Liquidia Corporation Financials
Liquidia Corporation (LQDA) reported $158.3M in revenue for fiscal year 2025, up 1031.2% from the prior fiscal year. This page shows its 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).
A commercial scale-up transformed revenue, but working capital and overhead still control how quickly the model funds itself.
FY2025’s revenue jump to$158.3M drove a sharp margin reset, with operating margin improving from-866.6% to-32.5% , but the balance sheet changed with it: receivables and inventory rose to$54.1M and$23.8M from$2.7M and$241K . That combination shows a much heavier working-capital load now comes with growth, so higher sales are not yet translating into self-funding operations.
The cash conversion picture improved faster than the income statement suggests: operating cash flow was
Liquidity remains supported by cash of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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 Liquidia Corporation'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.
Liquidia Corporation scores 12.53, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($7.0B) relative to total liabilities ($283.2M). 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.
Liquidia Corporation passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Liquidia Corporation reported a net loss of $68.9M while operations used $35.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Liquidia Corporation reported an operating loss of $51.4M against $24.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Liquidia Corporation generated $158.3M in revenue in fiscal year 2025. This represents an increase of 1031.2% from the prior year.
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.
Liquidia Corporation reported -$68.9M in net income in fiscal year 2025. This represents an increase of 47.1% from the prior year.
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
Liquidia Corporation recorded an outflow of $40.0M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 59.3% from the prior year.
Liquidia Corporation held $190.7M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Liquidia Corporation's operating margin was -32.5% in fiscal year 2025, reflecting core business profitability. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Liquidia Corporation's net profit margin was -43.5% in fiscal year 2025, showing the share of revenue converted to profit. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Liquidia Corporation's ROE was -154.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 10.2 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Liquidia Corporation invested $39.3M in research and development in fiscal year 2025. This represents a decrease of 17.9% from the prior year.
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.
Not reported for fiscal year 2025.
LQDA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $450.9M | $158.3M+1031.2% | $14.0M-20.0% | $17.5M+9.7% | $15.9M+24.0% | $12.9M+1637.8% | $740K-90.8% | $8.1M |
| Cost of Revenue | N/A | N/A | $5.9M+103.6% | $2.9M+1.0% | $2.9M-5.4% | $3.0M+1171.7% | $238K | N/A |
| Gross Profit | N/A | N/A | $8.1M-44.4% | $14.6M+11.7% | $13.1M+33.0% | $9.8M+1858.5% | $502K | N/A |
| R&D Expenses | $56.0M | $39.3M-17.9% | $47.8M+10.6% | $43.2M+122.5% | $19.4M-5.3% | $20.5M-36.3% | $32.2M-20.4% | $40.5M |
| SG&A Expenses | $192.7M | $157.2M+92.7% | $81.6M+82.3% | $44.7M+38.0% | $32.4M+40.2% | $23.1M-15.6% | $27.4M+101.3% | $13.6M |
| Operating Income | $168.6M | -$51.4M+57.6% | -$121.3M-65.3% | -$73.4M-89.3% | -$38.8M-14.7% | -$33.8M+42.8% | -$59.1M-26.2% | -$46.8M |
| Interest Expense | $26.6M | $24.2M+65.0% | $14.7M+133.6% | $6.3M+168.3% | $2.3M+206.8% | $762K-11.2% | $858K-37.5% | $1.4M |
| Income Tax | N/A | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | $138.6M | -$68.9M+47.1% | -$130.4M-66.1% | -$78.5M-91.4% | -$41.0M-18.6% | -$34.6M+42.1% | -$59.8M-25.6% | -$47.6M |
| EPS (Diluted) | — | -$0.80+50.9% | -$1.63-34.7% | -$1.21-80.6% | -$0.67+4.3% | -$0.70+60.2% | -$1.76 | -$2.57 |
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.
