Madrigal Pharmac Financials
Madrigal Pharmac (MDGL) reported $958.4M in revenue for fiscal year 2025, up 432.1% 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).
Rapid commercialization is shrinking Madrigal's losses, but the business still depends on external financing to fund launch-scale spending.
The jump to$958.4M of revenue cut operating cash burn to-$189.6M from the prior year's much deeper burn, so sales are beginning to absorb the launch cost base. Because SG&A still dominates the income statement while R&D remains large, the company has crossed from a science-led spend profile into a launch-led spend profile; the operating picture is now shaped more by commercialization than by research alone.
The first year of product sales carried a
With long-term debt at
Financial Health Signals
Scored against operating 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 Madrigal Pharmac'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.
Madrigal Pharmac has an operating margin of -31.3%, meaning the company loses $31 on every $100 of revenue. This results in a profitability score of 17/100. This is up from -276.4% the prior year.
Madrigal Pharmac's revenue surged 432.1% year-over-year to $958.4M, reflecting rapid business expansion. This strong growth earns a score of 99/100.
Madrigal Pharmac has a moderate D/E ratio of 0.56. This balance of debt and equity financing earns a leverage score of 57/100.
With a current ratio of 4.01, Madrigal Pharmac holds $4.01 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 86/100.
Madrigal Pharmac's operations used $189.6M of cash, and capex of $467K added to the outflow, for a free cash flow shortfall of $190.0M. This results in a cash flow score of 7/100.
Madrigal Pharmac posts a -47.8% return on equity (ROE), meaning it loses $48 for every $100 of shareholders' equity. This results in a returns score of 28/100. This is up from -61.8% the prior year.
Madrigal Pharmac scores 9.45, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($11.9B) relative to total liabilities ($656.9M). 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.
Madrigal Pharmac passes 3 of 8 computable financial strength tests (1 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.
Madrigal Pharmac reported a net loss of $288.3M while operations used $189.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Madrigal Pharmac reported an operating loss of $300.1M against $22.3M 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
Madrigal Pharmac generated $958.4M in revenue in fiscal year 2025. This represents an increase of 432.1% from the prior year.
Madrigal Pharmac's EBITDA was -$298.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 39.9% from the prior year.
Madrigal Pharmac reported -$288.3M in net income in fiscal year 2025. This represents an increase of 38.1% from the prior year.
Madrigal Pharmac earned -$10.15 per diluted share (EPS) in fiscal year 2025. This represents an increase of 41.4% from the prior year.
Cash & Balance Sheet
Madrigal Pharmac recorded an outflow of $190.0M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 58.4% from the prior year.
Madrigal Pharmac held $198.7M in cash against $339.9M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Madrigal Pharmac's operating margin was -31.3% 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.
Madrigal Pharmac's net profit margin was -30.1% 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.
Madrigal Pharmac's ROE was -47.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 13.9 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Madrigal Pharmac invested $388.5M in research and development in fiscal year 2025. This represents an increase of 64.1% from the prior year.
Madrigal Pharmac invested $467K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 68.1% from the prior year.
Not reported for fiscal year 2025.
