Mannkind Financials
Mannkind (MNKD) reported $349.0M in revenue for fiscal year 2025, up 22.2% 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).
Profitability arrived, but FY2025 shows a debt-funded balance-sheet expansion that diluted the benefit of stronger sales.
FY2024 looked like a clean operating turn, with positive earnings and free cash flow after years of losses; FY2025 kept revenue rising to$349.0M but most of the balance-sheet growth came from external financing, as$315.1M of financing inflows almost matched$304.8M of investing outflows while long-term debt jumped to$354.6M . That means the business did not simply scale its 2024 model; it added assets much faster than profits, which helps explain why return on assets slipped to0.7% even with positive net income.
The income statement says this is a high-gross-margin model, but not yet a lightly run one: gross margin stayed above
Liquidity remains adequate, but the cushion is thinner: cash ended FY2025 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 Mannkind'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.
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 60/100, 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 90/100.
Mannkind's current ratio of 1.70 indicates adequate short-term liquidity, earning a score of 49/100. 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 46/100. The company generates positive cash flow after capital investments, but with room for improvement.
Mannkind scores -3.92, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.3B) relative to total liabilities ($843.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
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 $2.81 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.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
MNKD 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 | $393.6M | $349.0M+22.2% | $285.5M+43.5% | $199.0M+99.4% | $99.8M+32.2% | $75.4M+15.8% | $65.1M+3.3% | $63.0M+126.3% | $27.9M+137.2% | $11.7M-93.3% | $174.8M | $0 | $0 | $0-100.0% | $35K-30.0% | $50K |
| Cost of Revenue | $40.3M | $26.8M+53.8% | $17.4M-16.5% | $20.9M+30.4% | $16.0M-4.9% | $16.8M+11.6% | $15.1M-24.9% | $20.1M+3.5% | $19.4M+12.6% | $17.2M+0.6% | $17.1M-73.6% | $64.7M | N/A | N/A | N/A | N/A |
| Gross Profit | $353.3M | $322.2M+20.2% | $268.1M+50.5% | $178.1M+112.6% | $83.8M+42.9% | $58.6M+17.1% | $50.1M+16.5% | $43.0M+407.4% | $8.5M+254.4% | -$5.5M-103.5% | $157.6M+343.5% | -$64.7M | N/A | N/A | N/A | N/A |
| R&D Expenses | $76.9M | $66.3M+44.6% | $45.9M+46.7% | $31.3M+58.6% | $19.7M+60.2% | $12.3M+97.1% | $6.2M-9.4% | $6.9M-21.0% | $8.7M-38.1% | $14.1M-5.4% | $14.9M-49.7% | $29.7M-70.4% | $100.2M-8.6% | $109.7M+8.1% | $101.5M+1.6% | $100.0M |
| SG&A Expenses | $199.9M | $144.1M+52.8% | $94.3M0.0% | $94.3M+3.1% | $91.5M+18.2% | $77.4M+31.1% | $59.0M-20.9% | $74.7M-6.3% | $79.7M+6.3% | $75.0M+59.7% | $46.9M+14.6% | $41.0M-48.4% | $79.4M+33.0% | $59.7M+31.2% | $45.5M+11.9% | $40.6M |
| Operating Income | $9.2M | $38.8M-46.5% | $72.6M+736.4% | $8.7M+113.5% | -$64.1M-36.3% | -$47.0M+1.9% | -$47.9M-7.4% | -$44.6M+41.8% | -$76.6M+29.2% | -$108.2M-260.9% | $67.3M+119.5% | -$344.7M-91.9% | -$179.6M-6.0% | -$169.4M-15.3% | -$147.0M-4.6% | -$140.5M |
| Interest Expense | $28.3M | $13.8M+15.4% | $12.0M-20.9% | $15.2M+0.9% | $15.0M-1.3% | $15.2M+60.5% | $9.5M+50.2% | $6.3M+23.2% | $5.1M-46.1% | $9.5M-39.0% | $15.6M-35.4% | $24.1M+18.1% | $20.4M-5.1% | $21.5M-0.5% | $21.6M-0.9% | $21.8M |
| Income Tax | -$5.0M | -$4.5M-252.1% | $2.9M+87.7% | $1.6M | $0 | $0+100.0% | -$218K | $0-100.0% | $240K+370.6% | $51K | $0 | $0 | $0 | $0+100.0% | -$408K | N/A |
| Net Income | -$43.6M | $5.9M-78.7% | $27.6M+331.1% | -$11.9M+86.3% | -$87.4M-8.0% | -$80.9M-41.4% | -$57.2M-10.3% | -$51.9M+40.3% | -$87.0M+25.9% | -$117.3M-193.4% | $125.7M+134.1% | -$368.4M-85.7% | -$198.4M-3.6% | -$191.5M-13.1% | -$169.4M-5.3% | -$160.8M |
| EPS (Diluted) | — | $0.02-80.0% | $0.10+350.0% | -$0.04+88.2% | -$0.34-6.3% | -$0.32-23.1% | -$0.26 | N/A | -$0.60+46.9% | -$1.13-183.1% | $1.36+130.0% | -$4.54 | -$2.57 | N/A | N/A | N/A |
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.
MNKD 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 | $792.2M+101.1% | $393.8M-17.1% | $475.2M+60.9% | $295.3M-8.1% | $321.2M+195.7% | $108.6M+15.9% | $93.7M-13.0% | $107.7M+27.3% | $84.6M-21.0% | $107.1M-15.3% | $126.4M-68.0% | $394.4M+52.5% | $258.6M+2.9% | $251.3M+25.9% | $199.6M |
| Current Assets | $291.6M+8.7% | $268.3M-28.1% | $373.4M+59.0% | $234.9M+7.0% | $219.5M+176.2% | $79.5M+30.8% | $60.8M-25.8% | $81.9M+43.1% | $57.2M-26.2% | $77.5M+1.1% | $76.7M-61.9% | $201.2M+163.7% | $76.3M+14.2% | $66.8M+1047.7% | $5.8M |
| Cash & Equivalents | $74.9M+61.6% | $46.3M-80.6% | $238.5M+241.8% | $69.8M-43.8% | $124.2M+85.3% | $67.0M+124.1% | $29.9M-58.0% | $71.2M+61.9% | $43.9M+91.9% | $22.9M-61.2% | $59.1M-51.1% | $120.8M+70.7% | $70.8M+14.5% | $61.8M+2206.6% | $2.7M |
| Inventory | $35.3M+26.6% | $27.9M-2.3% | $28.5M+31.1% | $21.8M+204.4% | $7.2M+43.8% | $5.0M+19.7% | $4.2M+15.5% | $3.6M+35.4% | $2.7M+14.0% | $2.3M | N/A | $9.7M | N/A | N/A | N/A |
| Accounts Receivable | $38.4M+225.0% | $11.8M-20.8% | $14.9M-11.3% | $16.8M+254.5% | $4.7M+12.4% | $4.2M+20.1% | $3.5M-12.5% | $4.0M+44.0% | $2.8M+823.5% | $302K+1213.0% | $23K-100.0% | $50.4M | N/A | N/A | N/A |
| Goodwill | $67.6M+3400.5% | $1.9M0.0% | $1.9M-20.5% | $2.4M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $843.2M+78.4% | $472.7M-34.5% | $721.4M+32.2% | $545.8M+2.9% | $530.5M+83.6% | $289.0M+1.7% | $284.3M+0.5% | $282.8M-5.5% | $299.3M+3.0% | $290.7M-39.0% | $476.7M+1.8% | $468.2M+61.8% | $289.4M-20.1% | $362.0M-29.5% | $513.2M |
| Current Liabilities | $171.0M+109.0% | $81.8M-21.4% | $104.1M+54.7% | $67.3M+39.2% | $48.3M-34.4% | $73.7M+12.3% | $65.6M-12.8% | $75.2M-14.1% | $87.6M-4.8% | $92.1M-65.7% | $268.3M-33.5% | $403.4M+215.6% | $127.8M-11.7% | $144.8M+470.9% | $25.4M |
| Long-Term Debt | $354.6M+883.7% | $36.1M-86.6% | $268.7M-1.8% | $273.5M-2.7% | $281.2M+130.1% | $122.2M+7.3% | $113.9M+11.1% | $102.5M-34.6% | $156.8M | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$51.0M+35.3% | -$78.8M+68.0% | -$246.2M+1.7% | -$250.5M-19.7% | -$209.3M-16.0% | -$180.4M+5.3% | -$190.5M-8.8% | -$175.1M+18.5% | -$214.7M-17.0% | -$183.6M+47.6% | -$350.3M-374.9% | -$73.8M-140.2% | -$30.7M+72.3% | -$110.7M+64.7% | -$313.7M |
| Retained Earnings | -$3.2B+0.2% | -$3.2B+0.9% | -$3.2B-0.4% | -$3.2B-2.8% | -$3.1B-2.7% | -$3.0B-1.9% | -$3.0B-1.8% | -$2.9B-3.0% | -$2.9B-4.3% | -$2.7B+4.4% | -$2.9B-14.8% | -$2.5B-8.6% | -$2.3B | N/A | N/A |
MNKD 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 | -$8.1M | $18.3M-57.1% | $42.5M+24.7% | $34.1M+142.3% | -$80.7M-30.7% | -$61.7M-119.4% | -$28.1M+68.2% | -$88.5M-134.5% | -$37.7M+41.8% | -$64.8M+17.0% | -$78.1M-36.4% | -$57.2M-1500.7% | $4.1M+103.2% | -$128.7M-7.4% | -$119.9M+3.2% | -$123.8M |
