LGND Ligand Pharmaceuticals Incorporated - Common Stock
NASDAQ · Pharmaceuticals · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 7, 2026
$302.96
· of 52w range
· above low
· to high
$177.3552w low
$326.6352w high
Market Cap (MRQ)
$6.03B
P/E (TTM)
31.4
EPS (TTM)
$9.65
Revenue (TTM)
$291M
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52W Range
$177–$327
Analyst Rating
BUY
Price Target
$344
P/E
31.4
ROE
22.0%
Net Profit Margin
67.9%
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LGND Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$302.96
Market Cap (MRQ)
$6.03B
P/E (TTM)
31.4
EPS (TTM)
$9.65
Revenue (TTM)
$291M
ROE (TTM)
22.0%
52W Range
$177–$327
LGND Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| Nov. 2, 2022 | 1603-for-1000 | Forward |
| Nov. 19, 2010 | 1-for-6 | Reverse |
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$268M2016-12-31 → 2025-12-31
EPS$6.132016-12-31 → 2025-12-31
Free Cash Flow$49M2016-12-31 → 2025-12-31
Net margin67.9%2016-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | LGND | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 31.45Y avg ≈-87.3 | ≈-87.3 | 36.1 | Undervalued | |
| P/S (TTM) | 20.85Y avg ≈9.6 | ≈9.6 | 16.5 | Overvalued | |
| P/B (MRQ) | 6.25Y avg ≈2.4 | ≈2.4 | 8.2 | Undervalued | |
| Price / FCF (TTM) | 45.95Y avg ≈31.5 | ≈31.5 | · | · | |
| Price / Cash Flow (TTM) | 45.85Y avg ≈30.2 | ≈30.2 | · | · | |
| Price / Tangible Book (MRQ) | 8.05Y avg ≈4.7 | ≈4.7 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | LGND | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 32.6%5Y avg ≈8.2% | ≈8.2% | 14.9% | In line | |
| EBITDA Margin (TTM) | 43.9%5Y avg ≈29.4% | ≈29.4% | 13.0% | In line | |
| Pretax Margin (TTM) | 81.9%5Y avg ≈28.9% | ≈28.9% | 24.6% | Top tier | |
| Net Profit Margin (TTM) | 67.9%5Y avg ≈17.5% | ≈17.5% | 19.1% | Top tier | |
| ROA (TTM) | 12.6%5Y avg ≈3.5% | ≈3.5% | -9.2% | Top tier | |
| ROE (TTM) | 22.0%5Y avg ≈4.6% | ≈4.6% | -50.6% | Top tier | |
| ROIC | 3.2%5Y avg ≈4.1% | ≈4.1% | -10.9% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | LGND | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 31.25Y avg ≈11.8 | ≈11.8 | 2.3 | Strong liquidity | |
| Quick Ratio (MRQ) | 30.55Y avg ≈10.8 | ≈10.8 | 1.7 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | LGND | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 60.4%5Y avg ≈16.7% | ≈16.7% | · | · | |
| Revenue CAGR 3Y | 11.0%5Y avg ≈-2.5% | ≈-2.5% | · | · | |
| Revenue CAGR 5Y | 10.4% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | LGND | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.25Y avg ≈0.2 | ≈0.2 | 0.6 | Weak | |
| Receivables Turnover | 5.55Y avg ≈4.3 | ≈4.3 | 5.2 | In line | |
| Revenue / Employee | ≈$5.7M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Apr 3, 2007 | $9.36 | USD | ≈33.1% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
19.6%
Next Report
Nov 04, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 11, 2026 | $2.37 | $1.86 | 27.3% |
| March 31, 2026 | May 6, 2026 | $1.63 | $1.85 | -12.0% |
| Dec. 31, 2025 | $2.02 | $1.59 | 26.8% | |
| Sept. 30, 2025 | $3.09 | $1.96 | 57.3% | |
| June 30, 2025 | $1.60 | $1.45 | 10.4% | |
| March 31, 2025 | $1.33 | $1.24 | 7.6% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $268M | $167M | $131M | $196M | $242M | $164M | $120M | $251M | $141M | $109M | $72M | $65M | |
| Cost of Revenue | · | · | · | · | · | · | · | $6M | $5M | $6M | $6M | $9M | |
| R&D Expense | $81M | $21M | $25M | $36M | $32M | $41M | $56M | $28M | $27M | $21M | $11M | $10M | |
| SG&A Expense | $92M | $79M | $53M | $70M | $47M | $60M | $42M | $38M | $29M | $28M | $25M | $23M | |
| Operating Income | $41M | $-23M | $12M | $3M | $104M | $38M | $807M | $164M | $68M | $44M | $27M | $20M | |
| Interest Expense | · | · | $656.0K | $2M | $20M | $27M | $36M | $48M | $13M | $13M | · | $5M | |
| Interest Income | $14M | $8M | $8M | $2M | $886.0K | $8M | $28M | $14M | $2M | · | · | · | |
| Other Non-op | $-89.0K | $-20M | $-2M | $4M | $-8M | $62.0K | $-4M | $-6M | $3M | $-615.0K | $2M | $2M | |
| Pretax Income | $159M | $3M | $64M | $36M | $72M | $1M | $797M | $173M | $57M | $8M | $35M | $11M | |
| Income Tax | $35M | $7M | $10M | $41M | $-4M | $-5M | $167M | $30M | $45M | $10M | $-192M | $410.0K | |
| Net Income | $124M | $-4M | $52M | $-33M | $57M | $-3M | $629M | $143M | $13M | $-2M | $230M | $12M | |
| EPS (Basic) | $6.44 | $-0.22 | $3.02 | $-1.98 | $3.44 | $-0.18 | $33.13 | $6.77 | $0.60 | $-0.08 | $11.61 | $0.59 | |
| EPS (Diluted) | $6.13 | $-0.22 | $2.94 | $-1.98 | $3.31 | $-0.18 | $31.85 | $5.96 | $0.53 | $-0.08 | $10.83 | $0.56 | |
| Shares (Basic) | 19,338,000 | 18,290,000 | 17,298,000 | 16,868,000 | 16,630,000 | 16,185,000 | 18,995,000 | 21,160,000 | 21,032,000 | 20,831,000 | 19,790,000 | 20,419,000 | |
| Shares (Diluted) | 20,294,000 | 18,290,000 | 17,757,000 | 16,868,000 | 17,246,000 | 16,825,000 | 19,757,000 | 24,067,000 | 23,481,000 | 20,831,000 | 21,228,000 | 21,433,000 | |
| EBITDA | $75M | $13M | $48M | $55M | $130M | $52M | $825M | $178M | $80M | $55M | $30M | $22M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $175M | $72M | $23M | $45M | $20M | $48M | $72M | $117M | $21M | $19M | $97M | $160M | |
