.0%	-$24.0M+6.0%	-$25.5M
Investing Cash Flow	-$4.0M-343.2%	-$911K+13.8%	-$1.1M-220.3%	-$330K+93.1%	-$4.8M-173.6%	-$1.7M-35.4%	-$1.3M-106.7%	-$624K
Financing Cash Flow	-$7.0M-33.9%	-$5.2M-111.0%	$47.7M+96.4%	$24.3M+1157.8%	-$2.3M-102.3%	$98.1M+12152.1%	-$814K-100.8%	$99.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

LQDA Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	58.0%-25.5pp	83.5%+1.4pp	82.1%+5.6pp	76.5%+8.6pp	67.9%
Operating Margin	-32.5%+834.2pp	-866.6%-447.0pp	-419.6%-176.3pp	-243.3%+19.7pp	-263.0%+7726.1pp	-7989.0%
Net Margin	-43.5%+873.1pp	-916.6%-467.7pp	-448.9%-191.5pp	-257.4%+11.6pp	-269.0%+7811.1pp	-8080.1%
Return on Equity	-154.0%+7.6pp	-161.6%+4.4pp	-166.0%-120.6pp	-45.4%+7.6pp	-53.0%+31.1pp	-84.1%
Return on Assets	-21.0%+34.7pp	-55.7%+10.6pp	-66.3%-34.6pp	-31.8%+5.1pp	-36.9%+23.2pp	-60.0%
Current Ratio	2.01-2.4	4.43-0.4	4.85-6.5	11.34+3.0	8.36+2.7	5.63
Debt-to-Equity	6.33+4.4	1.90+0.4	1.50+1.3	0.22+0.1	0.16+0.0	0.14
FCF Margin	-25.3%+677.6pp	-702.9%-457.8pp	-245.0%-61.9pp	-183.1%+82.5pp	-265.6%+7156.6pp	-7422.2%

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	51.4%	N/A	64.8%+5.6pp	59.2%+8.6pp	50.6%
Operating Margin	21.5%+18.3pp	3.3%+427.7pp	-424.4%+711.0pp	-1135.4%+102.4pp	-1237.8%-581.6pp	-656.2%+87.1pp	-743.3%+225.8pp	-969.1%
Net Margin	15.8%+22.3pp	-6.5%+464.0pp	-470.5%+759.2pp	-1229.7%+90.5pp	-1320.2%-622.6pp	-697.6%+85.9pp	-783.5%+228.7pp	-1012.2%
Return on Equity	32.5%+48.5pp	-16.0%+257.7pp	-273.7%-196.6pp	-77.2%-28.7pp	-48.5%-21.0pp	-27.5%+11.8pp	-39.4%-8.4pp	-31.0%
Return on Assets	4.4%+5.7pp	-1.3%+14.9pp	-16.2%+0.7pp	-16.9%-0.2pp	-16.7%-4.4pp	-12.3%+3.9pp	-16.2%-0.9pp	-15.3%
Current Ratio	2.01-0.2	2.20-0.3	2.49-0.4	2.93-1.5	4.43-1.9	6.33+0.3	6.08-1.6	7.66
Debt-to-Equity	6.33-5.2	11.52-4.4	15.95+12.4	3.57+1.7	1.90+0.7	1.24-0.2	1.43+0.4	1.03
FCF Margin	45.9%+65.5pp	-19.7%+439.1pp	-458.7%+535.2pp	-993.9%-236.2pp	-757.7%-154.5pp	-603.2%+51.4pp	-654.6%+203.1pp	-857.7%

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Frequently Asked Questions

What is Liquidia Corporation's annual revenue?

Liquidia Corporation (LQDA) reported $158.3M in total revenue for fiscal year 2025. This represents a 1031.2% 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 Liquidia Corporation's revenue growing?

Liquidia Corporation (LQDA) revenue grew by 1031.2% year-over-year, from $14.0M to $158.3M in fiscal year 2025.

Is Liquidia Corporation profitable?

No, Liquidia Corporation (LQDA) reported a net income of -$68.9M in fiscal year 2025, with a net profit margin of -43.5%.

What is Liquidia Corporation's EBITDA?

Liquidia Corporation (LQDA) had EBITDA of -$49.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Liquidia Corporation's operating margin?

Liquidia Corporation (LQDA) had an operating margin of -32.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Liquidia Corporation's net profit margin?

Liquidia Corporation (LQDA) had a net profit margin of -43.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Liquidia Corporation's return on equity (ROE)?

Liquidia Corporation (LQDA) has a return on equity of -154.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Liquidia Corporation's free cash flow?

Liquidia Corporation (LQDA) generated -$40.0M in free cash flow during fiscal year 2025. This represents a 59.3% 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 Liquidia Corporation's operating cash flow?

Liquidia Corporation (LQDA) generated -$35.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Liquidia Corporation's total assets?

Liquidia Corporation (LQDA) had $327.9M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Liquidia Corporation's capital expenditures?

Liquidia Corporation (LQDA) invested $4.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Liquidia Corporation spend on research and development?

Liquidia Corporation (LQDA) invested $39.3M in research and development during fiscal year 2025.

How many shares does Liquidia Corporation have outstanding?

Liquidia Corporation (LQDA) had 87M shares outstanding as of fiscal year 2025.

What is Liquidia Corporation's current ratio?

Liquidia Corporation (LQDA) had a current ratio of 2.01 as of fiscal year 2025, which is generally considered healthy.

What is Liquidia Corporation's debt-to-equity ratio?

Liquidia Corporation (LQDA) had a debt-to-equity ratio of 6.33 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Liquidia Corporation's return on assets (ROA)?

Liquidia Corporation (LQDA) had a return on assets of -21.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Liquidia Corporation's cash runway?

Based on fiscal year 2025 data, Liquidia Corporation (LQDA) had $190.7M in cash against an annual operating cash burn of $35.7M. This gives an estimated cash runway of approximately 64 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Liquidia Corporation's Piotroski F-Score?

Liquidia Corporation (LQDA) has a Piotroski F-Score of 3 out of 9, indicating weak 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 Liquidia Corporation's earnings high quality?

Liquidia Corporation (LQDA) has an earnings quality ratio of 0.52x, 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 Liquidia Corporation cover its interest payments?

Liquidia Corporation (LQDA) has an interest coverage ratio of -2.1x, meaning it can struggle to 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 Liquidia Corporation?

Liquidia Corporation (LQDA) scores 23 out of 100 on our Financial Profile, indicating weak 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.