Liquidia Corporation

LQDA

Biotechnology · Healthcare

Price

$79.94

+4.67 (+6.20%)

Market Cap

$7.11B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+73.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 49.7M (2021) → 86.1M (2025)

Liquidia Corporation, a biopharmaceutical company, develops, manufactures, and commercializes various products for unmet patient needs in the United States. Its product candidates include YUTREPIA, an inhaled dry powder formulation of treprostinil for the treatment of pulmonary arterial hypertension. It also distributes generic treprostinil injection in the United States. Liquidia Corporation was founded in 2004 and is headquartered in Morrisville, North Carolina.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

>+1,000% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+233.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$39M/ year

↓ Declining (-18% vs prior year)

24.8% of revenue

In line with sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

29.4%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$223M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Liquidia Corporation grew revenue 4158% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

90.9%

Premium pricing power — 90.9% gross margin

Operating Margin

46.3%

Excellent — 46.3% operating margin

ROCE

21.4%

Exceptional — 21.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY

+1936.7%

Fast-growing sales (1936.7% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

215%

Turns 215% of profit into real cash

FCF Margin

14.3%

Converts sales into free cash efficiently (14.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

1.65

Elevated debt (1.65)

Interest Cover

1.75x

Dangerous — barely covers interest (1.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

334.3x

Expensive — P/E 334.3

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+322.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (334.3 → 11.5)

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Dividends

Not applicable for this business.

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