MANNKIND CORP
MNKD · Pharmaceutical Preparations · 309.0M shares · +6%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$17M (gross $1M, SBC $18M)
Reference price $3.29 · est. market cap ~$1.0B — last insider sale, 2026-05-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C62Inhaled-therapeutics company (Afrezza/Tyvaso DPI royalties) — operating-profitable and growing, but negative equity.
Strengths
- Operating-profitable, growing — operating margin 11% (82nd), revenue +22%
- High gross margin — 92%
- Positive FCF — FCF $14M
Risks
- Negative equity — D/E -7.0, ROE -11%
- Net margin thin — 2%, net income -79%
- Royalty/partner (United Therapeutics) dependence — per 10-K
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Negative equityNegative book equity (debt/equity -6.95)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $176M cash & investments
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$259,000, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, FMR LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 3 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$363,259, last 6mo) Form 4 ↗
- Revenue declineRevenue -19.5% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
92.3%
Operating margin
11.1%
Net margin
1.7%
Return on equity
-11.5%
Return on assets
0.7%
ROIC
10.1%
Revenue growth (QoQ)
-19.5%
Net-income growth
-78.7%
Debt / equity
-7.0×
Net debt / EBITDA
3.5×
Current ratio
1.7×
Free cash flow
$14M
EBITDA
$51M
Tangible book value
-$124M
Cash & investments
$176M
Stock comp / revenue
6.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-20 | Consiglio Ronald J | Grant | 10K | $2.95 |
| 2026-05-20 | Tross Stuart A | Grant | 34K | $2.95 |
| 2026-05-20 | Marasco Dominic | Grant | 8.5K | $2.95 |
| 2026-05-12 | Binder Steven B. | Sell | 17K | $3.29 |
| 2026-05-12 | Thomson David | Sell | 3.0K | $3.29 |
| 2026-05-11 | Tross Stuart A | Tax withheld | 8.1K | $3.52 |
| 2026-05-11 | Thomson David | Tax withheld | 12K | $3.52 |
| 2026-05-11 | