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Liquidia Corp (LQDA) stock

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NASDAQ: LQDA Nasdaq Pharmaceuticals Next results ~November 3, 2026

Liquidia Corp is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: data-quality checks not passed.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

Liquidia Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 15 selling1 purchase and 175 sales by directors and officers, last 12 monthsInsider trades
  • Funds222 adding, 111 cuttingOf 50 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Liquidia files

Where Liquidia stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $451m, up 2233.6% on a year earlier, faster than the 1936.7% growth a quarter earlier. Free-cash-flow margin rose to 33.4% from -623.5% a year earlier. Operating margin widened to 37.4% from -715.4%. The diluted share count is up 12.7% on a year earlier, which dilutes existing holders. It passes 3 of our 3 financial-health checks.

Our model value for Liquidia is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 12, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Liquidia Corp's trailing-twelve-month revenue grew 2233.6% year on year, with a free-cash-flow margin of 33.4%.

Current signal Revenue growth accelerating: TTM revenue growth rose to 2233.6% (+297.0pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 2233.6% over the last 12 months.
  • Growth speeding up. The growth rate is 297.0 points higher than a quarter earlier.
  • High operating margin. 37.4% of revenue is left as operating profit.
  • Margins widening. Operating margin is up 752.8 points on a year ago.
  • Strong cash generation. 33.4% of revenue turned into free cash flow.

Things to watch

  • Share dilution. Diluted shares rose 12.7% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 92% and a beta of 0.6 against the S&P 500.
  • Gross margin slipping. Gross margin is down 18.7 points on a year ago.
  • Heavily shorted. 24.0% of the shares available to trade are sold short (2.9 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 60.7% over 90 days.

Latest results: FY2026 Q2

Filed August 12, 2026
Earnings per share
$0.74 against an average estimate of $0.85: missed by 13.2%
Revenue
$172m, up 1842.7% on a year earlier
Share reaction
-18.1% in the first session after the results on August 12, 2026, against +0.9% for the S&P 500
Next report
November 3, 2026; average EPS estimate $0.98

Liquidia's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-7.1%
  • 1 week-4.3%
  • 1 month+46.1%
  • This year+21.3%
  • 1 year+71.8%
  • 5 years+868.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$451M
Operating margin
37.4%
Net margin
30.7%
EPS (TTM, diluted)
$1.47

Growth

Revenue growth
+2233.6%
Change in growth rate
+297.0 pts
Share count change
+12.7%

Cash

Free cash flow (TTM)
$151M
FCF margin
33.4%
Stock pay % of revenue
7.7%

Earnings

Last results
August 12, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Insider trade
  3. Announcement
  4. Announcement
  5. Insider trade
  6. Insider trade
  7. Insider trade
  8. Insider trade
  9. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Liquidia Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Liquidia Corp as an operating company, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.94 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$19 ~$20–$37 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$13 ~$11–$31 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Liquidia Corp with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2019202020212022202320242025Now
Share price$4.28$2.95$4.87$6.37$12.03$11.76$34.49$41.85
Market value$79m$100m$242m$388m$782m$926m$3.0bn$3.9bn
+ Net debt (− = net cash)$0−$55m−$47m−$73m−$84m−$176m−$191m−$284m
Enterprise value$79m$45m$195m$315m$698m$749m$2.8bn$3.6bn
Multiples
Price / sales 9.8x135.2x18.8x24.4x44.7x66.1x18.7x8.7x
Price / earnings ———————28.4x
Price / free cash flow ———————26.1x
EV / EBITDA ———————21.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

20 /100

Weak moat

How hard Liquidia's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -43.3% of total assets over 6 years.

  • Pricing power 14 / 20

    Gross margin has been a median 76.8%, moving by 8.5 percentage points (standard deviation) across 5 years.

  • Durability 10 / 20

    Operating margin has been a median -471.7%; its worst year was -715.4%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 1 of 6 years, at a median -376.2% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 117.4% over five years; stock-based pay has been a median 65.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (25 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, before the open. Analysts expect revenue of $214m and EPS of $0.98 (range $0.69 to $1.24) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.03 +353% $717m +353%
Next $2.19 +8% $762m +6%

Next year's EPS estimate has moved −60.7% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −41.7% on 90 days ago. In the last 30 days, 0 analysts raised Liquidia Corp's forecast and 2 cut it.