| Short-term Investments | $559M | $184M | $147M | $167M | $322M | $364M | $998M | $601M | $181M | $122M | $103M | $7M | |
| Receivables | $60M | $38M | $33M | $30M | $85M | $57M | $30M | $56M | $26M | $15M | $6M | $13M | |
| Inventory | $9M | $14M | $24M | $13M | $27M | $26M | $7M | $7M | $4M | $2M | $2M | $269.0K | |
| Prepaid Expense | · | $2M | $1M | $1M | · | · | · | · | $1M | $2M | $1M | $835.0K | |
| Other Current Assets | $6M | $9M | $3M | $2M | $4M | $4M | $5M | $11M | $2M | $2M | $2M | $2M | |
| Current Assets | $832M | $332M | $237M | $264M | $465M | $501M | $1.12B | $871M | $237M | $163M | $215M | $185M | |
| PP&E (Net) | $4M | $15M | $16M | $12M | $13M | $13M | $7M | $5M | $4M | $2M | $372.0K | $486.0K | |
| PP&E (Gross) | $10M | $23M | $22M | $23M | $29M | $20M | $10M | $8M | $6M | $3M | $3M | $3M | |
| Accum. Depreciation | $7M | $8M | $7M | $10M | $9M | $6M | $3M | $2M | $2M | $2M | $3M | $3M | |
| Goodwill | $102M | $105M | $103M | $0 | $106M | $190M | $95M | $87M | $86M | $72M | $12M | $12M | |
| Intangibles | $225M | $267M | $300M | $342M | $377M | $595M | $210M | $220M | $229M | $205M | $48M | $51M | |
| Other Non-current Assets | $13M | $32M | $6M | $2M | $1M | $4M | $2M | $471.0K | $5M | $2M | $27.0K | $207.0K | |
| Total Assets | $1.56B | $942M | $787M | $763M | $1.30B | $1.36B | $1.49B | $1.26B | $671M | $602M | $503M | $258M | |
| Accounts Payable | $3M | $5M | $2M | $5M | $8M | $4M | $2M | $4M | $2M | $3M | $4M | $8M | |
| Accrued Liabilities | $31M | $28M | $12M | $16M | $18M | $19M | $9M | $19M | $7M | $6M | $5M | $5M | |
| Short-term Debt | · | · | · | · | · | · | · | · | $225M | $213M | $202M | $334.0K | |
| Current Liabilities | $37M | $37M | $17M | $99M | $42M | $100M | $17M | $82M | $239M | $227M | $223M | $23M | |
| Capital Leases | $4M | $6M | $6M | $10M | $2M | $6M | $10M | $0 | · | · | · | · | |
| Deferred Tax | $36M | $33M | $32M | $31M | $31M | $65M | $33M | $0 | · | · | · | $3M | |
| Other Non-current Liabilities | $17M | $30M | $28M | $28M | $22M | $31M | $22M | $951.0K | $4M | $687.0K | $297.0K | $770.0K | |
| Total Liabilities | $543M | $111M | $86M | $165M | $476M | $653M | $728M | $700M | $252M | $231M | $226M | $234M | |
| Total Debt | · | · | · | · | · | · | · | · | $225M | $213M | $202M | $334.0K | |
| Common Stock | $20.0K | $20.0K | $18.0K | $17.0K | $17.0K | $16.0K | $17.0K | $21.0K | $21.0K | $21.0K | $20.0K | $20.0K | |
| Paid-in Capital | $401M | $337M | $199M | $148M | $373M | $318M | $367M | $791M | $798M | $770M | $662M | $681M | |
| Retained Earnings | $608M | $499M | $503M | $451M | $449M | $392M | $400M | $-229M | $-401M | $-431M | $-429M | $-659M | |
| AOCI | $8M | $-6M | $-817.0K | $-984.0K | $-917.0K | $-801.0K | $-216.0K | $-1M | $2M | $3M | $5M | $5M | |
| Stockholders' Equity | $1.02B | $830M | $701M | $597M | $821M | $710M | $767M | $561M | $400M | $341M | $237M | $26M | |
| Liabilities + Equity | $1.56B | $942M | $787M | $763M | $1.30B | $1.36B | $1.49B | $1.26B | $671M | $602M | $503M | $258M | |
| Shares Outstanding | 19,774,000 | 19,106,000 | 17,556,000 | 16,951,000 | 16,767,000 | 16,080,000 | 16,823,000 | 20,766,000 | 21,148,665 | 20,909,301 | 19,949,012 | 19,575,150 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $34M | $35M | $37M | $52M | $51M | $26M | $18M | $13M | $11M | $11M | $3M | $3M | |
| Stock-based Comp | $47M | $41M | $26M | $60M | $39M | $31M | $25M | $21M | $25M | $19M | $12M | $11M | |
| Deferred Tax | $22M | $-16M | $10M | $30M | $-5M | $-17M | $75M | · | · | · | · | · | |
| Amort. of Intangibles | · | · | · | · | $47M | $23M | $17M | $16M | $12M | $11M | $2M | $2M | |
| Other Non-cash | $-178M | $41M | $-75M | $29M | $-60M | $1M | $-702M | $15M | $44M | $34M | $-203M | $-5M | |
| Operating Cash Flow | $49M | $97M | $50M | $138M | $79M | $55M | $-29M | $194M | $89M | $61M | $42M | $21M | |
| CapEx | $452.0K | $2M | $4M | $18M | $9M | $4M | $3M | $887.0K | $2M | $2M | $93.0K | $6.0K | |
| Investing Cash Flow | $-377M | $-144M | $-12M | $164M | $31M | $232M | $467M | $-423M | $-79M | $-134M | $-113M | $-2M | |
| Net Debt Issued | $0 | $0 | $-77M | $-261M | $-156M | $-222M | $-27M | $-218M | · | $0 | $0 | $-9M | |
| Stock Issued | $0 | $37M | $0 | $0 | · | · | · | · | · | · | · | $0 | |
| Stock Repurchased | $15M | $0 | $0 | $0 | $0 | $78M | $453M | $123M | $2M | $4M | $489.0K | $68M | |
| Net Stock Activity | $-15M | $37M | · | $0 | $0 | $-78M | $-453M | $-123M | $-2M | $-4M | $-489.0K | $-68M | |
| Financing Cash Flow | $428M | $97M | $-60M | $-276M | $-138M | $-311M | $-485M | $329M | $-8M | $-5M | $8M | $130M | |
| Net Change in Cash | $103M | $49M | $-22M | $25M | · | · | · | · | $2M | $-79M | $-63M | $149M | |
| Taxes Paid | $8M | · | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $49M | $95M | $46M | $120M | $70M | $50M | $-32M | $193M | $91M | $61M | $42M | $21M | |
| Levered FCF | · | · | $46M | $120M | $46M | $42M | $-60M | $153M | · | · | · | $16M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 15.3% | -13.5% | 9.1% | 1.6% | 28.5% | 13.9% | 671.0% | 65.1% | 48.2% | 40.3% | 38.0% | 30.4% | |
