Where Does Liquidia Stock Rank Among Competitors?
Liquidia (LQDA) stock has soared, returning 126% over the past year, dwarfing large-cap pharma peers. Yet, against established giants, LQDA, with its tiny $2.97 billion market cap, battles for profitability. It boasts explosive LTM revenue growth of 343% but struggles with deeply negative operating (-155%) and free cash flow margins (-156%) and a negative PE ratio (-23.9). Sustained upside hinges heavily on successful product commercialization and scaling amidst competition in the biopharmaceutical industry.
- LQDA’s -155.0% operating margin, lowest among peers (LLY: 45.6%), signals heavy R&D for pipeline development, typical for emerging biotech.
- LQDA’s 343.4% revenue growth outpaces peers, indicating successful new product uptake, while large pharma like LLY faces slower market expansion.
- LQDA’s 126.3% gain and -23.9 P/E reflect investor optimism for future products, a common trend for high-growth biotechs vs. mature pharma.
Here’s how Liquidia stacks up across size, valuation, and profitability versus key peers.
| LQDA | LLY | JNJ | MRK | PFE | BMY | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 3.0 | 899.0 | 590.6 | 298.4 | 151.4 | 126.8 |
| Revenue ($ Bil) | 0.1 | 65.2 | 94.2 | 65.0 | 62.6 | 48.2 |
| PE Ratio | -23.9 | 43.6 | 22.0 | 16.3 | 19.5 | 18.0 |
| LTM Revenue Growth | 343.4% | 44.7% | 6.0% | 1.3% | -1.6% | -0.2% |
| LTM Operating Margin | -155.0% | 45.6% | 27.2% | 34.0% | 27.8% | 28.5% |
| LTM FCF Margin | -155.8% | 9.2% | 20.5% | 19.0% | 14.5% | 26.7% |
| 12M Market Return | 126.3% | 11.0% | 52.4% | 34.8% | 10.9% | 10.2% |
For more details on Liquidia, read Buy or Sell LQDA Stock. Below we compare LQDA’s growth, margin, and valuation with peers across years

Revenue Growth Comparison
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| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| LQDA | 343.4% | – | -20.0% | 9.7% | 24.0% |
| LLY | 44.7% | 44.7% | 32.0% | 19.6% | |
| JNJ | 6.0% | 6.0% | 4.3% | 6.5% | |
| MRK | 1.3% | 1.3% | 6.7% | 1.4% | |
| PFE | -1.6% | -1.6% | 6.8% | -41.1% | |
| BMY | -0.2% | -0.2% | 7.3% | -2.5% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| LQDA | -155.0% | – | -866.6% | -419.6% | -243.3% |
| LLY | 45.6% | 45.6% | 37.8% | 30.3% | |
| JNJ | 27.2% | 27.2% | 23.9% | 25.8% | |
| MRK | 34.0% | 34.0% | 31.5% | 4.9% | |
| PFE | 27.8% | 27.8% | 23.5% | 7.4% | |
| BMY | 28.5% | 28.5% | 12.2% | 18.2% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| LQDA | -23.9 | – | -20.8 | -9.7 | -17.9 |
| LLY | 43.6 | 46.7 | 65.7 | 100.1 | |
| JNJ | 22.0 | 18.6 | 24.8 | 11.3 | |
| MRK | 16.3 | 14.4 | 14.7 | 757.8 | |
| PFE | 19.5 | 18.2 | 18.7 | 76.7 | |
| BMY | 18.0 | 15.6 | -12.8 | 13.2 |
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