Consensus EPS forecast Liquidia Corp, last 90 days
$0.00 $2.00 $4.00 $6.00 $8.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.48 Current fiscal year, 60 days ago: $3.30 Current fiscal year, 30 days ago: $3.44 Current fiscal year, 7 days ago: $2.52 Current fiscal year, Now: $2.03 $2.03 Next fiscal year, 90 days ago: $5.57 Next fiscal year, 60 days ago: $6.09 Next fiscal year, 30 days ago: $6.26 Next fiscal year, 7 days ago: $2.59 Next fiscal year, Now: $2.19 $2.19

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.48$5.57
60 days ago $3.30$6.09
30 days ago $3.44$6.26
7 days ago $2.52$2.59
Now $2.03$2.19

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.85 $0.74 −13.2%
Mar 2026 $0.40 $0.52 +29.2%
Dec 2025 $0.33 $0.15 −55.1%
Sept 2025 −$0.35 −$0.04 +88.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 12, 2026

No numeric guidance in Liquidia Corp's latest earnings release (filed August 12, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

8 analysts, Oct 2026
Buy675%
Hold225%
Sell00%

Monthly trend

  1. Oct 20262428
  2. Sep 20261528
  3. Aug 20261528
  4. Jul 20261618

Counts of recommendations published by analysts covering Liquidia Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
24.0%
of tradable shares
Days to cover
2.89
at average volume
Short interest, 1 month
+40%
to October 15, 2026
Held by institutions
82%
of shares
Held by insiders
9.2%
of shares
Employees
216
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +71.8%

$24.36 on October 31, 2025 to $41.85

ThenNowEffect
Revenue (last 12 months) $19m $451m +2233.6%
P/S multiple 105.2x 8.7x −91.7%
Share count 83m 94m −11.2%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years +529.3%

$6.65 on November 3, 2023 to $41.85

ThenNowEffect
Revenue (last 12 months) $18m $451m +2432.6%
P/S multiple 24.2x 8.7x −63.9%
Share count 65m 94m −31.2%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LQDA+65%+31%+89%−2%+193%+21%
Industry peers (median)−20%−52%−14%−2%+7%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LQDA67%67%50%67%67%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LQDA−37%−55%−42%−47%−38%−72%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since July 26, 2018: 94% from October 9, 2018 to August 4, 2021. Getting back needed a 1531% gain, reached on January 13, 2026, 1623 days after the low.

Price behaviour

52-week range
$25.22 – $91.03
From 52-week high
−54.0%
vs 50-day average
−20.2%
vs 200-day average
−22.9%
Volatility (1 year)
92%
Beta vs S&P 500
0.61

