Liquidia Corp key statistics and ratios

In fiscal 2025, Liquidia Corp had return on equity of -111.1%, an operating margin of -32.5%, debt equal to 0.0% of equity and a current ratio of 2.01. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Liquidia Corp: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	67.9%	76.5%	82.1%	83.5%	58.0%	—	—
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%
Return on equity	−136.2%	−112.7%	−50.7%	−52.7%	−114.0%	—	−111.1%	115.6%
Return on assets	−69.1%	−71.0%	−35.8%	−36.8%	−63.4%	−73.6%	−24.7%	32.6%
Asset turnover	0.12	0.01	0.13	0.14	0.14	0.08	0.57	1.06
Current ratio	3.34	5.63	8.36	11.34	4.85	4.43	2.01	2.31
Debt to equity	45.4%	14.5%	16.0%	22.0%	—	0.0%	0.0%	0.0%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m	6.3x
R&D as % of revenue	501.6%	>999%	159.6%	122.0%	247.3%	341.8%	24.8%	12.4%
SG&A as % of revenue	—	—	—	—	255.8%	582.8%	99.3%	42.7%
Capital spending as % of revenue	22.9%	101.7%	0.8%	3.7%	7.4%	35.4%	2.7%	3.8%
Free cash flow ÷ net income	—	—	—	—	—	—	—	108.7%

US$ thousands unless shown otherwise. Fiscal quarters.

Liquidia Corp: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	64.8%	53.6%	51.4%	—	—	—	—	—
Operating margin	−656.2%	<−999%	<−999%	−424.4%	3.3%	21.5%	46.3%	49.8%
Net margin	−697.6%	<−999%	<−999%	−470.5%	−6.5%	15.8%	39.8%	43.5%
Free-cash-flow margin	−603.2%	−757.7%	−993.9%	−458.7%	−19.7%	45.9%	37.8%	40.2%
Current ratio	6.33	4.43	2.93	2.49	2.20	2.01	2.22	2.31
R&D as % of revenue	267.3%	564.8%	223.3%	68.1%	17.2%	18.4%	9.5%	10.0%
SG&A as % of revenue	453.7%	726.6%	963.5%	439.3%	73.7%	52.4%	35.3%	33.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Liquidia Corp's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Liquidia Corp.