Is the business good?
How good a business is MNKD?
MannKind Corporation earns 9.3% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
9.3%
Return on invested capital · cost of capital 9.0% · 0.33 points above what the capital costs: growth creates value
- Operating margin
- 4.1%
Operating margin · Biotechnology median −72% · 12 months to Q1 2026
- Share count, year on year
- −3.9%
Share count, year on year · bought back, each share owns more of the company
- R&D as % of revenue
- 20%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −74% |
| FY2021 | −62% |
| FY2022 | −64% |
| FY2023 | 4.4% |
| FY2024 | 25% |
| FY2025 | 11% |
Details›
- Gross margin12 months to Q1 2026
- 92%
- Operating margin12 months to Q1 2026
- 4.1%
- Net margin12 months to Q1 2026
- −6.6%
- Free cash flow margin
- 3.6%
- R&D as % of revenue
- 20%
- Revenue, trailing twelve months
- $361M
- Free cash flow, trailing twelve months
- $13M
- Net income, trailing twelve months
- −$24M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 9.3%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.