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Liquidia Corp. (LQDA)

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Liquidia Corp. (LQDA) reported revenue of $172 million for Q2 FY2026, the quarter ended 30 June 2026, up 1842.7% on the same quarter a year earlier. Net income was $75 million, and diluted earnings per share $0.74. The figures are the company's own, from the 10-Q it filed with the SEC on 12 August 2026.

Revenue$172 millionup 1842.7%
Net income$75 million
Diluted EPS$0.74
QuarterQ2 FY2026ended 30 June 2026

Liquidia (LQDA) in brief

Liquidia (LQDA) reported revenue of $158 million for fiscal 2025, the year ended 31 December 2025, up 1031.2% on the year before.
Read moreNet loss was $69 million and the diluted loss per share $0.80. Revenue was $14 million in fiscal 2024, $17 million in fiscal 2023, $16 million in fiscal 2022 and $13 million in fiscal 2021. Net income in the same years was a loss of $128 million, a loss of $79 million, a loss of $41 million and a loss of $35 million. Over the twelve months to 30 June 2026, Liquidia reported revenue of $451 million and net income of $139 million. Revenue grew 192.5% a year, compounded, over the five years to fiscal 2025. Liquidia had 89 million shares outstanding at the latest filed count. At 31 December 2023 it carried $0 million of debt and $284 million of cash. At the close of 9 October 2026 the market cap of Liquidia was $2.4 billion, 20.0 times its earnings over the last twelve months.

Ratios

From the filings

ROE71.0%
ROCE86.4%
Operating margin37.4%
Net margin30.7%
FCF margin33.4%
Interest covern/a
Debt to equity0.00
Cash conversion1.21
Share count, 1 year3.8%
Sales CAGR, 3 years115.0%
Profit CAGR, 3 yearsn/a
EPS, TTM$1.37

At the close of 9 October 2026

Price$27.39
Market cap$2.4 billion
Stock P/E19.99
Price to book12.51
EV / EBITDA12.68
Dividend yieldn/a
Market cap / sales5.41
52-week high$91.03
52-week low$22.02
Price, 1 year12.9%
Price CAGR, 3 years61.4%
Price CAGR, 5 years58.6%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowing lines of Liquidia Corp.'s balance sheet, added together, at the balance sheet of 31 December 2023, the latest that carries it, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.
LQDAgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on LQDA

Filings20 in twelve months: 10 current reports (8-K), about 5 other events; 4 results of operations; 1 shareholder vote; 1 regulation FD disclosure; 1 material agreement
Planned insider sales36 Form 144 notices in twelve months, $136.4 million; latest 14 September 2026
Options tapeput/call 0.78 by open interest at the 9 October 2026 close; the straddle prices a 16.1% move to 16 October 2026
13F holders6 of the followed funds hold it; largest Geode Capital Management; 5 Schedule 13D or 13G filings in twelve months
Insider trading174 sales and 1 purchase on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest12.6 million shares short, 3.84 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023Q1 FY2024 †Q2 FY2024 †Q3 FY2024 †Q4 FY2024Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue3.74.53.03.74.42.93.18.854.392.0133172
Cost of revenue0.61.01.51.51.61.41.51.53.27.111.911.6
Gross profit3.13.51.52.22.91.61.67.351.285.0121160
Gross margin85%78%51%59%65%54%51%83%94%92%91%93%
R&D7.412.810.19.411.916.57.06.09.316.912.617.2
SG&An/an/an/a19.920.2n/a30.138.840.148.246.957.4
Operating income-14.9-26.4-28.8-27.2-29.2-36.1-35.4-37.51.819.861.585.5
Operating margin-405%-583%-969%-743%-656%-1238%-1135%-424%3%22%46%50%
Interest expense1.82.02.52.63.02.34.75.76.9n/a6.56.3
Pre-tax incomen/an/an/an/an/an/a-38.4-41.6n/an/a56.881.7
Tax raten/an/an/an/an/an/an/an/an/an/a7%9%
Net income-15.8-27.4-30.1-28.7-31.0-38.5-38.4-41.6-3.514.652.974.7
Net margin-429%-606%-1012%-783%-698%-1320%-1230%-471%-7%16%40%44%
Diluted EPS-$0.24-$0.43-$0.54-$0.37-$0.30-$0.45-$0.45-$0.49-$0.04$0.15$0.52$0.74
Operating cash flow-11.6-16.0-24.9-22.7-25.1-20.8-30.7-39.5-9.844.253.080.2
Capital expenditure0.50.20.61.31.71.30.31.10.92.02.811.2
Free cash flow-12.0-16.2-25.5-24.0-26.8-22.1-31.0-40.5-10.742.250.269.0
Shares outstanding65m69m76m76m85m85m85m86m87m87m88m89m
Filing10-Q8-K10-Q10-Q10-Q8-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 7 fiscal years and the trailing twelve months

