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Mannkind Corp (MNKD) stock

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NASDAQ: MNKD Nasdaq Biotechnology Next results ~November 5, 2026

B Fundamentals grade

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

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$3.2

Valuation models combined (4)

Base case. Range ~$1.6–$5.4. Weighted average of 4 models (growth cash-flow model, forward price-to-earnings vs peers, forward price-to-sales vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Mannkind 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, 5 selling1 purchase and 14 sales by directors and officers, last 12 monthsInsider trades
  • Funds142 adding, 102 cuttingOf 41 active managers that changed their stake, 22 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Mannkind files

Where Mannkind stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $394m, up 30.5% on a year earlier, faster than the 21.2% growth a quarter earlier. Free-cash-flow margin fell to -4.6% from 9.5% a year earlier. Operating margin narrowed to 2.3% from 22.2%. The diluted share count is up 6.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 1 of our 5 financial-health checks. Our revenue-to-maturity cash-flow model value is $8.84 a share, against a share price of $3.52.

Source: 10-Q filed August 5, 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 5, 2026 (estimated)

Mannkind Corp's trailing-twelve-month revenue grew 30.5% year on year, with a free-cash-flow margin of -4.6%. Where it stands out: days sales outstanding of 40 days ranks 19 of 100 biotechnology companies we cover. Where it lags: long-term debt as % of assets of 43.6% ranks 65 of 78 biotechnology companies we cover.

Current signal Balance sheet growing far ahead of sales: Total assets grew 78% year over year while revenue grew 30% — the balance sheet is expanding 47 points faster than the business it supports.

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 30.5% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Growth speeding up. The growth rate is 9.2 points higher than a quarter earlier.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Margins narrowing. Operating margin is down 19.8 points on a year ago.
  • Burning cash. Free cash flow was -4.6% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 6.1% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 71% and a beta of 1.0 against the S&P 500.
  • Gross margin slipping. Gross margin is down 4.8 points on a year ago.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
-$0.01 against an average estimate of $0.02: missed by 160.0%
Revenue
$109m, up 42.9% on a year earlier
Share reaction
-1.8% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 5, 2026; average EPS estimate -$0.01

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

Price chart

  • 1 day+2.2%
  • 1 week+13.4%
  • 1 month-1.8%
  • This year-35.6%
  • 1 year-31.9%
  • 5 years-23.6%
  • 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)
$394M
Operating margin
2.3%
Net margin
-11.1%
EPS (TTM, diluted)
$-0.14

Growth

Revenue growth
+30.5%
Change in growth rate
+9.2 pts
Share count change
+6.1%

Cash

Free cash flow (TTM)
-$18.1M
FCF margin
-4.6%
Stock pay % of revenue
7.1%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

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

  1. Announcement
  2. Results
  3. Share issue

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

Mannkind Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Mannkind Corp as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.02 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. ~$2.4 ~$1.3–$3.3 Primary model, counts double
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. ~$1.6 ~$1.5–$3.1 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
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. ~$5.0 ~$5.2–$19 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. ~$5.4 ~$4.2–$6.8 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$3.2 ~$1.6–$5.4 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Mannkind Corp with Biotechnology 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 20152016201720182019202020212022202320242025Now
Share price$7.25$3.20$2.32$1.06$1.29$3.13$4.37$5.27$3.64$6.43$5.67$3.65
Market value$589m$295m$242m$153m$252m$697m$1.1bn$1.4bn$972m$1.8bn$1.8bn$1.1bn
+ Net debt (− = net cash)−$31m$5m$113m$31m$94m$56m$164m$209m$34m−$10m$286m$272m
Enterprise value$557m$299m$355m$184m$346m$753m$1.3bn$1.6bn$1.0bn$1.8bn$2.1bn$1.4bn
Multiples
Price / sales —1.7x20.6x5.5x4.0x10.7x14.4x13.6x4.9x6.4x5.1x2.9x
Price / earnings —2.3x———————66.2xn/m—
Price / free cash flow —————————55.6x130.1x—
EV / EBITDA —4.3x——————76.1x22.7x40.5x54.8x

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 Mannkind's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -12.7% of total assets over 7 years.