| Net Margin | 46.4% | -2.4% | 39.7% | -17.0% | 20.6% | -1.6% | 523.2% | 57.0% | 8.9% | -1.5% | 319.6% | 18.6% | |
| Pretax Margin | 59.3% | 1.5% | 48.5% | 18.4% | 17.1% | -5.7% | 662.3% | 68.9% | 40.6% | 7.3% | 49.1% | 17.5% | |
| EBITDA Margin | 27.9% | 7.6% | 36.9% | 27.8% | 46.9% | 27.7% | 686.2% | 71.0% | 56.5% | 50.6% | 41.7% | 34.5% | |
| ROA | 10.0% | -0.47% | 6.7% | -3.2% | 4.3% | -0.21% | 45.7% | 14.8% | 2.0% | -0.30% | · | 6.6% | |
| ROE | 13.5% | -0.48% | 7.6% | -4.7% | 7.0% | -0.42% | 77.8% | 22.7% | 3.4% | -0.57% | · | 31.7% | |
| ROIC | 3.2% | 4.4% | 1.4% | -0.07% | 11.6% | 1.0% | 83.1% | 24.1% | 2.4% | -2.4% | 87.1% | 71.0% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 22.2 | 8.9 | 14.1 | 2.7 | 11.2 | 5.0 | 66.1 | 10.6 | 1.0 | 0.7 | · | 8.1 | |
| Quick Ratio | 21.2 | 7.9 | 12.1 | 2.5 | 10.2 | 4.7 | 61.3 | 9.4 | 1.0 | 0.7 | · | 7.9 | |
| Debt / Equity | · | · | · | · | · | · | · | · | 0.6 | 0.6 | · | 0.0 | |
| Interest Coverage | · | · | 18.2 | 1.7 | 4.0 | 0.9 | 22.6 | 3.4 | · | · | · | 4.0 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.3 | 0.2 | 0.2 | · | 0.4 | |
| Inventory Turnover | · | · | · | · | · | · | · | 1.1 | 1.7 | 3.1 | · | 11.0 | |
| Receivables Turnover | 5.5 | 4.7 | 4.1 | 3.4 | 3.9 | 4.3 | 2.8 | 6.2 | 7.0 | 10.4 | · | 8.7 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $51.44 | $43.46 | $39.92 | $35.25 | $48.97 | $44.12 | $45.61 | $27.01 | $18.90 | $16.32 | · | $1.34 | |
| Revenue / Share | $13.21 | $9.14 | $7.40 | $11.63 | $16.07 | $11.52 | $6.09 | $10.45 | $6.01 | $5.23 | $3.39 | $3.01 | |
| Cash Flow / Share | $2.43 | $5.31 | $2.79 | $8.17 | $4.57 | $3.37 | $-1.48 | $8.06 | $3.98 | $3.02 | $1.97 | $0.96 | |
| Cash / Share | $8.85 | $3.78 | $1.31 | $2.66 | $1.16 | $2.96 | $4.25 | $5.64 | $0.97 | $0.90 | · | $8.18 | |
| EPS (TTM) | $6.13 | $-0.22 | $2.94 | $-1.98 | $3.31 | $-0.18 | $31.85 | $5.96 | $0.53 | $-0.08 | $10.83 | $0.56 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 60.4% | 27.3% | -33.1% | -18.8% | 47.7% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 11.0% | -11.6% | -7.1% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 10.4% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $268M | $167M | $131M | $196M | $242M | $164M | $120M | $251M | $141M | $109M | $72M | $65M | |
| Net Income TTM | $124M | $-4M | $52M | $-33M | $57M | $-3M | $629M | $143M | $13M | $-2M | $230M | $12M | |
| Market Cap | $3.74B | $2.05B | $1.25B | $1.13B | $1.62B | $998M | $1.09B | $1.76B | $1.81B | $1.33B | · | $650M | |
| Enterprise Value | · | · | · | · | · | · | · | · | $1.83B | $1.40B | · | $483M | |
| P/E | 30.8 | -487.0 | 24.3 | -33.7 | 29.1 | -344.7 | 2.0 | 14.2 | 161.2 | -792.3 | 6.2 | 59.3 | |
| P/S | 13.9 | 12.2 | 9.5 | 5.8 | 6.7 | 6.1 | 9.1 | 7.0 | 12.8 | 12.2 | · | 10.1 | |
| P/B | 3.7 | 2.5 | 1.8 | 1.9 | 2.0 | 1.4 | 1.4 | 3.1 | 4.5 | 3.9 | · | 24.7 | |
| P / Tangible Book | 5.4 | 4.5 | 4.2 | 4.4 | 4.8 | · | · | · | · | · | · | · | |
| P / Cash Flow | 75.7 | 21.1 | 25.3 | 8.2 | 20.5 | 18.3 | -37.3 | 9.1 | 19.3 | 21.0 | · | 31.6 | |
| P / FCF | 76.4 | 21.5 | 27.2 | 9.4 | 23.1 | 19.9 | -34.3 | 9.1 | 19.8 | 21.7 | · | 31.6 | |
| EV / EBITDA | · | · | · | · | · | · | · | · | 22.9 | 25.3 | · | 21.7 | |
| EV / FCF | · | · | · | · | · | · | · | · | 20.0 | 22.8 | · | 23.5 | |
| EV / Revenue | · | · | · | · | · | · | · | · | 13.0 | 12.8 | · | 7.5 | |
| Earnings Yield | 3.2% | -0.21% | 4.1% | -3.0% | 3.4% | -0.29% | 49.0% | 7.0% | 0.62% | -0.13% | 16.0% | 1.7% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $64M | $52M | $60M | $115M | $48M | $45M | $43M | $52M | $42M | $31M | $28M | $33M | $26M | $44M | $50M | $59M | |
| R&D Expense | $15M | $2M | $4M | $21M | $7M | $50M | $4M | $6M | $5M | $6M | $5M | $6M | $7M | $7M | $9M | $9M | |
| SG&A Expense | $29M | $21M | $25M | $28M | $20M | $19M | $26M | $24M | $18M | $11M | $16M | $15M | $11M | $11M | $31M | $15M | |
| Operating Income | $9M | $17M | $14M | $55M | $8M | $-36M | $-10M | $3M | $-19M | $3M | $-3M | $3M | $-2M | $14M | $-20M | $12M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $141.0K | · | $1.0K | $284.0K | $240.0K | · | $332.0K | |
| Interest Income | $7M | $7M | $6M | $4M | $2M | $2M | $2M | $1M | $3M | $2M | $2M | $2M | $2M | $1M | $1M | $591.0K | |
| Other Non-op | $3M | $-1M | $1M | $-443.0K | $1M | $-3M | $25M | $-9M | $-34M | $-2M | $3M | $-4M | $-873.0K | $603.0K | $-793.0K | $677.0K | |
| Pretax Income | $64M | $-24M | $57M | $141M | $11M | $-50M | $-39M | $-6M | $-65M | $113M | $17M | $-12M | $3M | $56M | $24M | $12M | |
| Income Tax | $16M | $-11M | $12M | $24M | $6M | $-8M | $-8M | $833.0K | $-13M | $27M | $-1M | $-2M | $881.0K | $12M | $39M | $3M | |
| Net Income | $49M | $-13M | $45M | $117M | $5M | $-42M | $-31M | $-7M | $-52M | $86M | $18M | $-10M | $2M | $42M | $-17M | $404.0K | |
| EPS (Basic) | $2.42 | $-0.67 | $2.41 | $5.99 | $0.25 | $-2.21 | $-1.81 | $-0.39 | $-2.88 | $4.86 | $1.02 | $-0.59 | $0.13 | $2.46 | $-1.04 | $0.02 | |