FY2019FY2020FY2021 †FY2022FY2023FY2024 †FY2025TTM
Revenue8.10.712.915.917.514.0158451
Cost of revenuen/a0.23.02.92.95.913.233.6
Gross profitn/a0.59.813.114.68.1145417
Gross marginn/a67.9%76.5%82.1%83.5%58.0%91.6%92.5%
Research and development40.532.220.519.443.247.839.356.0
Selling, general and administrativen/an/an/an/a44.781.6157193
Operating income-46.8-59.1-33.8-38.8-73.4-121-51.4169
Operating margin-580.1%-7989.0%-262.9%-243.3%-419.6%-866.6%-32.5%37.4%
Interest expense1.40.90.82.36.314.724.2n/a
Income tax0.00.00.00.00.00.00.0n/a
Net income-47.6-59.8-34.6-41.0-78.5-128-68.9139
Net margin-589.5%-8080.1%-269.0%-257.4%-448.9%-916.6%-43.5%30.7%
Diluted EPS-$2.57-$1.76-$0.70-$0.67-$1.21-$1.63-$0.80$1.37
Filing10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by product or service

FY2025Share
latest year
Product sales, net14893.7%
Service revenue, net10.06.3%
Product sales, netService revenue, net
158FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2019FY2020FY2021 †FY2022FY2023FY2024 †FY2025TTM
Operating cash flow-48.3-54.1-34.0-28.6-41.6-93.4-35.7168
Capital expenditure1.90.80.10.61.34.94.317.0
Free cash flow-50.1-54.9-34.1-29.2-42.9-98.4-40.0151
Free cash flow margin-621.1%-7422.2%-265.6%-183.1%-245.0%-702.9%-25.3%33.4%
Cash from investing-1.90.2-0.1-0.6-11.3-8.4-6.3-20.0
Cash from financing66.463.426.365.043.219559.7-36.9
Depreciation and amortisation2.63.15.63.62.22.21.51.4
Share-based compensation3.44.06.79.310.118.829.534.7
Diluted shares, weighted18m34m50m61m65m79m86m101m
Shares outstanding at period end28m43m52m65m69m85m87m89m
Filing10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2019FY2020FY2021 †FY2022FY2023FY2024 †FY2025TTM
Funded by
Shareholders' equity34.971.165.390.447.379.444.7195
Debt10.310.310.419.90.0n/an/an/a
Operating lease liabilities5.75.04.23.32.3n/an/an/a
Finance lease liabilities1.10.30.40.20.1n/an/an/a
Other liabilities16.912.913.515.468.7151283327
Total liabilities and equity68.899.593.7129118230328522
Owned
Fixed assets9.36.85.04.24.58.311.834.6
Goodwill0.03.93.93.93.93.93.93.9
Intangible assets0.05.54.43.73.43.23.02.8
Cash and equivalents55.865.357.593.383.7176191284
Receivablesn/a0.03.05.04.12.754.1109
Inventoryn/an/an/an/an/a0.223.836.2
Other assets3.818.019.919.118.835.540.751.7
Total assets68.899.593.7129118230328522
Filing10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a192.5%115.0%2233.6%
Profit growth, compoundedn/an/an/an/a
Return on equity, averagen/a-116.0%-160.5%-154.0%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Liquidia's revenue in fiscal 2025?

Liquidia (LQDA) reported revenue of $158 million for fiscal 2025, the year ended 31 December 2025, up 1031.2% on the year before.

How much did Liquidia earn in fiscal 2025?

Net loss was $69 million for fiscal 2025, and the diluted loss per share $0.80.

What is Liquidia's P/E ratio?

At the close of 9 October 2026, Liquidia traded at 20.0 times its earnings over the twelve months to 30 June 2026.

What is Liquidia's market cap?

The market cap of Liquidia was $2.4 billion at the close of 9 October 2026.

How much debt does Liquidia have?

At 31 December 2023 Liquidia carried $0 million of debt and $284 million of cash.

