Ligand Pharmaceuticals Inc. (LGNDZ) intrinsic value & 10-year financials
Ligand Pharmaceuticals Inc. (LGNDZ) has a Graham intrinsic value of $203.61 per share. Over the last 10 fiscal years revenue grew 10.5% a year to $268.1M, with an average return on invested capital of 16.4%.
- Graham intrinsic value
- $203.61
- Revenue (FY2025)
- $268.1M
- Revenue growth (10-yr CAGR)
- 10.5%
- ROIC (10-yr avg)
- 16.4%
- Free cash flow (FY2025)
- $48.9M
LGNDZ 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $268.1M | $124.5M | $6.13 | $48.9M | 15.3% | 4.0% |
| FY2024 | $167.1M | -$4.0M | -$0.22 | $95.2M | -13.5% | -1.6% |
| FY2023 | $131.3M | $52.2M | $2.94 | $46.1M | 9.1% | 1.6% |
| FY2022 | $196.2M | -$33.4M | -$1.98 | $119.9M | 1.5% | 0.2% |
| FY2021 | $277.1M | $57.1M | $3.31 | $70.0M | 28.5% | 10.7% |
| FY2020 | $186.4M | -$3.0M | -$0.18 | $50.1M | 13.9% | 1.9% |
| FY2019 | $120.3M | $629.3M | $31.85 | -$31.9M | 671.0% | 110.9% |
| FY2018 | $251.5M | $143.3M | $5.96 | $193.2M | 65.1% | 25.8% |
| FY2017 | $141.1M | $12.6M | $0.53 | $91.4M | 48.2% | 6.0% |
| FY2016 | $109.0M | -$1.6M | -$0.08 | $61.2M | 40.3% | 4.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
LIGAND PHARMACEUTICALS INC is a consistent compounder, expanding top-line revenue at 10.5% annually over the past decade.
LIGAND PHARMACEUTICALS INC has earned high returns on invested capital, averaging 16.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
LIGAND PHARMACEUTICALS INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, LIGAND PHARMACEUTICALS INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $203.61 per share.