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Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -54%
Weak multi-year price returns
2Y Excs Rtn is -80%, 3Y Excs Rtn is -112%
Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 22x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 47x, P/EPrice/Earnings or Price/(Net Income) is 145x
1 Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Diabetes Management, Targeted Therapies, Show more.
  Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.3%
0 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -54%
1 Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Diabetes Management, Targeted Therapies, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -80%, 3Y Excs Rtn is -112%
3 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 22x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 47x, P/EPrice/Earnings or Price/(Net Income) is 145x
4 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.3%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

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MannKind (MNKD) stock has lost about 50% since 11/30/2025 because of the following key factors:

1. Deterioration in Q4 2025 Profitability Despite Revenue Growth. MannKind reported its Fourth Quarter 2025 financial results on February 26, 2026, posting an earnings per share (EPS) of -$0.05, missing the consensus estimate of -$0.01 by $0.04. The company also experienced a net loss of $15.9 million for Q4 2025, a significant decline from a net income of $7.4 million in Q4 2024. This profitability setback occurred despite a 45.8% year-over-year increase in quarterly revenue to $111.96 million, which exceeded analyst expectations. The shift to a net loss was primarily driven by substantial increases in operating expenses, including a 148% rise in research and development (R&D) expenses and a 144% increase in selling, general, and administrative (SG&A) expenses compared to the same period in the prior year.

2. Intensified Concerns Over United Therapeutics' Competition to Tyvaso DPI Royalties. A significant factor contributing to investor apprehension was the increased focus on potential competition to MannKind's royalty stream from United Therapeutics' (UT) Tyvaso DPI. While MannKind has been diversifying its portfolio, it still relies on these royalties. Concerns heightened during this period as United Therapeutics is developing its own soft mist treprostinil inhaler, which could directly compete with Tyvaso DPI. This potential rivalry from a key partner challenges MannKind's narrative of decreasing reliance on UT-related revenues and introduces uncertainty regarding the long-term stability and growth of a crucial income source.

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Stock Movement Drivers

Fundamental Drivers

The -48.2% change in MNKD stock from 11/30/2025 to 3/13/2026 was primarily driven by a -82.0% change in the company's Net Income Margin (%).
(LTM values as of)113020253132026Change
Stock Price ($)5.352.77-48.2%
Change Contribution By: 
Total Revenues ($ Mil)31434911.2%
Net Income Margin (%)9.3%1.7%-82.0%
P/E Multiple56.1145.2158.6%
Shares Outstanding (Mil)307307-0.2%
Cumulative Contribution-48.2%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/13/2026
ReturnCorrelation
MNKD-48.2% 
Market (SPY)-3.1%0.2%
Sector (XLV)-5.0%14.9%

Fundamental Drivers

The -39.7% change in MNKD stock from 8/31/2025 to 3/13/2026 was primarily driven by a -84.5% change in the company's Net Income Margin (%).
(LTM values as of)83120253132026Change
Stock Price ($)4.592.77-39.7%
Change Contribution By: 
Total Revenues ($ Mil)30234915.7%
Net Income Margin (%)10.9%1.7%-84.5%
P/E Multiple42.7145.2240.2%
Shares Outstanding (Mil)305307-0.8%
Cumulative Contribution-39.7%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/13/2026
ReturnCorrelation
MNKD-39.7% 
Market (SPY)3.0%8.5%
Sector (XLV)9.5%13.8%

Fundamental Drivers

The -48.1% change in MNKD stock from 2/28/2025 to 3/13/2026 was primarily driven by a -82.6% change in the company's Net Income Margin (%).
(LTM values as of)22820253132026Change
Stock Price ($)5.342.77-48.1%
Change Contribution By: 
Total Revenues ($ Mil)28634922.2%
Net Income Margin (%)9.7%1.7%-82.6%
P/E Multiple54.0145.2168.6%
Shares Outstanding (Mil)279307-9.1%
Cumulative Contribution-48.1%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/13/2026
ReturnCorrelation
MNKD-48.1% 
Market (SPY)12.4%15.3%
Sector (XLV)1.9%23.1%

Fundamental Drivers

The -47.5% change in MNKD stock from 2/28/2023 to 3/13/2026 was primarily driven by a -82.5% change in the company's P/S Multiple.
(LTM values as of)22820233132026Change
Stock Price ($)5.282.77-47.5%
Change Contribution By: 
Total Revenues ($ Mil)100349249.8%
P/S Multiple13.92.4-82.5%
Shares Outstanding (Mil)263307-14.3%
Cumulative Contribution-47.5%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/13/2026
ReturnCorrelation
MNKD-47.5% 
Market (SPY)73.4%21.3%
Sector (XLV)23.3%26.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
MNKD Return40%21%-31%77%-12%-50%-10%
Peers Return9%-9%4%-11%10%-7%-7%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
MNKD Win Rate50%50%50%67%50%33% 
Peers Win Rate52%50%55%43%50%53% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
MNKD Max Drawdown0%-40%-37%-11%-47%-54% 
Peers Max Drawdown-11%-23%-19%-26%-19%-12% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-2% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ACT, ALKS, LIVN, PRGO, PCRX. See MNKD Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)

How Low Can It Go

Unique KeyEventMNKDS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-57.3%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven134.2%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven913 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-52.2%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven109.2%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven93 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-84.9%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven564.4%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven2,263 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-88.3%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven753.5%131.3%
2008 Global Financial CrisisTime to BreakevenTime to BreakevenNot Fully Recovered days1,480 days

Compare to ACT, ALKS, LIVN, PRGO, PCRX

In The Past

MannKind's stock fell -57.3% during the 2022 Inflation Shock from a high on 2/19/2021. A -57.3% loss requires a 134.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About MannKind (MNKD)

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.

AI Analysis | Feedback

  • The Eli Lilly of inhaled insulin.
  • The Dyson of inhaled drug delivery.
  • Like a specialized Vertex Pharmaceuticals, but focused on inhaled treatments for endocrine and orphan lung diseases.

AI Analysis | Feedback

  • Afrezza: An inhaled insulin used to improve glycemic control in adults with diabetes.
  • Thyquidity: A product promoted for the treatment of hypothyroidism.
  • ZYESAMI (aviptadil): A dry powder formulation under development in collaboration with NRx Pharmaceuticals to help protect cells against inflammatory conditions.

AI Analysis | Feedback

MannKind Corporation (MNKD) sells its products primarily to other companies within the healthcare supply chain and through strategic collaborations. Its major customers include:

  • Pharmaceutical Wholesalers: These companies are the primary direct purchasers of MannKind’s commercial products, such as Afrezza and Thyquidity, for distribution to pharmacies, hospitals, and other healthcare providers. The largest pharmaceutical wholesalers in the United States, which typically serve as major customers for biopharmaceutical companies, include:
    • McKesson Corporation (MCK)
    • Cardinal Health, Inc. (CAH)
    • AmerisourceBergen Corporation (ABC)
  • United Therapeutics Corporation (UTHR): As per the company description, MannKind has a license and collaboration agreement with United Therapeutics Corporation. This agreement indicates that United Therapeutics is a significant partner and customer for licensed products or services related to their collaboration.
  • NRx Pharmaceuticals (NRXP): MannKind has an agreement with NRx Pharmaceuticals to develop a dry powder formulation of ZYESAMI. This type of development agreement often involves payments for services or future product supply, making NRx Pharmaceuticals a customer in this context.

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  • United Therapeutics Corporation (UTHR)
  • Bachem AG (BANB)
  • Dr. Reddy's Laboratories Ltd. (RDY)
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Better Bets vs. MannKind (MNKD)

Trade Ideas

Select ideas related to MNKD.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
QDEL_2282026_Insider_Buying_45D_2Buy_200K02282026QDELQuidelOrthoInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days
0.0%0.0%0.0%
CHE_2272026_Dip_Buyer_FCFYield02272026CHEChemedDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
0.0%0.0%0.0%
LLY_2272026_Monopoly_xInd_xCD_Getting_Cheaper02272026LLYEli LillyMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
0.0%0.0%0.0%
HAE_2202026_Dip_Buyer_FCFYield02202026HAEHaemoneticsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
3.5%3.5%0.0%
IQV_2132026_Dip_Buyer_ValueBuy02132026IQVIQVIADip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
7.1%7.1%-3.0%

