What is Mannkind Corporation's earnings per share (EPS)?

Mannkind Corporation (MNKD) reported diluted earnings per share of $0.02 for fiscal year 2025. This represents a -80.0% 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.

Mannkind Corporation (MNKD) Financials

MNKD

Trailing 12 months to June 30, 2026

Revenue $393.6M +30.5% YoY

Net Income -$43.6M -233.0% YoY

EPS (Diluted) -$0.13 -218.2% YoY

Free Cash Flow -$18.1M -163.0% YoY

Market Cap $1.2B as of Oct 6, 2026

Price / Sales 3.0x on $393.6M revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book n/m negative shareholder equity, so no book multiple, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 5, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MNKD SEC filings page.

Mannkind Corporation (MNKD) reported $393.6M in revenue over the twelve months to Jun 30, 2026, up 30.5% from the prior twelve months. 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).

Rhea AI MNKD FY2025 2026-10-03

Revenue kept growing, but higher operating expenses and new debt left 2025 less profitable and financially tighter.

The key shift is cash conversion, not sales: revenue rose 22.2% while operating margin fell from 25.4% to 11.1% as expenses expanded faster than sales. Operating cash flow fell from $42.5M to $18.3M and free cash flow from $32.8M to $13.7M, so the 2025 earnings base produced less cash.

Gross margin stayed structurally high, moving from 93.9% to 92.3%, so the deterioration came below production costs rather than from weaker reported product economics. SG&A rose from $94.3M to $144.1M, while R&D increased from $45.9M to $66.3M, making expense intensity the visible driver of margin compression.

The balance sheet became more financing-dependent: long-term debt increased from $36.1M to $354.6M while the current ratio fell from 3.3x to 1.7x, reducing short-term cushion. Liabilities exceeded assets by $51.0M in 2025, so positive net income coexisted with negative equity and a less conservative capital structure.

Financial Health Signals

Financial Health Score 51/100

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 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.

Profitability

Mannkind Corporation 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 59/100, indicating healthy but not exceptional operating efficiency. This is down from 25.4% the prior year.

Growth

Mannkind Corporation's revenue surged 22.2% year-over-year to $349.0M, reflecting rapid business expansion. This strong growth earns a score of 91/100.

Leverage

Liquidity

Mannkind Corporation's current ratio of 1.70 indicates adequate short-term liquidity, earning a score of 50/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Mannkind Corporation has a free cash flow margin of 3.9%, earning a moderate score of 43/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Altman Z-Score Distress

-4.01

Mannkind Corporation scores -4.01, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.2B) 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.

Piotroski F-Score Weak

3/9

Mannkind Corporation 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.

Earnings Quality Cash-Backed

3.11x

For every $1 of reported earnings, Mannkind Corporation 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.

Interest Coverage Adequate

2.81x

Mannkind Corporation 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

Export CSV

Earnings & Revenue

Revenue

$109.4M

YoY+42.9%

QoQ+21.3%

5Y CAGR+36.3%

Mannkind Corporation generated $109.4M in revenue in Q2 2026. This represents an increase of 42.9% from the same quarter a year earlier. Against the prior quarter it is up 21.3%.

EBITDA

$6.0M

YoY-17.6%

QoQ+28.3%

Mannkind Corporation's EBITDA was $6.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 17.6% from the same quarter a year earlier. Against the prior quarter it is up 28.3%.

Net Income

-$19.0M

YoY-2949.1%

QoQ-14.5%

Mannkind Corporation reported -$19.0M in net income in Q2 2026. This represents a decrease of 2949.1% from the same quarter a year earlier. Against the prior quarter it is down 14.5%.

EPS (Diluted)

-$0.06

QoQ-20.0%

Mannkind Corporation earned -$0.06 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 20.0%.

Cash & Balance Sheet

Free Cash Flow

-$23.5M

YoY-399.4%

QoQ-223.7%

Mannkind Corporation recorded an outflow of $23.5M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 399.4% from the same quarter a year earlier. Against the prior quarter it is down 223.7%.

Cash & Debt

$52.9M

YoY-7.2%

QoQ+0.2%

5Y CAGR-3.3%

10Y CAGR-1.8%

Mannkind Corporation held $52.9M in cash against $319.1M in long-term debt as of Q2 2026.