  • Pricing power 12 / 20

    Gross margin has been a median 78.6%, moving by 37.7 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median -36.8%; its worst year was -749.0%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 9 years, at a median -55.0% of revenue.

  • Discipline 1 / 20

    The diluted share count rose 29.3% over five years; stock-based pay has been a median 9.6% 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 5, 2026, after the close. Analysts expect revenue of $108m and EPS of −$0.01 (range −$0.04 to $0.01) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.03 −87% $442m +27%
Next $0.14 +440% $507m +15%

Next year's EPS estimate has moved −29.9% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −70.6% on 90 days ago. In the last 30 days, 0 analysts raised Mannkind Corp's forecast and 0 cut it.

Consensus EPS forecast Mannkind Corp, last 90 days
$0.00 $0.05 $0.10 $0.15 $0.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.09 Current fiscal year, 60 days ago: $0.03 Current fiscal year, 30 days ago: $0.03 Current fiscal year, 7 days ago: $0.03 Current fiscal year, Now: $0.03 $0.03 Next fiscal year, 90 days ago: $0.19 Next fiscal year, 60 days ago: $0.13 Next fiscal year, 30 days ago: $0.13 Next fiscal year, 7 days ago: $0.13 Next fiscal year, Now: $0.14 $0.14

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.09$0.19
60 days ago $0.03$0.13
30 days ago $0.03$0.13
7 days ago $0.03$0.13
Now $0.03$0.14

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.02 −$0.01 −160.0%
Mar 2026 $0.01 −$0.02 −399.9%
Dec 2025 $0.03 $0.01 −66.7%
Sept 2025 $0.03 $0.07 +110.0%

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

Management guidance

Earnings release, August 5, 2026

No numeric guidance in Mannkind Corp's latest earnings release (filed August 5, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

9 analysts, Oct 2026
Buy889%
Hold111%
Sell00%

Monthly trend

  1. Oct 2026819
  2. Sep 2026718
  3. Aug 2026718
  4. Jul 2026718

Counts of recommendations published by analysts covering Mannkind 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
8.0%
of tradable shares
Days to cover
4.69
at average volume
Short interest, 1 month
−13%
to October 15, 2026
Held by institutions
57%
of shares
Held by insiders
1.5%
of shares
Employees
591
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 −34.7%

$5.59 on October 31, 2025 to $3.65

ThenNowEffect
Revenue (last 12 months) $302m $394m +30.5%
P/S multiple 5.4x 2.9x −46.9%
Share count 292m 310m −5.8%

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

Last 3 years −7.8%

$3.96 on November 3, 2023 to $3.65

ThenNowEffect
Revenue (last 12 months) $158m $394m +148.9%
P/S multiple 6.6x 2.9x −56.3%
Share count 263m 310m −15.2%

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
MNKD+40%+21%−31%+77%−12%−36%
Industry peers (median)−36%−57%−17%−29%−5%−26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MNKD50%50%50%67%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MNKD−48%−41%−41%−23%−48%−63%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 96% from November 3, 2015 to May 3, 2017. Getting back needed a 2175% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.28 – $6.21
From 52-week high
−41.2%
vs 50-day average
+2.2%
vs 200-day average
−1.9%
Volatility (1 year)
71%
Beta vs S&P 500
0.97

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
3 up, 9 down
typical move ±6.7%
After a week
3 up, 9 down
typical move ±8.4%
After a month
6 up, 6 down
typical move ±14.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −1.8% −0.4% −2.8% 0.0%
May 6, 2026 +24.1% +1.1% +12.2% +18.9%
February 26, 2026 −6.3% −1.0% −19.1% −34.9%
November 5, 2025 +4.0% −0.7% −4.2% +3.6%
August 6, 2025 −14.0% +0.7% −6.5% +38.8%
May 8, 2025 −6.0% +0.6% −6.0% −9.9%
February 26, 2025 −7.4% −1.5% −8.8% −9.7%
November 7, 2024 −1.2% +1.2% −5.6% −10.5%
August 7, 2024 −1.5% +1.6% −1.5% +12.5%
May 8, 2024 −3.6% +0.6% −0.4% +4.5%
February 27, 2024 +9.5% +0.1% +32.7% +29.3%
November 7, 2023 −0.8% +0.4% +1.1% −0.3%

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.

Mannkind Corp in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Mannkind Corp
$100M $200M $300M $400M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $176.5M Revenue (TTM), FY23 Q4: $199M Revenue (TTM), FY24 Q1: $224.6M Revenue (TTM), FY24 Q2: $248.4M Revenue (TTM), FY24 Q3: $267.2M Revenue (TTM), FY24 Q4: $285.5M Revenue (TTM), FY25 Q1: $297.6M Revenue (TTM), FY25 Q2: $301.7M Revenue (TTM), FY25 Q3: $313.8M Revenue (TTM), FY25 Q4: $349M Revenue (TTM), FY26 Q1: $360.8M Revenue (TTM), FY26 Q2: $393.6M $393.6M

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

View chart data
Period Revenue (TTM)
FY23 Q3 $176.5M
FY23 Q4 $199M
FY24 Q1 $224.6M
FY24 Q2 $248.4M
FY24 Q3 $267.2M
FY24 Q4 $285.5M
FY25 Q1 $297.6M
FY25 Q2 $301.7M
FY25 Q3 $313.8M
FY25 Q4 $349M
FY26 Q1 $360.8M
FY26 Q2 $393.6M
Revenue growth, TTM YoY Mannkind Corp
0% 50% 100% 150% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 131.6% Revenue growth, TTM YoY, FY23 Q4: 99.4% Revenue growth, TTM YoY, FY24 Q1: 74.9% Revenue growth, TTM YoY, FY24 Q2: 57.1% Revenue growth, TTM YoY, FY24 Q3: 51.3% Revenue growth, TTM YoY, FY24 Q4: 43.5% Revenue growth, TTM YoY, FY25 Q1: 32.5% Revenue growth, TTM YoY, FY25 Q2: 21.5% Revenue growth, TTM YoY, FY25 Q3: 17.4% Revenue growth, TTM YoY, FY25 Q4: 22.2% Revenue growth, TTM YoY, FY26 Q1: 21.2% Revenue growth, TTM YoY, FY26 Q2: 30.5% 30.5%

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

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 131.6%
FY23 Q4 99.4%
FY24 Q1 74.9%
FY24 Q2 57.1%
FY24 Q3 51.3%
FY24 Q4 43.5%
FY25 Q1 32.5%
FY25 Q2 21.5%
FY25 Q3 17.4%
FY25 Q4 22.2%
FY26 Q1 21.2%
FY26 Q2 30.5%
Operating margin (TTM) Mannkind Corp
-10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -6.8% Operating margin (TTM), FY23 Q4: 4.4% Operating margin (TTM), FY24 Q1: 14.0% Operating margin (TTM), FY24 Q2: 18.6% Operating margin (TTM), FY24 Q3: 20.2% Operating margin (TTM), FY24 Q4: 25.4% Operating margin (TTM), FY25 Q1: 26.3% Operating margin (TTM), FY25 Q2: 22.2% Operating margin (TTM), FY25 Q3: 23.3% Operating margin (TTM), FY25 Q4: 11.1% Operating margin (TTM), FY26 Q1: 4.1% Operating margin (TTM), FY26 Q2: 2.3% 2.3%

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

View chart data
Period Operating margin (TTM)
FY23 Q3 -6.8%
FY23 Q4 4.4%
FY24 Q1 14.0%
FY24 Q2 18.6%
FY24 Q3 20.2%
FY24 Q4 25.4%
FY25 Q1 26.3%
FY25 Q2 22.2%
FY25 Q3 23.3%
FY25 Q4 11.1%
FY26 Q1 4.1%
FY26 Q2 2.3%
FCF margin (TTM) Mannkind Corp
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -17.9% FCF margin (TTM), FY23 Q4: -4.2% FCF margin (TTM), FY24 Q1: 1.4% FCF margin (TTM), FY24 Q2: 7.3% FCF margin (TTM), FY24 Q3: 10.8% FCF margin (TTM), FY24 Q4: 11.5% FCF margin (TTM), FY25 Q1: 7.3% FCF margin (TTM), FY25 Q2: 9.5% FCF margin (TTM), FY25 Q3: 13.8% FCF margin (TTM), FY25 Q4: 3.9% FCF margin (TTM), FY26 Q1: 3.6% FCF margin (TTM), FY26 Q2: -4.6% -4.6%

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

View chart data
Period FCF margin (TTM)
FY23 Q3 -17.9%
FY23 Q4 -4.2%
FY24 Q1 1.4%
FY24 Q2 7.3%
FY24 Q3 10.8%
FY24 Q4 11.5%
FY25 Q1 7.3%
FY25 Q2 9.5%
FY25 Q3 13.8%
FY25 Q4 3.9%
FY26 Q1 3.6%
FY26 Q2 -4.6%

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

Where the money goes

FY2025, from the 10-K

Each dollar Mannkind took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $349M
  2. Cost of revenue $26.8M · 7.7%
  3. Gross profit $322M · 92.3%
  4. Research and development $66.3M · 19.0%
  5. Selling, general and admin $144M · 41.3%
  6. Other operating costs $72.9M · 20.9%
  7. Operating income $38.8M · 11.1%
  8. Interest and other $32.9M · 9.4%
  9. Net income $5.9M · 1.7%

Shares of revenue. Source: Mannkind's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

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

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 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 0 0 0 0 0 0 175 12 28 63 65 75 100 199 286 349 394
Gross profit — — — — — — 158 −5 8 43 50 59 84 178 268 322 353
EBITDA −136 −126 −134 −158 −170 −334 70 −106 −74 −44 −46 −45 −61 13 80 51 26
Operating income −152 −141 −147 −169 −180 −345 67 −108 −77 −45 −48 −47 −64 9 73 39 9
Net income −171 −161 −169 −191 −198 −368 126 −117 −87 −52 −57 −81 −87 −12 28 6 −44
Diluted EPS −$1.50 −$1.32 −$4.70 −$3.20 −$2.57 −$4.54 $1.36 −$1.13 −$0.60 −$0.27 −$0.26 −$0.32 −$0.34 −$0.04 $0.10 $0.02 −$0.14
Growth (year on year)
Revenue — −46.2% −30.0% −100.0% — — — −93.3% +137.2% +126.3% +3.3% +15.8% +32.2% +99.4% +43.5% +22.2% +30.5%
EBITDA — — — — — — — −252.7% — — — — — — +505.1% −36.1% −65.9%
Operating income — — — — — — — −260.9% — — — — — — +736.4% −46.5% −86.2%
Net income — — — — — — — −193.4% — — — — — — — −78.7% −233.0%
Diluted EPS — — — — — — — −183.1% — — — — — — — −80.0% −225.3%
Margins
Gross margin — — — — — — 90.2% −46.7% 30.4% 68.1% 76.8% 77.7% 84.0% 89.5% 93.9% 92.3% 89.8%
EBITDA margin <−999% <−999% <−999% — — — 39.9% −905.8% −264.7% −69.2% −70.3% −59.7% −60.9% 6.6% 28.0% 14.6% 6.5%
Operating margin <−999% <−999% <−999% — — — 38.5% −921.1% −274.9% −70.7% −73.5% −62.3% −64.3% 4.4% 25.4% 11.1% 2.3%
Net margin <−999% <−999% <−999% — — — 71.9% −999.0% −312.2% −82.3% −87.9% −107.3% −87.6% −6.0% 9.7% 1.7% −11.1%
Free-cash-flow margin <−999% <−999% <−999% — — — −45.3% — −136.7% −144.4% −44.4% −97.0% −88.5% −4.2% 11.5% 3.9% −4.6%
Cash flow
Cash from operations −149 −124 −120 −129 4 −57 −78 −65 −38 −88 −28 −62 −81 34 43 18 −8
Capital spending 10 7 1 8 24 10 1 — 0 3 1 11 8 42 10 5 10
Free cash flow −158 −131 −120 −137 −20 −68 −79 — −38 −91 −29 −73 −88 −8 33 14 −18
Stock-based pay 14 11 13 45 49 9 5 5 7 6 7 12 13 18 21 24 28
Free cash flow after stock pay −172 −142 −134 −182 −69 −76 −84 — −45 −97 −35 −85 −102 −26 11 −11 −46
Balance sheet
Cash 66 3 62 71 121 59 23 44 71 30 67 124 70 238 46 75 53
Total debt 209 211 212 102 172 28 28 157 102 124 123 288 279 272 36 361 325
Net debt (negative = net cash) 143 208 150 32 51 −31 5 113 31 94 56 164 209 34 −10 286 272
Diluted shares — — 36m 60m 77m 81m 92m 104m 144m 196m 223m 249m 257m 267m 284m 314m 310m

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

1 of 5 checks passed · June 30, 2026
What it owns · $732m
Short-term assets $246mLonger-term assets $487m
What it owes, and who funded it · $800m
Short-term liabilities $143mLonger-term liabilities $657mShareholders' equity $-67m
  • Short-term assets cover short-term liabilities $246m of assets due within a year against $143m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $246m short-term assets against $657m of longer-dated liabilities.
  • More cash than debt $53m of cash against $319m of debt.
  • 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 −$8m of operating cash flow against $319m of debt.
  • Operating profit covers interest at least five times over Operating income of $9m against $28m of interest.

From Mannkind 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
+6.1%
year over year
R&D spending
19.5%
of revenue
Sales & admin spending
50.8%
of revenue
Days sales outstanding
40 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated MNKD MGTX SVA PHAR NVAX ARDX Median
Revenue, last 12 months $394m $398m $386m $376m $414m $451m $56m
Revenue growth, last 12 months 30.5% 948.3% 6.8% 26.6% −61.6% 16.8% 12.6%
Revenue growth, 3-year average 35.5% 296.0% 66.1% — −36.3% 75.9% 13.7%
Revenue growth, latest quarter 42.9% >999% — — −76.3% 23.8% 10.2%
Gross margin 89.8% — 67.9% 87.9% 78.6% 94.4% 82.9%
Operating margin 2.3% 46.3% −127.0% 6.9% −56.6% −7.9% −189.4%
Operating margin, 3-year average 14.4% −817.8% −3.3% — −17.9% −15.5% −363.5%
Net margin −11.1% 19.9% −15.5% 0.8% −59.9% −12.4% −169.8%
Cash from operations / revenue −2.0% 3.4% −132.7% 14.5% −8.9% −3.8% −168.0%
Free-cash-flow margin −4.6% 2.6% −145.4% 14.3% −10.2% −4.0% −162.4%
Free-cash-flow margin, 3-year average 4.1% −546.8% −14.0% — −23.8% −19.7% −310.0%
Stock pay / revenue 7.1% 4.8% 0.0% 3.7% 7.8% 12.1% 20.0%
Change in share count 6.1% 8.6% 0.0% −4.9% 1.2% 2.9% 8.2%

Median of all 184 companies we cover in biotechnology. 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.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 30.5% 12.6% 69 of 172
Change in growth rate Growth +9.2pp -0.1pp 47 of 172
Gross margin Profitability 89.8% 82.4% 22 of 75
Operating margin Profitability 2.3% -189.4% 38 of 175
Net margin Profitability -11.1% -157.3% 46 of 180
Free-cash-flow margin Cash generation -4.6% -145.4% 45 of 176
Stock pay as % of revenue Cash generation 7.1% 19.2% 45 of 179
Long-term debt as % of assets Balance sheet 43.6% 20.6% 65 of 78
Change in share count Balance sheet 6.1% 7.9% 72 of 156
Days sales outstanding Balance sheet 40 days 75 days 19 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Product Revenue $217M ▲ 21.3%
Royalty $128M ▲ 25.2%
Products $114M ▲ 38.6%
Licenses and services $107M ▲ 5.8%
Services $4.3M ▼ 6.2%
Manufacturing Services $1.6M ▼ 77.5%

These categories overlap or exclude eliminations, so shares aren't shown.