MDGL 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 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3B | $958.4M+432.1% | $180.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | N/A | N/A | N/A | N/A | $147K | N/A |
| Cost of Revenue | N/A | N/A | $6.2M | $0 | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | $173.9M | $0 | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $490.1M | $388.5M+64.1% | $236.7M-13.1% | $272.4M+11.0% | $245.4M+19.6% | $205.2M+11.0% | $184.8M+155.5% | $72.3M+184.9% | $25.4M+4.1% | $24.4M+53.1% | $15.9M | N/A | $68.2M-5.1% | $71.9M+45.4% | $49.4M+19.2% | $41.5M |
| SG&A Expenses | $1.0B | $813.8M+87.1% | $435.1M+302.3% | $108.1M+124.7% | $48.1M+29.0% | $37.3M+70.7% | $21.9M-3.5% | $22.6M+48.1% | $15.3M+99.3% | $7.7M-17.4% | $9.3M+1052.9% | $806K-94.9% | $15.7M+0.3% | $15.7M+34.5% | $11.7M+1.1% | $11.6M |
| Operating Income | -$322.6M | -$300.1M+39.7% | -$497.9M-30.8% | -$380.5M-29.6% | -$293.6M-21.1% | -$242.5M-17.3% | -$206.7M-117.6% | -$95.0M-133.4% | -$40.7M-26.9% | -$32.1M-27.1% | -$25.2M | N/A | -$84.0M+4.1% | -$87.6M-43.7% | -$60.9M-34.1% | -$45.4M |
| Interest Expense | $31.5M | $22.3M+52.1% | $14.7M+15.4% | $12.7M+220.7% | $4.0M | $0 | $0 | N/A | N/A | N/A | $1.2M | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$325.1M | -$288.3M+38.1% | -$465.9M-24.7% | -$373.6M-26.5% | -$295.3M-22.1% | -$241.8M-19.6% | -$202.2M-140.9% | -$83.9M-155.9% | -$32.8M-5.3% | -$31.2M-18.1% | -$26.4M | N/A | -$86.2M+4.5% | -$90.2M-43.6% | -$62.8M-32.5% | -$47.4M |
| EPS (Diluted) | — | -$10.15+41.4% | -$17.31+0.1% | -$17.33-0.6% | -$17.23-17.8% | -$14.63-11.8% | -$13.09 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -$1.00 |
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.
MDGL 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 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.3B+20.9% | $1.0B+62.7% | $640.5M+76.7% | $362.6M+32.6% | $273.3M-4.8% | $287.0M-35.1% | $442.1M-8.9% | $485.4M+152.4% | $192.3M+366.7% | $41.2M+11234.5% | $364K-99.6% | $100.7M+5.7% | $95.2M-7.6% | $103.0M+143.4% | $42.3M |
| Current Assets | $1.2B+20.6% | $1.0B+62.1% | $637.3M+76.4% | $361.4M+33.0% | $271.7M-4.7% | $285.2M-35.2% | $440.2M-9.3% | $485.2M+152.7% | $192.0M+366.0% | $41.2M+11233.7% | $364K-99.6% | $99.3M+7.7% | $92.2M-9.0% | $101.4M+151.7% | $40.3M |
| Cash & Equivalents | $198.7M+98.7% | $100.0M+0.1% | $99.9M-69.9% | $331.5M+814.1% | $36.3M-32.8% | $54.0M+15.6% | $46.7M-18.6% | $57.4M-61.4% | $148.6M+676.3% | $19.1M+6156.5% | $306K+106.7% | $148K-99.7% | $48.5M-40.5% | $81.5M+171.0% | $30.1M |
| Inventory | $74.8M+119.7% | $34.1M | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $134.5M+149.9% | $53.8M | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $656.9M+128.2% | $287.9M+22.4% | $235.2M+42.4% | $165.2M+113.9% | $77.2M+64.2% | $47.0M+84.5% | $25.5M+201.9% | $8.4M-16.0% | $10.1M+109.5% | $4.8M-90.3% | $49.3M-65.5% | $142.7M+209.6% | $46.1M+65.0% | $28.0M+1.5% | $27.6M |
| Current Liabilities | $310.3M+83.3% | $169.3M+42.8% | $118.5M+2.3% | $115.9M+50.8% | $76.8M+65.0% | $46.6M+85.3% | $25.1M+197.6% | $8.4M-16.0% | $10.1M+109.5% | $4.8M-90.3% | $49.3M+59.5% | $30.9M-4.1% | $32.2M+37.1% | $23.5M+55.0% | $15.1M |
| Long-Term Debt | $339.9M+189.1% | $117.6M+1.8% | $115.5M+134.3% | $49.3M | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $602.7M-20.1% | $754.4M+86.1% | $405.3M+105.3% | $197.4M+0.7% | $196.1M-18.3% | $240.0M-42.4% | $416.6M-12.7% | $477.0M+161.7% | $182.3M+400.6% | $36.4M+174.4% | -$48.9M-16.3% | -$42.1M-185.7% | $49.1M-34.6% | $75.1M+408.1% | $14.8M |
| Retained Earnings | -$2.1B-16.0% | -$1.8B-34.9% | -$1.3B-38.8% | -$962.7M-44.3% | -$667.3M-56.8% | -$425.5M-90.6% | -$223.2M-60.3% | -$139.3M-30.8% | -$106.5M-41.4% | -$75.3M-53.9% | -$48.9M+92.3% | -$637.6M-15.6% | -$551.4M-19.6% | -$461.2M-15.8% | -$398.4M |
Not reported in any period shown, so not listed: Goodwill.
MDGL 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 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$197.7M | -$189.6M+58.4% | -$455.6M-40.5% | -$324.2M-44.2% | -$224.9M-22.3% | -$183.9M-16.7% | -$157.6M-278.5% | -$41.6M-63.2% | -$25.5M-14.3% | -$22.3M-26.7% | -$17.6M | N/A | -$78.9M-2.0% | -$77.4M-43.0% | -$54.1M-14.5% | -$47.3M |
| Capital Expenditures | $8.6M | $467K-68.1% | $1.5M-1.1% | $1.5M+581.6% | $217K+3.8% | $209K-37.4% | $334K+94.2% | $172K+681.8% | $22K-82.4% | $125K+4066.7% | $3K-94.8% | $58K-59.7% | $144K-81.3% | $769K+52.3% | $505K-26.8% | $690K |
| Free Cash Flow | -$207.1M | -$190.0M+58.4% | -$457.0M-40.3% | -$325.7M-44.7% | -$225.1M-22.2% | -$184.1M-16.6% | -$157.9M-277.8% | -$41.8M-63.7% | -$25.5M-13.8% | -$22.4M-27.4% | -$17.6M | N/A | -$79.1M-1.1% | -$78.2M-43.1% | -$54.6M-13.9% | -$48.0M |
| Investing Cash Flow | $47.0M | $32.3M+111.8% | -$274.4M+45.4% | -$502.5M-343.1% | $206.7M+4188.7% | -$5.1M-103.2% | $159.8M+420.3% | $30.7M+108.1% | -$380.1M-1627.1% | -$22.0M-200.1% | $22.0M | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | $251.0M | $256.0M-65.2% | $735.1M+23.5% | $595.1M+89.9% | $313.5M+83.1% | $171.2M+3265.5% | $5.1M+2065.1% | $235K-99.9% | $314.3M+80.9% | $173.8M+1102.5% | $14.5M | 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 | N/A | N/A | N/A | N/A | N/A | N/A | $32K | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
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.
MDGL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | 96.5% | 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 |
| Operating Margin | -31.3% | -276.4% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -41456.5% | N/A |
| Net Margin | -30.1% | -258.6% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -42714.3% | N/A |
| Return on Equity | -47.8%+13.9pp | -61.8%+30.4pp | -92.2%+57.4pp | -149.6%-26.3pp | -123.3%-39.0pp | -84.3%-64.1pp | -20.2%-13.3pp | -6.9%+10.2pp | -17.1%+55.4pp | -72.5% | N/A | N/A | -183.7%-100.1pp | -83.7%+237.0pp | -320.7% |
| Return on Assets | -22.9%+21.8pp | -44.7%+13.6pp | -58.3%+23.1pp | -81.4%+7.1pp | -88.5%-18.0pp | -70.5%-51.5pp | -19.0%-12.2pp | -6.8%+9.4pp | -16.2%+47.8pp | -64.0% | N/A | -85.6%+9.2pp | -94.7%-33.8pp | -61.0%+51.0pp | -111.9% |
| Current Ratio | 4.01-2.1x | 6.10+0.7x | 5.38+2.3x | 3.12-0.4x | 3.54-2.6x | 6.13-11.4x | 17.52-39.9x | 57.46+38.4x | 19.10+10.5x | 8.58+8.6x | 0.01-3.2x | 3.22+0.4x | 2.86-1.5x | 4.32+1.7x | 2.66 |
| Debt-to-Equity | 0.56+0.4x | 0.16-0.1x | 0.280.0x | 0.25+0.2x | 0.00-0.2x | 0.20+0.1x | 0.060.0x | 0.020.0x | 0.06-0.1x | 0.13 | N/A | N/A | 0.94+0.6x | 0.37-1.5x | 1.86 |
| FCF Margin | -19.8% | -253.7% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -37170.1% | N/A |
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.
