Madrigal Pharmac Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Madrigal Pharmac has an operating margin of -276.4%, meaning the company retains $-276 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.
Madrigal Pharmac carries a low D/E ratio of 0.16, meaning only $0.16 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 6.10, Madrigal Pharmac holds $6.10 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Madrigal Pharmac generated -$455.6M in operating cash flow, capex of $1.5M consumed most of it, leaving -$457.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Madrigal Pharmac passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Madrigal Pharmac generates $0.98 in operating cash flow (-$455.6M OCF vs -$465.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Madrigal Pharmac earns $-33.9 in operating income for every $1 of interest expense (-$497.9M vs $14.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Madrigal Pharmac (MDGL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).
Key Financial Metrics
Madrigal Pharmac generated $180.1M in revenue in fiscal year 2024.
Madrigal Pharmac's EBITDA was -$496.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 30.7% from the prior year.
Madrigal Pharmac generated -$457.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 40.3% from the prior year.
Madrigal Pharmac reported -$465.9M in net income in fiscal year 2024. This represents a decrease of 24.7% from the prior year.
Madrigal Pharmac earned $-21.90 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 9.6% from the prior year.
Madrigal Pharmac held $100.0M in cash against $117.6M in long-term debt as of fiscal year 2024.
Madrigal Pharmac had 22M shares outstanding in fiscal year 2024. This represents an increase of 10.7% from the prior year.
Madrigal Pharmac's gross margin was 96.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs.
Madrigal Pharmac's operating margin was -276.4% in fiscal year 2024, reflecting core business profitability.
Madrigal Pharmac's net profit margin was -258.6% in fiscal year 2024, showing the share of revenue converted to profit.
Madrigal Pharmac invested $236.7M in research and development in fiscal year 2024. This represents a decrease of 13.1% from the prior year.
Madrigal Pharmac invested $1.5M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 1.1% from the prior year.
MDGL Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $287.3M+35.0% | $212.8M+55.0% | $137.3M+32.8% | $103.3M+605.8% | $14.6M | $0 | $0 | $0 |
| Cost of Revenue | N/A | N/A | $4.5M | N/A | N/A | $0 | N/A | N/A |
| Gross Profit | N/A | N/A | $132.7M | N/A | N/A | $0 | N/A | N/A |
| R&D Expenses | $174.0M+221.7% | $54.1M+22.4% | $44.2M+72.2% | $25.6M-63.9% | $71.1M-0.2% | $71.2M+0.8% | $70.6M-0.4% | $71.0M |
| SG&A Expenses | $209.1M+6.2% | $196.9M+17.3% | $167.9M+18.9% | $141.2M+33.9% | $105.4M+30.5% | $80.8M+73.6% | $46.5M+68.7% | $27.6M |
| Operating Income | -$114.0M-141.5% | -$47.2M+40.5% | -$79.3M-18.4% | -$67.0M+58.8% | -$162.5M-6.9% | -$152.0M-29.8% | -$117.2M-18.9% | -$98.5M |
| Interest Expense | $7.5M+128.3% | $3.3M-1.0% | $3.3M-5.7% | $3.5M-4.3% | $3.7M-4.7% | $3.8M-3.3% | $4.0M+13.3% | $3.5M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$114.2M-170.1% | -$42.3M+42.3% | -$73.2M-23.3% | -$59.4M+60.9% | -$152.0M-3.0% | -$147.5M-31.5% | -$112.2M-13.6% | -$98.7M |
| EPS (Diluted) | $-5.08-167.4% | $-1.90+42.8% | $-3.32-32.8% | $-2.50+64.8% | $-7.10+3.8% | $-7.38-29.9% | $-5.68-6.4% | $-5.34 |
MDGL Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.4B+34.2% | $1.0B+1.9% | $996.6M-4.4% | $1.0B-5.2% | $1.1B+1.6% | $1.1B+69.0% | $640.5M+169.2% | $238.0M |
| Current Assets | $1.3B+34.2% | $1.0B+1.6% | $988.0M-4.4% | $1.0B-5.4% | $1.1B+1.7% | $1.1B+68.5% | $637.3M+170.6% | $235.5M |
| Cash & Equivalents | $295.7M+58.8% | $186.2M+1.4% | $183.6M+83.6% | $100.0M-79.8% | $494.6M-20.5% | $622.5M+523.0% | $99.9M+61.0% | $62.1M |
| Inventory | $69.3M+9.2% | $63.5M+14.9% | $55.2M+62.1% | $34.1M+381.7% | $7.1M+728.1% | $854K | $0 | N/A |
| Accounts Receivable | $113.3M+43.0% | $79.2M+29.0% | $61.4M+14.1% | $53.8M+680.1% | $6.9M | N/A | $0 | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $736.7M+130.7% | $319.4M+11.7% | $286.0M-0.7% | $287.9M+18.6% | $242.7M+4.8% | $231.5M-1.6% | $235.2M+9.0% | $215.7M |
| Current Liabilities | $391.4M+99.2% | $196.5M+17.5% | $167.2M-1.2% | $169.3M+35.2% | $125.2M+9.5% | $114.3M-3.5% | $118.5M+18.9% | $99.7M |
| Long-Term Debt | $339.8M+187.0% | $118.4M+0.3% | $118.0M+0.4% | $117.6M+0.8% | $116.6M+0.4% | $116.1M+0.6% | $115.5M+0.7% | $114.7M |
| Total Equity | $625.7M-10.1% | $696.0M-2.1% | $710.6M-5.8% | $754.4M-12.0% | $857.1M+0.7% | $850.8M+109.9% | $405.3M+1721.8% | $22.2M |
| Retained Earnings | -$2.0B-6.0% | -$1.9B-2.3% | -$1.9B-4.1% | -$1.8B-10.2% | -$1.6B-10.2% | -$1.5B-11.0% | -$1.3B-9.2% | -$1.2B |
MDGL Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $79.8M+269.7% | -$47.1M+47.1% | -$88.9M+14.9% | -$104.5M+22.6% | -$134.9M+9.5% | -$149.2M-86.6% | -$79.9M+5.9% | -$84.9M |