Peers: Pharmaceutical Products

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Eli Lilly & Co. LLY$1.11 trillion39.5578.8%n/a49.6%1.410.5%
Johnson & Johnson JNJ$630.1 billion30.3024.8%n/a8.1%0.442.0%
AbbVie Inc. ABBV$488.4 billion78.08n/a26.2%10.4%n/a2.5%
Merck & Co., Inc. MRK$359.1 billion116.467.6%n/a4.6%1.292.3%
Novartis AG NVS *$274.2 billion20.1030.3%n/a8.4%0.622.9%
AstraZeneca PLC AZN *$246.9 billion24.3421.0%23.4%8.6%0.572.0%
Abbott Laboratories ABT$173.5 billion32.2310.6%15.8%8.1%0.582.4%
Novo Nordisk A/S NVO *$172.4 billion11.1652.8%41.3%6.4%0.674.5%
Pfizer Inc. PFE$161.1 billion37.205.1%n/a-0.2%0.716.1%
Vertex Pharmaceuticals Inc. VRTX$129.3 billion29.7021.8%38.0%10.2%0.00n/a
Bristol-Myers Squibb Co. BMY$120.7 billion13.0241.6%24.2%3.1%1.924.2%
Sanofi SNY *$97.7 billion11.1710.9%n/a6.2%0.265.5%
All 70 in Pharmaceutical Products
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Eli Lilly & Co. LLY$1.11 trillion39.5578.8%n/a49.6%1.410.5%
Johnson & Johnson JNJ$630.1 billion30.3024.8%n/a8.1%0.442.0%
AbbVie Inc. ABBV$488.4 billion78.08n/a26.2%10.4%n/a2.5%
Merck & Co., Inc. MRK$359.1 billion116.467.6%n/a4.6%1.292.3%
Novartis AG NVS *$274.2 billion20.1030.3%n/a8.4%0.622.9%
AstraZeneca PLC AZN *$246.9 billion24.3421.0%23.4%8.6%0.572.0%
Amgen Inc. AMGN$224.3 billion25.7974.8%30.0%9.1%4.901.8%
Gilead Sciences, Inc. GILD$187.6 billionn/a-27.4%-8.2%5.5%2.222.1%
Abbott Laboratories ABT$173.5 billion32.2310.6%15.8%8.1%0.582.4%
Novo Nordisk A/S NVO *$172.4 billion11.1652.8%41.3%6.4%0.674.5%
Pfizer Inc. PFE$161.1 billion37.205.1%n/a-0.2%0.716.1%
Vertex Pharmaceuticals Inc. VRTX$129.3 billion29.7021.8%38.0%10.2%0.00n/a
Bristol-Myers Squibb Co. BMY$120.7 billion13.0241.6%24.2%3.1%1.924.2%
Sanofi SNY *$97.7 billion11.1710.9%n/a6.2%0.265.5%
GSK plc GSK *$93.3 billion12.6634.9%24.3%4.1%1.083.6%
Moderna, Inc. MRNA$89.8 billionn/a-46.6%-149.0%-27.6%0.09n/a
Regeneron Pharmaceuticals, Inc. REGN$79.1 billion18.4513.7%24.7%9.3%0.060.5%
Takeda Pharmaceutical Company Limited TAK *$59.2 billionn/a-2.1%0.1%-1.7%0.663.5%
argenx SE ARGX *$51.1 billion42.1617.6%n/a89.9%0.00n/a
Teva Pharmaceutical Industries Ltd. TEVA$47.9 billion68.459.1%9.3%4.1%2.140.0%
IDEXX Laboratories Inc. IDXX$40.9 billion36.4370.7%32.0%12.8%0.60n/a
Biogen Inc. BIIB$33.3 billion39.954.4%10.1%0.3%0.39n/a
Zoetis Inc. ZTS$31.0 billion12.3283.1%n/a1.5%2.872.7%
Roivant Sciences Ltd. ROIV$25.6 billionn/a-6.3%-7,914.8%-67.6%0.00n/a
BioNTech SE BNTX *$24.4 billionn/a-5.9%-49.0%4.3%0.01n/a
Genmab A/S GMAB *$23.8 billion24.1116.5%28.6%19.2%0.90n/a
United Therapeutics Corp. UTHR$23.5 billion19.6620.5%44.4%2.5%0.00n/a
Viatris Inc. VTRS$20.3 billionn/a-2.9%-0.6%4.4%0.812.7%
Exelixis, Inc. EXEL$14.9 billion18.8246.7%39.9%9.2%0.00n/a
Neurocrine Biosciences Inc. NBIX$14.5 billion20.8819.1%23.6%34.4%0.00n/a
Jazz Pharmaceuticals plc JAZZ$14.2 billion15.0619.6%19.5%12.6%0.91n/a
Corcept Therapeutics Inc. CORT$13.1 billion288.387.8%0.8%16.0%0.00n/a
Halozyme Therapeutics, Inc. HALO$12.6 billion32.96288.1%35.9%41.2%13.50n/a
Elanco Animal Health Inc. ELAN$11.4 billionn/a-3.0%n/a12.0%0.56n/a
