Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Ligand Pharmaceuticals Inc.LGND · healthcare | |
|---|---|
| Grade |  Cmiddle fifth of 371 graded peers; percentile 42.7, sampling error 2.5 points; lower is stronger |
| Rank | 159 of 371 |
| Profitability | Epercentile 89.1 |
| Solvency | Apercentile 9.3 |
| Growth and financing | B/Cpercentile 39.4 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $1.6B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: dilution, distress |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Feb 27, 2026224 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $295.452026-10-08; market equity $0; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 27, 2026; the document on sec.gov.
We are a biopharmaceutical royalty company focused on deploying capital and licensing technologies to acquire and create diversified royalty streams from high-value medicines. Our primary business is investing in and structuring royalty interests in mid- to late-stage development and commercial biopharmaceutical products, allowing us to generate long-duration, non-dilutive cash flows supported by a lean corporate cost structure. Capital deployment and technology licensing are the primary drivers of our long-term growth.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 89.1 | |||||||
| Gross profitability | not computable | 32.2% | |||||
| latest aligned inputs end 2018-12-31; latest annual assets end 2025-12-31 | |||||||
| Return on invested capital | not computable | 9.3% | |||||
| required facts have no common fiscal period end | |||||||
| Accruals ratio | 6.0% | [1,3-5] | (6.6%) | 89.1 | 811 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.8 pts | |||||
| five annual gross margins are required; found 1 | |||||||
| Solvency, sleeve percentile 9.3 | |||||||
| Twelve-month failure probability | not computable | 0.07% | |||||
| firm-wide XBRL shares cannot be assigned to one ticker class | |||||||
| Altman Z double-prime | 6.75 | [1,6-11] | (0.31) | 15.0 | 756 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.82x | |||||
| latest aligned inputs end 2012-12-31; latest annual assets end 2025-12-31 | |||||||
| Interest coverage | not computable | (4.51x) | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 22.23x | [6-7] | 2.96x | 3.6 | 839 | 2025-12-31 | |
| Growth and financing, sleeve percentile 39.4 | |||||||
| Revenue growth, three-year compound | 11.0% | [2,12-14] | 10.0% | 47.1 | 415 | 2025-12-31 | |
| Free cash flow growth, three-year compound | (25.8%) | [4,15-21] | 10.9% | 92.6 | 96 | 2025-12-31 | |
| Reinvestment rate | 1,454.9% | [6-7,9,15,22-26] | 37.1% | 1.0 | 104 | 2025-12-31 | |
| Asset growth, three years | 27.0% | [1,5,27-28] | 2.1% | 17.1 | 704 | 2025-12-31 | |
| Net share issuance, one year | not computable | 2.5% | |||||
| firm-wide XBRL shares cannot be assigned to one ticker class | |||||||
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite -0.090; sampling error 2.5 percentile points on 371 peers.
Among 371 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 154 | Repligen Corp. (RGEN) Repligen Corp. (RGEN) B/Con the B/C boundary; percentile 41.4 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $9.2B; last close $163.99 Warnings: late filer, fortress balance sheet; 12 of 14 inputs | 41.4 | B/C | late filer, fortress balance sheet |
| 155 | Envista Holdings Corp. (NVST) Envista Holdings Corp. (NVST) B/Con the B/C boundary; percentile 41.6 NYSE · Dental Equipment & Supplies market equity $3.6B; last close $22.71 No active warnings; 11 of 14 inputs | 41.6 | B/C | |
| 156 | Xeris Biopharma Holdings, Inc. (XERS) Xeris Biopharma Holdings, Inc. (XERS) B/Con the B/C boundary; percentile 41.9 Nasdaq · Pharmaceutical Preparations market equity $1.9B; last close $10.19 No active warnings; 8 of 14 inputs | 41.9 | B/C | |
| 157 | Sight Sciences, Inc. (SGHT) Sight Sciences, Inc. (SGHT) B/Con the B/C boundary; percentile 42.2 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $466.6M; last close $8.48 Warnings: fortress balance sheet; 9 of 14 inputs | 42.2 | B/C | fortress balance sheet |
| 158 | Community Health Systems Inc. (CYH) Community Health Systems Inc. (CYH) B/Con the B/C boundary; percentile 42.4 NYSE · Services-General Medical & Surgical Hospitals, NEC market equity $385.0M; last close $2.72 No active warnings; 9 of 14 inputs | 42.4 | B/C | |
| 159 | Ligand Pharmaceuticals Inc. (LGND) Ligand Pharmaceuticals Inc. (LGND) Cmiddle fifth; percentile 42.7 Nasdaq · Pharmaceutical Preparations last close $295.45 No active warnings; 7 of 14 inputs | 42.7 | C | |
| 160 | Nephros Inc. (NEPH) Nephros Inc. (NEPH) Cmiddle fifth; percentile 43.0 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $35.7M; last close $3.28 Warnings: fortress balance sheet; 8 of 14 inputs | 43.0 | C | fortress balance sheet |
| 161 | Immucell Corp. (ICCC) Immucell Corp. (ICCC) Cmiddle fifth; percentile 43.2 Nasdaq · In Vitro & In Vivo Diagnostic Substances market equity $88.6M; last close $9.89 No active warnings; 9 of 14 inputs | 43.2 | C | |
| 162 | Innoviva, Inc. (INVA) Innoviva, Inc. (INVA) Cmiddle fifth; percentile 43.5 Nasdaq · Pharmaceutical Preparations market equity $1.5B; last close $20.86 No active warnings; 8 of 14 inputs | 43.5 | C | |
| 163 | Addus HomeCare Corp. (ADUS) Addus HomeCare Corp. (ADUS) Cmiddle fifth; percentile 43.8 Nasdaq · Services-Home Health Care Services market equity $2.1B; last close $114.59 No active warnings; 9 of 14 inputs | 43.8 | C | |
| 164 | NovoCure Ltd. (NVCR) NovoCure Ltd. (NVCR) Cmiddle fifth; percentile 44.1 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $1.7B; last close $14.19 Warnings: fortress balance sheet; 9 of 14 inputs | 44.1 | C | fortress balance sheet |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | B | 37.2 | 2204 |
| sector peers, equal sleeves (the grade) | C | 42.7 | 371 |
