Recent News
On November 3, 2025 Liquidia reported third-quarter results showing $51.7M in YUTREPIA product sales, a return to profitability with $1.7M operating income and positive adjusted EBITDA, more than 2,000 unique prescriptions and shipments to over 1,500 patients as of October 30, 2025, and cash of $157.5M as of September 30, 2025.
Technical Analysis
ADX at 34.36 signals a strong trend; that strength magnifies directional signals and implies momentum will matter to near-term price moves.
DI+ sits at 27.82 and shows a decreasing trend, which constitutes a bearish directional shift; DI− currently at 11.40 shows a dip-and-reversal pattern, which also signals bearish pressure. Together these directional readings warn that upward momentum could weaken unless buyers reassert control.
MACD reads 1.36, the MACD line has been increasing and currently sits above the signal line at 1.08, which constitutes a bullish momentum signal and supports further near-term upside if maintained.
MRO stands at 38.75 and trends higher; a positive MRO indicates price currently sits above WMDST’s target and therefore carries elevated mean-reversion risk that could check recent gains.
RSI at 58.02 and rising shows continued buying interest without overbought extremes, providing room for additional advances while momentum remains supportive.
Price actions show the stock trading near $29.87, above the 20‑day average of $28.02, the 50‑day average of $24.66 and the 200‑day average of $19.09; the 12‑day EMA at $28.29 and the 20‑day average both trending up favor a continuation of the recent rally, while Bollinger upper bands near $31.21 set a logical short-term resistance area and the SuperTrend lower at $25.50 marks a reference level of structural support.
Volume on the latest session (≈1.81M) sits below the 10‑day and 50‑day averages, which reduces conviction behind intraday moves; higher volume would better confirm breakouts above the recent high near $30.88.
Fundamental Analysis
Profitability and margins: EBIT of $3.41M and EBITDA of $3.89M translate to an EBIT margin of 6.28% and an operating margin of 3.25%. The EBIT margin sits above the industry peer mean and above the industry peer median, reflecting early operating leverage from product sales now that commercialization has commenced.
Top-line and growth: Total revenue reported at $54.34M with YoY revenue growth of 22.88% and QoQ revenue growth of 1.81% indicate a nascent commercial revenue base scaling from zero product sales in the prior comparable period; revenue per share equals $0.63.
Cash flow and liquidity: Cash and short‑term investments total $157.5M with a current ratio of 2.20, quick ratio of 1.96 and cash ratio of 1.53, providing meaningful near-term liquidity to fund commercialization and planned trials. Operating cash flow stands negative at $9.77M and free cash flow at negative $10.68M, producing a negative free cash flow yield, which signals continued cash burn as commercial investments and SG&A remain elevated.
Leverage and coverage: Total debt of $199.18M produces a debt‑to‑equity ratio of 9.03 and debt‑to‑EBITDA near 51.23, indicating materially elevated leverage relative to earnings; interest coverage sits below 1 at 0.49, reflecting limited earnings cushion for interest expense and making capital structure a key risk factor despite healthy cash balances.
Returns and earnings: Return on equity measures −16.02% and return on assets −1.33%, while net income records a small loss of $3.53M for the period; the company reported EPS of −$0.04 versus an estimate of −$0.40, a $0.36 positive difference and a 90% surprise ratio on that comparison.
