Ligand Pharmaceuticals Incorpor (LGND) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Ligand Pharmaceuticals Incorpor

NasdaqGM•Healthcare•Biotechnology

$313.52+6.50(0.02%)Pre-market

Market Cap

$6.26B

P/E

121.6x

P/S

24.7x

P/B

6.5x

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, develops and licenses biopharmaceutical assets worldwide. It offers Pradefovir, Posaconazole, Voriconazole, CAPVAXIVE, NOXAFIL, MenFive, and ZELSUVMI for infectious disease; EVOMELA and KYPROLIS for multiple myeloma; FILSPARI for the treatment of immunoglobulin a nephropathy; PNEUMOSIL, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia in children; and QARZIBA to treat neuroblastoma. The company also provides Teriparatide injection product for osteoporosis; RYLAZE, a recombinant erwinia asparaginase for acute lymphoblastic leukemia or lymphoblastic lymphoma in adult and pediatric patients; TZIELD, a CD3-directed antibody indicated to delay the onset of Stage 3 type 1 diabetes in adults and children aged 8 years and older with Stage 2 T1D; and VAXNEUVANCE for the prevention of invasive disease caused by streptococcus pneumoniae serotypes. In addition, it offers Duavee for menopause; Frovatriptan to treat Neurology; FYCOMPA and SESQUIENT for CNS; MEKINIST for cardiology; Nexterone, a captisol-enabled formulation of amiodarone; VEKLURY, an antiviral treatment for COVID-19; and Viviant for osteoporosis. Further, the company develops ACLX-002, Ciforadenant, UGN-301, Viright, MB07133, BOT/BAL, and Lasofoxifene for oncology; Ensifentrine for respiratory disease; QTORIN for rare disease; Sparsentan for kidney disease; VK2809 for hepatology; ANEB-001 for acute cannabinoid intoxication; Reproxalap for opthamology; VK0214 for Rare Disease; and VK5211 for musculoskeletal disorder. The company was incorporated in 1987 and is based in Jupiter, Florida.

How this company scores

AverageMetricSide Score: 56/100

Strongest: Cash & Earnings Quality (19/25); weakest: Balance Sheet & Red Flags (9/25).

Profitability14/25

Growth14/25

Balance Sheet & Red Flags9/25

Cash & Earnings Quality19/25

Strengths

Rising free cash flowProfit converts from growthConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 121.6x5y range 13.5x – 121.6x

Currently above its 14-quarter median.

P/S · 24.7x5y range 2.0x – 24.7x

Currently above its 20-quarter median.

P/B · 6.5x5y range 1.1x – 6.5x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

FCF consistently trails net income (avg 0.2x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $6.26B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $253.83M
Q. Revenue: $78.75M
TTM EBITDA: $59.01M
TTM Op. Income: $24.04M
Q. Op. Income: $-15.76M
TTM Net Income: $51.46M
Q. Net Income: $-28.48M
EPS: $-1.43
Shares Out.: $19.96M

$253.83M in TTM revenue grew 1.0% YoY, reaching $78.75M last quarter. TTM EBITDA of $59.01M and TTM operating income of $24.04M show growth is flowing through to the bottom line. TTM net income of $51.46M means revenue is converting into profit. Over the past year, TTM revenue is up 1% — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -6.9%
Op. Margin: -20.0%
Net Margin: -36.2%

Op. margin of -20.0% is down 67.6% YoY — costs are rising relative to revenue. Net margin at -36.2% Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 121.6x
P/S Ratio: 24.7x
P/B Ratio: 6.5x

At 121.6x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 24.7x and P/B of 6.5x provide additional context. P/E sits above typical market levels while revenue growth is below 5%. Across the last 5 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $2.24B
Cash: $55.96M
Long-Term Debt: $1.13B
Book Value: $961.76M
D/E Ratio: 1.2
Debt/EBITDA: N/A

With $2.24B in assets and $1.13B in long-term debt, D/E is 1.2and book value is $961.76M — moderate leverage. Across the last 5 quarters, debt/equity has risen for 3 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-27.59M
TTM Free Cash Flow: $90.63M
FCF Margin: 35.7%
FCF / Net Income: 1.8

TTM FCF of $90.63M on $-27.59M in operating cash flow. The FCF / Net Income ratio of 1.8x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 195% — a weakening trend.