Shares Outstanding

322M

YoY+4.8%

QoQ+4.1%

5Y CAGR+5.2%

10Y CAGR-3.9%

Mannkind Corporation had 322M shares outstanding in Q2 2026. This represents an increase of 4.8% from the same quarter a year earlier. Against the prior quarter it is up 4.1%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

86.8%

YoY-7.2pp

QoQ-4.8pp

5Y change+5.8pp

Mannkind Corporation's gross margin was 86.8% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 7.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.8 percentage points.

Operating Margin

-0.3%

YoY-7.2pp

QoQ+1.5pp

5Y change+43.8pp

Mannkind Corporation's operating margin was -0.3% in Q2 2026, reflecting core business profitability. This is down 7.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.5 percentage points.

Net Margin

-17.4%

YoY-18.3pp

QoQ+1.0pp

Mannkind Corporation's net profit margin was -17.4% in Q2 2026, showing the share of revenue converted to profit. This is down 18.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.0 percentage points.

Return on Equity

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$18.0M

YoY+31.6%

QoQ+4.5%

5Y CAGR+50.5%

Mannkind Corporation invested $18.0M in research and development in Q2 2026. This represents an increase of 31.6% from the same quarter a year earlier. Against the prior quarter it is up 4.5%.

Capital Expenditures

$5.1M

YoY+355.0%

QoQ+170.3%

5Y CAGR+37.0%

Mannkind Corporation invested $5.1M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 355.0% from the same quarter a year earlier. Against the prior quarter it is up 170.3%.

Share Buybacks

Not reported for Q2 2026.

MNKD Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MNKD quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
EBITDA	N/A	$51.1M-36.1%	$80.0M+505.1%	$13.2M+121.7%	-$60.8M-35.0%	-$45.0M+1.6%	-$45.8M-4.9%	-$43.6M+40.8%	-$73.7M+30.7%	-$106.4M-252.7%	$69.7M+120.9%	-$333.7M-96.5%	-$169.8M-7.6%	-$157.9M-17.9%	-$134.0M-6.4%	-$125.9M
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 (Basic)	N/A	$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%	-$1.13-182.5%	$1.37+130.2%	-$4.54-76.7%	-$2.57	N/A	N/A	N/A
EPS (Diluted)	-$0.13	$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	-$4.54-76.7%	-$2.57	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	314M+10.7%	284M+6.3%	267M+3.9%	257M+3.1%	249M+12.0%	223M	N/A	144M+38.3%	104M+13.2%	92M	81M+5.4%	77M	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$109.4M+42.9%	$90.2M+15.1%	$112.0M+45.8%	$82.1M+17.2%	$76.5M+5.7%	$78.4M+18.2%	$76.8M+31.3%	$70.1M+36.7%
Cost of Revenue	$14.4M+212.8%	$7.5M+99.3%	$13.9M+189.7%	$4.5M+40.7%	$4.6M-17.8%	$3.8M-1.3%	$4.8M-21.4%	$3.2M-20.0%
Gross Profit	$95.0M+32.0%	$82.7M+10.8%	$98.0M+36.2%	$77.6M+16.1%	$71.9M+7.7%	$74.6M+19.4%	$72.0M+37.5%	$66.9M+41.5%
R&D Expenses	$18.0M+31.6%	$17.2M+56.3%	$27.6M+147.7%	$14.1M+8.8%	$13.7M+15.7%	$11.0M+10.1%	$11.1M+20.6%	$12.9M+29.4%
SG&A Expenses	$58.3M+84.4%	$54.1M+116.2%	$58.4M+143.7%	$29.1M+21.6%	$31.6M+31.1%	$25.0M+12.0%	$24.0M-60.9%	$23.9M+127.0%
Operating Income	-$350K-106.6%	-$1.7M-107.5%	-$7.7M-129.0%	$18.9M+48.1%	$5.3M-68.1%	$22.3M+33.3%	$26.5M+237.2%	$12.8M+150.3%
EBITDA	$6.0M-17.6%	$4.7M-80.7%	-$1.6M-105.4%	$20.9M+40.7%	$7.3M-59.9%	$24.4M+34.9%	$28.7M+214.5%	$14.9M+139.1%
Interest Expense	$11.9M+4073.3%	$7.5M+61.0%	$7.5M+382.5%	$1.4M-24.3%	$285K-95.3%	$4.6M+81.0%	$1.6M-41.7%	$1.8M-36.0%
Income Tax	-$106K-139.0%	$253K-44.9%	-$5.0M-587.1%	-$204K-115.5%	$272K-15.8%	$459K+73.9%	$1.0M-34.5%	$1.3M
Net Income	-$19.0M-2949.1%	-$16.6M-226.3%	-$15.9M-314.9%	$8.0M-30.9%	$668K+133.2%	$13.2M+23.8%	$7.4M+429.8%	$11.6M+571.1%
EPS (Basic)	-$0.06	-$0.05-225.0%	-$0.05-266.7%	$0.03-25.0%	$0.00+100.0%	$0.040.0%	$0.03+200.0%	$0.04+300.0%
EPS (Diluted)	-$0.06	-$0.05-225.0%	-$0.05-266.7%	$0.03-25.0%	$0.00+100.0%	$0.040.0%	$0.03	$0.04
Diluted Shares (Avg)	309M-0.7%	308M-3.9%	N/A	312M+9.5%	311M+14.1%	321M-1.2%	N/A	285M

