Liquidia (LQDA) Financials

$14.03 +0.48 (+3.54%)

As of 04:00 PM Eastern

Annual Income Statements for Liquidia

This table shows Liquidia's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	-48	-60	-35	-41	-79	-130
Consolidated Net Income / (Loss)	-48	-60	-35	-41	-79	-130
Net Income / (Loss) Continuing Operations	-48	-60	-35	-41	-79	-130
Total Pre-Tax Income	-48	-60	-35	-41	-79	-130
Total Operating Income	-47	-59	-34	-39	-73	-121
Total Gross Profit	7.26	0.50	9.83	13	15	8.12
Total Revenue	8.07	0.74	13	16	17	14
Operating Revenue	8.07	0.74	13	16	17	14
Total Cost of Revenue	0.81	0.24	3.02	2.86	2.89	5.88
Operating Cost of Revenue	0.81	0.24	3.02	2.86	2.89	5.88
Total Operating Expenses	54	60	44	52	88	129
Selling, General & Admin Expense	14	27	23	32	45	82
Research & Development Expense	40	32	21	19	43	48
Total Other Income / (Expense), net	-0.76	-0.67	-0.78	-2.25	-5.12	-9.10
Interest Expense	1.37	0.86	0.82	3.34	8.58	17
Interest & Investment Income	0.61	0.18	0.03	1.09	3.47	7.65
Basic Earnings per Share	($2.57)	($1.76)	($0.70)	($0.67)	($1.21)	($1.66)
Weighted Average Basic Shares Outstanding	18.48M	33.89M	49.68M	60.96M	64.99M	78.71M
Diluted Earnings per Share	($2.57)	($1.76)	($0.70)	($0.67)	($1.21)	($1.66)
Weighted Average Diluted Shares Outstanding	18.48M	33.89M	49.68M	60.96M	64.99M	78.71M
Weighted Average Basic & Diluted Shares Outstanding	18.48M	33.89M	52.44M	64.69M	76.03M	85.30M

This table shows Liquidia's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	-9.09	-6.53	-12	-24	-16	-27	-41	-28	-23	-38
Consolidated Net Income / (Loss)	-9.09	-6.53	-12	-24	-16	-27	-41	-28	-23	-38
Net Income / (Loss) Continuing Operations	-9.09	-6.53	-12	-24	-16	-27	-41	-28	-23	-38
Total Pre-Tax Income	-9.09	-6.53	-12	-24	-16	-27	-41	-28	-23	-38
Total Operating Income	-8.83	-6.50	-9.23	-23	-15	-26	-29	-27	-29	-36
Total Gross Profit	2.43	4.67	3.84	4.12	3.11	3.54	1.51	2.17	2.88	1.56
Total Revenue	3.17	5.36	4.49	4.79	3.68	4.53	2.97	3.66	4.45	2.92
Operating Revenue	3.17	5.36	4.49	4.79	3.68	4.53	2.97	3.66	4.45	2.92
Total Cost of Revenue	0.74	0.69	0.65	0.67	0.57	0.99	1.47	1.49	1.57	1.35
Operating Cost of Revenue	0.74	0.69	0.65	0.67	0.57	0.99	1.47	1.49	1.57	1.35
Total Operating Expenses	11	11	13	27	18	30	30	29	32	38
Selling, General & Admin Expense	6.74	6.19	7.79	9.25	11	17	20	20	20	21
Research & Development Expense	4.51	4.98	5.28	18	7.44	13	10	9.42	12	16
Total Other Income / (Expense), net	-0.26	-0.04	-2.51	-0.69	-0.90	-1.01	-12	-0.75	6.03	-2.26
Interest Expense	0.62	0.70	3.44	1.43	1.76	1.96	14	2.60	-4.22	4.37
Interest & Investment Income	0.36	0.66	0.92	0.73	0.86	0.95	1.88	1.86	1.82	2.10
Basic Earnings per Share	($0.14)	($0.08)	($0.18)	($0.36)	($0.24)	($0.43)	($0.54)	($0.37)	($0.30)	($0.45)
Weighted Average Basic Shares Outstanding	64.46M	60.96M	64.66M	64.79M	64.86M	64.99M	75.39M	76.44M	78.32M	78.71M
Diluted Earnings per Share	($0.14)	($0.08)	($0.18)	($0.36)	($0.24)	($0.43)	($0.54)	($0.37)	($0.30)	($0.45)
Weighted Average Diluted Shares Outstanding	64.46M	60.96M	64.66M	64.79M	64.86M	64.99M	75.39M	76.44M	78.32M	78.71M
Weighted Average Basic & Diluted Shares Outstanding	64.49M	64.69M	64.72M	64.74M	64.91M	76.03M	76.38M	76.79M	84.64M	85.30M