LQDA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $327.9M+42.4% | $230.3M+94.6% | $118.3M-8.4% | $129.2M+37.8% | $93.7M-5.8% | $99.5M+44.6% | $68.8M |
| Current Assets | $273.4M+47.7% | $185.1M+105.9% | $89.9M-9.9% | $99.8M+62.9% | $61.3M-7.3% | $66.1M+17.2% | $56.4M |
| Cash & Equivalents | $190.7M+8.0% | $176.5M+110.9% | $83.7M-10.3% | $93.3M+62.2% | $57.5M-12.0% | $65.3M+17.1% | $55.8M |
| Inventory | $23.8M+9776.3% | $241K | N/A | 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 | N/A |
| Goodwill | $3.9M0.0% | $3.9M0.0% | $3.9M0.0% | $3.9M0.0% | $3.9M0.0% | $3.9M | $0 |
| Total Liabilities | $283.2M+87.6% | $150.9M+112.5% | $71.0M+83.2% | $38.8M+36.2% | $28.5M+0.1% | $28.4M-16.1% | $33.9M |
| Current Liabilities | $135.8M+225.0% | $41.8M+125.2% | $18.6M+110.8% | $8.8M+20.1% | $7.3M-37.6% | $11.7M-30.4% | $16.9M |
| Long-Term Debt | N/A | N/A | N/A | $19.9M+91.0% | $10.4M+1.1% | $10.3M0.0% | $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+103.4% | $34.9M |
| Retained Earnings | -$626.3M-12.4% | -$557.4M-29.9% | -$429.1M-22.4% | -$350.6M-13.2% | -$309.6M-12.6% | -$275.0M-27.8% | -$215.2M |
LQDA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $167.7M | -$35.7M+61.8% | -$93.4M-124.8% | -$41.6M-45.4% | -$28.6M+16.0% | -$34.0M+37.1% | -$54.1M-12.1% | -$48.3M |
| Capital Expenditures | $17.0M | $4.3M-12.4% | $4.9M+283.6% | $1.3M+117.9% | $592K+453.3% | $107K-85.8% | $752K-59.3% | $1.9M |
| Free Cash Flow | $150.7M | -$40.0M+59.3% | -$98.4M-129.5% | -$42.9M-46.9% | -$29.2M+14.5% | -$34.1M+37.8% | -$54.9M-9.5% | -$50.1M |
| Investing Cash Flow | -$20.0M | -$6.3M+24.9% | -$8.4M+25.2% | -$11.3M-1823.0% | -$587K-448.6% | -$107K-143.2% | $248K+113.4% | -$1.9M |
| Financing Cash Flow | -$36.9M | $59.7M-69.3% | $194.7M+350.1% | $43.2M-33.4% | $65.0M+146.8% | $26.3M-58.5% | $63.4M-4.5% | $66.4M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
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.
LQDA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | 58.0%-25.5pp | 83.5%+1.4pp | 82.1%+5.6pp | 76.5%+8.6pp | 67.9% | N/A |
| Operating Margin | -32.5% | -866.6% | -419.6% | -243.3% | -263.0% | -7989.0% | -580.1% |
| Net Margin | -43.5% | -931.6% | -448.9% | -257.4% | -269.0% | -8080.1% | -589.5% |
| Return on Equity | -154.0%+10.2pp | -164.3%+1.7pp | -166.0%-120.6pp | -45.4%+7.6pp | -53.0%+31.1pp | -84.1%+52.1pp | -136.2% |
| Return on Assets | -21.0%+35.6pp | -56.6%+9.7pp | -66.3%-34.6pp | -31.8%+5.1pp | -36.9%+23.2pp | -60.0%+9.1pp | -69.1% |
| Current Ratio | 2.01-2.4x | 4.43-0.4x | 4.85-6.5x | 11.34+3.0x | 8.36+2.7x | 5.63+2.3x | 3.34 |
| Debt-to-Equity | 6.33+4.4x | 1.90+0.4x | 1.50+1.3x | 0.22+0.1x | 0.160.0x | 0.14-0.1x | 0.29 |
| FCF Margin | -25.3% | -702.9% | -245.0% | -183.1% | -265.6% | -7422.2% | -621.1% |
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, FCF Margin.
Similar Companies
Where Liquidia Corporation Ranks
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) recorded an outflow of $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) recorded an outflow of $35.7M in operating cash flow during fiscal year 2025, representing cash used by 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.
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 Altman Z-Score?
Liquidia Corporation (LQDA) has an Altman Z-Score of 12.53, 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 Liquidia Corporation's Piotroski F-Score?
Liquidia Corporation (LQDA) has a Piotroski F-Score of 3 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 Liquidia Corporation's earnings high quality?
Liquidia Corporation (LQDA) reported a net loss of $68.9M while operations used $35.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $51.4M against $24.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 63 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), 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.