MNKDMannKind Corporation
Is the business good?
The checks split: margins widening, but 3 of 9 health tests passed and profits without cash flow.
Weak, deteriorating fundamentals. Nine pass/fail tests of year-over-year health from the filings.
Reports an operating profit but operating cash flow is negative, a red flag. Conversion is worsening vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is MNKD?
MannKind Corporation earns 5.2% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 3.8 points below what the capital costs: growth destroys value
- Operating margin
- 2.3%
Operating margin · Biotechnology median −77% · 12 months to Q2 2026
- Cash conversion
- −1.11×
Cash conversion · 0.56× a year ago · the operating profit has not turned into cash yet
- Share count, year on year
- −0.74%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −74% |
| FY2021 | −62% |
| FY2022 | −64% |
| FY2023 | 4.4% |
| FY2024 | 25% |
| FY2025 | 11% |
Details›
- Gross margin12 months to Q2 2026
- 90%
- Operating margin12 months to Q2 2026
- 2.3%
- Net margin12 months to Q2 2026
- −11%
- Free cash flow margin
- −4.6%
- R&D as % of revenue
- 20%
- Revenue, trailing twelve months
- $394M
- Free cash flow, trailing twelve months
- −$18M
- Net income, trailing twelve months
- −$44M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 5.2%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.