This table details how cash moves in and out of Liquidia's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	16	9.52	-7.82	36	-9.60	93
Net Cash From Operating Activities	-48	-54	-34	-29	-42	-93
Net Cash From Continuing Operating Activities	-48	-54	-34	-29	-42	-93
Net Income / (Loss) Continuing Operations	-48	-60	-35	-41	-79	-130
Consolidated Net Income / (Loss)	-48	-60	-35	-41	-79	-130
Depreciation Expense	2.57	3.13	5.61	3.65	2.18	2.20
Non-Cash Adjustments To Reconcile Net Income	3.61	4.20	7.31	11	29	40
Changes in Operating Assets and Liabilities, net	-6.95	-1.71	-12	-2.16	5.87	-4.79
Net Cash From Investing Activities	-1.85	0.25	-0.11	-0.59	-11	-8.44
Net Cash From Continuing Investing Activities	-1.85	0.25	-0.11	-0.59	-11	-8.44
Purchase of Property, Plant & Equipment	-1.85	-0.75	-0.11	-0.59	-1.29	-4.95
Acquisitions	-	-	-	0.00	-10	-3.50
Sale of Property, Plant & Equipment	-	-	0.00	0.01	0.00	0.01
Net Cash From Financing Activities	66	63	26	65	43	195
Net Cash From Continuing Financing Activities	66	63	26	65	43	195
Repayment of Debt	-1.00	-5.65	-10	-11	-24	-4.85
Issuance of Common Equity	63	71	22	56	25	142
Other Financing Activities, net	-0.03	-0.61	4.51	0.14	42	58
Cash Interest Paid	0.89	0.82	0.42	1.63	0.36	0.00

This table details how cash moves in and out of Liquidia's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-5.52	-5.04	1.13	-6.22	-12	7.45	74	-25	71	-28
Net Cash From Operating Activities	-5.77	-4.60	-8.46	-5.56	-12	-16	-25	-23	-25	-21
Net Cash From Continuing Operating Activities	-5.77	-4.60	-8.46	-5.56	-12	-16	-25	-23	-25	-21
Net Income / (Loss) Continuing Operations	-9.09	-6.53	-12	-24	-16	-27	-41	-28	-23	-38
Consolidated Net Income / (Loss)	-9.09	-6.53	-12	-24	-16	-27	-41	-28	-23	-38
Depreciation Expense	1.13	0.57	0.57	0.59	0.51	0.51	0.49	0.58	0.61	0.52
Non-Cash Adjustments To Reconcile Net Income	1.84	2.01	5.91	14	4.35	4.62	19	7.09	0.79	13
Changes in Operating Assets and Liabilities, net	0.35	-0.65	-3.19	3.35	-0.63	6.34	-3.07	-2.39	-3.33	3.99
Net Cash From Investing Activities	-0.09	-0.49	-0.36	-0.24	-10	-0.21	-0.62	-1.29	-1.75	-4.78
Net Cash From Continuing Investing Activities	-0.09	-0.49	-0.36	-0.24	-10	-0.21	-0.62	-1.29	-1.75	-4.78
Purchase of Property, Plant & Equipment	-0.09	-0.49	-0.37	-0.24	-0.48	-0.21	-0.62	-1.29	-1.75	-1.29
Acquisitions	-	-	-	-	-	-	-	-	-	-3.50
Sale of Property, Plant & Equipment	-	-	0.00	-	-	-	0.00	-	-	0.01
Net Cash From Financing Activities	0.35	0.06	9.95	-0.41	10	24	100	-0.81	98	-2.30
Net Cash From Continuing Financing Activities	0.35	0.06	9.95	-0.41	10	24	100	-0.81	98	-2.30
Repayment of Debt	-	-	-22	-	-	-1.65	0.00	-	-	-4.85
Issuance of Common Equity	0.37	0.10	0.41	0.03	0.65	24	75	0.03	66	-0.25
Other Financing Activities, net	-0.02	-0.05	32	-0.44	9.41	0.98	24	-0.85	32	2.81

This table presents Liquidia's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Total Assets	69	100	94	129	118	230
Total Current Assets	56	66	61	100	90	185
Cash & Equivalents	56	65	57	93	84	176
Accounts Receivable	-	0.00	2.99	5.02	4.06	2.72
Inventories, net	-	-	-	-	0.00	0.24
Prepaid Expenses	0.59	0.75	0.79	1.51	2.16	5.67
Plant, Property, & Equipment, net	9.25	6.81	5.02	4.15	4.48	8.30
Total Noncurrent Assets	3.20	27	27	25	24	37
Goodwill	0.00	3.90	3.90	3.90	3.90	3.90
Intangible Assets	0.00	5.53	4.39	3.73	3.43	3.16
Other Noncurrent Operating Assets	3.20	17	19	18	17	30
Total Liabilities & Shareholders' Equity	69	100	94	129	118	230
Total Liabilities	34	28	28	39	71	153
Total Current Liabilities	17	12	7.33	8.80	19	42
Accounts Payable	3.50	3.73	1.07	2.20	1.40	4.69
Accrued Expenses	2.82	1.39	5.17	5.52	13	19
Other Current Liabilities	1.81	1.59	1.09	1.08	3.75	18
Total Noncurrent Liabilities	17	17	21	30	52	111
Asset Retirement Reserve & Litigation Obligation	0.00	1.15	6.14	6.59	6.71	7.30
Other Noncurrent Operating Liabilities	6.73	5.26	4.58	3.50	46	104
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	35	71	65	90	47	77
Total Preferred & Common Equity	35	71	65	90	47	77
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	35	71	65	90	47	77
Common Stock	250	346	375	441	476	637
Retained Earnings	-215	-275	-310	-351	-429	-559