Valuation posture: WMDST values the stock as under‑valued. Market multiples present a mixed picture: price/book at 89.72 sits well above the industry peer mean and median, while enterprise multiple and P/S metrics reflect current market capitalization and recent launch revenue; consensus price target mean in the dataset sits at $35.39 versus the last close at $29.87, indicating analyst expectations above the current quote based on available targets.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-03 |
| NEXT REPORT DATE: | 2026-02-02 |
| CASH FLOW | Begin Period Cash Flow | $ 176.9 M |
| Operating Cash Flow | $ -9.77 M | |
| Capital Expenditures | $ -911.00 K | |
| Change In Working Capital | $ -21.62 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -15.93 M | |
| End Period Cash Flow | $ 161.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 54.3 M | |
| Forward Revenue | $ 130.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 3.2 M | |
| Depreciation | $ 476.0 K | |
| Depreciation and Amortization | $ 476.0 K | |
| Research and Development | $ 9.3 M | |
| Total Operating Expenses | $ 52.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 51.2 M | |
| EBITDA | $ 3.9 M | |
| EBIT | $ 3.4 M | |
| Operating Income | $ 1.8 M | |
| Interest Income | $ 1.6 M | |
| Interest Expense | $ 6.9 M | |
| Net Interest Income | $ -5.30 M | |
| Income Before Tax | $ -3.53 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -3.53 M | |
| Net Income From Continuing Operations | $ -3.53 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.40 | |
| EPS Actual | $ -0.04 | |
| EPS Difference | $ 0.36 | |
| EPS Surprise | 90.0 % | |
| Forward EPS | $ -0.39 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 276.0 M | |
| Intangible Assets | $ 6.9 M | |
| Net Tangible Assets | $ 15.2 M | |
| Total Current Assets | $ 226.7 M | |
| Cash and Short-Term Investments | $ 157.5 M | |
| Cash | $ 157.5 M | |
| Net Receivables | $ 36.0 M | |
| Inventory | $ 24.5 M | |
| Long-Term Investments | $ 20.8 M | |
| LIABILITIES | ||
| Accounts Payable | $ 6.0 M | |
| Short-Term Debt | $ 56.1 M | |
| Total Current Liabilities | $ 102.9 M | |
| Net Debt | $ 35.0 M | |
| Total Debt | $ 199.2 M | |
| Total Liabilities | $ 253.9 M | |
| EQUITY | ||
| Total Equity | $ 22.1 M | |
| Retained Earnings | $ -640.87 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 0.25 | |
| Shares Outstanding | 86.819 M | |
| Revenue Per-Share | $ 0.63 | |
| VALUATION | Market Capitalization | $ 2.0 B |
| Enterprise Value | $ 2.0 B | |
| Enterprise Multiple | 519.627 | |
| Enterprise Multiple QoQ | -1144.689 % | |
| Enterprise Multiple YoY | -1522.098 % | |
| Enterprise Multiple IPRWA | LQDA: 519.627 high: 52.77 median: 24.843 mean: 3.684 low: -80.476 |
|
| EV/R | 37.178 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 12.515 | |
| Asset To Liability | 1.087 | |
| Debt To Capital | 0.9 | |
| Debt To Assets | 0.722 | |
| Debt To Assets QoQ | -7.289 % | |
| Debt To Assets YoY | 14509.717 % | |
| Debt To Assets IPRWA | high: 1.032 LQDA: 0.722 mean: 0.211 median: 0.074 low: 0.0 |
|
| Debt To Equity | 9.032 | |
| Debt To Equity QoQ | -31.539 % | |
| Debt To Equity YoY | 79832.566 % | |
| Debt To Equity IPRWA | LQDA: 9.032 high: 1.371 mean: 0.17 median: 0.09 low: -0.81 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 89.725 | |
| Price To Book QoQ | -21.94 % | |
| Price To Book YoY | 980.869 % | |
| Price To Book IPRWA | LQDA: 89.725 high: 17.968 mean: 6.987 median: 5.8 low: -8.555 |
|
| Price To Earnings (P/E) | -569.754 | |
| Price To Earnings QoQ | 1617.178 % | |
| Price To Earnings YoY | 1475.165 % | |
| Price To Earnings IPRWA | high: 56.753 mean: -3.749 median: -11.996 low: -93.179 LQDA: -569.754 |
|
| PE/G Ratio | 6.204 | |
| Price To Sales (P/S) | 36.411 | |
| Price To Sales QoQ | -81.569 % | |
| Price To Sales YoY | -82.347 % | |
| Price To Sales IPRWA | high: 1129.647 mean: 73.597 LQDA: 36.411 median: 25.506 low: 0.808 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -57.592 | |
| Forward PE/G | 0.627 | |
| Forward P/S | 15.197 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.213 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.204 | |
| Asset Turnover Ratio QoQ | 459.012 % | |
| Asset Turnover Ratio YoY | 885.3 % | |
| Asset Turnover Ratio IPRWA | high: 0.438 LQDA: 0.204 mean: 0.117 median: 0.107 low: 0.0 |
