MeritValue

Liquidia Corp

LQDAdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Liquidia Corp earns about -116% on equity, but has diluted owners by 73% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$12.9M1$15.9M2$17.5M3$14M3$158.3M3
Net income−$34.6M4−$41M5−$78.5M6−$128.3M6−$68.9M6
Operating cash flow−$34M7−$28.6M8−$41.6M9−$93.4M9−$35.7M9
Capital expenditure$107,00010$592,00011$1.29M12$4.95M12$4.34M12
Free cash flow (derived)−$34.1M7−$29.2M8−$42.9M9−$98.4M9−$40M9
Total debt$20.8M13$39.8M14———
Cash & equivalents$57.5M15$93.3M16$83.7M17$176.5M18$190.7M18
Diluted shares49.7M61.0M65.0M78.7M86.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$5.2
your share of equity
Profit it earned you last year
−$8.01
Free cash flow it threw off
−$4.65
Debt you’d be carrying
—

10 shares is a claim on $5.2 of net worth that earned you −$8.01 and generated −$4.65 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-116% avg · 5y
FY21 -53%FY22 -45%FY23 -166%FY24 -162%FY25 -154%

It earned an average -116% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+73% shares · 5y

Share count is up 73% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 91% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-23-004191 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-003051 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-023804 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-23-004191 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-24-003051 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-023804 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-23-004191 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-24-003051 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-023804 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-23-004191 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-24-003051 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-023804 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-004191 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-003051 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2021-12-31 · accession 0001558370-23-004191 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001558370-24-003051 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001558370-25-003237 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001104659-26-023804 (CashAndCashEquivalentsAtCarryingValue)