| EPS (Diluted) | $2.22 | $-0.67 | $2.42 | $5.68 | $0.24 | $-2.21 | $-1.70 | $-0.39 | $-2.88 | $4.75 | $1.07 | $-0.59 | $0.13 | $2.33 | $-1.04 | $0.02 | |
| Shares (Basic) | 20,063,000 | 19,883,000 | · | 19,578,000 | 19,327,000 | 19,191,000 | · | 18,419,000 | 18,028,000 | 17,732,000 | · | 17,380,000 | 17,276,000 | 17,063,000 | 16,890,000 | 16,888,000 | |
| Shares (Diluted) | 21,837,000 | 19,883,000 | · | 20,629,000 | 19,926,000 | 19,191,000 | · | 18,419,000 | 18,028,000 | 18,122,000 | · | 17,380,000 | 17,730,000 | 17,974,000 | · | 17,132,000 | |
| EBITDA | $9M | $26M | · | $55M | $8M | $-27M | · | $3M | $-19M | $12M | · | $3M | $-2M | $24M | · | $636.0K |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.01B | $115M | $175M | $139M | $68M | $48M | $72M | $64M | $18M | $50M | · | $19M | $28M | $89M | · | $4M | |
| Short-term Investments | $351M | $664M | $559M | $525M | $177M | $161M | $184M | $156M | $209M | $260M | · | $171M | $191M | $194M | · | $117M | |
| Receivables | $67M | $53M | $60M | $58M | $41M | $38M | $38M | $34M | $37M | $28M | · | $36M | $28M | $29M | · | $65M | |
| Inventory | $10M | $13M | $9M | $12M | $15M | $15M | $14M | $17M | $19M | $21M | · | $25M | $27M | $14M | · | $22M | |
| Prepaid Expense | · | · | · | · | · | · | · | $2M | $2M | $1M | · | · | · | · | · | · | |
| Other Current Assets | $6M | $6M | $6M | $7M | $5M | $13M | $9M | $20M | $7M | $7M | · | $2M | $3M | $2M | · | $11M | |
| Current Assets | $1.46B | $865M | $832M | $754M | $353M | $309M | $332M | $309M | $312M | $369M | · | $254M | $277M | $328M | · | $220M | |
| PP&E (Net) | $3M | $3M | $4M | $3M | $4M | $4M | $15M | $15M | $15M | $15M | · | $16M | $11M | $12M | · | $33M | |
| PP&E (Gross) | · | · | $10M | · | · | · | $23M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $7M | · | · | · | $8M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $102M | $102M | $102M | $102M | $102M | $102M | $105M | $105M | $105M | $105M | · | $104M | $106M | $106M | $0 | $181M | |
| Intangibles | $209M | $217M | $225M | $234M | $250M | $258M | $267M | $275M | $283M | $291M | · | $315M | $325M | $334M | · | $517M | |
| Other Non-current Assets | $12M | $13M | $13M | $3M | $9M | $8M | $32M | $8M | $12M | $11M | · | $8M | $4M | $5M | · | $6M | |
| Total Assets | $2.19B | $1.53B | $1.56B | $1.48B | $949M | $905M | $942M | $955M | $866M | $914M | · | $769M | $758M | $811M | · | $1.05B | |
| Accounts Payable | $9M | $5M | $3M | $4M | $9M | $5M | $5M | $5M | $2M | $2M | · | $2M | $10M | $6M | · | $16M | |
| Accrued Liabilities | $32M | $32M | $31M | $24M | $17M | $24M | $28M | $16M | $12M | $12M | · | $11M | $7M | $15M | · | $19M | |
| Current Liabilities | $47M | $41M | $37M | $31M | $65M | $59M | $37M | $25M | $19M | $18M | · | $16M | $29M | $99M | · | $135M | |
| Capital Leases | $4M | $4M | $4M | $4M | $5M | $4M | $6M | $6M | $6M | $5M | · | $6M | $11M | $11M | · | $35M | |
| Deferred Tax | $22M | $23M | $36M | $23M | $32M | $29M | $33M | $46M | $30M | $51M | · | $33M | $28M | $30M | · | $30M | |
| Other Non-current Liabilities | $17M | $17M | $17M | $20M | $14M | $14M | $30M | $30M | $29M | $28M | · | $44M | $22M | $22M | $28M | $22M | |
| Total Liabilities | $1.22B | $535M | $543M | $527M | $120M | $110M | $111M | $114M | $91M | $107M | · | $101M | $93M | $165M | · | $234M | |
| Long-term Debt | $1.13B | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $20.0K | $20.0K | $20.0K | $20.0K | $20.0K | $20.0K | $20.0K | $19.0K | $19.0K | $18.0K | · | $18.0K | $17.0K | $17.0K | · | $17.0K | |
| Paid-in Capital | $380M | $397M | $401M | $363M | $359M | $341M | $337M | $309M | $239M | $218M | · | $184M | $171M | $154M | · | $349M | |
| Retained Earnings | $583M | $595M | $608M | $578M | $461M | $457M | $499M | $530M | $537M | $589M | · | $485M | $495M | $493M | · | $468M | |
| AOCI | $4M | $5M | $8M | $9M | $8M | $-2M | $-6M | $2M | $-935.0K | $-910.0K | · | $-944.0K | $-967.0K | $-935.0K | · | $-1M | |
| Stockholders' Equity | $968M | $997M | $1.02B | $950M | $829M | $796M | $830M | $841M | $775M | $807M | $701M | $668M | $665M | $646M | $597M | $816M | |
| Liabilities + Equity | $2.19B | $1.53B | $1.56B | $1.48B | $949M | $905M | $942M | $955M | $866M | $914M | · | $769M | $758M | $811M | · | $1.05B | |
| Shares Outstanding | 19,920,000 | 20,029,000 | 19,774,000 | 19,656,000 | 19,411,000 | 19,276,000 | 19,106,000 | 18,760,000 | 18,103,000 | 17,924,000 | 17,556,000 | 17,421,000 | 17,352,000 | 17,134,000 | 16,951,000 | 16,894,000 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $8M | $8M | $8M | $8M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $11M | $13M | |
| Stock-based Comp | $14M | $11M | $14M | $15M | $10M | $8M | $8M | $15M | $11M | $7M | $6M | $7M | $7M | $6M | $29M | $13M | |
| Other Non-cash | · | $43M | · | · | · | $400.0K | · | · | · | $-84M | · | · | · | $-23M | · | · | |
| Operating Cash Flow | $24M | $49M | $46M | $13M | $16M | $-25M | $28M | $37M | $13M | $19M | $8M | $8M | $-82.0K | $34M | $53M | $20M | |
| CapEx | $26.0K | $228.0K | $9.0K | $15.0K | $214.0K | $214.0K | $712.0K | $596.0K | $408.0K | $105.0K | $417.0K | $487.0K | $203.0K | $2M | $2M | $4M | |
