# MannKind Corporation (MNKD)

> Source: Nexqual · https://nexqual.com/MNKD · data as of 2026-10-15 20:00 UTC · cite as "Nexqual, MannKind Corporation (MNKD), nexqual.com/MNKD" · informational, not investment advice.

**Price:** USD 3.19 (+5.63% on the day) · last close of Oct 15, 2026; US market closed, not a live price. Prev close 3.02 · day 3–3.2 · 52w 2.23–6.51 · market cap $1.03B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $394M, net income -$43.6M (-11.1% margin), free cash flow -$18.1M (SEC filings).
- Analysts: Buy (mean 2.13 on a 1–5 scale) (8 analysts), mean target USD 7.84 (range 4.75–13).
- Total return with dividends: 1Y -40.4% vs S&P 500 +18.1%; 5Y -37.3% vs S&P 500 +85.1%.
- Next earnings: 2026-11-04, EPS estimate USD -0.01, revenue estimate $110M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $75.4M | $99.8M | $199M | $286M | $349M | $394M |
| Gross profit | $58.6M | $83.8M | $178M | $268M | $322M | — |
| Operating income | -$47.0M | -$64.1M | $8.7M | $72.6M | $38.8M | $9.2M |
| Net income | -$80.9M | -$87.4M | -$11.9M | $27.6M | $5.9M | -$43.6M |
| EPS (diluted) | -$0.32 | -$0.34 | -$0.04 | $0.10 | $0.02 | — |
| Free cash flow | -$73.2M | -$88.3M | -$8.3M | $32.8M | $13.7M | -$18.1M |
| Gross margin | 77.7% | 84.0% | 89.5% | 93.9% | 92.3% | — |
| Operating margin | -62.3% | -64.3% | 4.4% | 25.4% | 11.1% | 2.3% |
| Net margin | -107.3% | -87.6% | -6.0% | 9.7% | 1.7% | -11.1% |
| Revenue growth | +15.8% | +32.2% | +99.4% | +43.5% | +22.2% | — |
| Cash + short-term investments | $204M | $171M | $295M | $197M | $171M | — |
| Total debt | $281M | $273M | $269M | $36.1M | $355M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2.6x · EV/EBITDA 48.1x · EV/Sales 3.1x · FCF yield -1.77% · Earnings yield -4.25% · Net debt $208M · EV $1.23B
P/E at fiscal year-ends: Dec 2025 303.8x, Dec 2024 66.2x.

## Analysts
Consensus Buy (mean 2.13 on a 1–5 scale), 8 analysts; mean target USD 7.84 (low 4.75, high 13).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | Truist Securities | Target lowered | Buy | $6 → $5 |
| 2026-09-11 | Cantor Fitzgerald | Reiterated | Overweight | $8 |
| 2026-08-06 | Wells Fargo | Target lowered | Overweight | $14 → $13 |
| 2026-07-30 | Wells Fargo | Target raised | Overweight | $11 → $14 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-16) | 5Y (from 2021-10-11) |
|---|---|---|
| Total return | -40.4% | -37.3% |
| S&P 500 (SPY) | +18.1% | +85.1% |
| Per year | -40.5% | -8.9% |
| Volatility (annualized) | 74.5% | 60.5% |
| Max drawdown | -63.3% (Feb 2026→Mar 2026) | -69.0% (Nov 2024→Mar 2026) |

## Peers (Biotechnology)
RYTM (Rhythm Pharmaceuticals, Inc.) USD 87.97 +1.57% · BLTE (Belite Bio, Inc) USD 152.62 +0.49% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.72 +1.52% · PRAX (Praxis Precision Medicines, Inc) USD 248.24 +2.01% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.12 +4.11% · SYRE (Spyre Therapeutics, Inc.) USD 80.1 -0.44%

## More
Full page: https://nexqual.com/MNKD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt