MeritValue

MANNKIND CORP

MNKDdata completeness 100%34 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'dividendsPaid'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$75.4M1$99.8M2$199M3$285.5M3$349M3
Net income−$80.9M4−$87.4M5−$11.9M6$27.6M6$5.86M6
Operating cash flow−$61.7M7−$80.7M8$34.1M9$42.5M9$18.3M9
Capital expenditure$11.5M10$7.59M11$42.4M12$9.69M12$4.57M12
Free cash flow (derived)−$73.2M7−$88.3M8−$8.35M9$32.8M9$13.7M9
Total debt$281.2M13$273.5M14$268.7M15$36.1M16$354.6M16
Cash & equivalents$124.2M17$69.8M18$238.5M19$46.3M20$74.9M20
Diluted shares249.2M257.1M267.0M283.8M314.1M

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
−$1.62
your share of equity
Profit it earned you last year
$0.19
Free cash flow it threw off
$0.44
Debt you’d be carrying
$11.29

10 shares is a claim on −$1.62 of net worth that earned you $0.19 and generated $0.44 of cash last year, against $11.29 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+26% shares · 5y

Share count is up 26% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 26% 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 v0.5.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$13.7M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$13.7M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
book value / share count 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 0000950170-24-021423 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-027735 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-073516 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-021423 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-027735 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-073516 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-021423 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-027735 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-073516 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-021423 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-027735 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-073516 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001564590-23-002309 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-021423 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-027735 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-073516 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001564590-23-002309 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-021423 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-027735 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-073516 (CashAndCashEquivalentsAtCarryingValue)