Bio-Techne Corp. TECH$11.3 billion63.028.6%20.7%-0.4%0.090.4%
Biomarin Pharmaceutical Inc. BMRN$10.6 billion148.111.2%4.4%11.2%0.66n/a
Dr. Reddy’s Laboratories Limited RDY *$10.4 billion23.3411.4%15.0%3.2%0.210.7%
Krystal Biotech, Inc. KRYS$9.8 billion41.5817.8%44.9%22.6%0.00n/a
Repligen Corp. RGEN$9.8 billion238.142.0%8.2%16.5%0.26n/a
Protagonist Therapeutics, Inc. PTGX$9.3 billion139.569.9%20.7%34.8%0.00n/a
Arrowhead Pharmaceuticals, Inc. ARWR$8.9 billionn/a-68.7%-33.8%16.8%1.47n/a
Cytokinetics Inc. CYTK$8.7 billionn/an/a-1,046.1%-21.1%n/an/a
TG Therapeutics, Inc. TGTX$8.5 billion20.2173.1%17.1%76.1%1.23n/a
Alkermes plc. ALKS$6.8 billion106.923.7%7.0%10.8%0.84n/a
Lantheus Holdings, Inc. LNTH$6.5 billion24.1921.0%19.4%2.3%0.43n/a
Ligand Pharmaceuticals Inc. LGND$6.0 billion32.2820.4%32.6%54.9%1.16n/a
PTC Therapeutics, Inc. PTCT$5.4 billionn/an/a12.5%-42.8%n/an/a
Indivior Pharmaceuticals, Inc. INDV$4.2 billionn/an/an/a13.5%n/an/a
Organon & Co. OGN$3.6 billion17.9320.8%n/a-2.5%8.502.5%
Acadia Pharmaceuticals Inc. ACAD$3.4 billion8.9129.1%7.6%11.8%0.00n/a
Arcus Biosciences, Inc. RCUS$3.1 billionn/a-99.1%-415.4%-55.3%0.22n/a
Neogen Corp. NEOG$2.6 billionn/a-2.7%-0.8%-0.3%0.37n/a
Supernus Pharmaceuticals, Inc. SUPN$2.5 billionn/a-10.7%-15.7%24.9%0.00n/a
Liquidia Corp. LQDA$2.4 billion19.9971.0%37.4%2,233.6%0.00n/a
Harmony Biosciences Holdings, Inc. HRMY$2.3 billion13.0918.1%24.0%24.3%0.15n/a
Adma Biologics, Inc. ADMA$2.3 billion14.8041.4%43.8%8.0%0.48n/a
Prestige Consumer Healthcare Inc. PBH$2.3 billion13.529.0%26.3%-1.4%1.05n/a
Perrigo Co. plc PRGO$2.1 billionn/a-69.0%-37.7%-4.2%1.317.7%
Vericel Corp. VCEL$2.1 billion85.356.5%6.0%23.0%0.00n/a
Vir Biotechnology, Inc. VIR$2.0 billionn/a-25.6%-92.4%1,495.9%0.00n/a
Sarepta Therapeutics, Inc. SRPT$1.9 billionn/a-8.9%-7.3%-20.4%0.55n/a
Xencor Inc. XNCR$1.8 billionn/a-32.5%-205.8%-28.6%0.15n/a
Schrodinger, Inc. SDGR$1.7 billionn/a-16.5%-59.2%8.9%0.00n/a
ANI Pharmaceuticals Inc. ANIP$1.7 billion15.7318.1%15.4%30.9%1.02n/a
Phibro Animal Health Corp. PAHC$1.6 billion15.7625.9%12.8%17.1%1.911.3%
Innoviva, Inc. INVA$1.5 billion5.1729.0%36.9%18.8%0.210.0%
Pacira BioSciences, Inc. PCRX$1.4 billion103.762.2%2.7%5.7%0.54n/a
Amphastar Pharmaceuticals, Inc. AMPH$1.1 billion15.7610.2%15.7%1.0%0.79n/a
QuidelOrtho Corp. QDEL$916 millionn/a-59.1%-30.8%-2.5%1.43n/a
Collegium Pharmaceutical, Inc. COLL$717 million17.7915.4%19.5%14.3%3.50n/a
50 companies share its SEC industry code (Pharmaceutical Preparations); the rest are the names nearest in size in its wider industry, Pharmaceutical Products, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202612 August 2026EDGAR
10-Q31 March 202611 May 2026EDGAR
10-K31 December 20255 March 2026EDGAR
10-Q30 September 20253 November 2025EDGAR
10-Q30 June 202512 August 2025EDGAR
10-Q31 March 20258 May 2025EDGAR
10-K31 December 202419 March 2025EDGAR
10-Q30 September 202413 November 2024EDGAR
10-Q30 June 20247 August 2024EDGAR
10-Q31 March 202413 May 2024EDGAR

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