LQDA · Health care(pharmaceutical preparations) · 8 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Liquidia Corp reported revenue of $158.3 million in fiscal 2025. On the accounting screens, it passes 3 of 7 Piotroski tests, its Altman Z'' of -4.36 is in the distress zone and its Beneish M-score is above the -1.78 line; 2 of the six cross-checks between its statements fire.
Revenue, fiscal 2025158.3M
Operating margin-32.5%gross margin —
Return on invested capital—
Free cash flow after stock pay-69.5M-43.9% of revenue
Net debt ÷ EBITDA—net debt —
Piotroski F-score3/7tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
2-for-1 before fiscal 2020.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-200.0M-100.0M0100.0M200.0M
2018
2019Revenue 8.1MOperating income -46.8M
2020Revenue 739,628Operating income -59.1M
2021Revenue 12.9MOperating income -33.8M
2022Revenue 15.9MOperating income -38.8M
2023Revenue 17.5MOperating income -73.4M
2024Revenue 14.0MOperating income -121.3M
2025Revenue 158.3MOperating income -51.4M
20182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
7 yrs
Revenue
+115.0%
+192.5%
—
Shares
+12.2%
+20.5%
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
-154.0%
Return on assets
-21.0%
Asset turnover
0.48×
Research & development
24.8% of revenue
Overheads (SG&A)
99.3% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-150.0M-100.0M-50.0M0
2018
2019Net income -47.6MFree cash flow -50.1MAfter stock-based pay -53.5M
2020Net income -59.8MFree cash flow -54.9MAfter stock-based pay -58.9M
2021Net income -34.6MFree cash flow -34.1MAfter stock-based pay -40.9M
2022Net income -41.0MFree cash flow -29.2MAfter stock-based pay -38.5M
2023Net income -78.5MFree cash flow -42.9MAfter stock-based pay -52.9M
2024Net income -128.3MFree cash flow -98.4MAfter stock-based pay -117.2M
2025Net income -68.9MFree cash flow -40.0MAfter stock-based pay -69.5M
20182019202020212022202320242025
Per share
Earnings per shareFree cash flow per shareDividend per share
$-2.00$-1.50$-1.00$-0.50$0.00
2018
2019Earnings per share $-1.29Free cash flow per share $-1.36
2020Earnings per share $-1.76Free cash flow per share $-1.62
2021Earnings per share $-0.70Free cash flow per share $-0.69
2022Earnings per share $-0.67Free cash flow per share $-0.48
2023Earnings per share $-1.21Free cash flow per share $-0.66
2024Earnings per share $-1.63Free cash flow per share $-1.25
2025Earnings per share $-0.80Free cash flow per share $-0.47
20182019202020212022202320242025
Shares outstanding
Diluted shares
20.0M40.0M60.0M80.0M100.0M
2018
2019Diluted shares 37.0M
2020Diluted shares 33.9M
2021Diluted shares 49.7M
2022Diluted shares 61.0M
2023Diluted shares 65.0M
2024Diluted shares 78.7M
2025Diluted shares 86.1M
20182019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-75.0M-50.0M-25.0M025.0M
2018
2019Net debt 15.9M
2020Net debt -55.0M
2021Net debt -47.1M
2022Net debt -73.4M
2023
2024
2025
20182019202020212022202320242025
Net debt ÷ EBITDA
—
Interest coverage
-2× operating income ÷ interest
Current ratio
2.01 current assets ÷ current liabilities
Cash conversion cycle
— collects in 125d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
3of 7 tests passed
✕ProfitableReturn on assets above zerofailed
✕Cash from operationsOperating cash flow above zerofailed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
✕More liquidCurrent ratio higher than a year beforefailed
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
-4.36distress zone
1.12.6
Working capital ÷ assets 0.42 × 6.56+2.75
Retained earnings ÷ assets -1.91 × 3.26-6.23
Operating income ÷ assets -0.16 × 6.72-1.05
Equity ÷ liabilities 0.16 × 1.05+0.17
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
6.69above the -1.78 line
-1.78
Receivables vs sales 1.76+1.62
Gross margin slipping 1.00 (not reported, set to 1)+0.53
Soft assets 0.81+0.33
Sales growth 11.31+10.09
Slower depreciation 1.83+0.21
Overheads vs sales 0.17-0.03
Profit not in cash -0.10-0.47
Leverage rising 2.28-0.75
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Receivables are growing 1889% against revenue growing 1031%.
Benign
A shift towards larger customers on longer terms, or sales concentrated at the end of the period.
Worrying
Sales are being made on looser credit, or revenue has been booked that may never be collected.
Inventory is growing 9776% against revenue growing 1031%.
Benign
Stocking up for a launch, or securing supply.
Worrying
Demand is softening; discounts or write-downs tend to follow.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$16.5M10 sale(s) by 6 insider(s)
Under pre-arranged plans60%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Companies like this one
Same SEC industry (pharmaceutical preparations) first, then the rest of health care.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
