(MNKD) MannKind - NASDAQ
Sector: Healthcare | Industry: Biotechnology | Exchange: NASDAQ (USA) | Market Cap: 1.050m USD | Total Return: -3.4% in 12m
Avg Turnover: 15.2M
Qual. Beats: -2
Rev. Trend: 97.6%
Qual. Beats: -1
Warnings
Negative Equity with losses - insolvent profile
High Debt/EBITDA (11.1) with thin interest coverage (0.3)
Interest Coverage Ratio 0.3 is critical
Beneish M-Score -1.16 > -1.5 - likely earnings manipulation
Altman Z'' -12.99 < 1.0 - financial distress zone
Tailwinds
Supp Ema20
MannKind Corporation is a biopharmaceutical company specializing in inhaled therapeutic technologies and wearable delivery devices for chronic conditions. Its commercial portfolio includes Afrezza, an inhaled insulin for diabetes management, and Tyvaso DPI, which treats pulmonary hypertension through a licensing partnership with United Therapeutics. The company also markets V-Go, a wearable insulin delivery system, and FUROSCIX for fluid overload management in heart failure and kidney disease patients.
The biotechnology sector often utilizes licensing agreements to mitigate the high research and development costs associated with clinical trials. MannKind’s business model leverages its proprietary Technosphere dry-powder formulation technology to adapt existing medications for pulmonary delivery, potentially increasing patient compliance compared to traditional injections. Investors can find deeper analysis of these clinical pipelines on ValueRay.
Headquartered in Danbury, Connecticut, the company maintains a pipeline focused on orphan lung diseases, including treatments for idiopathic pulmonary fibrosis. As a small-cap entity in the healthcare sector, its valuation is closely tied to regulatory approvals and the commercial scaling of its collaborative product launches.
- Tyvaso DPI royalty revenue scales with United Therapeutics commercial expansion
- Afrezza sales growth and margin improvement drive path to profitability
- Pipeline advancement of MNKD-201 and MNKD-101 validates dry-powder technology platform
- Strategic capital allocation prioritizes debt reduction and orphan lung disease R&D
| Net Income: -23.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -3.61 > 1.0 |
| NWC/Revenue: 32.32% < 20% (prev 53.03%; Δ -20.71% < -1%) |
| CFO/TA 0.03 > 3% & CFO 18.8m > Net Income -23.9m |
| Net Debt (315.1m) to EBITDA (28.5m): 11.06 < 3 |
| Current Ratio: 1.87 > 1.5 & < 3 |
| Outstanding Shares: last quarter (308.3m) vs 12m ago -3.94% < -2% |
| Gross Margin: 75.96% > 18% (prev 74.62%; Δ 1.34% > 0.5%) |
| Asset Turnover: 62.50% > 50% (prev 72.56%; Δ -10.06% > 0%) |
| Interest Coverage Ratio: 0.29 > 6 (EBIT TTM 11.5m / Interest Expense TTM 39.1m) |
| A: 0.16 (Total Current Assets 251.2m - Total Current Liabilities 134.6m) / Total Assets 744.4m |
| B: -4.32 (Retained Earnings -3.21b / Total Assets 744.4m) |
| C: 0.02 (EBIT TTM 11.5m / Avg Total Assets 577.3m) |
| D: -0.07 (Book Value of Equity -59.2m / Total Liabilities 803.6m) |
| Altman-Z'' = -12.99 = D |
| DSRI: 0.82 (Receivables 28.7m/28.9m, Revenue 360.8m/297.6m) |
| GMI: 0.98 (GM 74.62% / 75.96%) |
| AQI: 4.18 (AQ_t 0.54 / AQ_t-1 0.13) |
| SGI: 1.21 (Revenue 360.8m / 297.6m) |
| TATA: -0.06 (NI -23.9m - CFO 18.8m) / TA 744.4m) |
| Beneish M = -1.16 (Cap -4..+1) = D |
As of June 12, 2026, the stock is trading at USD 3.75 with a total of 4,040,646 shares traded.
Over the past week, the price has changed by +6.53%,
over one month by +11.61%,
over three months by +32.98% and
over the past year by -3.35%.