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±9.7%
After a week
9 up, 3 down
typical move ±14.8%
After a month
8 up, 4 down
typical move ±18.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 12, 2026 −18.1% +0.9% −14.4% −24.2%
May 11, 2026 +33.8% +0.1% +34.7% +54.3%
March 5, 2026 +4.8% −1.9% +9.3% +9.5%
November 3, 2025 +14.6% −1.0% +11.9% +38.5%
August 12, 2025 +18.9% +1.4% +27.9% +27.4%
May 8, 2025 −1.7% +0.6% +24.3% +16.0%
March 19, 2025 +4.7% +0.8% +0.9% −6.9%
November 13, 2024 −5.6% −0.6% −4.8% +2.7%
August 7, 2024 +2.9% +1.6% +24.2% −17.7%
May 14, 2024 +1.2% +1.7% +9.1% +10.6%
March 13, 2024 +9.6% −0.4% +13.7% −0.2%
November 7, 2023 −0.9% +0.4% −2.7% +9.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Liquidia Corp
$0 $200M $400M $600M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $18.3M Revenue (TTM), FY23 Q4: $17.5M Revenue (TTM), FY24 Q1: $16M Revenue (TTM), FY24 Q2: $14.8M Revenue (TTM), FY24 Q3: $15.6M Revenue (TTM), FY24 Q4: $14M Revenue (TTM), FY25 Q1: $14.1M Revenue (TTM), FY25 Q2: $19.3M Revenue (TTM), FY25 Q3: $69.2M Revenue (TTM), FY25 Q4: $158.3M Revenue (TTM), FY26 Q1: $288.1M Revenue (TTM), FY26 Q2: $450.9M $450.9M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $18.3M
FY23 Q4 $17.5M
FY24 Q1 $16M
FY24 Q2 $14.8M
FY24 Q3 $15.6M
FY24 Q4 $14M
FY25 Q1 $14.1M
FY25 Q2 $19.3M
FY25 Q3 $69.2M
FY25 Q4 $158.3M
FY26 Q1 $288.1M
FY26 Q2 $450.9M
Revenue growth, TTM YoY Liquidia Corp
-1000% 0% 1000% 2000% 3000% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 32.8% Revenue growth, TTM YoY, FY23 Q4: 9.7% Revenue growth, TTM YoY, FY24 Q1: -5.7% Revenue growth, TTM YoY, FY24 Q2: -16.6% Revenue growth, TTM YoY, FY24 Q3: -14.8% Revenue growth, TTM YoY, FY24 Q4: -20.0% Revenue growth, TTM YoY, FY25 Q1: -11.4% Revenue growth, TTM YoY, FY25 Q2: 30.2% Revenue growth, TTM YoY, FY25 Q3: 343.4% Revenue growth, TTM YoY, FY25 Q4: 1031.2% Revenue growth, TTM YoY, FY26 Q1: 1936.7% Revenue growth, TTM YoY, FY26 Q2: 2233.6% 2233.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 32.8%
FY23 Q4 9.7%
FY24 Q1 -5.7%
FY24 Q2 -16.6%
FY24 Q3 -14.8%
FY24 Q4 -20.0%
FY25 Q1 -11.4%
FY25 Q2 30.2%
FY25 Q3 343.4%
FY25 Q4 1031.2%
FY26 Q1 1936.7%
FY26 Q2 2233.6%
Operating margin (TTM) Liquidia Corp
-1000% -500% 0% 500% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -291.8% Operating margin (TTM), FY23 Q4: -419.6% Operating margin (TTM), FY24 Q1: -582.2% Operating margin (TTM), FY24 Q2: -655.8% Operating margin (TTM), FY24 Q3: -715.1% Operating margin (TTM), FY24 Q4: -866.6% Operating margin (TTM), FY25 Q1: -904.4% Operating margin (TTM), FY25 Q2: -715.4% Operating margin (TTM), FY25 Q3: -155.0% Operating margin (TTM), FY25 Q4: -32.5% Operating margin (TTM), FY26 Q1: 15.8% Operating margin (TTM), FY26 Q2: 37.4% 37.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -291.8%
FY23 Q4 -419.6%
FY24 Q1 -582.2%
FY24 Q2 -655.8%
FY24 Q3 -715.1%
FY24 Q4 -866.6%
FY25 Q1 -904.4%
FY25 Q2 -715.4%
FY25 Q3 -155.0%
FY25 Q4 -32.5%
FY26 Q1 15.8%
FY26 Q2 37.4%
FCF margin (TTM) Liquidia Corp
-800% -600% -400% -200% 0% 200% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -173.4% FCF margin (TTM), FY23 Q4: -245.0% FCF margin (TTM), FY24 Q1: -372.8% FCF margin (TTM), FY24 Q2: -523.3% FCF margin (TTM), FY24 Q3: -592.3% FCF margin (TTM), FY24 Q4: -702.9% FCF margin (TTM), FY25 Q1: -734.5% FCF margin (TTM), FY25 Q2: -623.5% FCF margin (TTM), FY25 Q3: -150.7% FCF margin (TTM), FY25 Q4: -25.3% FCF margin (TTM), FY26 Q1: 14.3% FCF margin (TTM), FY26 Q2: 33.4% 33.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -173.4%
FY23 Q4 -245.0%
FY24 Q1 -372.8%
FY24 Q2 -523.3%
FY24 Q3 -592.3%
FY24 Q4 -702.9%
FY25 Q1 -734.5%
FY25 Q2 -623.5%
FY25 Q3 -150.7%
FY25 Q4 -25.3%
FY26 Q1 14.3%
FY26 Q2 33.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 8 1 13 16 17 14 158 451
Gross profit — 1 10 13 15 8 — —
EBITDA −44 −56 −28 −35 −71 −119 −50 170
Operating income −47 −59 −34 −39 −73 −121 −51 169
Net income −48 −60 −35 −41 −79 −128 −69 139
Diluted EPS −$2.57 −$1.76 −$0.70 −$0.67 −$1.21 −$1.63 −$0.80 $1.47
Growth (year on year)
Revenue — −90.8% +>999% +24.0% +9.7% −20.0% +>999% +>999%
Margins
Gross margin — 67.9% 76.5% 82.1% 83.5% 58.0% — —
EBITDA margin −548.3% <−999% −219.3% −220.4% −407.2% −850.9% −31.5% 37.7%
Operating margin −580.1% <−999% −263.0% −243.3% −419.6% −866.6% −32.5% 37.4%
Net margin −589.5% <−999% −269.0% −257.4% −448.9% −916.6% −43.5% 30.7%
Free-cash-flow margin −621.1% <−999% −265.6% −183.1% −245.0% −702.9% −25.3% 33.4%
Cash flow
Cash from operations −48 −54 −34 −29 −42 −93 −36 168
Capital spending 2 1 0 1 1 5 4 17
Free cash flow −50 −55 −34 −29 −43 −98 −40 151
Stock-based pay 3 4 7 9 10 19 29 35
Free cash flow after stock pay −54 −59 −41 −38 −53 −117 −69 116
Balance sheet
Cash — 65 57 93 84 176 191 284
Total debt 16 10 10 20 — 0 0 0
Net debt (negative = net cash) — −55 −47 −73 −84 −176 −191 −284
Diluted shares 18m 34m 50m 61m 65m 79m 86m 94m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · June 30, 2026
What it owns · $522m
Short-term assets $438mLonger-term assets $84m
What it owes, and who funded it · $522m
Short-term liabilities $189mLonger-term liabilities $138mShareholders' equity $195m
  • Short-term assets cover short-term liabilities $438m of assets due within a year against $189m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $438m short-term assets against $138m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $169m against $27m of interest.

