MannKind Corporation (MNKD) Stock

MannKind Corporation (MNKD) is a Healthcare stock trading at $4.15 (as of 2026-08-21), with a market capitalization of $1.33B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

MannKind Corporation is a biopharmaceutical company focused on developing and commercializing inhaled therapies for endocrine and orphan lung conditions in the United States. It markets Afrezza for glycemic control in adults with diabetes and promotes Thyquidity for hypothyroidism, serving endocrinologists and other healthcare providers, and it also has collaborations related to therapies such as aviptadil.

Understand MannKind Corporation: how it makes money

MannKind develops and commercializes inhaled therapeutics for endocrine and orphan lung diseases, selling Afrezza inhaled insulin and promoting Thyquidity, and it also earns revenue through licensing and collaboration agreements, including royalties related to Tyvaso DPI with United Therapeutics.

A meaningful portion of the profit model is tied to licensing economics and royalties from Tyvaso DPI under the United Therapeutics collaboration, so earnings can be driven by the partner's product performance as much as by MannKind's own commercialization.

Revenue by segment (latest quarter)
Tyveso DPI Royalties$0.0B
Collab and Services$0.0B
Afrezza$0.0B
Furosix$0.0B

Business quality (Mixed): Revenue appears to be split between inhaled product promotion and partner-linked royalties and collaboration services, but the provided facts do not fully clarify how each line item maps to official reportable segments beyond the candidate labels.

Bull case

  • Royalties and collaboration as a recurring revenue stream: The company has a license and collaboration agreement with United Therapeutics, with royalty and collaboration and services revenue called out in the latest quarter.
  • High gross margin profile: Gross margin is reported at 91.7% for the latest period provided.

Bear case

  • Operating losses: Operating margin is reported as negative (-1.8%) for the latest period provided.
  • Dependence on partner-linked economics: With Tyvaso DPI royalties and collaboration and services revenue highlighted, results may be sensitive to the collaboration's commercialization and royalty-generating performance.
Valuation — source: SEC EDGAR (first-party)
Price$4.15
Market Cap$1.33B
EV / EBITDA50.0
Price / Sales3.59
FCF Yield-1.6%
DCF Value (model)$1.91
DCF Upside vs Price-54.0%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$348.97M
Net Margin1.7%
Revenue Growth (YoY)22.2%
EPS Growth (YoY)-80.0%
FCF Growth (YoY)-58.3%
Financial Health — source: SEC EDGAR
Altman Z-Score-3.95 (distress)
Piotroski F-Score3/9 (weak)
Valuation vs Sector & Industry
Sector P/E (Healthcare)21.7
Industry P/E (Pharmaceutical Products)17.2
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($101.38M)
Institutional Holders Tracked10
Company
SectorHealthcare
IndustryPharmaceutical Products
CEOMichael E. Castagna
Employees403
CountryUS
IPO Date2004-07-28

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MNKD earnings history · MNKD institutional & insider holders · MNKD KPIs & operating metrics · MNKD financials · MNKD investor presentations & press releases · MNKD SEC filings · MNKD peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.