MNKD MANNKIND CORP

Overview and Growth

MANNKIND CORP generated $348.97M of revenue in fiscal 2025, with net income of $5.86M and an operating cash inflow of $18.25M. At $348.97M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $285.50M in fiscal 2024, revenue recorded a 22.2% year-over-year increase. Diluted earnings per share were $0.02, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $0.10 in fiscal 2024, the current result was 80.0% lower. Asset turnover was 0.44x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Gross profit was $322.17M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 92.3%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operating income was $38.80M, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 11.1% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $5.86M, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 1.7% of revenue, connecting the absolute net income figure with the company’s top-line scale. The earnings statement records $1.41M of pretax income, the profit base against which the reported tax provision can be assessed. Pretax income represented 0.4% of revenue, placing earnings before tax in the context of the company’s operating scale. An income-tax benefit of $4.46M improved the final result relative to pretax income or loss. The tax benefit equaled 316.7% of positive pretax income, lifting the after-tax result.

Liquidity and Capital Structure

Total assets were $792.18M, supported by $843.20M of liabilities and -$51.02M of shareholder equity. The company reported negative equity of -$51.02M, a capital deficit that reduces its ability to absorb losses through book equity. The near-term balance sheet paired $291.58M of current assets with $171.03M of current liabilities at the reporting date. Current assets covered current liabilities by 1.7x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $74.88M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 43.8% of current liabilities, showing how much near-term coverage came from cash alone. Total debt was $354.64M, establishing the amount of borrowing carried within the company’s capital structure. Relative to total assets, debt measured 44.8%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 106.4%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 9.5%, comparing reported cash and equivalents with the full positive asset balance.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $18.25M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating-cash-flow-to-net-income relationship was 3.11x, comparing cash generated by operations with the bottom-line earnings result. Capital spending was $4.57M, absorbing part of the cash generated from operations before free cash flow. Relative to operating cash flow, capital expenditures measured 25.0%, connecting investment intensity with the company’s cash-generation base. The combination of operating cash flow and capital spending produced $13.69M of positive free cash flow for the period. Relative to revenue, free cash flow equaled 3.9%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 1.7%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.