Liquidia Corp. (LQDA) intrinsic value & 10-year financials
Liquidia Corp. (LQDA) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 8 fiscal years revenue grew 64.2% a year to $158.3M, with an average return on invested capital of -307.1%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $34.35
- Market cap
- $3.0B
- Revenue (FY2025)
- $158.3M
- Revenue growth (8-yr CAGR)
- 64.2%
- ROIC (10-yr avg)
- -307.1%
- Free cash flow (FY2025)
- -$40.0M
LQDA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $158.3M | -$68.9M | -$0.80 | -$40.0M | -32.5% | -84.2% |
| FY2024 | $14.0M | -$130.4M | -$1.66 | -$98.4M | -866.6% | 356.5% |
| FY2023 | $17.5M | -$78.5M | -$1.21 | -$42.9M | -419.6% | 1087.1% |
| FY2022 | $15.9M | -$41.0M | -$0.67 | -$29.2M | -243.3% | -179.1% |
| FY2021 | $12.9M | -$34.6M | -$0.70 | -$34.1M | -262.9% | -153.3% |
| FY2020 | $739.6K | -$59.8M | -$1.76 | -$54.9M | -7989.0% | -512.0% |
| FY2019 | $8.1M | -$47.6M | -$2.57 | -$50.1M | -580.1% | -2665.0% |
| FY2018 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Liquidia Corp revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Liquidia Corp has historically struggled to out-earn its cost of capital, averaging just -15.0% ROIC.
Liquidia Corp capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Liquidia Corp is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-26.57 per share.