Mannkind Financials
This page shows Mannkind (MNKD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 34 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
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Mannkind has an operating margin of 11.1%, meaning the company retains $11 of operating profit per $100 of revenue. This results in a moderate score of 47/100, indicating healthy but not exceptional operating efficiency. This is down from 25.4% the prior year.
Mannkind's revenue surged 22.2% year-over-year to $349.0M, reflecting rapid business expansion. This strong growth earns a score of 70/100.
Mannkind's current ratio of 1.70 indicates adequate short-term liquidity, earning a score of 30/100. The company can meet its near-term obligations, though with limited headroom.
Mannkind has a free cash flow margin of 3.9%, earning a moderate score of 35/100. The company generates positive cash flow after capital investments, but with room for improvement.
Mannkind scores -4.31, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($782.6M) relative to total liabilities ($843.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Mannkind passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Mannkind generates $3.11 in operating cash flow ($18.3M OCF vs $5.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Mannkind earns $2.8 in operating income for every $1 of interest expense ($38.8M vs $13.8M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Mannkind generated $349.0M in revenue in fiscal year 2025. This represents an increase of 22.2% from the prior year.
Mannkind's EBITDA was $51.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 36.1% from the prior year.
Mannkind reported $5.9M in net income in fiscal year 2025. This represents a decrease of 78.7% from the prior year.
Mannkind earned $0.02 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 80.0% from the prior year.
Cash & Balance Sheet
Mannkind generated $13.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 58.3% from the prior year.
Mannkind held $74.9M in cash against $354.6M in long-term debt as of fiscal year 2025.
Mannkind had 308M shares outstanding in fiscal year 2025. This represents an increase of 1.5% from the prior year.
Margins & Returns
Mannkind's gross margin was 92.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.6 percentage points from the prior year.
Mannkind's operating margin was 11.1% in fiscal year 2025, reflecting core business profitability. This is down 14.3 percentage points from the prior year.
Mannkind's net profit margin was 1.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 8.0 percentage points from the prior year.
Capital Allocation
Mannkind invested $66.3M in research and development in fiscal year 2025. This represents an increase of 44.6% from the prior year.
Mannkind invested $4.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 52.9% from the prior year.
MNKD Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $112.0M+36.3% | $82.1M+7.3% | $76.5M-2.3% | $78.4M+2.1% | $76.8M+9.6% | $70.1M-3.2% | $72.4M+9.2% | $66.3M |
| Cost of Revenue | $13.9M+209.6% | $4.5M-2.4% | $4.6M+22.3% | $3.8M-21.6% | $4.8M+50.4% | $3.2M-43.0% | $5.6M+46.8% | $3.8M |
| Gross Profit | $98.0M+26.3% | $77.6M+7.9% | $71.9M-3.6% | $74.6M+3.6% | $72.0M+7.6% | $66.9M+0.2% | $66.8M+6.9% | $62.4M |
| R&D Expenses | $27.6M+96.2% | $14.1M+2.8% | $13.7M+24.1% | $11.0M-1.0% | $11.1M-13.8% | $12.9M+9.4% | $11.8M+18.0% | $10.0M |