From Mannkind Corp's 10-K filed February 26, 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
$774M
Institutions reporting
256
Shares held vs prior quarter
▲ 2.9%
Positions opened / closed
48 / 40

Top buyers and sellers, Q2 2026: 142 institutions bought and 102 sold ; the biggest buyer was Rubric Capital Management LP (+14.4M shares) and the biggest seller Millennium Management LLC (−6.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $137M 32.1M 17.7% ▲ 12.4%
Rubric Capital Management LP $76.7M 18.0M 9.9% ▲ 397.2%
State Street Corp $68.9M 16.2M 8.9% ▼ 13.4%
Vanguard Capital Management LLC $56.1M 13.2M 7.3% ▲ 2.2%
Geode Capital Management, LLC $33.9M 7.9M 4.4% ▲ 5.9%
Wellington Management Group LLP $33.4M 7.8M 4.3% ▲ 138.9%
Frazier Life Sciences Management, L.P. $28.1M 6.6M 3.6% ▲ 11.9%
Deep Track Capital, LP $25.6M 6.0M 3.3% New
180 Wealth Advisors, LLC $21.1M 5.0M 2.7% ▲ 15.6%
FMR LLC $17.5M 4.1M 2.3% ▲ 17.8%
Tsp Capital Management Group, LLC $16.9M 4.0M 2.2% New
AQR Capital Management LLC $16.2M 3.8M 2.1% ▲ 740.8%

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 Mannkind Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $259,000 1 trade by 1 insider, last 12 months Insider sales History → $3.3M 14 trades by 5 insiders · 100% under pre-set plans
Net ▼ $3M net selling
Insider Date Trade Shares Price Value
Binder Steven B. Director September 25, 2026 Sell pre-set plan 39,051 $3.29 $128,478
Binder Steven B. Director September 10, 2026 Sell pre-set plan 33,558 $3.81 $127,856
Binder Steven B. Director August 7, 2026 Sell pre-set plan 39,051 $4.06 $158,547
Binder Steven B. Director July 17, 2026 Sell pre-set plan 52,485 $4.06 $213,089
Thomson David EVP Genl Counsel & Secretary July 17, 2026 Sell pre-set plan 24,109 $4.05 $97,641
Thomson David EVP Genl Counsel & Secretary May 12, 2026 Sell pre-set plan 3,033 $3.29 $9,979
Binder Steven B. Director May 12, 2026 Sell pre-set plan 16,940 $3.29 $55,733
Castagna Michael Chief Executive Officer March 10, 2026 Buy 100,000 $2.59 $259,000
Tross Stuart A Chief People & Workpl Officer January 8, 2026 Sell pre-set plan 47,006 $6.33 $297,548
Castagna Michael Chief Executive Officer December 17, 2025 Sell pre-set plan 65,804 $6.01 $395,482
Castagna Michael Chief Executive Officer December 16, 2025 Sell pre-set plan 21,310 $6.00 $127,860
Castagna Michael Chief Executive Officer December 12, 2025 Sell pre-set plan 20,806 $6.00 $124,836

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 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 26, 2026
  • November 5, 2025
  • August 6, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Mannkind 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.

Mannkind Corp in brief

What does Mannkind Corp do?
Mannkind Corp is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Mannkind Corp's stock ticker?
Mannkind Corp trades under the ticker MNKD on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Mannkind Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Mannkind Corp reported revenue of $394M, 30.5% higher than a year earlier, according to its SEC filings.
What is Mannkind Corp's free cash flow?
Mannkind Corp's free-cash-flow margin is -4.6% of revenue over the trailing twelve months, ranking 45 of the 176 biotechnology companies we cover.
Who are Mannkind Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Rubric Capital Management LP and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Mannkind Corp's market cap?
On November 2, 2026, Mannkind Corp's market capitalisation was about $1.1B and net debt of $272M. Market figures come from third-party market data and may be delayed.
Who are Mannkind Corp's competitors?
In our Biotechnology peer group, the companies closest to Mannkind Corp are Meiragtx Holdings plc, Sinovac Biotech LTD, Pharming Group N.V., Novavax Inc and Ardelyx, Inc. The side-by-side comparison below sets their revenue, margins and growth against Mannkind Corp's.
Are insiders buying or selling Mannkind Corp stock?
Over the last 12 months, Mannkind Corp's directors and officers reported 1 open-market purchases and 14 sales on Form 4. The insider trading page charts every trade.
When is Mannkind Corp's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Mannkind Corp announces its own schedule.