Tearsheet

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24%
  Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 28x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 35x, P/EPrice/Earnings or Price/(Net Income) is 59x
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%
  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 -2.5%
0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%
2 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 28x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 35x, P/EPrice/Earnings or Price/(Net Income) is 59x
3 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 -2.5%

Market Valuation & Key Metrics

MNKD Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
MNKD Return143%40%21%-31%77%-12%336%
Peers Return1%8%-9%4%-11%3%-6%
S&P 500 Return16%27%-19%24%23%14%108%

Monthly Win Rates [3]
MNKD Win Rate75%50%50%50%67%50% 
Peers Win Rate42%48%50%55%43%48% 
S&P 500 Win Rate58%75%42%67%75%70% 

Max Drawdowns [4]
MNKD Max Drawdown-35%0%-40%-37%-11%-47% 
Peers Max Drawdown-30%-10%-23%-19%-26%-17% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[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] 2025 data is for the year up to 11/7/2025 (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 Breakeven2263 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 days1480 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 over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About MannKind (MNKD)

Better Bets than MannKind (MNKD)

Trade Ideas

Select past ideas related to MNKD. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GDRX_10312025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG10312025GDRXGoodRxDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
-7.7%-7.7%-7.7%
DXCM_10312025_Monopoly_xInd_xCD_Getting_Cheaper10312025DXCMDexComMonopolyMY | 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
-5.5%-5.5%-5.5%
ACHC_10242025_Dip_Buyer_ValueBuy10242025ACHCAcadia HealthcareDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-16.6%-16.6%-16.6%
PBH_10102025_Dip_Buyer_ValueBuy10102025PBHPrestige Consumer HealthcareDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-1.7%-1.7%-1.9%
REGN_10032025_Dip_Buyer_ValueBuy10032025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
9.6%9.6%-7.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GDRX_10312025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG10312025GDRXGoodRxDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
-7.7%-7.7%-7.7%
DXCM_10312025_Monopoly_xInd_xCD_Getting_Cheaper10312025DXCMDexComMonopolyMY | 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
-5.5%-5.5%-5.5%
ACHC_10242025_Dip_Buyer_ValueBuy10242025ACHCAcadia HealthcareDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-16.6%-16.6%-16.6%
PBH_10102025_Dip_Buyer_ValueBuy10102025PBHPrestige Consumer HealthcareDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-1.7%-1.7%-1.9%
REGN_10032025_Dip_Buyer_ValueBuy10032025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
9.6%9.6%-7.0%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for MannKind

Financials

MNKDACTALKSLIVNPRGOPCRXMedian
NameMannKind Enact Alkermes LivaNova Perrigo Pacira B. 
Mkt Price5.6337.0032.8950.4514.4422.0527.47
Mkt Cap1.75.55.42.82.01.02.4
Rev LTM3141,2251,5211,3494,2827171,287
Op Inc LTM76-35919439360194
FCF LTM43704491191271124231
FCF 3Y Avg14672353103235149192
CFO LTM49704541251376141313
CFO 3Y Avg33672397150339165252

Growth & Margins

MNKDACTALKSLIVNPRGOPCRXMedian
NameMannKind Enact Alkermes LivaNova Perrigo Pacira B. 
Rev Chg LTM17.4%2.4%1.1%8.6%-2.5%3.1%2.8%
Rev Chg 3Y Avg66.8%3.9%12.1%9.9%-0.8%3.1%6.9%
Rev Chg Q17.2%0.6%4.2%12.5%-4.1%6.5%5.4%
QoQ Delta Rev Chg LTM4.0%0.2%1.1%3.0%-1.0%1.6%1.3%
Op Mgn LTM24.3%-23.6%14.4%9.2%8.4%14.4%
Op Mgn 3Y Avg13.5%-24.7%8.3%6.5%11.1%11.1%
QoQ Delta Op Mgn LTM0.2%--1.3%1.0%-0.4%-1.4%-0.4%
CFO/Rev LTM15.6%57.5%35.6%18.6%8.8%19.7%19.2%
CFO/Rev 3Y Avg12.3%56.6%25.9%11.6%7.6%23.8%18.0%
FCF/Rev LTM13.8%57.5%32.3%14.2%6.3%17.3%15.8%
FCF/Rev 3Y Avg2.2%56.6%23.1%7.9%5.3%21.6%14.7%

Valuation

MNKDACTALKSLIVNPRGOPCRXMedian
NameMannKind Enact Alkermes LivaNova Perrigo Pacira B. 
Mkt Cap1.75.55.42.82.01.02.4
P/S5.54.53.62.00.51.42.8
P/EBIT27.76.113.4-20.07.517.110.4
P/E59.18.316.0-12.7-38.645.312.1
P/CFO35.47.710.011.05.36.98.9
Total Yield1.7%14.3%6.2%-7.9%-0.6%2.2%2.0%
Dividend Yield0.0%2.2%0.0%0.0%2.0%0.0%0.0%
FCF Yield 3Y Avg0.5%12.9%7.4%3.6%6.5%16.0%7.0%
D/E0.10.10.00.21.80.40.2
Net D/E-0.1-0.3-0.2-0.11.60.2-0.1

Returns

MNKDACTALKSLIVNPRGOPCRXMedian
NameMannKind Enact Alkermes LivaNova Perrigo Pacira B. 
1M Rtn15.4%4.5%5.4%-0.5%-32.0%-1.3%2.0%
3M Rtn59.9%0.2%23.1%3.3%-35.2%-12.4%1.8%
6M Rtn23.5%3.6%9.2%14.5%-45.3%-12.2%6.4%
12M Rtn-23.3%12.1%14.0%-2.3%-42.8%27.9%4.9%
3Y Rtn32.5%63.0%45.7%-0.7%-50.7%-57.9%15.9%
1M Excs Rtn-------
3M Excs Rtn56.2%-9.1%15.5%-6.6%-42.0%-20.9%-7.9%
6M Excs Rtn20.1%0.2%5.8%11.1%-48.7%-15.6%3.0%
12M Excs Rtn-35.3%2.6%3.1%-11.3%-53.4%14.7%-4.4%
3Y Excs Rtn7.8%4.6%-11.3%-53.6%-117.6%-115.1%-32.4%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Single Segment19910075  
Net revenue - commercial product sales   3225
Revenue - collaborations and services   3338
Total199100756563


Net Income by Segment
$ Mil20242023202220212020
Single Segment-12    
Total-12    


Price Behavior

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity25,157,617
Short Interest: % Change Since 930202537.4%
Average Daily Volume4,852,449
Days-to-Cover Short Interest5.18
Basic Shares Quantity306,806,000
Short % of Basic Shares8.2%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/5/202510.6%  
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%
2/27/20243.7%25.7%22.5%
...
SUMMARY STATS   
# Positive111012
# Negative131412
Median Positive4.9%11.1%18.5%
Median Negative-4.5%-7.9%-9.9%
Max Positive18.5%35.3%42.5%
Max Negative-13.2%-39.5%-37.5%

SEC Filings

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Report DateFiling DateFiling
93020251105202510-Q 9/30/2025
6302025806202510-Q 6/30/2025
3312025508202510-Q 3/31/2025
12312024226202510-K 12/31/2024
93020241107202410-Q 9/30/2024
6302024807202410-Q 6/30/2024
3312024508202410-Q 3/31/2024
12312023227202410-K 12/31/2023
93020231107202310-Q 9/30/2023
6302023807202310-Q 6/30/2023
3312023509202310-Q 3/31/2023
12312022223202310-K 12/31/2022
93020221108202210-Q 9/30/2022
6302022809202210-Q 6/30/2022
3312022505202210-Q 3/31/2022
12312021224202210-K 12/31/2021

Insider Activity

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