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Where Madrigal Pharmac Ranks
Frequently Asked Questions
What is Madrigal Pharmac's annual revenue?
Madrigal Pharmac (MDGL) reported $958.4M in total revenue for fiscal year 2025. This represents a 432.1% 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 Madrigal Pharmac's revenue growing?
Madrigal Pharmac (MDGL) revenue grew by 432.1% year-over-year, from $180.1M to $958.4M in fiscal year 2025.
Is Madrigal Pharmac profitable?
No, Madrigal Pharmac (MDGL) reported a net income of -$288.3M in fiscal year 2025, with a net profit margin of -30.1%.
What is Madrigal Pharmac's EBITDA?
Madrigal Pharmac (MDGL) had EBITDA of -$298.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Madrigal Pharmac have?
As of fiscal year 2025, Madrigal Pharmac (MDGL) had $198.7M in cash and equivalents against $339.9M in long-term debt.
What is Madrigal Pharmac's operating margin?
Madrigal Pharmac (MDGL) had an operating margin of -31.3% in fiscal year 2025, 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 -30.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Madrigal Pharmac's return on equity (ROE)?
Madrigal Pharmac (MDGL) has a return on equity of -47.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Madrigal Pharmac's free cash flow?
Madrigal Pharmac (MDGL) recorded an outflow of $190.0M in free cash flow during fiscal year 2025. This represents a 58.4% 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) recorded an outflow of $189.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Madrigal Pharmac's total assets?
Madrigal Pharmac (MDGL) had $1.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Madrigal Pharmac's capital expenditures?
Madrigal Pharmac (MDGL) invested $467K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Madrigal Pharmac spend on research and development?
Madrigal Pharmac (MDGL) invested $388.5M in research and development during fiscal year 2025.
What is Madrigal Pharmac's current ratio?
Madrigal Pharmac (MDGL) had a current ratio of 4.01 as of fiscal year 2025, which is generally considered healthy.
What is Madrigal Pharmac's debt-to-equity ratio?
Madrigal Pharmac (MDGL) had a debt-to-equity ratio of 0.56 as of fiscal year 2025, 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 -22.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Madrigal Pharmac's cash runway?
Based on fiscal year 2025 data, Madrigal Pharmac (MDGL) had $198.7M in cash against an annual operating cash burn of $189.6M. This gives an estimated cash runway of approximately 13 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 Altman Z-Score?
Madrigal Pharmac (MDGL) has an Altman Z-Score of 9.45, 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 Madrigal Pharmac's Piotroski F-Score?
Madrigal Pharmac (MDGL) has a Piotroski F-Score of 3 out of 8 computable signals; 1 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 Madrigal Pharmac's earnings high quality?
Madrigal Pharmac (MDGL) reported a net loss of $288.3M while operations used $189.6M 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 Madrigal Pharmac cover its interest payments?
Madrigal Pharmac (MDGL) reported an operating loss of $300.1M against $22.3M 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 Madrigal Pharmac?
Madrigal Pharmac (MDGL) scores 49 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), 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.