|
| Receivables Turnover | 2.366 | |
| Receivables Turnover Ratio QoQ | 50.162 % | |
| Receivables Turnover Ratio YoY | 98.207 % | |
| Receivables Turnover Ratio IPRWA | high: 5.5 LQDA: 2.366 mean: 1.441 median: 1.35 low: 0.009 |
|
| Inventory Turnover | 0.205 | |
| Inventory Turnover Ratio QoQ | -46.677 % | |
| Inventory Turnover Ratio YoY | -52.548 % | |
| Inventory Turnover Ratio IPRWA | high: 2.722 mean: 0.6 median: 0.37 LQDA: 0.205 low: -0.015 |
|
| Days Sales Outstanding (DSO) | 38.56 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 453.452 | |
| Cash Conversion Cycle Days QoQ | -246.339 % | |
| Cash Conversion Cycle Days YoY | 766.743 % | |
| Cash Conversion Cycle Days IPRWA | high: 1122.555 LQDA: 453.452 median: 189.366 mean: 187.17 low: -1809.09 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.439 | |
| CapEx To Revenue | -0.017 | |
| CapEx To Depreciation | -1.914 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 158.5 M | |
| Net Invested Capital | $ 214.5 M | |
| Invested Capital | $ 214.5 M | |
| Net Tangible Assets | $ 15.2 M | |
| Net Working Capital | $ 123.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.53 | |
| Current Ratio | 2.202 | |
| Current Ratio QoQ | -11.705 % | |
| Current Ratio YoY | -65.21 % | |
| Current Ratio IPRWA | high: 24.687 mean: 4.321 median: 3.195 LQDA: 2.202 low: 0.046 |
|
| Quick Ratio | 1.964 | |
| Quick Ratio QoQ | -18.577 % | |
| Quick Ratio YoY | -68.969 % | |
| Quick Ratio IPRWA | high: 13.391 mean: 2.792 median: 2.481 LQDA: 1.964 low: 0.043 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 51.23 | |
| Cost Of Debt | 3.476 % | |
| Interest Coverage Ratio | 0.491 | |
| Interest Coverage Ratio QoQ | -107.738 % | |
| Interest Coverage Ratio YoY | -107.301 % | |
| Interest Coverage Ratio IPRWA | high: 815.709 mean: 40.227 median: 4.326 LQDA: 0.491 low: -1538.4 |
|
| Operating Cash Flow Ratio | -0.51 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 529.244 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 7.215 % | |
| Revenue Growth | 514.937 % | |
| Revenue Growth QoQ | 181.022 % | |
| Revenue Growth YoY | 2288.058 % | |
| Revenue Growth IPRWA | LQDA: 514.937 % high: 301.849 % mean: 8.054 % median: 4.118 % low: -259.856 % |
|
| Earnings Growth | -91.837 % | |
| Earnings Growth QoQ | -1133.153 % | |
| Earnings Growth YoY | 385.422 % | |
| Earnings Growth IPRWA | high: 162.5 % median: -6.452 % mean: -12.969 % LQDA: -91.837 % low: -198.545 % |
|
| MARGINS | ||
| Gross Margin | 94.161 % | |
| Gross Margin QoQ | 13.365 % | |
| Gross Margin YoY | 45.274 % | |
| Gross Margin IPRWA | high: 105.39 % LQDA: 94.161 % median: 83.077 % mean: 79.74 % low: -35.147 % |
|
| EBIT Margin | 6.279 % | |
| EBIT Margin QoQ | -101.545 % | |
| EBIT Margin YoY | -101.385 % | |
| EBIT Margin IPRWA | high: 3270.865 % median: 35.352 % LQDA: 6.279 % mean: -113.919 % low: -8139.786 % |
|
| Return On Sales (ROS) | 3.252 % | |
| Return On Sales QoQ | -100.766 % | |
| Return On Sales YoY | -100.718 % | |
| Return On Sales IPRWA | high: 70.107 % median: 26.151 % LQDA: 3.252 % mean: -111.883 % low: -7977.249 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -10.68 M | |
| Free Cash Flow Yield | -0.54 % | |
| Free Cash Flow Yield QoQ | -76.744 % | |
| Free Cash Flow Yield YoY | -81.532 % | |
| Free Cash Flow Yield IPRWA | high: 30.655 % median: 0.768 % mean: 0.314 % LQDA: -0.54 % low: -53.991 % |
|
| Free Cash Growth | -73.652 % | |
| Free Cash Growth QoQ | -339.675 % | |
| Free Cash Growth YoY | -712.949 % | |
| Free Cash Growth IPRWA | high: 199.867 % mean: 28.341 % median: 21.696 % LQDA: -73.652 % low: -198.468 % |
|
| Free Cash To Net Income | 3.023 | |
| Cash Flow Margin | -96.546 % | |
| Cash Flow To Earnings | 14.85 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -1.325 % | |
| Return On Assets QoQ | -92.275 % | |
| Return On Assets YoY | -87.69 % | |
| Return On Assets IPRWA | high: 30.5 % median: 0.176 % LQDA: -1.325 % mean: -2.248 % low: -66.968 % |
|
| Return On Capital Employed (ROCE) | 1.972 % | |
| Return On Equity (ROE) | -0.16 | |
| Return On Equity QoQ | -94.148 % | |
| Return On Equity YoY | -23.531 % | |
| Return On Equity IPRWA | high: 0.948 median: -0.002 mean: -0.005 LQDA: -0.16 low: -1.385 |
|
| DuPont ROE | -18.973 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |