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Liquidia Corp

LQDA Clue Score52
United States Fiscal year ends December CIK 0001819576
$27.38 -2.28% Close, 9 Oct 2026
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Price $27.38 +791.86% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 26 Jul 2018. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2019Revenue8.1Operating income−46.8Net income−47.6EPS, diluted−2.57Fiscal year 2020Revenue0.7 −90.8%Operating income−59.1Net income−59.8EPS, diluted−1.76Fiscal year 2021Revenue12.9 +1,637.8%Operating income−33.8Net income−34.6EPS, diluted−0.70Fiscal year 2022Revenue15.9 +24.0%Operating income−38.8Net income−41.0EPS, diluted−0.67Fiscal year 2023Revenue17.5 +9.7%Operating income−73.4Net income−78.5EPS, diluted−1.21Fiscal year 2024Revenue14.0 −20.0%Operating income−121.3Net income−128.3EPS, diluted−1.63Fiscal year 2025Revenue158.3 +1,031.2%Operating income−51.4Net income−68.9EPS, diluted−0.80
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 8.1 0.7 12.9 15.9 17.5 14.0 158.3
Growth −90.8% +1,637.8% +24.0% +9.7% −20.0% +1,031.2%
Operating income −46.8 −59.1 −33.8 −38.8 −73.4 −121.3 −51.4
Net income −47.6 −59.8 −34.6 −41.0 −78.5 −128.3 −68.9
Growth
EPS, diluted −2.57 −1.76 −0.70 −0.67 −1.21 −1.63 −0.80

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2019Operating margin−580.1%Net margin−589.5%Free cash flow margin−621.1%Fiscal year 2020Operating margin−7,989.0%Net margin−8,080.1%Free cash flow margin−7,422.2%Fiscal year 2021Operating margin−263.0%Net margin−269.0%Free cash flow margin−265.6%Fiscal year 2022Operating margin−243.3%Net margin−257.4%Free cash flow margin−183.1%Fiscal year 2023Operating margin−419.6%Net margin−448.9%Free cash flow margin−245.0%Fiscal year 2024Operating margin−866.6%Net margin−916.6%Free cash flow margin−702.9%Fiscal year 2025Operating margin−32.5%Net margin−43.5%Free cash flow margin−25.3%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin −580.1% −7,989.0% −263.0% −243.3% −419.6% −866.6% −32.5%
Net margin −589.5% −8,080.1% −269.0% −257.4% −448.9% −916.6% −43.5%
Free cash flow margin −621.1% −7,422.2% −265.6% −183.1% −245.0% −702.9% −25.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2019Operating cash flow−48.3Capital expenditure−1.9Free cash flow−50.1Fiscal year 2020Operating cash flow−54.1Capital expenditure−0.8Free cash flow−54.9Fiscal year 2021Operating cash flow−34.0Capital expenditure−0.1Free cash flow−34.1Fiscal year 2022Operating cash flow−28.6Capital expenditure−0.6Free cash flow−29.2Fiscal year 2023Operating cash flow−41.6Capital expenditure−1.3Free cash flow−42.9Fiscal year 2024Operating cash flow−93.4Capital expenditure−4.9Free cash flow−98.4Fiscal year 2025Operating cash flow−35.7Capital expenditure−4.3Free cash flow−40.0
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −48.3 −54.1 −34.0 −28.6 −41.6 −93.4 −35.7
Capital expenditure −1.9 −0.8 −0.1 −0.6 −1.3 −4.9 −4.3
Free cash flow −50.1 −54.9 −34.1 −29.2 −42.9 −98.4 −40.0
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2019Total debt15.9Shareholders’ equity34.9Debt to equity0.45Fiscal year 2020Cash65.3Total debt10.3Net cash (debt)55.0Shareholders’ equity71.1Debt to equity0.14Fiscal year 2021Cash57.5Total debt10.4Net cash (debt)47.1Shareholders’ equity65.3Debt to equity0.16Fiscal year 2022Cash93.3Total debt19.9Net cash (debt)73.4Shareholders’ equity90.4Debt to equity0.22Fiscal year 2023Cash83.7Shareholders’ equity47.3Fiscal year 2024Cash176.5Shareholders’ equity79.4Fiscal year 2025Cash190.7Shareholders’ equity44.7
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash n/a 65.3 57.5 93.3 83.7 176.5 190.7
Total debt 15.9 10.3 10.4 19.9 n/a n/a n/a
Net cash (debt) n/a 55.0 47.1 73.4 n/a n/a n/a
Shareholders’ equity 34.9 71.1 65.3 90.4 47.3 79.4 44.7
Debt to equity 0.45 0.14 0.16 0.22 n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2019 31 Dec 2019 FY2020† 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
8.1 0.7 12.9 15.9 17.5 14.0 158.3
Growth −90.8% +1,637.8% +24.0% +9.7% −20.0% +1,031.2%
n/a 0.2 3.0 2.9 2.9 5.9 n/a
40.5 32.2 20.5 19.4 43.2 47.8 39.3
13.6 27.4 23.1 32.4 44.7 81.6 157.2
−46.8 −59.1 −33.8 −38.8 −73.4 −121.3 −51.4
Growth
0.0 0.0 0.0 0.0 0.0 0.0 0.0
−47.6 −59.8 −34.6 −41.0 −78.5 −128.3 −68.9
Growth
Per share
n/a −1.76 −0.70 −0.67 −1.21 −1.63 −0.80
−2.57 −1.76 −0.70 −0.67 −1.21 −1.63 −0.80
Growth
n/a 33.9 49.7 61.0 65.0 78.7 86.1
18.5 33.9 49.7 61.0 65.0 78.7 86.1
Growth +83.4% +46.6% +22.7% +6.6% +21.1% +9.3%

† The diluted share count jumps at 2020, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 192.5% a year over five years.
  • Operating margin is up 7,956.6 points on five years ago, at -32.5%.
  • A net loss in 7 of 7 years on file.