From Liquidia Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+12.7%
year over year
R&D spending
12.4%
of revenue
Sales & admin spending
42.7%
of revenue
Days sales outstanding
88 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated LQDA INVA IRWD ALVO XERS EOLS Median
Revenue, last 12 months $451m $440m $389m $586m $335m $316m $296m
Revenue growth, last 12 months >999% 18.8% 26.2% 19.7% 36.3% 13.9% 10.0%
Revenue growth, 3-year average 193.7% 14.9% −3.1% — 35.8% 23.4% 5.9%
Revenue growth, latest quarter >999% 19.3% 32.6% — 28.7% 21.2% 6.7%
Gross margin 58.1% 72.2% 99.2% 59.8% — 66.7% 60.1%
Operating margin 37.4% 36.9% 60.1% 13.3% 10.9% −5.9% −5.9%
Operating margin, 3-year average −444.6% 59.6% 37.4% — −4.5% −12.6% −8.5%
Net margin 30.7% 81.2% 33.4% 4.8% −5.1% −10.8% −7.0%
Cash from operations / revenue 37.2% 43.5% 47.7% −8.6% 16.9% −4.9% 10.8%
Free-cash-flow margin 33.4% 43.1% 47.7% −19.6% 16.5% −5.8% 9.3%
Free-cash-flow margin, 3-year average −371.2% 48.3% 31.3% — −4.1% −9.6% 6.6%
Stock pay / revenue 7.7% 2.8% 3.7% 1.3% 8.4% 6.6% 3.7%
Change in share count 12.7% 18.0% −2.0% 8.7% 19.6% 2.3% 2.0%

Median of all 76 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $148M 93.7% —
Services $10M 6.3% ▼ 28.3%

From Liquidia Corp's 10-K filed March 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5.8B
Institutions reporting
333
Shares held vs prior quarter
▲ 17.9%
Positions opened / closed
120 / 31

Top buyers and sellers, Q2 2026: 222 institutions bought and 111 sold ; the biggest buyer was Blackrock, Inc (+5.3M shares) and the biggest seller Jane Street Group, LLC (−654K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $860M 10.8M 14.9% ▲ 96.5%
Farallon Capital Management, L.L.C. $667M 8.4M 11.5% ▼ 3.4%
Caligan Partners LP $647M 8.1M 11.2% 0.0%
Findell Capital Management LLC $279M 3.5M 4.8% 0.0%
Vanguard Capital Management LLC $250M 3.1M 4.3% ▲ 7.3%
State Street Corp $242M 3.0M 4.2% ▲ 61.1%
Opaleye Management Inc. $195M 2.4M 3.4% ▼ 3.8%
Geode Capital Management, LLC $169M 2.1M 2.9% ▲ 10.0%
Bank Of America Corp $159M 2.0M 2.7% ▼ 12.9%
Price T Rowe Associates Inc $155M 1.9M 2.7% ▲ 103.6%
Vanguard Portfolio Management LLC $122M 1.5M 2.1% ▲ 142.2%
Caprock Group, LLC $112M 1.4M 1.9% ▲ 3.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Liquidia Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $317,894 1 trade by 1 insider, last 12 months Insider sales History → $231M 175 trades by 15 insiders · 33% under pre-set plans
Net ▼ $230M net selling
Insider Date Trade Shares Price Value
Adair Jason Chief Business Officer October 26, 2026 Sell pre-set plan 688 $43.19 $29,715
Boyle Dana Chief Accounting Officer October 26, 2026 Sell pre-set plan 1,581 $43.19 $68,283
Adair Jason Chief Business Officer October 12, 2026 Sell pre-set plan 7,301 $28.48 $207,932
Boyle Dana Chief Accounting Officer October 12, 2026 Sell pre-set plan 5,892 $28.48 $167,804
Jeffs Roger Chief Executive Officer October 12, 2026 Sell pre-set plan 32,744 $28.48 $932,549
Kaseta Michael CFO and COO October 12, 2026 Sell pre-set plan 18,938 $28.48 $539,354
Khindri Sanjeev Chief Development Officer October 12, 2026 Sell pre-set plan 1,101 $28.48 $31,356
Krepp Sarah Chief Human Resource Officer October 12, 2026 Sell pre-set plan 5,245 $28.48 $149,378
Moomaw Scott Chief Commercial Officer October 12, 2026 Sell pre-set plan 8,863 $28.48 $252,418
Saggar Rajeev Chief Medical Officer October 12, 2026 Sell pre-set plan 9,218 $28.48 $262,529
Schundler Russell General Counsel October 12, 2026 Sell pre-set plan 13,692 $28.48 $389,948
Bloch Stephen M Director October 5, 2026 Sell 235,477 $27.13 $6.4M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 2, 2026 estimated from the company's past filing pattern, not announced

  • August 12, 2026
  • May 11, 2026
  • March 5, 2026
  • November 3, 2025
  • August 12, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Liquidia Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Liquidia Corp in brief

What does Liquidia Corp do?
Liquidia Corp is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Liquidia Corp's stock ticker?
Liquidia Corp trades under the ticker LQDA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Liquidia Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Liquidia Corp reported revenue of $451M, 2233.6% higher than a year earlier, according to its SEC filings.
What is Liquidia Corp's free cash flow?
Liquidia Corp's free-cash-flow margin is 33.4% of revenue over the trailing twelve months.
Who are Liquidia Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Farallon Capital Management, L.L.C. and Caligan Partners LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Liquidia Corp's market cap?
On November 2, 2026, Liquidia Corp's market capitalisation was about $3.9B, with a price-to-earnings ratio of 28.4 and net debt of -$284M. Market figures come from third-party market data and may be delayed.
Who are Liquidia Corp's competitors?
In our Pharmaceuticals peer group, the companies closest to Liquidia Corp are Innoviva, Inc., Ironwood Pharmaceuticals Inc, Alvotech, Xeris Biopharma Holdings, Inc. and Evolus, Inc. The side-by-side comparison below sets their revenue, margins and growth against Liquidia Corp's.
Are insiders buying or selling Liquidia Corp stock?
Over the last 12 months, Liquidia Corp's directors and officers reported 1 open-market purchases and 175 sales on Form 4. The insider trading page charts every trade.
When is Liquidia Corp's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Liquidia Corp announces its own schedule.