| Investing Cash Flow | $321M | $-94M | $-18M | $-353M | $-11M | $5M | $-39M | $-47M | $-55M | $-4M | $-10M | $-20M | $8M | $11M | $-7M | $19M | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | |
| Stock Issued | · | · | $0 | · | · | · | $3M | · | · | · | $0 | · | · | · | · | · | |
| Stock Repurchased | · | · | $0 | $15M | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $546M | $-14M | $8M | $410M | $15M | $-5M | $20M | $55M | $9M | $12M | $5M | $3M | $-68M | $-775.0K | $-5M | $-41M | |
| Net Change in Cash | $892M | $-60M | · | · | $20M | $-24M | $9M | $45M | $-32M | $27M | $3M | $-9M | $-60M | $44M | $41M | $-1M | |
| Free Cash Flow | · | $48M | · | · | · | $-26M | · | · | · | $19M | · | · | · | $32M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $19M | · | · | · | $31M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 13.5% | 33.6% | · | 47.6% | 17.7% | -79.9% | · | 6.1% | -46.0% | 9.7% | · | 9.4% | -7.5% | 32.3% | · | 0.96% | |
| Net Margin | 76.2% | -25.8% | · | 101.6% | 10.2% | -93.6% | · | -13.8% | -125.0% | 278.1% | · | -31.3% | 8.7% | 95.4% | · | 0.61% | |
| Pretax Margin | 101.0% | -46.9% | · | 122.2% | 23.6% | -110.7% | · | -12.2% | -157.4% | 366.2% | · | -37.0% | 12.0% | 126.3% | · | 1.3% | |
| EBITDA Margin | 13.5% | 49.5% | · | 47.6% | 17.7% | -60.5% | · | 6.1% | -46.0% | 37.9% | · | 9.4% | -7.5% | 53.9% | · | 0.96% | |
| ROA | 3.1% | -1.1% | · | 9.7% | 0.53% | -4.7% | · | -0.83% | -6.4% | 10.0% | · | -1.1% | 0.25% | 4.4% | · | 0.03% | |
| ROE | 5.4% | -1.5% | · | 13.1% | 0.60% | -5.3% | · | -0.95% | -7.2% | 11.9% | · | -1.4% | 0.31% | 5.8% | · | 0.05% | |
| ROIC | 0.67% | 0.96% | · | 4.8% | 0.44% | -3.9% | · | 0.42% | -2.0% | 0.28% | · | 0.39% | -0.22% | 1.7% | · | 0.04% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 31.2 | 21.3 | · | 24.7 | 5.5 | 5.3 | · | 12.5 | 16.8 | 20.7 | · | 16.2 | 9.4 | 3.3 | · | 1.6 | |
| Quick Ratio | 30.5 | 20.5 | · | 23.6 | 4.4 | 4.2 | · | 10.3 | 14.2 | 19.0 | · | 14.4 | 8.4 | 3.2 | · | 1.4 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 21.2 | · | 3078.0 | -7.0 | 59.2 | · | 1.9 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.1 | 0.1 | 0.0 | · | 0.1 | 0.1 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.1 | |
| Receivables Turnover | 1.2 | 1.1 | · | 2.5 | 1.2 | 1.4 | · | 1.5 | 1.3 | 1.1 | · | 0.6 | 0.6 | 1.2 | · | 1.0 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $48.57 | $49.79 | · | $48.34 | $42.68 | $41.27 | · | $44.84 | $42.82 | $45.00 | · | $38.34 | $38.32 | $37.72 | · | $48.32 | |
| Revenue / Share | $2.92 | $2.60 | · | $5.60 | $2.39 | $2.36 | · | $2.81 | $2.30 | $1.71 | · | $1.89 | $1.49 | $2.45 | · | $3.86 | |
| Cash Flow / Share | · | $2.45 | · | · | · | $-1.33 | · | · | · | $1.03 | · | · | · | $1.89 | · | · | |
| Cash / Share | $50.54 | $5.75 | · | $7.09 | $3.49 | $2.49 | · | $3.39 | $1.00 | $2.79 | · | $1.11 | $1.64 | $5.18 | · | $0.24 | |
| EPS (TTM) | $9.65 | $7.67 | · | $2.01 | $-4.06 | $-7.18 | · | $2.55 | $2.35 | $5.36 | · | $0.83 | $1.44 | $1.26 | · | $-1.27 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $291M | $274M | · | $251M | $188M | $181M | · | $152M | $133M | $118M | · | $154M | $180M | $204M | · | $183M | |
| Net Income TTM | $197M | $154M | · | $49M | $-76M | $-133M | · | $45M | $42M | $96M | · | $16M | $27M | $24M | · | $-21M | |
| Market Cap | $6.30B | $4.00B | · | $3.48B | $2.21B | $2.03B | · | $1.88B | $1.53B | $1.31B | · | $1.04B | $1.25B | $1.26B | · | $908M | |
| P/E | 32.8 | 26.0 | · | 88.1 | -28.0 | -14.6 | · | 39.3 | 35.9 | 13.6 | · | 72.2 | 50.1 | 58.4 | · | -42.3 | |
| P/S | 21.7 | 14.6 | · | 13.9 | 11.8 | 11.2 | · | 12.3 | 11.4 | 11.1 | · | 6.8 | 7.0 | 6.2 | · | 5.0 | |
| P/B | 6.5 | 4.0 | · | 3.7 | 2.7 | 2.5 | · | 2.2 | 2.0 | 1.6 | · | 1.6 | 1.9 | 2.0 | · | 1.1 | |
| P / Tangible Book | 9.6 | 5.9 | · | 5.7 | 4.6 | 4.7 | · | 4.1 | 3.9 | 3.2 | · | 4.2 | 5.4 | 6.1 | · | 7.7 | |
| P / Cash Flow | · | 82.1 | · | · | · | -79.6 | · | · | · | 69.9 | · | · | · | 37.1 | · | · | |
| Earnings Yield | 3.0% | 3.8% | · | 1.1% | -3.6% | -6.8% | · | 2.5% | 2.8% | 7.3% | · | 1.4% | 2.0% | 1.7% | · | -2.4% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $268M | $167M | $131M | $196M | $242M |
| Operating Margin % | 15.3% | -13.5% | 9.1% | 1.6% | 28.5% |
| Net Income | $124M | $-4M | $52M | $-33M | $57M |
| Diluted EPS | $6.13 | $-0.22 | $2.94 | $-1.98 | $3.31 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 22.2 | 8.9 | 14.1 | 2.7 | 11.2 |
| Quick Ratio | 21.2 | 7.9 | 12.1 | 2.5 | 10.2 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $49M | $95M | $46M | $120M | $70M |
Institutional owners (13F) 443 filers · $7.3B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
443
Value held
$7.3B
New positions
100
Exited positions
31
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 100 (+31 vs prior Q) | 31 (-13 vs prior Q) | 153 (+23 vs prior Q) | 112 (+4 vs prior Q) | +1.5M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $980,193,825 | 3,100,996 | 13.35% | Shares |
| VANGUARD GROUP INC | $392,110,761 | 2,073,892 | 5.34% | Shares |
