Mannkind Corp. (MNKD) intrinsic value & 10-year financials
Mannkind Corp. (MNKD) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 8.0% a year to $349.0M, with an average return on invested capital of 8.5%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $3.04
- Market cap
- $954.9M
- Revenue (FY2025)
- $349.0M
- Revenue growth (10-yr CAGR)
- 8.0%
- ROIC (10-yr avg)
- 8.5%
- Free cash flow (FY2025)
- $13.7M
MNKD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $349.0M | $5.9M | $0.02 | $13.7M | 11.1% | 47.9% |
| FY2024 | $285.5M | $27.6M | $0.10 | $32.8M | 25.4% | -67.2% |
| FY2023 | $199.0M | -$11.9M | -$0.04 | -$8.3M | 4.4% | -26.8% |
| FY2022 | $99.8M | -$87.4M | -$0.34 | -$88.3M | -64.3% | -134.6% |
| FY2021 | $75.4M | -$80.9M | -$0.32 | -$73.2M | -62.3% | 115.0% |
| FY2020 | $65.1M | -$57.2M | -$0.26 | -$28.9M | -73.5% | 42.8% |
| FY2019 | $63.0M | -$51.9M | — | -$91.0M | -70.7% | 36.7% |
| FY2018 | $27.9M | -$87.0M | -$0.60 | -$38.1M | -274.9% | 53.3% |
| FY2017 | $11.7M | -$117.3M | -$1.13 | — | -921.1% | 54.3% |
| FY2016 | $174.8M | $125.7M | $1.36 | -$79.2M | 38.5% | -36.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MANNKIND CORP has demonstrated mature, steady growth, with revenue compounding at 8.0% annually over the past decade.
MANNKIND CORP returns on capital have been average, hovering around 8.5% ROIC over the decade.
MANNKIND CORP 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, MANNKIND CORP is modeled at -37.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-1.15 per share.