MannKind Corporation

MNKD

Biotechnology · Healthcare

Price

$4.03

-0.01 (-0.25%)

Market Cap

$1.25B

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+26.0% over 4y

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

Diluted shares outstanding: 249.2M (2021) → 314.1M (2025)

MannKind Corporation, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapeutic products for endocrine and orphan lung diseases in the United States. It offers Afrezza, an inhaled insulin used to improve glycemic control in adults with diabetes. It also promotes Thyquidity to adult and pediatric endocrinologists, and other healthcare providers for the treatment of hypothyroidism. The company has a license and collaboration agreement with United Therapeu

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

+15.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-224.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$66M/ year

↑ Rising (+45% vs prior year)

19.0% of revenue

In line with sector average (18%)

Investing heavily in future products and technology

Insider Activity

1.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~21 months

$53M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Adequate runway but may need to raise capital within 2 years

Heavy R&D investment

MannKind Corporation is putting 19% of revenue into R&D and that number is rising.

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

75.8%

Premium pricing power — 75.8% gross margin

Operating Margin

-3.3%

Losing money on operations — -3.3%

ROCE

-1.1%

Weak — -1.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+21.2%

Fast-growing sales (21.2% YoY)

EPS YoY

-173.9%

Earnings shrinking (-173.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

3.5%

Thin free cash flow (3.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

0.34x

Dangerous — barely covers interest (0.3x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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