| Capital Expenditures | $10.1M | $4.6M-52.9% | $9.7M-77.2% | $42.4M+459.2% | $7.6M-33.8% | $11.5M+1331.5% | $801K-68.8% | $2.6M+624.6% | $354K | N/A | $1.1M-88.9% | $10.3M-57.3% | $24.1M+201.7% | $8.0M+1153.8% | $637K-90.7% | $6.9M |
| Free Cash Flow | -$18.1M | $13.7M-58.3% | $32.8M+493.2% | -$8.3M+90.5% | -$88.3M-20.6% | -$73.2M-152.9% | -$28.9M+68.2% | -$91.0M-139.1% | -$38.1M | N/A | -$79.2M-17.4% | -$67.5M-237.4% | -$20.0M+85.4% | -$136.7M-13.5% | -$120.5M+7.8% | -$130.7M |
| Investing Cash Flow | -$280.4M | -$304.8M-215.4% | -$96.6M-4761.6% | -$2.0M-140.8% | $4.9M+103.2% | -$151.5M-1095.9% | $15.2M+166.6% | -$22.8M-9662.0% | -$234K-101.4% | $16.7M+1579.6% | -$1.1M | N/A | N/A | -$8.0M-1326.3% | -$560K+80.9% | -$2.9M |
| Financing Cash Flow | $284.4M | $315.1M+329.6% | -$137.3M-200.5% | $136.6M+538.7% | $21.4M-92.1% | $270.3M+442.1% | $49.9M-28.6% | $69.9M+14.0% | $61.3M-16.7% | $73.6M+70.9% | $43.0M | N/A | N/A | $145.7M-18.9% | $179.6M+183.3% | $63.4M |
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.
MNKD 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 | 92.3%-1.6pp | 93.9%+4.4pp | 89.5%+5.5pp | 84.0%+6.3pp | 77.7%+0.8pp | 76.8%+8.7pp | 68.2%+37.8pp | 30.4%+77.1pp | -46.7%-136.9pp | 90.2% | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 11.1%-14.3pp | 25.4%+21.1pp | 4.4%+68.6pp | -64.3%-1.9pp | -62.3%+11.2pp | -73.6%-2.8pp | -70.8% | -274.9% | -921.1% | 38.5% | N/A | N/A | N/A | -419885.7% | -281078.0% |
| Net Margin | 1.7%-8.0pp | 9.7%+15.7pp | -6.0%+81.6pp | -87.6% | -107.3% | -87.9%-5.5pp | -82.3% | -312.2% | -999.0% | 71.9% | N/A | N/A | N/A | -483902.9% | -321608.0% |
| Return on Assets | 0.7%-6.3pp | 7.0%+9.5pp | -2.5%+27.1pp | -29.6%-4.4pp | -25.2%+27.5pp | -52.7%+2.7pp | -55.4%+25.4pp | -80.8%+58.0pp | -138.7%-256.1pp | 117.4%+408.8pp | -291.5%-241.2pp | -50.3%+23.7pp | -74.0%-6.6pp | -67.4%+13.2pp | -80.6% |
| Current Ratio | 1.70-1.6x | 3.28-0.3x | 3.59+0.1x | 3.49-1.0x | 4.54+3.5x | 1.08+0.2x | 0.93-0.2x | 1.09+0.4x | 0.65-0.2x | 0.84+0.6x | 0.29-0.2x | 0.50-0.1x | 0.60+0.1x | 0.46+0.2x | 0.23 |
| FCF Margin | 3.9%-7.6pp | 11.5%+15.7pp | -4.2%+84.3pp | -88.5%+8.5pp | -97.0%-52.6pp | -44.4% | -144.4% | -136.7% | N/A | -45.3% | N/A | N/A | N/A | -344277.1% | -261390.0% |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.
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.
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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Where Mannkind Ranks
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 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 not reported?
Mannkind (MNKD) has negative shareholder equity of -$51.0M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 -3.92, 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 to 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 2.81x, 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 51 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.