| Invesco Ltd. | $379,827,651 | 1,201,644 | 5.17% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $359,810,304 | 1,138,316 | 4.90% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $275,298,586 | 870,950 | 3.75% | Shares |
| STATE STREET CORP | $261,251,813 | 826,539 | 3.56% | Shares |
| FMR LLC | $241,122,115 | 762,827 | 3.28% | Shares |
| FRANKLIN RESOURCES INC | $237,713,677 | 752,044 | 3.24% | Shares |
| CONGRESS ASSET MANAGEMENT CO | $208,591,268 | 659,911 | 2.84% | Shares |
| JANUS HENDERSON GROUP PLC | $201,622,937 | 1,009,891 | 2.75% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $186,213,020 | 589,020 | 2.54% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $179,656,000 | 568,371 | 2.45% | Shares |
| Chicago Capital, LLC | $174,935,212 | 553,435 | 2.38% | Shares |
| Stephens Investment Management Group LLC | $150,335,249 | 475,609 | 2.05% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $135,699,871 | 429,314 | 1.85% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $118,774,611 | 375,762 | 1.62% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $116,953,300 | 3,700 | 1.59% | Call option |
| GOLDMAN SACHS GROUP INC | $102,174,511 | 323,245 | 1.39% | Shares |
| LOOMIS SAYLES & CO L P | $92,236,642 | 291,805 | 1.26% | Shares |
| RICE HALL JAMES & ASSOCIATES, LLC | $85,360,737 | 270,052 | 1.16% | Shares |
| Ranger Investment Management, L.P. | $81,423,520 | 257,596 | 1.11% | Shares |
| NORTHERN TRUST CORP | $81,358,089 | 257,389 | 1.11% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $80,212,263 | 253,764 | 1.09% | Shares |
| DEUTSCHE BANK AG\ | $78,899,541 | 249,611 | 1.07% | Shares |
| NEUBERGER BERMAN GROUP LLC | $78,502,532 | 248,355 | 1.07% | Shares |
| MORGAN STANLEY | $63,439,444 | 200,699 | 0.86% | Shares |
| NEXT CENTURY GROWTH INVESTORS LLC | $62,757,140 | 198,542 | 0.85% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $61,080,599 | 193,238 | 0.83% | Shares |
| Aberdeen Group plc | $54,519,204 | 172,480 | 0.74% | Shares |
| BANK OF AMERICA CORP /DE/ | $53,845,507 | 170,349 | 0.73% | Shares |
| ASHFORD CAPITAL MANAGEMENT INC | $53,809,897 | 170,236 | 0.73% | Shares |
| Private Capital Management, LLC | $52,475,997 | 166,016 | 0.71% | Shares |
| VILLERE ST DENIS J & CO LLC | $49,153,891 | 155,506 | 0.67% | Shares |
| Granahan Investment Management, LLC | $46,538,247 | 147,231 | 0.63% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $45,177,479 | 142,926 | 0.62% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $43,385,881 | 137,258 | 0.59% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $42,503,090 | 212,888 | 0.58% | Shares |
| Bank of New York Mellon Corp | $41,429,372 | 131,068 | 0.56% | Shares |
| Impax Asset Management Group plc | $41,091,700 | 130,000 | 0.56% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $40,165,872 | 127,071 | 0.55% | Shares |
| UBS Group AG | $39,408,205 | 124,674 | 0.54% | Shares |
| Fisher Asset Management, LLC | $38,386,026 | 121,440 | 0.52% | Shares |
| Russell Investments Group, Ltd. | $38,027,274 | 120,304 | 0.52% | Shares |
| ROYAL BANK OF CANADA | $37,638,000 | 119,073 | 0.51% | Shares |
| Driehaus Capital Management LLC | $37,455,717 | 118,497 | 0.51% | Shares |
| Penn Capital Management Company, LLC | $31,748,435 | 100,337 | 0.43% | Shares |
| Legal & General Group Plc | $31,212,622 | 98,746 | 0.43% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $30,967,653 | 97,971 | 0.42% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $29,735,218 | 94,072 | 0.40% | Shares |
| FIRST TRUST ADVISORS LP | $28,730,368 | 90,893 | 0.39% | Shares |
Activists & 5%+ owners 18 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Ligand Pharmaceuticals Incorporated ×10 filings | May 1, 2026 | 47.00% | Initial filing | M&A / sale | SEC |
| David M. Knott, Dorset Management Corporation ×8 filings | May 24, 2016 | · | Initial filing | Board campaign | SEC |
| Ligand Pharmaceuticals Incorporated (2) ×4 filings | Jan. 28, 2010 | · | Initial filing | · | SEC |
| Noonday Asset Management, L.P., Noonday G.P. (U.S.), L.L.C., Noonday Capital, L.L.C., David I. Cohen, Saurabh K. Mittal, Noonday Capital Partners, L.L.C., Farallon Capital Partners, L.P., Farallon Capital Institutional Partners, L.P., Farallon Capital Institutional Partners II, L.P., Farallon Capital Institutional Partners III, L.P., Tinicum Partners, L.P., Farallon Capital Offshore Investors II, L.P., Farallon Capital Management, L.L.C., Farallon Partners, L.L.C., Chun R. Ding, William F. Duhamel, Richard B. Fried, Monica R. Landry, Douglas M. MacMahon, William F. Mellin, Stephen L. Millham, Jason E. Moment, Rajiv A. Patel, Derek C. Schrier, Thomas F. Steyer, Mark C. Wehrly | March 30, 2007 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | March 28, 2007 | · | Initial filing | Board campaign | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Feb. 12, 2007 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Sept. 18, 2006 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Aug. 10, 2006 | · | Initial filing | Passive investment | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Dec. 5, 2005 | · | Initial filing | Board campaign | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Nov. 16, 2005 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Nov. 7, 2005 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Oct. 26, 2005 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Oct. 12, 2005 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Sept. 30, 2005 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Sept. 23, 2005 | · | Initial filing | Passive investment | SEC |