| SG&A Expenses | $58.4M+100.8% | $29.1M-8.0% | $31.6M+26.4% | $25.0M+4.3% | $24.0M+0.2% | $23.9M-0.8% | $24.1M+8.0% | $22.3M |
| Operating Income | -$7.7M-140.7% | $18.9M+256.6% | $5.3M-76.2% | $22.3M-15.9% | $26.5M+107.6% | $12.8M-23.2% | $16.6M-0.7% | $16.7M |
| Interest Expense | $7.5M+452.5% | $1.4M+378.6% | $285K-93.9% | $4.6M+197.4% | $1.6M-13.3% | $1.8M-70.2% | $6.1M+135.7% | $2.6M |
| Income Tax | -$5.0M-2342.6% | -$204K-175.0% | $272K-40.7% | $459K-55.1% | $1.0M-22.5% | $1.3M+308.7% | $323K+22.3% | $264K |
| Net Income | -$15.9M-299.7% | $8.0M+1095.4% | $668K-94.9% | $13.2M+77.3% | $7.4M-35.7% | $11.6M+673.5% | -$2.0M-118.9% | $10.6M |
| EPS (Diluted) | N/A | $0.03 | $0.00-100.0% | $0.04 | N/A | $0.04+500.0% | $-0.01-125.0% | $0.04 |
MNKD Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $792.2M+60.2% | $494.6M+20.1% | $411.7M+0.4% | $410.1M+4.1% | $393.8M-15.2% | $464.2M+4.6% | $443.8M-7.7% | $480.9M |
| Current Assets | $291.6M-18.7% | $358.8M+28.6% | $279.0M+1.9% | $273.7M+2.0% | $268.3M-18.1% | $327.7M+0.5% | $325.9M-14.9% | $383.1M |
| Cash & Equivalents | $74.9M-41.2% | $127.4M+123.5% | $57.0M+20.5% | $47.3M+2.1% | $46.3M-25.7% | $62.4M-35.5% | $96.6M-50.0% | $193.3M |
| Inventory | $35.3M+30.9% | $27.0M-5.3% | $28.5M-1.4% | $28.9M+3.6% | $27.9M+4.6% | $26.7M+7.7% | $24.8M-6.4% | $26.4M |
| Accounts Receivable | $38.4M+120.7% | $17.4M-36.0% | $27.1M-6.1% | $28.9M+144.8% | $11.8M-35.1% | $18.2M-22.1% | $23.3M+17.2% | $19.9M |
| Goodwill | $67.6M+3400.5% | $1.9M0.0% | $1.9M0.0% | $1.9M0.0% | $1.9M0.0% | $1.9M0.0% | $1.9M0.0% | $1.9M |
| Total Liabilities | $843.2M+56.4% | $539.2M+15.5% | $466.7M-0.4% | $468.8M-0.8% | $472.7M-29.9% | $674.1M+0.7% | $669.6M-5.8% | $710.8M |
| Current Liabilities | $171.0M+56.7% | $109.1M-2.4% | $111.8M-3.5% | $115.9M+41.7% | $81.8M+13.5% | $72.1M-9.9% | $80.0M-19.9% | $99.9M |
| Long-Term Debt | $354.6M+223.4% | $109.7M+203.2% | $36.2M+0.2% | $36.1M+0.2% | $36.1M-84.2% | $227.9M+0.2% | $227.6M-13.8% | $264.1M |
| Total Equity | -$51.0M-14.5% | -$44.6M+19.1% | -$55.0M+6.1% | -$58.6M+25.6% | -$78.8M+62.5% | -$209.9M+7.0% | -$225.8M+1.8% | -$230.0M |
| Retained Earnings | -$3.2B-0.5% | -$3.2B+0.3% | -$3.2B0.0% | -$3.2B+0.4% | -$3.2B+0.2% | -$3.2B+0.4% | -$3.2B-0.1% | -$3.2B |
MNKD Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.0M-133.7% | $23.6M+164.1% | $8.9M+240.3% | -$6.4M-128.2% | $22.6M+142.7% | $9.3M+143.4% | $3.8M-42.8% | $6.7M |
| Capital Expenditures | $2.0M+77.2% | $1.1M+0.7% | $1.1M+238.5% | $330K-88.6% | $2.9M+104.4% | $1.4M-52.3% | $3.0M+23.4% | $2.4M |
| Free Cash Flow | -$10.0M-144.2% | $22.5M+187.4% | $7.8M+216.8% | -$6.7M-134.0% | $19.7M+149.5% | $7.9M+819.2% | $861K-80.0% | $4.3M |
| Investing Cash Flow | -$292.0M-1065.1% | -$25.1M-500.5% | $6.3M+4.9% | $6.0M-87.6% | $48.2M+216.9% | -$41.3M+25.2% | -$55.2M-13.9% | -$48.4M |
| Financing Cash Flow | $247.4M+244.6% | $71.8M+1403.2% | -$5.5M-496.4% | $1.4M+101.6% | -$86.9M-3610.5% | -$2.3M+94.7% | -$44.5M-1182.4% | -$3.5M |
| 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 |
MNKD Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.6%-7.0pp | 94.5%+0.5pp | 94.0%-1.2pp | 95.2%+1.4pp | 93.7%-1.7pp | 95.4%+3.2pp | 92.3%-2.0pp | 94.2% |
| Operating Margin | -6.9%-29.9pp | 23.0%+16.1pp | 6.9%-21.5pp | 28.4%-6.1pp | 34.5%+16.3pp | 18.2%-4.7pp | 22.9%-2.3pp | 25.2% |
| Net Margin | -14.2%-24.0pp | 9.7%+8.8pp | 0.9%-15.9pp | 16.8%+7.1pp | 9.7%-6.8pp | 16.5%+19.3pp | -2.8%-18.8pp | 16.0% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -2.0%-3.6pp | 1.6%+1.4pp | 0.2%-3.0pp | 3.2%+1.3pp | 1.9%-0.6pp | 2.5%+2.9pp | -0.4%-2.7pp | 2.2% |