MNKD Balance Sheet

MNKD quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Short-Term Investments	$96.5M-36.1%	$150.9M+166.5%	$56.6M-44.0%	$101.1M+26.5%	$79.9M	$0-100.0%	$20.0M	$0	$0	$0	$0	$0	$0	$0-100.0%	$515K
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
Long-Term Investments	$5.0M-8.6%	$5.5M-23.4%	$7.2M+264.9%	$2.0M-96.5%	$56.6M	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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
Non-Current Liabilities	$672.2M+72.0%	$390.8M-36.7%	$617.2M+29.0%	$478.5M-0.8%	$482.2M+123.9%	$215.3M-1.5%	$218.6M+5.3%	$207.5M-2.0%	$211.7M+6.6%	$198.6M-4.7%	$208.4M+221.4%	$64.9M-59.9%	$161.6M-25.6%	$217.2M-55.5%	$487.8M
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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$732.3M+77.9%	$744.4M+81.5%	$792.2M+101.1%	$494.6M+6.6%	$411.7M-7.2%	$410.1M-14.7%	$393.8M-17.1%	$464.2M+44.9%
Current Assets	$245.7M-11.9%	$251.2M-8.2%	$291.6M+8.7%	$358.8M+9.5%	$279.0M-14.4%	$273.7M-28.5%	$268.3M-28.1%	$327.7M+45.3%
Cash & Equivalents	$52.9M-7.2%	$52.8M+11.7%	$74.9M+61.6%	$127.4M+104.2%	$57.0M-41.0%	$47.3M-75.5%	$46.3M-80.6%	$62.4M-24.9%
Short-Term Investments	$58.2M-52.3%	$81.0M-39.6%	$96.5M-36.1%	$132.6M-29.9%	$122.0M-19.3%	$134.2M+24.9%	$150.9M+166.5%	$189.2M+226.2%
Inventory	$44.4M+55.9%	$49.2M+70.2%	$35.3M+26.6%	$27.0M+1.2%	$28.5M+15.1%	$28.9M+9.3%	$27.9M-2.3%	$26.7M-1.7%
Accounts Receivable	$43.2M+59.2%	$28.1M-2.6%	$38.4M+225.0%	$17.4M-4.4%	$27.1M+16.3%	$28.9M+45.1%	$11.8M-20.8%	$18.2M-16.7%
Long-Term Investments	$0-100.0%	$0-100.0%	$5.0M-8.6%	$26.2M+56.1%	$22.2M+66.0%	$16.7M+347.7%	$5.5M-23.4%	$16.8M+413.5%
Goodwill	$67.6M+3400.5%	$67.6M+3400.5%	$67.6M+3400.5%	$1.9M0.0%	$1.9M0.0%	$1.9M0.0%	$1.9M0.0%	$1.9M0.0%
Total Liabilities	$799.5M+71.3%	$803.6M+71.4%	$843.2M+78.4%	$539.2M-20.0%	$466.7M-30.3%	$468.8M-34.1%	$472.7M-34.5%	$674.1M+17.8%
Current Liabilities	$142.9M+27.8%	$134.6M+16.1%	$171.0M+109.0%	$109.1M+51.4%	$111.8M+39.8%	$115.9M+16.1%	$81.8M-21.4%	$72.1M-25.2%
Non-Current Liabilities	$656.6M+85.0%	$669.0M+89.6%	$672.2M+72.0%	$430.1M-28.6%	$354.9M-39.8%	$352.8M-42.3%	$390.8M-36.7%	$602.0M+26.5%
Long-Term Debt	$319.1M+782.3%	$318.7M+782.7%	$354.6M+883.7%	$109.7M-51.9%	$36.2M-84.1%	$36.1M-86.3%	$36.1M-86.6%	$227.9M-16.6%
Total Equity	-$67.2M-22.1%	-$59.2M-1.0%	-$51.0M+35.3%	-$44.6M+78.8%	-$55.0M+75.6%	-$58.6M+74.5%	-$78.8M+68.0%	-$209.9M+16.6%
Retained Earnings	-$3.2B-1.4%	-$3.2B-0.7%	-$3.2B+0.2%	-$3.2B+0.9%	-$3.2B+1.0%	-$3.2B+0.9%	-$3.2B+0.9%	-$3.2B+0.7%