| Undisclosed reporting person | July 22, 2003 | · | Initial filing | · | SEC |
| Undisclosed reporting person | June 17, 2003 | · | Initial filing | · | SEC |
| Undisclosed reporting person | March 22, 2002 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 47 insiders · 18 officers · 23 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Todd C Davis | Chief Executive Officer | June 30, 2026 J | 199,513 | 0 | 0 | $0 |
| David E Robinson | Pres, CEO & Chairman | March 10, 2006 A | 411,725 | 0 | 0 | $0 |
| Octavio Espinoza | Chief Financial Officer | Aug. 12, 2026 M | 27,696 | 0 | 14 | $-13,031,451 |
| Nishan M Desilva | VP, Finance & Strategy and CFO | May 14, 2015 M | 22,282 | 0 | 0 | $0 |
| John P Sharp | VP Finance and CFO | Feb. 12, 2014 M | 17,667 | 0 | 0 | $0 |
| Paul V Maier | Sr. V-P, CFO | Nov. 20, 2006 M | 84,951 | 0 | 0 | $0 |
| Matthew E Korenberg | President & COO | Sept. 23, 2024 M | 50,777 | 0 | 0 | $0 |
| Andrew Reardon | CLO & Secretary | Sept. 3, 2026 S | 36,514 | 0 | 54 | $-8,771,644 |
| Melanie J Herman | Director of Accounting | June 30, 2016 J | 3,454 | 0 | 0 | $0 |
| Syed Kazmi | VP, Bus. Dev. & Strategic Plan | Feb. 9, 2012 A | 18,230 | 0 | 0 | $0 |
| Martin Meglasson | V-P, Discovery Research | May 11, 2010 P | 102,250 | 0 | 0 | $0 |
| Zofia E Dziewanowska | VP, Clinical Research | Feb. 25, 2009 S | 33,977 | 0 | 0 | $0 |
| William A Petttit | Sr. V-P, HR and Administration | Dec. 15, 2006 M | 889 | 0 | 0 | $0 |
| Eric S Groves | V-P, Project Management | Dec. 15, 2006 M | 5,127 | 0 | 0 | $0 |
| Andres Negro-Vilar | Exe V-P, R & D, CSO | Dec. 14, 2006 M | 7,233 | 0 | 0 | $0 |
| Taylor Crouch | Sr. V-P, Ops & Pres. Int'l | Dec. 5, 2006 M | 0 | 0 | 0 | $0 |
| Tod Mertes | V-P, Controller & Treasurer | March 10, 2006 A | 1,476 | 0 | 0 | $0 |
| James J Litalien | Sr. V-P, Reg Affairs & Comp. | March 10, 2006 A | 0 | 0 | 0 | $0 |
| Martine Zimmermann | Director | Sept. 22, 2026 F | 3,782 | 0 | 1 | $-342,000 |
| Jason Haas | Director | Aug. 12, 2026 M | 3,981 | 0 | 3 | $-3,741,401 |
| Stephen L Sabba | Director | June 16, 2026 M | 33,629 | 0 | 3 | $-1,162,551 |
| John L Lamattina | Director | June 10, 2026 S | 26,969 | 0 | 7 | $-2,444,203 |
| Nancy Ryan Gray | Director | June 5, 2026 A | 8,930 | 0 | 2 | $-1,350,012 |
| Jason Aryeh | Director | June 5, 2026 A | 102,580 | 0 | 2 | $-1,250,000 |
| John W Kozarich | Director | June 5, 2026 A | 42,622 | 0 | 43 | $-1,195,652 |
| John L Higgins | Director | Dec. 28, 2022 F | 417,695 | 0 | 0 | $0 |
| David M Knott | Director | Aug. 17, 2015 S | 66,152 | 0 | 0 | $0 |
| Steven J Burakoff | Director | May 29, 2009 A | 15,000 | 0 | 0 | $0 |
| Bruce Peacock | Director | Dec. 23, 2008 A | 10,000 | 0 | 0 | $0 |
| Ligand Pharmaceuticals Incorporated | Director | Aug. 4, 2008 A | 10,000 | 0 | 0 | $0 |
| Jeffrey R Perry | Director | May 29, 2008 A | 33,953 | 0 | 0 | $0 |
| Elizabeth M Greetham | Director | May 29, 2008 A | 10,000 | 0 | 0 | $0 |
| Henry F Blissenbach | Director | April 2, 2007 M | 15,005 | 0 | 0 | $0 |
| Brigette Roberts | Director | Jan. 3, 2007 A | 2,378 | 0 | 0 | $0 |
| Irving S Johnson | Director | Jan. 3, 2007 A | 22,929 | 0 | 0 | $0 |
| Alexander D Cross | Director | Jan. 3, 2007 A | 26,335 | 0 | 0 | $0 |
| John Groom | Director | Sept. 27, 2006 A | 16,237 | 0 | 0 | $0 |
| Carl C Peck | Director | Sept. 27, 2006 A | 8,378 | 0 | 0 | $0 |
| Michael A Rocca | Director | Sept. 27, 2006 A | 11,676 | 0 | 0 | $0 |
| Jennifer R. Cochran | · | Nov. 1, 2022 D | 1,161 | 0 | 0 | $0 |
| Sarah Boyce | · | Nov. 1, 2022 D | 2,892 | 0 | 0 | $0 |
| Sunil Patel | · | Nov. 1, 2022 D | 28,820 | 0 | 0 | $0 |
| Charles S Berkman | · | Nov. 1, 2022 D | 23,825 | 0 | 0 | $0 |
| Matthew W Foehr | · | Nov. 1, 2022 D | 162,187 | 0 | 0 | $0 |
| Loeb, Daniel S. | · | March 26, 2007 S | 2,027,378 | 0 | 0 | $0 |
| Warner R Broaddus | · | Nov. 17, 2006 M | 0 | 0 | 0 | $0 |
| Giambattista Aliprandi | · | June 1, 2004 A | · | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 62 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PJP · Invesco Exchange-Traded Fund Trust | 3.55% | 63,460 SH | Oct. 1, 2026 | Daily |
| PSCH · Invesco Exchange-Traded Fund Trust … | 3.36% | 19,183 SH | Oct. 1, 2026 | Daily |
| CSMD · Professionally Managed Portfolios | 2.64% | 41,620 NS | July 31, 2026 | N-PORT |
| XSMO · Invesco Exchange-Traded Fund Trust | 2.02% | 185,021 SH | Oct. 1, 2026 | Daily |
| PTH · Invesco Exchange-Traded Fund Trust | 1.81% | 21,264 SH | Oct. 1, 2026 | Daily |
| BBP · ETFis Series Trust I | 1.55% | 5,310 NS | July 31, 2026 | N-PORT |