| Current Ratio | 1.70-1.6 | 3.29+0.8 | 2.50+0.1 | 2.36-0.9 | 3.28-1.3 | 4.54+0.5 | 4.07+0.2 | 3.83 |
| Debt-to-Equity | -6.95-4.5 | -2.46-1.8 | -0.66-0.0 | -0.62-0.2 | -0.46+0.6 | -1.09-0.1 | -1.01+0.1 | -1.15 |
| FCF Margin | -8.9%-36.3pp | 27.4%+17.2pp | 10.2%+18.8pp | -8.6%-34.3pp | 25.7%+14.4pp | 11.3%+10.1pp | 1.2%-5.3pp | 6.5% |
Note: Shareholder equity is negative (-$51.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Mannkind's annual revenue?
Mannkind (MNKD) reported $349.0M in total revenue for fiscal year 2025. This represents a 22.2% 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 Mannkind's revenue growing?
Mannkind (MNKD) revenue grew by 22.2% year-over-year, from $285.5M to $349.0M in fiscal year 2025.
Is Mannkind profitable?
Yes, Mannkind (MNKD) reported a net income of $5.9M in fiscal year 2025, with a net profit margin of 1.7%.
What is Mannkind's EBITDA?
Mannkind (MNKD) had EBITDA of $51.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Mannkind have?
As of fiscal year 2025, Mannkind (MNKD) had $74.9M in cash and equivalents against $354.6M in long-term debt.
What is Mannkind's gross margin?
Mannkind (MNKD) had a gross margin of 92.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Mannkind's operating margin?
Mannkind (MNKD) had an operating margin of 11.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Mannkind's net profit margin?
Mannkind (MNKD) had a net profit margin of 1.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Mannkind's free cash flow?
Mannkind (MNKD) generated $13.7M in free cash flow during fiscal year 2025. This represents a -58.3% 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 Mannkind's operating cash flow?
Mannkind (MNKD) generated $18.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Mannkind's total assets?
Mannkind (MNKD) had $792.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Mannkind's capital expenditures?
Mannkind (MNKD) invested $4.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Mannkind spend on research and development?
Mannkind (MNKD) invested $66.3M in research and development during fiscal year 2025.
What is Mannkind's current ratio?
Mannkind (MNKD) had a current ratio of 1.70 as of fiscal year 2025, which is generally considered healthy.
What is Mannkind's debt-to-equity ratio?
Mannkind (MNKD) had a debt-to-equity ratio of -6.95 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Mannkind's return on assets (ROA)?
Mannkind (MNKD) had a return on assets of 0.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Mannkind's debt-to-equity ratio negative or unusual?
Mannkind (MNKD) has negative shareholder equity of -$51.0M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Mannkind's Altman Z-Score?
Mannkind (MNKD) has an Altman Z-Score of -4.31, placing it in the Distress Zone (elevated 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 Mannkind's Piotroski F-Score?
Mannkind (MNKD) 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 Mannkind's earnings high quality?
Mannkind (MNKD) has an earnings quality ratio of 3.11x, considered cash-backed (high quality). 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 Mannkind cover its interest payments?
Mannkind (MNKD) has an interest coverage ratio of 2.8x, meaning it can adequately 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 Mannkind?
Mannkind (MNKD) scores 46 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.