This table presents Liquidia's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	133	129	122	112	197	177	253
Total Current Assets	103	100	93	83	168	147	214
Cash & Equivalents	98	94	88	76	158	133	204
Accounts Receivable	3.14	4.13	4.10	3.34	2.57	3.25	4.20
Inventories, net	-	-	-	-	3.52	7.21	0.04
Prepaid Expenses	1.60	1.15	0.60	3.42	3.99	3.71	5.60
Plant, Property, & Equipment, net	3.94	4.35	4.17	4.40	5.58	6.39	7.78
Total Noncurrent Assets	26	25	25	24	24	24	31
Goodwill	3.90	3.90	3.90	3.90	3.90	3.90	3.90
Intangible Assets	3.81	3.64	3.55	3.49	3.38	3.30	3.22
Other Noncurrent Operating Assets	18	17	17	17	16	17	24
Total Liabilities & Shareholders' Equity	133	129	122	112	197	177	253
Total Liabilities	38	47	61	64	111	115	142
Total Current Liabilities	7.46	6.82	19	12	22	24	34
Accounts Payable	1.14	0.84	1.92	1.81	2.49	5.74	2.30
Accrued Expenses	5.22	2.95	15	6.62	14	13	17
Other Current Liabilities	1.10	3.03	2.81	3.72	5.37	5.38	15
Total Noncurrent Liabilities	30	40	41	51	89	90	109
Asset Retirement Reserve & Litigation Obligation	6.56	6.61	6.70	6.70	6.71	6.93	7.20
Other Noncurrent Operating Liabilities	3.77	34	35	45	82	83	101
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	95	82	61	48	86	63	111
Total Preferred & Common Equity	95	82	61	48	86	63	111
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	95	82	61	48	86	63	111
Common Stock	439	444	447	450	556	561	632
Retained Earnings	-344	-362	-386	-402	-470	-498	-521

This table displays calculated financial ratios and metrics derived from Liquidia's official financial filings.

