MannKind (MNKD) AI Stock Analysis

• Market Cap: $1.70B
• Dividend Yield: N/A
• Average Volume (3M): 3.19M
• Price to Earnings (P/E): 37.1
• Beta (1Y): 0.85
• Revenue Growth: 17.44%
• EPS Growth: 24.15%
• Country: US
• Employees: 403
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.05
• Shares Outstanding: 307,070,280
• 10 Day Avg. Volume: 1,803,791
• 30 Day Avg. Volume: 3,187,353
• PEG Ratio: -3.69
• Price to Book (P/B): -33.97
• Price to Sales (P/S): 4.97
• P/FCF Ratio: 126.60
• Enterprise Value/Market Cap: 0.58
• Enterprise Value/Revenue: 2.81
• Enterprise Value/Gross Profit: 3.67
• Enterprise Value/Ebitda: 18.83
• 1Y Price Target: $7.58
• Price Target Upside: 133.95% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 0.09
• Revenue Forecast (FY): $420.75M

• Rating: 55 Neutral
• Price Target: $3.50 ▲(8.02% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is mainly held back by balance-sheet risk (negative equity) and weakening cash-flow versus 2024, alongside a clearly bearish price trend (below major moving averages with negative MACD). These are partly offset by improving operating performance (strong margins and revenue growth) and a constructive earnings call centered on record revenue and pipeline/regulatory milestones.

Positive Factors

Diversified revenue via Tyvaso DPI partnership

The United Therapeutics collaboration produces recurring royalty and manufacturing revenue, giving MannKind a durable cash flow stream beyond Afrezza. This diversification reduces single-product risk, supports scale for the inhalation platform, and underpins predictable revenue while the pipeline matures.

High margins and positive operating profit

Sustained ~75% gross margins and positive EBIT indicate the Technosphere platform yields strong unit economics. High margins improve cash conversion and provide room to invest in R&D and commercialization, helping sustain profitability even with pricing or mix shifts over the medium term.

Advancing regulatory and pipeline milestones

Regulatory acceptances and upcoming PDUFA milestones can expand indicated populations and product labels, materially raising long-term market opportunity. Combined with scPharmaceuticals acquisition, these developments strengthen the product pipeline and increase the potential longevity of revenue streams.

Negative Factors

Negative stockholders' equity

Negative equity signals prior cumulative losses and constrains financial flexibility, making equity raises dilutive and limiting covenant-free financing. In an adverse revenue scenario this weakens the balance sheet's capacity to absorb shocks and may impair strategic optionality over the medium term.

Weakened free cash flow

A sharp decline in FCF reduces internal funding for commercialization and R&D, increasing reliance on external capital or partnerships. Even though FCF broadly tracks earnings, the recent deceleration makes the company more sensitive to revenue hiccups and limits reinvestment without raising capital.

Rising SG&A and earnings volatility

Elevated SG&A tied to commercialization and acquisition costs pressures margins and can compress GAAP earnings despite revenue growth. Coupled with prior-year swings in net income, this indicates earnings are sensitive to investment pacing and integration costs, raising medium-term profitability uncertainty.

MannKind Business Overview & Revenue Model

Company Description

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 Therapeutics Corporation. It also has an agreement with NRx Pharmaceuticals to develop a dry powder formulation of ZYESAMI (aviptadil), a synthetic form of human vasoactive intestinal peptide to help protect cells against inflammatory conditions. MannKind Corporation was incorporated in 1991 and is headquartered in Westlake Village, California.

How the Company Makes Money

MannKind primarily generates revenue through the sale of Afrezza, its inhalable insulin product. The company sells Afrezza directly to pharmacies and healthcare providers, and revenue is influenced by prescription volume, pricing strategies, and reimbursement policies. Additionally, MannKind may pursue partnerships or collaborations with pharmaceutical companies for the development and commercialization of new products utilizing its Technosphere platform, which could provide upfront payments, milestone payments, and royalties based on future sales. These partnerships can significantly contribute to the company's earnings, especially as it seeks to expand its product portfolio and market reach.

MannKind Financial Statement Overview

Summary

Strong operational progress with TTM revenue up 11.2%, healthy ~75% gross margin, and positive EBIT margin (~19.9%). Offsetting this, the balance sheet is pressured by persistently negative equity (~-$51M), and cash generation has weakened versus 2024 (TTM free cash flow $13.5M, down sharply).

Income Statement

Top-line momentum is strong, with revenue up 11.2% in TTM (Trailing-Twelve-Months) and a multi-year step-up from 2020–2022 levels. Profitability has also structurally improved versus prior losses: TTM (Trailing-Twelve-Months) gross margin is healthy (~75%) and operating profitability remains positive (EBIT margin ~19.9%). The main weakness is earnings normalization: net income fell sharply from 2024 ($27.6M) to TTM (Trailing-Twelve-Months) ($5.9M), indicating more volatile bottom-line performance despite solid margins.

Balance Sheet

Leverage is not the core issue—total debt is relatively modest in TTM (Trailing-Twelve-Months) (~$47M) and has come down substantially versus 2021–2023. However, the balance sheet remains pressured by persistently negative stockholders’ equity (TTM (Trailing-Twelve-Months) about -$51M), which reduces financial flexibility and makes equity-based leverage signals less meaningful. Total assets increased materially versus 2024, but negative equity remains a key overhang and raises risk in a downturn or if cash generation softens.

Cash Flow

Cash generation is positive but weakening: TTM (Trailing-Twelve-Months) operating cash flow is $18.1M and free cash flow is $13.5M, but both declined sharply versus 2024 (free cash flow down ~68.7%). A positive note is that free cash flow still roughly tracks reported earnings in TTM (Trailing-Twelve-Months) (free cash flow is ~0.89x net income), suggesting earnings quality is not purely accounting-driven. The key risk is the recent deceleration after a stronger 2024 cash-flow year.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	348.97M	285.50M	198.96M	99.77M	75.44M
Gross Profit	287.81M	208.90M	136.19M	42.27M	36.59M
EBITDA	38.80M	77.47M	15.13M	-56.32M	-61.10M
Net Income	5.86M	27.59M	-11.94M	-87.40M	-80.93M
Balance Sheet
Total Assets	792.18M	393.84M	475.20M	295.28M	321.16M
Cash, Cash Equivalents and Short-Term Investments	171.35M	197.26M	295.10M	170.85M	204.12M
Total Debt	46.97M	47.70M	272.62M	288.40M	289.22M
Total Liabilities	843.20M	472.66M	721.37M	545.82M	530.51M
Stockholders Equity	-51.02M	-78.82M	-246.17M	-250.54M	-209.35M
Cash Flow
Free Cash Flow	13.69M	32.82M	-8.35M	-88.29M	-73.17M
Operating Cash Flow	18.25M	42.51M	34.09M	-80.70M	-61.71M
Investing Cash Flow	-304.80M	-96.65M	-1.99M	4.87M	-151.54M
Financing Cash Flow	315.10M	-137.27M	136.61M	21.41M	270.27M

MannKind Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.24
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MNKD, the sentiment is Negative. The current price of 3.24 is below the 20-day moving average (MA) of 5.48, below the 50-day MA of 5.63, and below the 200-day MA of 4.92, indicating a bearish trend. The MACD of -0.36 indicates Positive momentum. The RSI at 18.05 is Positive, neither overbought nor oversold. The STOCH value of 16.84 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MNKD.

MannKind Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BCRX	63 Neutral	$1.89B	-159.62	―	―	45.38%	92.85%
CLDX	56 Neutral	$1.65B	-9.11	-40.62%	―	-73.94%	-31.70%
MNKD	55 Neutral	$1.70B	37.12	―	―	17.44%	24.15%
IMCR	53 Neutral	$1.70B	-55.04	-7.52%	―	27.51%	38.72%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SRPT	51 Neutral	$1.97B	―	-63.17%	―	47.15%	-311.26%
COGT	49 Neutral	$6.36B	-15.62	-73.70%	―	―	4.32%