| same exchange, equal sleeves | B/C | 40.1 | 1219 |
| sector peers, equal inputs | B | 23.5 | 371 |
Each letter is one fifth of the 371 graded peers, about 74 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 60.4% | 8.0% | 80 | hotter than 80 of 100 peers |
| Distance from 52-week high | (8.6%) | (31.4%) | 87 | closer to its high than 87 of 100 peers |
| EBIT to enterprise value | not computable | (1.5%) | required accounting or market input is missing | |
| Free cash flow yield | not computable | (1.0%) | required accounting or market input is missing | |
| Book value to price | not computable | 0.28 | required accounting or market input is missing | |
| Sales to price | not computable | 0.31 | required accounting or market input is missing | |
| Composite equity issuance, five years | not computable | 20.3% | required accounting or market input is missing | |
| Relative strength against the sector, log excess return | 0.26 | (0.14) | 80 | ahead of 80 of 100 peers |
Inputs: EBIT $41.0M; free cash flow $48.9M; book equity $967.5M; sales $268.1M; debt $1.1B; cash $1.0B[29].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 13.2% | ✓ pass[3,5] |
| Operating cash flow above zero | $49.4M | ✓ pass[4] |
| Return on assets improved | 13.7 pts | ✓ pass[3,5,27,30] |
| Operating cash flow exceeds net income | -$75.1M | ✗ fail[3-4] |
| Long-term leverage fell | n/a[1,5,27] | |
| Current ratio improved | 1,329.1 pts | ✓ pass[6-7,25-26] |
| No new shares issued | n/a | |
| Gross margin improved | n/a | |
| Asset turnover improved | 7.2 pts | ✓ pass[2,5,12,27] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $1.0B[31] |
| Operating cash flow, four quarters | $131.7M[4,31-35] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 63 |
| 10-Q received Aug 7, 2026 | |
| Median daily dollar volume | $71.7M |
| 63 sessions | |
| Days since newest grade input | 224 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $1.6B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $268.1M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 3 | net income | us-gaap:NetIncomeLoss | $124.5M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 4 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $49.4M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 5 | assets | us-gaap:Assets | $941.8M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 6 | current assets | us-gaap:AssetsCurrent | $832.3M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 7 | current liabilities | us-gaap:LiabilitiesCurrent | $37.4M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 8 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $608.1M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 9 | operating income | us-gaap:OperatingIncomeLoss | $41.0M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 10 | book equity | us-gaap:StockholdersEquity | $1.0B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 11 | liabilities | us-gaap:Liabilities | $543.4M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $167.1M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 13 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $131.3M | 2023-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $196.2M | 2022-12-31 | 2025-02-28 | 10-K | filing · viewer · series |
| 15 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $452,000 | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 16 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $97.0M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 17 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $1.8M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 18 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $49.6M | 2023-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 19 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $3.5M | 2023-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 20 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $137.8M | 2022-12-31 | 2025-02-28 | 10-K | filing · viewer · series |
| 21 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $17.9M | 2022-12-31 | 2025-02-28 | 10-K | filing · viewer · series |
| 22 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $33.8M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 23 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $159.0M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 24 | income tax | us-gaap:IncomeTaxExpenseBenefit | $34.5M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 25 | current assets | us-gaap:AssetsCurrent | $331.6M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 26 | current liabilities | us-gaap:LiabilitiesCurrent | $37.1M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 27 | assets | us-gaap:Assets | $787.2M | 2023-12-31 | 2025-02-28 | 10-K | filing · viewer · series |
| 28 | assets | us-gaap:Assets | $762.7M | 2022-12-31 | 2024-02-29 | 10-K | filing · viewer · series |
| 29 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 19,935,609 | 2026-08-04 | 2026-08-07 | 10-Q | filing · viewer · series |
| 30 | net income | us-gaap:NetIncomeLoss | -$4.0M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 31 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $1.0B | 2026-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
| 32 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $72.7M | 2026-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $48.7M | 2026-03-31 | 2026-05-08 | 10-Q | filing · viewer · series |
| 34 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $3.4M | 2025-09-30 | 2025-11-07 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$9.6M | 2025-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 42.7 is 2.7 points from the nearest band edge; sampling error is 2.5 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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