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

$275.20-1.78(-0.01%)Pre-market

Market Cap

$5.71B

P/E

29.0x

P/S

19.7x

P/B

5.9x

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

GoodMetricSide Score: 78/100

Strongest: Profitability (22/25); weakest: Balance Sheet & Red Flags (14/25).

Profitability22/25

Growth22/25

Balance Sheet & Red Flags14/25

Cash & Earnings Quality20/25

Strengths

Growing revenueRising free cash flowStrong marginsHigh ROE

Valuation vs. 5-year range

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

P/E · 29.0x5y range 13.5x – 69.8x

Currently near its 14-quarter median.

P/S · 19.7x5y range 2.0x – 20.8x

Currently above its 20-quarter median.

P/B · 5.9x5y range 1.1x – 5.9x

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 -0.5x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $5.71B

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $290.54M
Q. Revenue: $63.69M
TTM EBITDA: $127.65M
TTM Op. Income: $94.73M
Q. Op. Income: $8.59M
TTM Net Income: $197.22M
Q. Net Income: $48.51M
EPS: $2.42
Shares Out.: $20.06M

$290.54M in TTM revenue grew 54.9% YoY, reaching $63.69M last quarter. TTM EBITDA of $127.65M and TTM operating income of $94.73M show growth is flowing through to the bottom line. TTM net income of $197.22M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 26.4%
Op. Margin: 13.5%
Net Margin: 76.2%

Op. margin of 13.5% is down 4.2% YoY — costs are rising relative to revenue. Net margin at 76.2% Over the past year, operating margin is down 24% — a weakening trend.

Price Ratios

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

P/E Ratio: 29.0x
P/S Ratio: 19.7x
P/B Ratio: 5.9x

At 29.0x P/E, the stock trades within typical market levels. P/S of 19.7x and P/B of 5.9x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 29% — a weakening trend.

Assets & Liabilities

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

Total Assets: $2.19B
Cash: $1.01B
Long-Term Debt: $1.13B
Book Value: $967.52M
D/E Ratio: 1.2
Debt/EBITDA: 67.0

With $2.19B in assets and $1.13B in long-term debt, D/E is 1.2and book value is $967.52M — moderate leverage. Across the last 4 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

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

Op. Cash Flow: $24.02M
TTM Free Cash Flow: $131.44M
FCF Margin: 45.2%
FCF / Net Income: 0.7

TTM FCF of $131.44M on $24.02M in operating cash flow. The FCF / Net Income ratio of 0.7x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.