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

MNKDACTALKSLIVNPRGOPCRXMedian
NameMannKind Enact Alkermes LivaNova Perrigo Pacira B. 
Mkt Price2.7740.4927.7658.469.3023.2625.51
Mkt Cap0.95.84.63.21.31.02.2
Rev LTM3491,2361,4761,3884,2537261,312
Op Inc LTM47-25419931334199
FCF LTM14725480173145137159
FCF 3Y Avg13681413116231152191
CFO LTM18725521254238152246
CFO 3Y Avg32681454171336165253

Growth & Margins

MNKDACTALKSLIVNPRGOPCRXMedian
NameMannKind Enact Alkermes LivaNova Perrigo Pacira B. 
Rev Chg LTM22.2%2.8%-5.2%10.7%-2.8%3.6%3.2%
Rev Chg 3Y Avg55.0%4.1%12.7%10.8%-1.4%2.9%7.4%
Rev Chg Q45.8%3.6%-10.6%12.1%-2.5%5.1%4.4%
QoQ Delta Rev Chg LTM11.2%0.9%-3.0%2.9%-0.7%1.3%1.1%
Op Mgn LTM13.3%-17.2%14.4%7.4%4.6%13.3%
Op Mgn 3Y Avg14.2%-23.0%8.8%6.9%10.5%10.5%
QoQ Delta Op Mgn LTM-11.0%--6.4%-0.0%-1.8%-3.7%-3.7%
CFO/Rev LTM5.2%58.6%35.3%18.3%5.6%20.9%19.6%
CFO/Rev 3Y Avg12.4%56.8%29.2%13.1%7.5%23.6%18.4%
FCF/Rev LTM3.9%58.6%32.5%12.5%3.4%18.8%15.6%
FCF/Rev 3Y Avg3.7%56.8%26.6%8.9%5.2%21.7%15.3%

Valuation

MNKDACTALKSLIVNPRGOPCRXMedian
NameMannKind Enact Alkermes LivaNova Perrigo Pacira B. 
Mkt Cap0.95.84.63.21.31.02.2
P/S2.44.73.12.30.31.42.4
P/EBIT21.76.415.1-18.6-1.131.410.8
P/E145.28.719.0-13.2-0.9140.513.8
P/CFO46.68.18.812.65.46.58.4
Total Yield0.7%13.6%5.3%-7.6%-106.9%0.7%0.7%
Dividend Yield0.0%2.1%0.0%0.0%3.1%0.0%0.0%
FCF Yield 3Y Avg0.6%13.4%8.9%4.0%7.1%14.0%8.0%
D/E0.40.10.00.12.80.40.3
Net D/E0.2-0.3-0.1-0.12.40.20.1

Returns

MNKDACTALKSLIVNPRGOPCRXMedian
NameMannKind Enact Alkermes LivaNova Perrigo Pacira B. 
1M Rtn-51.7%-6.5%-20.5%-12.0%-34.9%7.0%-16.2%
3M Rtn-53.4%2.4%-2.6%-6.8%-27.6%-11.5%-9.2%
6M Rtn-50.3%5.2%2.9%4.0%-56.4%-14.2%-5.7%
12M Rtn-46.2%25.8%-17.4%51.6%-62.9%2.5%-7.5%
3Y Rtn-34.5%101.6%11.3%40.7%-70.2%-40.7%-11.6%
1M Excs Rtn-49.4%-4.2%-18.1%-9.6%-32.5%9.4%-13.9%
3M Excs Rtn-51.0%5.8%-1.4%-7.1%-28.1%-6.0%-6.6%
6M Excs Rtn-51.8%1.4%-2.7%-0.9%-59.8%-16.8%-9.7%
12M Excs Rtn-67.8%4.7%-37.9%28.6%-84.8%-15.5%-26.7%
3Y Excs Rtn-111.8%11.7%-58.6%-35.6%-140.6%-111.0%-84.8%

Comparison Analyses

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FDA Approved Drugs Data

Expand for More
Post-Approval Fwd Returns
FDA
App #
Brand
Name
Generic
Name
Dosage
Form
FDA
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
BLA022472  AFREZZAinsulin recombinant humanpowder6272014-39.0%-43.4%-41.8%-87.5%-94.5%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment28619910075 
Product revenue    32
Services    33
Total2861991007565


Net Income by Segment
$ Mil20252024202320222021
Single Segment28-12   
Total28-12   


Price Behavior

Price Behavior
Market Price$2.77 
Market Cap ($ Bil)0.8 
First Trading Date07/28/2004 
Distance from 52W High-55.4% 
   50 Days200 Days
DMA Price$4.97$4.84
DMA Trendindeterminatedown
Distance from DMA-44.2%-42.8%
 3M1YR
Volatility90.6%66.4%
Downside Capture156.9797.14
Upside Capture-303.5413.98
Correlation (SPY)-0.8%15.0%
MNKD Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta-0.86-0.66-0.61-0.030.490.76
Up Beta-0.300.940.080.310.390.49
Down Beta1.26-1.01-1.080.520.520.77
Up Capture-530%-297%-188%-63%15%41%
Bmk +ve Days9203170142431
Stock +ve Days10202857115348
Down Capture204%122%74%-0%89%103%
Bmk -ve Days12213054109320
Stock -ve Days11202858124372

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MNKD
MNKD-45.8%66.4%-0.63-
Sector ETF (XLV)5.0%17.5%0.1223.9%
Equity (SPY)19.6%18.9%0.8115.0%
Gold (GLD)71.9%26.3%2.057.6%
Commodities (DBC)19.3%17.3%0.891.1%
Real Estate (VNQ)6.2%16.3%0.1911.0%
Bitcoin (BTCUSD)-15.3%44.2%-0.254.3%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MNKD
MNKD-4.8%59.6%0.16-
Sector ETF (XLV)7.5%14.5%0.3330.3%
Equity (SPY)13.1%17.0%0.6131.1%
Gold (GLD)24.1%17.3%1.148.6%
Commodities (DBC)11.2%19.0%0.476.6%
Real Estate (VNQ)4.8%18.8%0.1628.1%
Bitcoin (BTCUSD)6.3%56.7%0.3313.0%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MNKD
MNKD-7.0%84.9%0.28-
Sector ETF (XLV)10.1%16.5%0.5021.5%
Equity (SPY)14.5%17.9%0.7022.6%
Gold (GLD)14.4%15.6%0.774.4%
Commodities (DBC)8.6%17.6%0.408.8%
Real Estate (VNQ)5.6%20.7%0.2317.9%
Bitcoin (BTCUSD)67.4%66.8%1.079.0%

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Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity25.6 Mil
Short Interest: % Change Since 2152026-2.3%
Average Daily Volume8.7 Mil
Days-to-Cover Short Interest3.0 days
Basic Shares Quantity307.3 Mil
Short % of Basic Shares8.3%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/26/2026-7.4%-15.7% 
11/5/202510.6%-4.2%3.6%
8/6/2025-13.2%-8.3%33.8%
5/8/2025-4.5%-5.8%-9.7%
2/26/2025-4.4%-5.9%-6.8%
11/7/2024-0.6%-5.0%-9.9%
8/7/2024-4.9%-3.8%14.4%
5/8/2024-2.0%1.1%6.1%
...
SUMMARY STATS   
# Positive111013
# Negative131410
Median Positive4.9%11.1%17.8%
Median Negative-4.5%-6.9%-9.8%
Max Positive18.5%35.3%42.5%
Max Negative-13.2%-39.5%-37.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/26/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/08/202510-Q
12/31/202402/26/202510-K
09/30/202411/07/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/27/202410-K
09/30/202311/07/202310-Q
06/30/202308/07/202310-Q
03/31/202305/09/202310-Q
12/31/202202/23/202310-K
09/30/202211/08/202210-Q
06/30/202208/09/202210-Q
03/31/202205/05/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Castagna, MichaelChief Executive OfficerDirectSell121920256.0165,804395,48215,053,800Form
2Castagna, MichaelChief Executive OfficerDirectSell121620256.0020,806124,83615,028,752Form
3Castagna, MichaelChief Executive OfficerDirectSell121620256.0021,310127,86015,028,752Form
4Castagna, MichaelChief Executive OfficerDirectSell120420255.57107,920601,11413,951,691Form
5Thomson, DavidEVP Genl Counsel & SecretaryDirectSell120420255.57147,780823,1354,688,375Form