Madrigal Pharmaceuticals, Inc. key statistics and ratios

In fiscal 2025, Madrigal Pharmaceuticals, Inc. had return on equity of -42.5%, an operating margin of -31.3%, debt equal to 80.6% of equity and a current ratio of 4.01. 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.

Madrigal Pharmaceuticals, Inc.: financial ratios, annual
Fiscal year	2012Dec 2012	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	—	—	—	—	—	—	—	—	96.5%	—	—
Operating margin	<−999%	—	—	—	—	—	—	—	−276.4%	−31.3%	−10.7%
Net margin	<−999%	—	—	—	—	—	—	—	−258.6%	−30.1%	−10.9%
Free-cash-flow margin	<−999%	—	—	—	—	—	—	—	−253.7%	−19.8%	−11.8%
Return on equity	−83.6%	−24.2%	−10.0%	−18.8%	−61.6%	−110.9%	−150.1%	−124.0%	−80.3%	−42.5%	−25.3%
Return on assets	−61.0%	−21.1%	−9.7%	−18.1%	−55.5%	−86.3%	−92.9%	−74.5%	−55.4%	−25.0%	−11.5%
Asset turnover	0.00	—	—	—	—	—	—	—	0.21	0.83	1.06
Current ratio	4.32	19.10	57.46	17.52	6.13	3.54	3.12	5.38	6.10	4.01	3.05
Debt to equity	5.9%	0.0%	0.0%	0.0%	0.0%	0.0%	35.3%	36.0%	19.0%	80.6%	74.8%
Interest cover (operating income ÷ interest)	—	—	—	—	—	—	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	>999%	—	—	—	—	—	—	—	131.4%	40.5%	27.2%
SG&A as % of revenue	—	—	—	—	—	—	—	—	241.5%	84.9%	74.5%
Capital spending as % of revenue	343.5%	—	—	—	—	—	—	—	0.8%	0.0%	0.8%

US$ thousands unless shown otherwise. Fiscal quarters.

Madrigal Pharmaceuticals, Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	—	96.7%	—	—	—	—	—	—
Operating margin	−64.8%	−57.8%	−22.2%	−39.7%	−18.6%	−29.8%	−15.5%	13.0%
Net margin	−57.5%	−53.4%	−19.9%	−39.8%	−18.2%	−30.3%	−15.9%	12.9%
Free-cash-flow margin	−101.3%	−64.8%	−22.1%	27.5%	−41.4%	−55.0%	5.2%	27.0%
Current ratio	6.10	5.91	5.11	3.44	4.01	3.50	3.20	3.05
Debt to equity	15.6%	16.6%	17.0%	54.3%	56.4%	62.6%	65.1%	54.4%
R&D as % of revenue	24.8%	32.2%	25.4%	60.6%	36.2%	34.9%	25.0%	16.6%
SG&A as % of revenue	136.7%	122.3%	92.5%	72.8%	74.7%	86.2%	79.4%	61.6%

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 7 checks passed · September 30, 2026

What it owns · $1.4bn

Short-term assets $1.4bnLonger-term assets $47m

What it owes, and who funded it · $1.4bn

Short-term liabilities $454mLonger-term liabilities $353mShareholders' equity $627m

Short-term assets cover short-term liabilities $1.4bn of assets due within a year against $454m of liabilities due within a year.
Short-term assets cover long-term liabilities $1.4bn short-term assets against $353m of longer-dated liabilities.
More cash than debt $515m of cash against $341m of debt.
Debt below 40% of shareholders' equity Debt is 54% of equity.
Debt burden no higher than five years ago Debt to equity moved from 0% to 54% over five years.
A year's operating cash flow covers at least 20% of debt −$157m of operating cash flow against $341m of debt.
Operating profit covers interest at least five times over Operating income of −$153m against $32m of interest.

From Madrigal Pharmaceuticals, Inc.'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

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

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 Madrigal Pharmaceuticals, Inc.'s SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Madrigal Pharmaceuticals, Inc.