Liquidia Technologies (LQDA) AI Stock Analysis

• Market Cap: $3.87B
• Dividend Yield: N/A
• Average Volume (3M): 1.84M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.77
• Revenue Growth: 343.41%
• EPS Growth: 11.91%
• Country: US
• Employees: 170
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.04
• Shares Outstanding: 86,995,480
• 10 Day Avg. Volume: 1,853,683
• 30 Day Avg. Volume: 1,836,183
• PEG Ratio: -0.19
• Price to Book (P/B): 11.98
• Price to Sales (P/S): 66.13
• P/FCF Ratio: -9.41
• Enterprise Value/Market Cap: 0.95
• Enterprise Value/Revenue: 52.84
• Enterprise Value/Gross Profit: 59.10
• Enterprise Value/Ebitda: -37.14
• 1Y Price Target: $46.75
• Price Target Upside: 12.49% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: $47.00 ▲(13.09% Upside)

The score is held back primarily by weak financial quality—ongoing losses, negative operating/free cash flow, and very high leverage—despite strong revenue growth and high gross margins. Technicals show a clear uptrend but are near overbought, adding volatility risk. Positives from the latest earnings call (strong YUTREPIA launch, earlier-than-expected positive adjusted EBITDA, and improving cash-flow dynamics) provide meaningful support but are tempered by litigation uncertainty and continued net losses.

Positive Factors

Top-line growth & gross margins

Sustained, very high revenue growth combined with a 92.7% gross margin indicates strong product-market fit and scalable manufacturing economics. Over months, this supports durable revenue scaling and the potential to convert top-line gains into operating leverage if SG&A/R&D growth is controlled.

Rapid commercial traction (YUTREPIA)

Early, broad prescriber adoption and high referral-to-start rates create a durable foundation for recurring revenue and payer familiarity. A growing base of prescribers and high conversion rates lower commercialization risk and support predictable uptake during the next 2-6 months as salesforce and clinical programs expand.

Improving cash generation & positive adjusted EBITDA

Achieving positive adjusted EBITDA alongside the first month of positive net cash flow signals a structural inflection in cash generation. Combined with a multi-hundred-million cash balance, this improves runway and allows reinvestment in sales and trials, materially reducing near-term financing risk if trends persist.

Negative Factors

High leverage

Very high leverage materially constrains financial flexibility and raises refinancing and interest-rate exposure. If growth or cash generation slows, debt servicing could pressure liquidity, limit strategic choices, and increase the probability of covenant constraints or more dilutive financing over the coming months.

Ongoing net losses and negative cash flow history

Historic negative operating and free cash flow and recurring net losses mean profitability remains unproven at scale. Even with improving indicators, sustained losses can deplete cash reserves or force external financing if product uptake slows, making near-term earnings and cash stability contingent on continued strong sales execution.

Litigation risk (United Therapeutics)

Active litigation with a major industry peer creates structural commercial and economic risk: an adverse ruling could limit market access, impose royalties, or alter pricing dynamics. That uncertainty can deter partners, affect long-term revenue visibility, and complicate planning for commercialization and clinical investments.

Liquidia Technologies Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

Liquidia Technologies generates revenue primarily through the development and commercialization of its product candidates. The company aims to secure partnerships with larger pharmaceutical firms for the co-development and commercialization of its therapies, which can provide upfront payments, milestone payments, and royalties on sales. Additionally, Liquidia may generate revenue through grants or collaborations with government agencies or research institutions. As the company advances its clinical programs and achieves regulatory milestones, it may also be eligible for various incentives and funding opportunities that contribute to its overall earnings.

Liquidia Technologies Financial Statement Overview

Summary

Strong top-line growth (258.22% TTM) and very high gross margin (92.72%) are outweighed by weak fundamentals: negative net profit/EBIT/EBITDA margins, negative operating and free cash flow, and a highly leveraged balance sheet (debt-to-equity 9.03) that elevates financial risk.

Income Statement

Liquidia Technologies shows a significant revenue growth rate of 258.22% in the TTM, indicating strong top-line expansion. However, the company is struggling with profitability, as evidenced by negative net profit, EBIT, and EBITDA margins. The gross profit margin is high at 92.72%, suggesting efficient cost management at the production level, but overall profitability is hindered by high operating expenses.