MannKind has received a consensus analysts rating of 4.86. Therefore, it is recommended to buy MNKD.
- StrongBuy: 6
- Buy: 1
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 7.6 | 102.4% |
P/E Forward = 35.7143
P/S = 2.9115
P/B = 187.8507
P/EG = 4.3866
Revenue TTM = 360.8m USD
EBIT TTM = 11.5m USD
EBITDA TTM = 28.5m USD
Long Term Debt = 318.7m USD (from longTermDebt, last quarter)
Short Term Debt = 12.9m USD (from shortTermDebt, last quarter)
Debt = 448.9m USD (from shortLongTermDebtTotal, last quarter) + Leases 12.2m
Net Debt = 315.1m USD (calculated: Debt 448.9m - CCE 133.9m)
Enterprise Value = 1.37b USD (1.05b + Debt 448.9m - CCE 133.9m)
Interest Coverage Ratio = 0.29 (Ebit TTM 11.5m / Interest Expense TTM 39.1m)
EV/FCF = 107.4x (Enterprise Value 1.37b / FCF TTM 12.7m)
FCF Yield = 0.93% (FCF TTM 12.7m / Enterprise Value 1.37b)
FCF Margin = 3.53% (FCF TTM 12.7m / Revenue TTM 360.8m)
Net Margin = -6.63% (Net Income TTM -23.9m / Revenue TTM 360.8m)
Gross Margin = 75.96% ((Revenue TTM 360.8m - Cost of Revenue TTM 86.7m) / Revenue TTM)
Gross Margin QoQ = 75.78% (prev 78.45%)
Tobins Q-Ratio = 1.83 (Enterprise Value 1.37b / Total Assets 744.4m)
Interest Expense / Debt = 8.71% (Interest Expense 39.1m / Debt 448.9m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 9.07m (EBIT 11.5m * (1 - 21.00%))
Current Ratio = 1.87 (Total Current Assets 251.2m / Total Current Liabilities 134.6m)
Debt / Equity = -7.58 (negative equity) (Debt 448.9m / totalStockholderEquity, last quarter -59.2m)
Debt / EBITDA = 11.06 (Net Debt 315.1m / EBITDA 28.5m)
Debt / FCF = 24.77 (Net Debt 315.1m / FCF TTM 12.7m)
Total Stockholder Equity = -52.5m (last 4 quarters mean from totalStockholderEquity)
RoA = -4.14% (Net Income -23.9m / Total Assets 744.4m)
RoE = 45.59% (negative equity) (Net Income TTM -23.9m / Total Stockholder Equity -52.5m)
RoCE = 4.31% (EBIT 11.5m / Capital Employed (Equity -52.5m + L.T.Debt 318.7m))
RoIC = 1.50% (NOPAT 9.07m / Invested Capital 604.7m)
WACC = 8.85% (E(1.05b)/V(1.50b) * Re(9.69%) + D(448.9m)/V(1.50b) * Rd(8.71%) * (1-Tc(0.21)))
Discount Rate = 9.69% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -2.22 | Cagr: -2.17%
[DCF] Terminal Value 71.24% ; FCFF base≈16.4m ; Y1≈14.3m ; Y5≈11.6m
[DCF] Fair Price = N/A (negative equity: EV 171.9m - Net Debt 315.1m = -143.2m; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -1.15 | # QB: -2
Revenue Correlation: 97.58 | Revenue CAGR: 33.17% | SUE: -3.05 | # QB: -1
EPS current Quarter (2026-06-30): EPS=0.01 | Chg30d=N/A | Revisions=N/A | Analysts=4
EPS next Quarter (2026-09-30): EPS=0.02 | Chg30d=N/A | Revisions=-14% | Analysts=4
EPS current Year (2026-12-31): EPS=0.09 | Chg30d=-1.96% | Revisions=-14% | GrowthEPS=-55.3% | GrowthRev=+32.3%
EPS next Year (2027-12-31): EPS=0.19 | Chg30d=-0.41% | Revisions=-25% | GrowthEPS=+126.5% | GrowthRev=+12.8%
[Analyst] Revisions Ratio: -25%