Metric	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	-90.84%	1,637.77%	23.98%	9.75%	-19.97%
EBITDA Growth	0.00%	-26.66%	49.63%	-24.62%	-102.73%	-67.26%
EBIT Growth	0.00%	-26.20%	42.80%	-14.71%	-89.28%	-65.29%
NOPAT Growth	0.00%	-26.20%	42.80%	-14.71%	-89.28%	-65.29%
Net Income Growth	0.00%	-25.60%	42.14%	-18.61%	-91.40%	-66.10%
EPS Growth	0.00%	31.52%	60.23%	4.29%	-80.60%	-37.19%
Operating Cash Flow Growth	0.00%	-12.14%	37.14%	16.00%	-45.39%	-124.77%
Free Cash Flow Firm Growth	0.00%	0.00%	58.69%	-0.77%	107.83%	-1,185.29%
Invested Capital Growth	0.00%	423.13%	13.19%	-6.40%	-313.81%	-172.64%
Revenue Q/Q Growth	0.00%	0.00%	23.84%	15.56%	-4.53%	-10.34%
EBITDA Q/Q Growth	0.00%	0.00%	13.69%	11.49%	-39.06%	-8.83%
EBIT Q/Q Growth	0.00%	0.00%	11.87%	11.15%	-37.31%	-8.66%
NOPAT Q/Q Growth	0.00%	0.00%	11.87%	11.15%	-37.31%	-8.66%
Net Income Q/Q Growth	0.00%	0.00%	11.57%	10.92%	-36.32%	-9.14%
EPS Q/Q Growth	0.00%	0.00%	15.66%	17.28%	-40.70%	-1.22%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	16.10%	9.37%	-37.70%	-5.45%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	6.42%	-71.98%	-76.63%
Invested Capital Q/Q Growth	0.00%	0.00%	-5.51%	3.42%	-28.94%	-5.70%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	90.00%	67.86%	76.48%	82.06%	83.49%	58.00%
EBITDA Margin	-547.32%	-7,565.90%	-219.29%	-220.41%	-407.17%	-850.94%
Operating Margin	-580.07%	-7,989.03%	-262.95%	-243.30%	-419.62%	-866.63%
EBIT Margin	-580.07%	-7,989.03%	-262.95%	-243.30%	-419.62%	-866.63%
Profit (Net Income) Margin	-589.48%	-8,080.11%	-269.03%	-257.39%	-448.89%	-931.65%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	101.62%	101.14%	102.31%	105.79%	106.97%	107.50%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-745.86%	-138.18%	-154.20%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-707.10%	-116.79%	-131.17%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	633.14%	87.46%	101.51%	0.00%	0.00%
Return on Equity (ROE)	-136.16%	-112.72%	-50.72%	-52.69%	-114.01%	-209.35%
Cash Return on Invested Capital (CROIC)	0.00%	-388.47%	-150.55%	-147.60%	0.00%	0.00%
Operating Return on Assets (OROA)	-68.02%	-70.19%	-34.98%	-34.78%	-59.29%	-69.58%
Return on Assets (ROA)	-69.12%	-70.99%	-35.78%	-36.80%	-63.43%	-74.80%
Return on Common Equity (ROCE)	-136.16%	-112.72%	-50.72%	-52.69%	-114.01%	-209.35%
Return on Equity Simple (ROE_SIMPLE)	-136.16%	-84.07%	-52.98%	-45.36%	-165.99%	-168.74%
Net Operating Profit after Tax (NOPAT)	-33	-41	-24	-27	-51	-85
NOPAT Margin	-406.05%	-5,592.32%	-184.07%	-170.31%	-293.74%	-606.64%
Net Nonoperating Expense Percent (NNEP)	-37.09%	-38.76%	-21.39%	-23.03%	-34.55%	-34.97%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-108.62%	-109.87%
Cost of Revenue to Revenue	10.00%	32.14%	23.52%	17.94%	16.51%	42.00%
SG&A Expenses to Revenue	168.45%	3,700.33%	179.80%	203.40%	255.84%	582.80%
R&D to Revenue	501.62%	4,356.57%	159.63%	121.96%	247.27%	341.83%
Operating Expenses to Revenue	670.07%	8,056.89%	339.43%	325.36%	503.11%	924.63%
Earnings before Interest and Taxes (EBIT)	-47	-59	-34	-39	-73	-121
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-44	-56	-28	-35	-71	-119
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	2.26	1.41	3.71	4.29	16.53	11.98
Price to Tangible Book Value (P/TBV)	2.26	1.62	4.25	4.69	19.57	13.18
Price to Revenue (P/Rev)	9.79	135.16	18.82	24.37	44.71	66.13
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	2.80	10.72	18.50	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	4.84	60.77	15.16	19.76	39.92	53.52
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	343.06	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.45	0.14	0.16	0.22	0.00	0.00
Long-Term Debt to Equity	0.29	0.14	0.16	0.22	0.00	0.00
Financial Leverage	-1.14	-0.90	-0.75	-0.77	-1.14	-2.09
Leverage Ratio	1.97	1.59	1.42	1.43	1.80	2.80
Compound Leverage Factor	2.00	1.61	1.45	1.51	1.92	3.01
Debt to Total Capital	31.24%	12.65%	13.76%	18.02%	0.00%	0.00%
Short-Term Debt to Total Capital	10.99%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	20.25%	12.65%	13.76%	18.02%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	68.76%	87.35%	86.24%	81.98%	100.00%	100.00%
Debt to EBITDA	-0.36	-0.18	-0.37	-0.57	0.00	0.00
Net Debt to EBITDA	0.90	0.98	1.67	2.09	0.00	0.00
Long-Term Debt to EBITDA	-0.23	-0.18	-0.37	-0.57	0.00	0.00
Debt to NOPAT	-0.48	-0.25	-0.44	-0.73	0.00	0.00
Net Debt to NOPAT	1.22	1.33	1.99	2.70	0.00	0.00
Long-Term Debt to NOPAT	-0.31	-0.25	-0.44	-0.73	0.00	0.00
Altman Z-Score	-4.42	-3.06	0.11	2.19	0.35	-0.70
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	3.34	5.63	8.36	11.34	4.85	4.43
Quick Ratio	3.31	5.56	8.25	11.17	4.73	4.29