Balance Sheet

The company's balance sheet reveals high leverage with a debt-to-equity ratio of 9.03, indicating significant financial risk. The return on equity is negative, reflecting losses and poor shareholder returns. The equity ratio is low, suggesting a reliance on debt financing, which could pose risks if revenue growth does not translate into profitability.

Cash Flow

Cash flow analysis shows negative operating and free cash flows, with a slight decline in free cash flow growth. The operating cash flow to net income ratio is close to 1, indicating that cash flow is closely tied to net income, albeit both are negative. The free cash flow to net income ratio is slightly above 1, suggesting some efficiency in converting income to cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	69.22M	14.00M	17.49M	15.94M	12.85M	739.63K
Gross Profit	61.88M	8.12M	14.60M	13.08M	9.83M	501.92K
EBITDA	-98.48M	-115.71M	-70.05M	-35.03M	-28.20M	-55.79M
Net Income	-121.85M	-130.39M	-78.50M	-41.02M	-34.58M	-59.76M
Balance Sheet
Total Assets	275.98M	230.31M	118.33M	129.20M	93.73M	99.53M
Cash, Cash Equivalents and Short-Term Investments	157.50M	176.48M	83.68M	93.28M	57.49M	65.32M
Total Debt	199.18M	122.39M	49.54M	24.46M	16.08M	17.14M
Total Liabilities	253.93M	153.04M	71.04M	38.78M	28.46M	28.45M
Stockholders Equity	22.05M	77.28M	47.29M	90.42M	65.27M	71.09M
Cash Flow
Free Cash Flow	-107.83M	-98.37M	-42.85M	-29.18M	-34.14M	-54.90M
Operating Cash Flow	-100.74M	-93.42M	-41.56M	-28.59M	-34.03M	-54.14M
Investing Cash Flow	-7.08M	-8.44M	-11.29M	-587.00K	-107.00K	247.91K
Financing Cash Flow	64.45M	194.66M	43.25M	64.96M	26.32M	63.42M

Liquidia Technologies Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 41.56
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LQDA, the sentiment is Positive. The current price of 41.56 is above the 20-day moving average (MA) of 40.44, above the 50-day MA of 36.20, and above the 200-day MA of 24.38, indicating a bullish trend. The MACD of 2.53 indicates Negative momentum. The RSI at 55.68 is Neutral, neither overbought nor oversold. The STOCH value of 66.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LQDA.

Liquidia Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ARQT	60 Neutral	$3.19B	-73.54	-28.17%	―	129.21%	80.35%
LQDA	52 Neutral	$3.87B	-29.06	-183.82%	―	343.41%	11.91%
IRON	52 Neutral	$3.08B	-14.62	-34.78%	―	―	-34.96%
RXRX	52 Neutral	$2.03B	-1.97	-91.06%	―	-32.98%	-18.46%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
OCUL	51 Neutral	$1.82B	―	-54.85%	―	-9.21%	-8.84%
ADPT	49 Neutral	$2.64B	-30.61	-37.18%	―	42.57%	60.03%

Liquidia Technologies Corporate Events

Liquidia highlights strong YUTREPIA launch and growth plans

On January 9, 2026, Liquidia Corporation reported preliminary, unaudited 2025 financial and operating results showing a strong commercial debut for YUTREPIA, with estimated net product sales of about $90.1 million in the fourth quarter and $148.3 million for the full year, fueled by 74% quarter-over-quarter sales growth, more than $30 million in positive fourth-quarter cash flow, and cash and equivalents of roughly $190.7 million at year-end. Since regulatory approval on May 23, 2025, the company has received over 2,800 unique prescriptions, initiated treatment for more than 2,200 patients with an 85% conversion rate and roughly 750 prescribers by December 31, 2025, and now plans to expand its field sales team and invest in an extensive 2026 clinical program to further differentiate YUTREPIA and L606 across PAH, PH-ILD, fibrotic lung diseases and related indications, reinforcing its competitive positioning in the inhaled prostacyclin market and signaling continued growth ambitions in pulmonary hypertension and associated conditions.

The most recent analyst rating on (LQDA) stock is a Buy with a $31.00 price target. To see the full list of analyst forecasts on Liquidia Technologies stock, see the LQDA Stock Forecast page.