| RZG · Invesco Exchange-Traded Fund Trust | 1.35% | 5,132 SH | Oct. 1, 2026 | Daily |
| IHE · iShares Trust | 1.32% | 74,179 SH | Sept. 11, 2026 | Daily |
| PILL · Direxion Shares ETF Trust | 1.32% | 947 NS | July 31, 2026 | N-PORT |
| CAFG · Pacer Funds Trust | 0.96% | 1,010 NS | July 31, 2026 | N-PORT |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.69% | 23,854 SH | Aug. 19, 2026 | Daily |
| JSML · Janus Detroit Street Trust | 0.62% | 7,791 NS | July 31, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.62% | 27,765 NS | July 31, 2026 | N-PORT |
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.57% | 422 SH | Oct. 1, 2026 | Daily |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.51% | 6,605 SH | Oct. 1, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.41% | 1,422 SH | Oct. 1, 2026 | Daily |
| SAWS · ETF Series Solutions | 0.41% | 111 NS | July 31, 2026 | N-PORT |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.40% | 2,983 SH | Oct. 1, 2026 | Daily |
| IWO · iShares Trust | 0.38% | 189,025 SH | Sept. 11, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.37% | 21,495 SH | Aug. 19, 2026 | Daily |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.35% | 7,180 NS | July 31, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.34% | 70,067 SH | Aug. 19, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.29% | 13,798 NS | July 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.25% | 763 NS | July 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.22% | 5,287 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.19% | 513,328 SH | Sept. 11, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.19% | 115,596 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.19% | 9,615 NS | July 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.18% | 15,869 NS | July 31, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.13% | 277,215 SH | Aug. 19, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.13% | 2,515 NS | July 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.12% | 63,276 NS | July 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.12% | 3,939 SH | Sept. 11, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.10% | 8,281 SH | Oct. 1, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.09% | 58,421 SH | Aug. 19, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.08% | 9,216 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.07% | 229,811 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.07% | 436,655 SH | Aug. 19, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.06% | 3,827 SH | Aug. 19, 2026 | Daily |
| WSML · iShares Trust | 0.05% | 1,199 SH | Sept. 11, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.03% | 271 SH | Oct. 1, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.03% | 42,028 NS | July 31, 2026 | N-PORT |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.02% | 1,274 SH | Oct. 1, 2026 | Daily |
| DFUV · Dimensional ETF Trust | 0.02% | 8,647 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.02% | 1,810 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 605,870 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.01% | 16,031 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.01% | 1,642 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.01% | 4,432 SH | Aug. 19, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.01% | 3,926 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.01% | 27,511 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.01% | 632 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.01% | 5,857 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.01% | 5,438 SH | Sept. 11, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.00% | 54 NS | July 31, 2026 | N-PORT |
| IJR · iShares Trust | · | 1,223,008 SH | Sept. 10, 2026 | Daily |
| IJT · iShares Trust | · | 189,600 SH | Sept. 9, 2026 | Daily |
| XJR · iShares Trust | · | 2,771 SH | Aug. 31, 2026 | Daily |
| ISCB · iShares Trust | · | 887 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 1,532 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 28,204 SH | Sept. 11, 2026 | Daily |
| SMMV · iShares Trust | · | 926 SH | Aug. 19, 2026 | Daily |
LGND Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 16 analysts
BUY
Median target
$345.00
+13.9%
7 43.8%
Strong Buy
8 50.0%
Buy
1 6.2%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
12 analysts · 2026-10-01Mean target $344.25 +13.6%
Now
Current price $302.96
Low$247.00
Mean$344.25
High$397.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| LGND | $3.74B | 30.8 | 60.4% | 46.4% | 13.5% | · |
| AXSM | $9.29B | -49.6 | 65.5% | -28.7% | -227.0% | · |
| BLTE | $6.29B | -69.2 | · | · | -16.9% | · |
| AMRX | · | 57.3 | 8.1% | 2.4% | -80.0% | 36.9% |
| DFTX | $1.32B | -6.5 | 212.0% | · | -71.0% | · |
| MANE | · | · | · | · | 82.6% | · |
| EWTX | $2.64B | -15.2 | · | · | -30.2% | · |
| INDV | · | 21.9 | 4.3% | 17.0% | -118.3% | 80.2% |
| OGN | $1.87B | 10.0 | -2.9% | 3.0% | 25.2% | 53.3% |
| LLY | · | 46.8 | 44.7% | 31.7% | 101.2% | · |
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Source: SEC 10-Q filed Aug 7, 2026