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MannKind Corporation

MNKD NASDAQ Categories PDF
Healthcare · Biotechnology · United States · Updated May 11, 1:54pm
$3.34
Price
$1.0B
Market Cap
403
Employees
1.04
Beta
Michael E. Castagna
CEO
Business Description

MannKind Corporation, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapeutic products for endocrine and orphan lung diseases in the United States. It offers Afrezza, an inhaled insulin used to improve glycemic control in adults with diabetes. It also promotes Thyquidity to adult and pediatric endocrinologists, and other healthcare providers for the treatment of hypothyroidism. The company has a license and collaboration agreement with United Therapeutics Corporation. It also has an agreement with NRx Pharmaceuticals to develop a dry powder formulation of ZYESAMI (aviptadil), a synthetic form of human vasoactive intestinal peptide to help protect cells against inflammatory conditions. MannKind Corporation was incorporated in 1991 and is headquartered in Westlake Village, California.

Business History
Price Overview
Last updated: May 11, 2026 1:54pm (just now)
$3.34
-0.19 (-5.26%)
Day Range
$3.33 – $3.60
52-Week Range
$2.23 – $6.51
50-Day MA
$2.73
200-Day MA
$4.60
Volume
3,612,043.97
Analyst Price Targets
Low $6.00
Consensus $8.25
High $10.00
(11 analysts)
Share Structure
Outstanding 308,950,000.00
Float 303,370,526.00
Free Float 98.2%
High free float — 98.2% of shares trade freely, ~1.8% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALC
Stock Price / EPS (Diluted)
166.75
Stock Price: $3.34
EPS (Diluted): 0.02
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
-33.97
Stock Price: $3.34
Total Equity: -$51.02M
Shares: 314,112,000
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
49.62
Market Cap: $1.03B
Total Debt: $369.60M
Cash: $74.88M
EBITDA: $27.52M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$2.1B
Market Cap: $1.03B
Total Debt: $369.60M
Cash: $74.88M
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
82.5%
Gross Profit: $287.81M
Revenue: $348.97M
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
11.1%
Operating Income: $38.80M
Revenue: $348.97M
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
1.7%
Net Income: $5.86M
Revenue: $348.97M
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
45.6%
Net Income: $5.86M
Total Equity: -$51.02M
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
1.8%
Operating Income: $38.80M
Tax Rate: -316.7%
Equity: -$51.02M
Total Debt: $369.60M
Cash: $74.88M
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
1.70
Current Assets: $291.58M
Current Liabilities: $171.03M
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
-7.24
Short-Term Debt: $49.24M
Long-Term Debt: $320.36M
Total Debt: $369.60M
Total Equity: -$51.02M
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$1.11
Revenue: $348.97M
Shares: 314,112,000
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$-0.16
Total Equity: -$51.02M
Shares: 314,112,000
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$0.04
Operating CF: $18.26M
CapEx: -$4.57M
Shares: 314,112,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $3.34
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $5.86M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares MNKD against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Metric 2021 2022 2023 2024 2025