MNKD Cash Flow Statement

MNKD quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Depreciation & Amortization	N/A	$12.3M+66.7%	$7.4M+62.5%	$4.5M+36.4%	$3.3M+67.4%	$2.0M-7.6%	$2.1M+121.1%	$972K-66.0%	$2.9M+58.7%	$1.8M-25.0%	$2.4M-78.2%	$11.0M+12.2%	$9.8M-14.8%	$11.5M-11.5%	$13.0M-11.0%	$14.6M
Stock-Based Compensation	N/A	$24.2M+13.3%	$21.4M+21.0%	$17.6M+31.2%	$13.4M+10.2%	$12.2M+87.4%	$6.5M+5.0%	$6.2M-9.5%	$6.9M+41.5%	$4.8M-5.6%	$5.1M-41.1%	$8.7M-82.1%	$48.6M+7.6%	$45.2M+239.9%	$13.3M+18.6%	$11.2M
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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$18.4M-305.3%	-$5.4M+15.9%	-$8.0M-135.1%	$23.6M+153.3%	$8.9M+133.5%	-$6.4M-195.1%	$22.6M+4.5%	$9.3M+7.7%
Depreciation & Amortization	$6.4M+213.8%	$6.4M+203.0%	$6.0M+179.2%	$2.0M-4.1%	$2.0M+19.2%	$2.1M+54.7%	$2.2M+76.3%	$2.1M+87.9%
Stock-Based Compensation	$10.2M+36.0%	$6.5M+19.9%	N/A	$4.3M-17.4%	$7.5M+17.0%	$5.4M+38.6%	N/A	$5.2M+13.6%
Capital Expenditures	$5.1M+355.0%	$1.9M+469.7%	$2.0M-31.1%	$1.1M-20.6%	$1.1M-62.4%	$330K-86.3%	$2.9M-50.7%	$1.4M-87.6%
Free Cash Flow	-$23.5M-399.4%	-$7.2M-8.0%	-$10.0M-150.4%	$22.5M+184.5%	$7.8M+809.8%	-$6.7M-256.2%	$19.7M+25.0%	$7.9M+390.6%
Investing Cash Flow	$17.9M+186.3%	$18.7M+214.1%	-$292.0M-705.4%	-$25.1M+39.3%	$6.3M+111.3%	$6.0M+112.3%	$48.2M+710.8%	-$41.3M-257.2%
Financing Cash Flow	$559K+110.1%	-$35.4M-2647.2%	$247.4M+384.7%	$71.8M+3166.0%	-$5.5M+87.6%	$1.4M+140.0%	-$86.9M-161.3%	-$2.3M-727.6%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

MNKD Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MNKD quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Asset Turnover	0.44-0.3x	0.72+0.3x	0.42+0.1x	0.34+0.1x	0.23-0.4x	0.60-0.1x	0.67+0.4x	0.26+0.1x	0.14-1.5x	1.63+1.6x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.00
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%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	86.8%-7.2pp	91.7%-3.5pp	87.6%-6.2pp	94.5%-0.9pp	94.0%+1.7pp	95.2%+0.9pp	93.7%+4.2pp	95.4%+3.2pp
Operating Margin	-0.3%-7.2pp	-1.8%-30.3pp	-6.9%-41.4pp	23.0%+4.8pp	6.9%-16.0pp	28.4%+3.2pp	34.5%+21.1pp	18.2%+8.3pp
Net Margin	-17.4%-18.3pp	-18.4%-35.2pp	-14.2%-23.9pp	9.7%-6.8pp	0.9%+3.6pp	16.8%+0.8pp	9.7%+7.3pp	16.5%+13.1pp
Return on Assets	-2.6%-2.8pp	-2.2%-5.4pp	-2.0%-3.9pp	1.6%-0.9pp	0.2%+0.6pp	3.2%+1.0pp	1.9%+1.6pp	2.5%+1.9pp
Current Ratio	1.72-0.8x	1.87-0.5x	1.70-1.6x	3.29-1.3x	2.50-1.6x	2.36-1.5x	3.28-0.3x	4.54+2.2x
Asset Turnover	0.150.0x	0.12-0.1x	0.14-0.1x	0.170.0x	0.190.0x	0.19+0.1x	0.19+0.1x	0.150.0x
FCF Margin	-21.4%-31.7pp	-8.0%+0.5pp	-8.9%-34.6pp	27.4%+16.1pp	10.2%+9.0pp	-8.6%-15.0pp	25.7%-1.3pp	11.3%+16.6pp

Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.

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.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Mannkind Corporation MNKD	FY2025	$349.0M	$5.9M	1.7%	$1.2B	51/100
Ardelyx, Inc. ARDX	FY2025	$407.3M	-$62.0M	-15.2%	$862.3M	45/100
Vericel Corporation VCEL	FY2025	$276.3M	$16.5M	6.0%	$2.1B	58/100
Aurinia Pharmaceuticals Inc AUPH	FY2025	$283.1M	$287.2M	N/A	$2.1B	56/100
Harmony Biosciences Holdings, Inc. HRMY	FY2025	$868.5M	$158.7M	18.3%	$2.3B	88/100
Sarepta Therapeutics,, Inc. SRPT	FY2025	$2.2B	-$713.4M	-32.5%	$1.8B	44/100

Where Mannkind Corporation Ranks

Frequently Asked Questions

What is Mannkind Corporation's annual revenue?

Mannkind Corporation (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 Corporation's revenue growing?

Mannkind Corporation (MNKD) revenue grew by 22.2% year-over-year, from $285.5M to $349.0M in fiscal year 2025.

Is Mannkind Corporation profitable?

Yes, Mannkind Corporation (MNKD) reported a net income of $5.9M in fiscal year 2025, with a net profit margin of 1.7%.

What is Mannkind Corporation's EBITDA?

Mannkind Corporation (MNKD) had EBITDA of $51.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Mannkind Corporation have?

As of fiscal year 2025, Mannkind Corporation (MNKD) had $74.9M in cash and equivalents against $354.6M in long-term debt.

What is Mannkind Corporation's gross margin?

Mannkind Corporation (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 Corporation's operating margin?

Mannkind Corporation (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 Corporation's net profit margin?

Mannkind Corporation (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 Corporation's free cash flow?

Mannkind Corporation (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 Corporation's operating cash flow?

Mannkind Corporation (MNKD) generated $18.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Mannkind Corporation's total assets?

Mannkind Corporation (MNKD) had $792.2M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Mannkind Corporation's capital expenditures?

Mannkind Corporation (MNKD) invested $4.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Mannkind Corporation spend on research and development?

Mannkind Corporation (MNKD) invested $66.3M in research and development during fiscal year 2025.

How many shares does Mannkind Corporation have outstanding?

Mannkind Corporation (MNKD) had 308M shares outstanding as of fiscal year 2025.

What is Mannkind Corporation's current ratio?

Mannkind Corporation (MNKD) had a current ratio of 1.70 as of fiscal year 2025, which is generally considered healthy.

What is Mannkind Corporation's return on assets (ROA)?

Mannkind Corporation (MNKD) had a return on assets of 0.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Mannkind Corporation's P/E ratio?

Mannkind Corporation (MNKD) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $1.2B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Mannkind Corporation's price-to-sales ratio?

Mannkind Corporation (MNKD) trades at 3.0x sales, its market capitalization divided by revenue of $393.6M revenue, trailing 12 months to June 30, 2026. The market capitalization is $1.2B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Why is Mannkind Corporation's debt-to-equity ratio negative or not reported?

Mannkind Corporation (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 Corporation's Altman Z-Score?

Mannkind Corporation (MNKD) has an Altman Z-Score of -4.01, 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 Corporation's Piotroski F-Score?

Mannkind Corporation (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 Corporation's earnings high quality?

Mannkind Corporation (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 Corporation cover its interest payments?

Mannkind Corporation (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 Corporation?

Mannkind Corporation (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.