| Capital Expenditures | $857K | $0 | $0-100.0% | $195K+48.9% | $131K-63.3% | $357K-65.5% | $1.0M+205.6% | $339K |
| Free Cash Flow | $79.0M+267.9% | -$47.1M+47.1% | -$88.9M+15.1% | -$104.7M+22.5% | -$135.1M+9.7% | -$149.5M-84.7% | -$81.0M+5.0% | -$85.3M |
| Investing Cash Flow | -$207.0M-532.5% | $47.9M-70.8% | $163.9M+441.8% | -$48.0M+60.7% | -$122.1M-224.5% | $98.1M+127.1% | -$362.1M-821.4% | $50.2M |
| Financing Cash Flow | $236.6M+13492.6% | $1.7M-79.8% | $8.6M-56.3% | $19.8M-85.3% | $134.1M-76.6% | $573.7M+19.5% | $479.9M+2351.1% | $19.6M |
| 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 |
MDGL Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | 96.7% | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -39.7%-17.5pp | -22.2%+35.6pp | -57.8%+7.1pp | -64.8%+1045.5pp | -1110.4% | N/A | N/A | N/A |
| Net Margin | -39.8%-19.9pp | -19.9%+33.5pp | -53.4%+4.1pp | -57.5%+980.7pp | -1038.2% | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -8.4%-4.2pp | -4.2%+3.2pp | -7.3%-1.6pp | -5.7%+8.1pp | -13.8%-0.2pp | -13.6%+3.9pp | -17.5%+24.0pp | -41.5% |
| Current Ratio | 3.44-1.7 | 5.11-0.8 | 5.91-0.2 | 6.10-2.6 | 8.72-0.7 | 9.39+4.0 | 5.38+3.0 | 2.36 |
| Debt-to-Equity | 0.54+0.4 | 0.170.0 | 0.17+0.0 | 0.16+0.0 | 0.140.0 | 0.14-0.1 | 0.28-4.9 | 5.16 |
| FCF Margin | 27.5%+49.6pp | -22.1%+42.7pp | -64.8%+36.6pp | -101.3%+821.5pp | -922.8% | N/A | N/A | N/A |
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Frequently Asked Questions
What is Madrigal Pharmac's annual revenue?
Madrigal Pharmac (MDGL) reported $180.1M in total revenue for fiscal year 2024. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is Madrigal Pharmac profitable?
No, Madrigal Pharmac (MDGL) reported a net income of -$465.9M in fiscal year 2024, with a net profit margin of -258.6%.
What is Madrigal Pharmac's earnings per share (EPS)?
Madrigal Pharmac (MDGL) reported diluted earnings per share of $-21.90 for fiscal year 2024. This represents a -9.6% 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.
What is Madrigal Pharmac's EBITDA?
Madrigal Pharmac (MDGL) had EBITDA of -$496.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Madrigal Pharmac have?
As of fiscal year 2024, Madrigal Pharmac (MDGL) had $100.0M in cash and equivalents against $117.6M in long-term debt.
What is Madrigal Pharmac's gross margin?
Madrigal Pharmac (MDGL) had a gross margin of 96.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Madrigal Pharmac's operating margin?
Madrigal Pharmac (MDGL) had an operating margin of -276.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Madrigal Pharmac's net profit margin?
Madrigal Pharmac (MDGL) had a net profit margin of -258.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Madrigal Pharmac's free cash flow?
Madrigal Pharmac (MDGL) generated -$457.0M in free cash flow during fiscal year 2024. This represents a -40.3% 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 Madrigal Pharmac's operating cash flow?
Madrigal Pharmac (MDGL) generated -$455.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Madrigal Pharmac's total assets?
Madrigal Pharmac (MDGL) had $1.0B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Madrigal Pharmac's capital expenditures?
Madrigal Pharmac (MDGL) invested $1.5M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Madrigal Pharmac spend on research and development?
Madrigal Pharmac (MDGL) invested $236.7M in research and development during fiscal year 2024.
How many shares does Madrigal Pharmac have outstanding?
Madrigal Pharmac (MDGL) had 22M shares outstanding as of fiscal year 2024.
What is Madrigal Pharmac's current ratio?
Madrigal Pharmac (MDGL) had a current ratio of 6.10 as of fiscal year 2024, which is generally considered healthy.
What is Madrigal Pharmac's debt-to-equity ratio?
Madrigal Pharmac (MDGL) had a debt-to-equity ratio of 0.16 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Madrigal Pharmac's return on assets (ROA)?
Madrigal Pharmac (MDGL) had a return on assets of -44.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Madrigal Pharmac's cash runway?
Based on fiscal year 2024 data, Madrigal Pharmac (MDGL) had $100.0M in cash against an annual operating cash burn of $455.6M. This gives an estimated cash runway of approximately 3 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 Madrigal Pharmac's Piotroski F-Score?
Madrigal Pharmac (MDGL) has a Piotroski F-Score of 5 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 Madrigal Pharmac's earnings high quality?
Madrigal Pharmac (MDGL) has an earnings quality ratio of 0.98x, 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 Madrigal Pharmac cover its interest payments?
Madrigal Pharmac (MDGL) has an interest coverage ratio of -33.9x, 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 Madrigal Pharmac?
Madrigal Pharmac (MDGL) scores 50 out of 100 on our Financial Profile, indicating moderate 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.