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-62	-26	-26	2.04	-22
Operating Cash Flow to CapEx	-2,609.73%	-7,199.24%	-31,808.41%	-4,870.19%	-3,227.02%	-1,890.75%
Free Cash Flow to Firm to Interest Expense	0.00	-72.72	-31.63	-7.79	0.24	-1.32
Operating Cash Flow to Interest Expense	-35.15	-63.11	-41.76	-8.57	-4.84	-5.58
Operating Cash Flow Less CapEx to Interest Expense	-36.50	-63.98	-41.89	-8.75	-4.99	-5.87
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.12	0.01	0.13	0.14	0.14	0.08
Accounts Receivable Turnover	0.00	0.00	0.00	3.98	3.85	4.13
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.87	0.09	2.17	3.48	4.05	2.19
Accounts Payable Turnover	0.23	0.07	1.26	1.75	1.61	1.93
Days Sales Outstanding (DSO)	0.00	0.00	0.00	91.70	94.74	88.41
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	1,581.76	5,552.47	290.03	208.54	227.05	188.89
Cash Conversion Cycle (CCC)	-1,581.76	-5,552.47	-290.03	-116.84	-132.32	-100.49
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	-4.97	16	18	17	-36	-99
Invested Capital Turnover	-1.62	0.13	0.75	0.91	-1.81	-0.21
Increase / (Decrease) in Invested Capital	0.00	21	2.12	-1.16	-53	-63
Enterprise Value (EV)	39	45	195	315	698	749
Market Capitalization	79	100	242	388	782	926
Book Value per Share	$1.89	$2.10	$1.26	$1.40	$0.73	$0.91
Tangible Book Value per Share	$1.89	$1.82	$1.10	$1.28	$0.62	$0.83
Total Capital	51	81	76	110	47	77
Total Debt	16	10	10	20	0.00	0.00
Total Long-Term Debt	10	10	10	20	0.00	0.00
Net Debt	-40	-55	-47	-73	-84	-176
Capital Expenditures (CapEx)	1.85	0.75	0.11	0.59	1.29	4.94
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-11	-11	-3.55	-2.27	-12	-33
Debt-free Net Working Capital (DFNWC)	45	54	54	91	71	143
Net Working Capital (NWC)	40	54	54	91	71	143
Net Nonoperating Expense (NNE)	15	18	11	14	27	45
Net Nonoperating Obligations (NNO)	-40	-55	-47	-73	-84	-176
Total Depreciation and Amortization (D&A)	2.64	3.13	5.61	3.65	2.18	2.20
Debt-free, Cash-free Net Working Capital to Revenue	-132.54%	-1,485.20%	-27.58%	-14.26%	-70.51%	-236.89%
Debt-free Net Working Capital to Revenue	558.69%	7,345.79%	419.74%	571.14%	407.99%	1,024.04%
Net Working Capital to Revenue	489.49%	7,345.79%	419.74%	571.14%	407.99%	1,024.04%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($1.76)	($0.70)	($0.67)	($1.21)	($1.66)
Adjusted Weighted Average Basic Shares Outstanding	0.00	43.34M	49.68M	60.96M	64.99M	78.71M
Adjusted Diluted Earnings per Share	$0.00	($1.76)	($0.70)	($0.67)	($1.21)	($1.66)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	43.34M	49.68M	60.96M	64.99M	78.71M
Adjusted Basic & Diluted Earnings per Share	$0.00	($1.76)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	33.89M	52.44M	64.69M	76.03M	85.30M
Normalized Net Operating Profit after Tax (NOPAT)	-33	-41	-24	-27	-51	-85
Normalized NOPAT Margin	-406.05%	-5,592.32%	-184.07%	-170.31%	-293.74%	-606.64%
Pre Tax Income Margin	-589.48%	-8,080.11%	-269.03%	-257.39%	-448.89%	-931.65%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	-34.09	-68.87	-41.47	-11.63	-8.55	-7.24
NOPAT to Interest Expense	-23.86	-48.21	-29.03	-8.14	-5.98	-5.07
EBIT Less CapEx to Interest Expense	-35.43	-69.75	-41.60	-11.80	-8.70	-7.53
NOPAT Less CapEx to Interest Expense	-25.21	-49.08	-29.16	-8.31	-6.13	-5.36
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-1.58%	-2.73%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Liquidia's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.44%	66.77%	28.67%	22.15%	16.21%	-15.47%	-33.85%	-23.55%	20.94%	-35.62%
EBITDA Growth	-39.17%	43.46%	35.95%	-179.21%	-86.64%	-337.19%	-226.82%	-19.70%	-98.78%	-37.25%
EBIT Growth	-24.73%	42.82%	36.21%	-154.46%	-68.62%	-306.90%	-211.97%	-19.15%	-96.02%	-36.58%
NOPAT Growth	-24.73%	42.82%	36.21%	-154.46%	-68.62%	-306.90%	-211.97%	-19.15%	-96.02%	-36.58%
Net Income Growth	-24.87%	43.50%	26.33%	-148.94%	-73.67%	-320.17%	-248.47%	-18.82%	-46.64%	-39.78%
EPS Growth	0.00%	63.64%	40.00%	-140.00%	-71.43%	-437.50%	-200.00%	-2.78%	-25.00%	-4.65%
Operating Cash Flow Growth	0.98%	39.11%	13.55%	33.99%	-100.23%	-247.21%	-194.03%	-307.28%	-116.95%	-30.23%
Free Cash Flow Firm Growth	85.97%	66.39%	401.53%	1,163.84%	1,108.89%	1,131.01%	65.41%	-19.16%	31.97%	7.58%
Invested Capital Growth	-14.48%	-6.40%	-174.80%	-254.08%	-271.49%	-313.81%	-460.72%	-155.53%	-232.58%	-172.64%
Revenue Q/Q Growth	-19.22%	69.35%	-16.18%	6.52%	-23.15%	23.19%	-34.41%	23.12%	21.56%	-34.42%
EBITDA Q/Q Growth	3.28%	23.00%	-46.06%	-156.68%	35.34%	-80.36%	-9.19%	5.99%	-7.37%	-24.53%
EBIT Q/Q Growth	1.55%	26.43%	-42.10%	-147.24%	34.76%	-77.53%	-8.95%	5.57%	-7.32%	-23.70%
NOPAT Q/Q Growth	1.55%	26.43%	-42.10%	-147.24%	34.76%	-77.53%	-8.95%	5.57%	-7.32%	-23.70%
Net Income Q/Q Growth	3.76%	28.15%	-79.78%	-100.23%	32.86%	-73.84%	-49.10%	31.73%	17.13%	-65.71%
EPS Q/Q Growth	6.67%	42.86%	-125.00%	-100.00%	33.33%	-79.17%	-25.58%	31.48%	18.92%	-50.00%
Operating Cash Flow Q/Q Growth	31.50%	20.28%	-83.73%	34.21%	-107.78%	-38.24%	-55.59%	8.87%	-10.68%	17.02%
Free Cash Flow Firm Q/Q Growth	-22.70%	0.29%	790.64%	25.91%	16.36%	1.89%	10.80%	-38.47%	89.96%	-16.94%
Invested Capital Q/Q Growth	-7.93%	3.42%	-175.03%	-115.67%	-2.47%	-28.94%	-96.77%	1.71%	-33.36%	-5.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	76.62%	87.05%	85.44%	85.98%	84.50%	78.08%	50.64%	59.20%	64.82%	53.58%
EBITDA Margin	-243.38%	-110.65%	-192.81%	-464.61%	-390.89%	-572.28%	-952.62%	-727.44%	-642.51%	-1,220.05%
Operating Margin	-279.02%	-121.21%	-205.48%	-476.91%	-404.87%	-583.45%	-969.08%	-743.29%	-656.23%	-1,237.81%
EBIT Margin	-279.02%	-121.21%	-205.48%	-476.91%	-404.87%	-583.45%	-969.08%	-743.29%	-656.23%	-1,237.81%
Profit (Net Income) Margin	-287.27%	-121.88%	-261.41%	-491.37%	-429.31%	-605.83%	-1,377.12%	-763.65%	-520.57%	-1,315.36%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	102.96%	100.55%	127.22%	103.03%	106.04%	103.84%	142.11%	102.74%	79.33%	106.26%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-150.89%	-76.82%	-1,132.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-146.49%	-73.53%	-1,124.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	115.37%	56.91%	1,089.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-35.53%	-19.92%	-43.26%	-62.53%	-80.52%	-114.01%	-128.27%	-181.73%	-150.73%	-209.35%
Cash Return on Invested Capital (CROIC)	-155.52%	-147.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-33.04%	-17.33%	-31.29%	-65.14%	-60.73%	-82.44%	-94.92%	-73.79%	-56.20%	-99.38%
Return on Assets (ROA)	-34.02%	-17.42%	-39.80%	-67.12%	-64.40%	-85.60%	-134.88%	-75.81%	-44.58%	-105.61%
Return on Common Equity (ROCE)	-35.53%	-19.92%	-43.26%	-62.53%	-80.52%	-114.01%	-128.27%	-181.73%	-150.73%	-209.35%
Return on Equity Simple (ROE_SIMPLE)	-48.45%	0.00%	-45.10%	-83.89%	-119.95%	0.00%	-124.84%	-178.74%	-108.10%	0.00%
Net Operating Profit after Tax (NOPAT)	-6.18	-4.55	-6.46	-16	-10	-19	-20	-19	-20	-25
NOPAT Margin	-195.31%	-84.85%	-143.83%	-333.84%	-283.41%	-408.41%	-678.35%	-520.30%	-459.36%	-866.47%
Net Nonoperating Expense Percent (NNEP)	-4.40%	-3.30%	-7.96%	-8.75%	-6.93%	-11.39%	-16.46%	-8.05%	-1.94%	-10.07%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-39.13%	-	-	-	-32.71%
Cost of Revenue to Revenue	23.38%	12.95%	14.56%	14.02%	15.50%	21.92%	49.36%	40.80%	35.18%	46.42%
SG&A Expenses to Revenue	213.08%	115.43%	173.45%	193.17%	287.09%	378.39%	681.33%	545.04%	453.73%	726.60%
R&D to Revenue	142.56%	92.84%	117.47%	369.72%	202.28%	283.14%	338.39%	257.45%	267.31%	564.79%
Operating Expenses to Revenue	355.64%	208.26%	290.92%	562.89%	489.37%	661.53%	1,019.72%	802.49%	721.04%	1,291.40%
Earnings before Interest and Taxes (EBIT)	-8.83	-6.50	-9.23	-23	-15	-26	-29	-27	-29	-36
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-7.70	-5.93	-8.66	-22	-14	-26	-28	-27	-29	-36
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.69	4.29	5.47	8.38	8.57	16.53	12.89	14.62	7.09	11.98
Price to Tangible Book Value (P/TBV)	4.02	4.69	6.03	9.56	10.13	19.57	14.08	16.52	7.57	13.18
Price to Revenue (P/Rev)	25.43	24.37	26.38	28.57	22.45	44.71	69.65	61.81	50.17	66.13
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	16.53	18.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	19.73	19.76	20.81	23.61	18.29	39.92	59.76	52.84	37.08	53.52
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	55.32	34.34	46.12	343.06	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.21	0.22	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.21	0.22	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.79	-0.77	-0.97	-1.06	-1.08	-1.14	-1.50	-1.79	-1.77	-2.09
Leverage Ratio	1.39	1.43	1.62	1.60	1.71	1.80	1.94	2.42	2.30	2.80
Compound Leverage Factor	1.43	1.44	2.07	1.65	1.81	1.87	2.76	2.49	1.82	2.97
Debt to Total Capital	17.20%	18.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	17.20%	18.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	82.80%	81.98%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	-0.50	-0.57	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	1.98	2.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	-0.50	-0.57	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-0.65	-0.73	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	2.57	2.70	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	-0.65	-0.73	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	2.72	3.01	2.49	0.82	-0.67	1.66	3.17	1.28	0.95	0.52
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	13.81	11.34	14.62	4.76	6.83	4.85	7.66	6.08	6.33	4.43
Quick Ratio	13.60	11.17	14.45	4.73	6.55	4.73	7.32	5.63	6.16	4.29
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3.39	-3.38	23	29	34	35	39	24	45	38
Operating Cash Flow to CapEx	-6,142.55%	-937.47%	-2,323.35%	-2,289.71%	-2,433.89%	-7,758.25%	-3,984.94%	-1,756.67%	-1,435.72%	-1,626.02%
Free Cash Flow to Firm to Interest Expense	-5.48	-4.85	6.81	20.64	19.45	17.79	2.76	9.15	0.00	8.60
Operating Cash Flow to Interest Expense	-9.31	-6.59	-2.46	-3.90	-6.57	-8.15	-1.78	-8.72	0.00	-4.77
Operating Cash Flow Less CapEx to Interest Expense	-9.46	-7.30	-2.57	-4.07	-6.83	-8.25	-1.82	-9.21	0.00	-5.06
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.12	0.14	0.15	0.14	0.15	0.14	0.10	0.10	0.09	0.08
Accounts Receivable Turnover	4.46	3.98	4.57	4.54	5.66	3.85	4.77	4.04	4.14	4.13
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	2.94	3.48	3.78	4.24	4.39	4.05	3.22	2.81	2.56	2.19
Accounts Payable Turnover	2.10	1.75	2.25	1.66	1.75	1.61	2.22	1.18	2.69	1.93
Days Sales Outstanding (DSO)	81.88	91.70	79.94	80.45	64.50	94.74	76.59	90.32	88.15	88.41
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	173.61	208.54	162.30	220.27	208.09	227.05	164.25	309.04	135.93	188.89
Cash Conversion Cycle (CCC)	-91.73	-116.84	-82.37	-139.82	-143.58	-132.32	-87.66	-218.72	-47.78	-100.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	16	17	-13	-28	-28	-36	-72	-70	-94	-99
Invested Capital Turnover	0.77	0.91	7.87	-3.68	-3.11	-1.81	-0.38	-0.30	-0.26	-0.21
Increase / (Decrease) in Invested Capital	-2.79	-1.16	-30	-45	-45	-53	-59	-43	-66	-63
Enterprise Value (EV)	272	315	352	420	335	698	954	784	579	749
Market Capitalization	351	388	447	509	411	782	1,112	917	783	926
Book Value per Share	$1.48	$1.40	$1.26	$0.94	$0.74	$0.73	$1.13	$0.82	$1.44	$0.91
Tangible Book Value per Share	$1.36	$1.28	$1.15	$0.82	$0.63	$0.62	$1.04	$0.73	$1.35	$0.83
Total Capital	115	110	82	61	48	47	86	63	111	77
Total Debt	20	20	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	20	20	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-79	-73	-94	-88	-76	-84	-158	-133	-204	-176
Capital Expenditures (CapEx)	0.09	0.49	0.36	0.24	0.48	0.21	0.62	1.29	1.75	1.28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2.72	-2.27	-1.54	-15	-5.40	-12	-12	-10	-24	-33
Debt-free Net Working Capital (DFNWC)	96	91	93	73	71	71	146	123	180	143
Net Working Capital (NWC)	96	91	93	73	71	71	146	123	180	143
Net Nonoperating Expense (NNE)	2.91	1.99	5.28	7.54	5.37	8.94	21	8.90	2.72	13
Net Nonoperating Obligations (NNO)	-79	-73	-94	-88	-76	-84	-158	-133	-204	-176
Total Depreciation and Amortization (D&A)	1.13	0.57	0.57	0.59	0.51	0.51	0.49	0.58	0.61	0.52
Debt-free, Cash-free Net Working Capital to Revenue	-19.74%	-14.26%	-9.10%	-83.12%	-29.49%	-70.51%	-74.20%	-67.74%	-153.71%	-236.89%
Debt-free Net Working Capital to Revenue	693.29%	571.14%	548.36%	412.25%	386.66%	407.99%	914.45%	829.12%	1,155.50%	1,024.04%
Net Working Capital to Revenue	693.29%	571.14%	548.36%	412.25%	386.66%	407.99%	914.45%	829.12%	1,155.50%	1,024.04%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.14)	($0.08)	($0.18)	($0.36)	($0.24)	($0.43)	($0.54)	($0.37)	($0.30)	($0.45)
Adjusted Weighted Average Basic Shares Outstanding	64.46M	60.96M	64.66M	64.79M	64.86M	64.99M	75.39M	76.44M	78.32M	78.71M
Adjusted Diluted Earnings per Share	($0.14)	($0.08)	($0.18)	($0.36)	($0.24)	($0.43)	($0.54)	($0.37)	($0.30)	($0.45)
Adjusted Weighted Average Diluted Shares Outstanding	64.46M	60.96M	64.66M	64.79M	64.86M	64.99M	75.39M	76.44M	78.32M	78.71M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	64.49M	64.69M	64.72M	64.74M	64.91M	76.03M	76.38M	76.79M	84.64M	85.30M
Normalized Net Operating Profit after Tax (NOPAT)	-6.18	-4.55	-6.46	-16	-10	-19	-20	-19	-20	-25
Normalized NOPAT Margin	-195.31%	-84.85%	-143.83%	-333.84%	-283.41%	-408.41%	-678.35%	-520.30%	-459.36%	-866.47%
Pre Tax Income Margin	-287.27%	-121.88%	-261.41%	-491.37%	-429.31%	-605.83%	-1,377.12%	-763.65%	-520.57%	-1,315.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-14.24	-9.31	-2.69	-16.01	-8.46	-13.47	-2.06	-10.46	0.00	-8.27
NOPAT to Interest Expense	-9.97	-6.52	-1.88	-11.20	-5.92	-9.43	-1.44	-7.32	0.00	-5.79
EBIT Less CapEx to Interest Expense	-14.40	-10.01	-2.79	-16.18	-8.73	-13.58	-2.10	-10.96	0.00	-8.56
NOPAT Less CapEx to Interest Expense	-10.12	-7.22	-1.99	-11.37	-6.19	-9.54	-1.48	-7.82	0.00	-6.08
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions About Liquidia's Financials

When does Liquidia's financial year end?

According to the most recent income statement we have on file, Liquidia's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Liquidia's net income changed over the last 5 years?

Liquidia's net income appears to be on an upward trend, with a most recent value of -$130.39 million in 2024, rising from -$47.58 million in 2019. The previous period was -$78.50 million in 2023.

What is Liquidia's operating income?

Liquidia's total operating income in 2024 was -$121.29 million, based on the following breakdown:

Total Gross Profit: $8.12 million
Total Operating Expenses: $129.41 million

How has Liquidia revenue changed over the last 5 years?

Over the last 5 years, Liquidia's total revenue changed from $8.07 million in 2019 to $14.00 million in 2024, a change of 73.4%.

How much debt does Liquidia have?

Liquidia's total liabilities were at $153.04 million at the end of 2024, a 115.4% increase from 2023, and a 351.5% increase since 2019.

How much cash does Liquidia have?

In the past 5 years, Liquidia's cash and equivalents has ranged from $55.80 million in 2019 to $176.48 million in 2024, and is currently $176.48 million as of their latest financial filing in 2024.

How has Liquidia's book value per share changed over the last 5 years?

Over the last 5 years, Liquidia's book value per share changed from 1.89 in 2019 to 0.91 in 2024, a change of -51.7%.

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This page (NASDAQ:LQDA) was last updated on 4/24/2025 by MarketBeat.com Staff

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Liquidia (LQDA) Financials

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