Revenue $75.4M $99.8M $199.0M $285.5M $349.0M
Cost of Revenue $38.9M $57.5M $62.8M $76.6M $61.2M
Gross Profit $36.6M $42.3M $136.2M $208.9M $287.8M
Operating Expenses $83.6M $106.4M $127.5M $136.3M $249.0M
Operating Income -$47.0M -$64.1M $8.7M $72.6M $38.8M
Net Income -$80.9M -$87.4M -$11.9M $27.6M $5.9M
EBITDA -$61.1M -$56.3M $15.1M $77.5M $27.5M
EPS $-0.37 $-0.44 $-0.04 $0.10 $0.02
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $124.2M $69.8M $238.5M $46.3M $74.9M
Total Current Assets $219.5M $234.9M $373.4M $268.3M $291.6M
Total Assets $321.2M $295.3M $475.2M $393.8M $792.2M
Current Liabilities $48.3M $67.3M $104.1M $81.8M $171.0M
Long-Term Debt $281.2M $273.5M $248.7M $36.1M $320.4M
Total Liabilities $530.5M $545.8M $721.4M $472.7M $843.2M
Total Equity -$209.3M -$250.5M -$246.2M -$78.8M -$51.0M
Retained Earnings -$3.1B -$3.2B -$3.2B -$3.2B -$3.2B
Cash Flow (Annual)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow -$61.7M -$80.7M $34.1M $42.5M $18.3M
Capital Expenditure -$11.5M -$7.6M -$42.4M -$9.7M -$4.6M
Free Cash Flow -$73.2M -$88.3M -$8.3M $32.8M $13.7M
Acquisitions (net) -$56.1M -$15.3M $0 $0 -$347.7M
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks $0 $0 $0 $0 $0
Net Change in Cash $57.0M -$54.4M $168.7M -$191.4M $28.6M
Analyst Estimates (Annual)
Metric 2027 2028 2029 2030
Revenue $518.3M
$499.7M – $536.1M
 $532.7M
$531.7M – $533.6M
 $605.6M
$567.2M – $630.6M
 $698.4M
$654.2M – $727.4M
EBITDA -$98.3M
-$101.7M – -$94.8M
 -$101.0M
-$101.2M – -$100.8M
 -$114.8M
-$119.6M – -$107.6M
 -$132.5M
-$137.9M – -$124.1M
Net Income $60.0M
-$140.7M – $193.5M
 $64.2M
$17.9M – $74.1M
 $96.0M
$88.1M – $101.2M
 $144.0M
$132.1M – $151.7M
EPS — — — —
Growth Trends (YoY %)
Metric 2022 2023 2024 2025
Revenue Growth +32.2% +99.4% +43.5% +22.2%
Gross Profit Growth +15.5% +222.2% +53.4% +37.8%
Operating Income Growth -36.3% +113.5% +736.4% -46.5%
Net Income Growth -8.0% +86.3% +331.1% -78.7%
EBITDA Growth +7.8% +126.9% +412.0% -64.5%
Insider Trading (Recent)
Date Insider Type Shares Price Value
2026-03-10 Castagna Michael 0.00 $0.00 $0
2026-04-22 Prentiss Christopher B F-InKind 12,267.00 $2.74 $33,612
2026-03-23 Prentiss Christopher B A-Award 221,000.00 $0.00 $0
2026-03-23 Prentiss Christopher B A-Award 217,000.00 $2.44 $529,480
2026-03-23 Castagna Michael A-Award 796,000.00 $0.00 $0
2026-03-23 Castagna Michael A-Award 782,000.00 $2.44 $1.9M
2026-03-23 Singh Sanjay R A-Award 221,000.00 $0.00 $0
2026-03-23 Singh Sanjay R A-Award 217,000.00 $2.44 $529,480
2026-03-23 Ahuja Ajay A-Award 221,000.00 $0.00 $0
2026-03-23 Ahuja Ajay A-Award 217,000.00 $2.44 $529,480
2026-03-23 Tross Stuart A A-Award 221,000.00 $0.00 $0
2026-03-23 Tross Stuart A A-Award 217,000.00 $2.44 $529,480
2026-03-23 Thomson David A-Award 221,000.00 $0.00 $0
2026-03-23 Thomson David A-Award 217,000.00 $2.44 $529,480
2026-03-10 Castagna Michael P-Purchase 100,000.00 $2.59 $259,000
2026-03-01 Shannon James Samuel A-Award 12,000.00 $3.27 $39,240
2026-03-01 HOOPER ANTHONY C A-Award 35,000.00 $3.27 $114,450
2026-03-01 Prentiss Christopher B A-Award 5,000.00 $3.27 $16,350
2026-03-01 Castagna Michael A-Award 15,290.00 $3.27 $49,998
2026-02-26 Castagna Michael A-Award 57,750.00 $1.52 $87,780
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.193 · 1946f027 · 2026-05-08 18:57:27