NASDAQ · Financial Statements

Madrigal Pharmaceuticals, Inc. (MDGL) Financial Statements

$434.24 NASDAQ: MDGL Market Cap $10.03B

Madrigal Pharmaceuticals, Inc. most recently reported annual revenue of $958.0M, a net loss of $288.0M. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Madrigal Pharmaceuticals, Inc.: net profit was positive in 0 of 10 reported years; operating margin moved from -276.4% to -31.3%, a shift of +245.1 percentage points; the most recent year shows a net loss of $288.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$0$0$0$0$0$0$0$0$180.0M$958.0M
Operating Expenses$25.0M$32.0M$40.0M$95.0M$206.0M$242.0M$294.0M$380.0M$678.0M$1.3B
Operating Profit$-25.0M$-32.0M$-40.0M$-95.0M$-206.0M$-242.0M$-294.0M$-380.0M$-498.0M$-300.0M
Operating Margin0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%-276.4%-31.3%
Other Income$-1.0M$1.0M$8.0M$11.0M$4.0M$1.0M$-2.0M$7.0M$32.0M$12.0M
Interest$1.0M$0$0$0$0$0$4.0M$13.0M$15.0M$22.0M
Depreciation$0$0$0$0$0$0$0$1.0M$1.0M$2.0M
Profit Before Tax$-26.0M$-31.0M$-33.0M$-84.0M$-202.0M$-242.0M$-295.0M$-374.0M$-466.0M$-288.0M
Tax$0$0$0$0$0$0$0$0$0$0
Net Profit$-26.0M$-31.0M$-33.0M$-84.0M$-202.0M$-242.0M$-295.0M$-374.0M$-466.0M$-288.0M
EPS$-5.07$-2.54$-2.22$-4.73$-13.09$-14.63$-17.23$-19.99$-21.90$-12.85
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$0$0$0$15.0M$62.0M$103.0M$137.0M$213.0M$287.0M$321.0M$311.0M$364.0M
Operating Expenses$99.0M$117.0M$152.0M$177.0M$178.0M$170.0M$217.0M$260.0M$401.0M$381.0M$404.0M$421.0M
Operating Profit$-99.0M$-117.0M$-152.0M$-163.0M$-116.0M$-67.0M$-79.0M$-47.0M$-114.0M$-60.0M$-93.0M$-56.0M
Operating Margin0.0%0.0%0.0%-1110.4%-187.1%-64.8%-57.8%-22.2%-39.7%-18.6%-29.8%-15.5%
Interest$4.0M$4.0M$4.0M$4.0M$4.0M$3.0M$3.0M$3.0M$7.0M$8.0M$8.0M$8.0M
Profit Before Tax$-99.0M$-112.0M$-148.0M$-152.0M$-107.0M$-59.0M$-73.0M$-42.0M$-114.0M$-59.0M$-94.0M$-58.0M
Tax$0$0$0$0$0$0$0$0$0$0$0$0
Net Profit$-99.0M$-112.0M$-148.0M$-152.0M$-107.0M$-59.0M$-73.0M$-42.0M$-114.0M$-59.0M$-94.0M$-58.0M
EPS$-5.34$-5.68$-7.38$-7.10$-4.92$-2.71$-3.32$-1.90$-5.08$-2.57$-3.25$-1.99

Over the 10 years reported for Madrigal Pharmaceuticals, Inc., cash stood at $199.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 4.02 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$41.0M$192.0M$485.0M$442.0M$287.0M$273.0M$363.0M$641.0M$1.0B$1.3B
Current Assets$41.0M$192.0M$485.0M$440.0M$285.0M$272.0M$361.0M$637.0M$1.0B$1.2B
Cash$40.0M$149.0M$57.0M$47.0M$54.0M$36.0M$332.0M$100.0M$100.0M$199.0M
Inventory$0$0$0$0$0$0$0$0$34.0M$75.0M
Receivables$0$0$0$0$0$0$0$0$54.0M$134.0M
Fixed Assets$0$0$0$2.0M$2.0M$2.0M$1.0M$3.0M$5.0M$6.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$0$43.0M$426.0M$392.0M$230.0M$234.0M$27.0M$534.0M$826.0M$785.0M
Other Assets$0$0$0$0$0$0$0$0$0$0
Total Liabilities$5.0M$10.0M$8.0M$25.0M$47.0M$77.0M$165.0M$235.0M$288.0M$657.0M
Current Liabilities$5.0M$10.0M$8.0M$25.0M$47.0M$77.0M$116.0M$119.0M$169.0M$310.0M
Borrowings$0$0$0$1.0M$1.0M$1.0M$50.0M$117.0M$120.0M$354.0M
Other Liabilities$5.0M$10.0M$8.0M$25.0M$46.0M$76.0M$115.0M$118.0M$168.0M$303.0M
Equity$0$0$0$0$0$0$0$0$0$0
Reserves$36.0M$182.0M$477.0M$417.0M$240.0M$196.0M$197.0M$405.0M$754.0M$603.0M

For Madrigal Pharmaceuticals, Inc., operating cash flow was positive in 0 of 10 reported years; free cash flow in the latest year was negative at $190.0M; free cash flow was positive in 0 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$-18.0M$-22.0M$-26.0M$-42.0M$-158.0M$-184.0M$-225.0M$-324.0M$-456.0M$-190.0M
Investing Cash Flow$22.0M$-22.0M$-380.0M$31.0M$159.0M$-5.0M$206.0M$-504.0M$-276.0M$32.0M
Financing Cash Flow$0$0$3.0M$0$1.0M$1.0M$8.0M$270.0M$338.0M$0
Net Cash Flow$19.0M$129.0M$-91.0M$-11.0M$7.0M$-18.0M$295.0M$-232.0M$5.0M$99.0M
Free Cash Flow$-18.0M$-22.0M$-26.0M$-42.0M$-158.0M$-184.0M$-225.0M$-326.0M$-457.0M$-190.0M

Valuation & Return Ratios

MetricValue
PEG Ratio113.26
EV / EBITDA-39.16
FCF Yield-1.77%
Quick Ratio2.94
Interest Coverage-20.64
Return 1Y10.14%
Return 3Y215.74%
Return 5Y513.81%

Madrigal Pharmaceuticals, Inc. (MDGL) financials — frequently asked questions

What is Madrigal Pharmaceuticals, Inc.'s annual revenue?

Madrigal Pharmaceuticals, Inc. (MDGL) reported annual revenue of $958.0M in its most recent fiscal year.

What is Madrigal Pharmaceuticals, Inc.'s net profit?

Madrigal Pharmaceuticals, Inc. (MDGL) reported a net loss of $288.0M in its most recent fiscal year.

What is MDGL EV/EBITDA?

Madrigal Pharmaceuticals, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is -39.16. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.

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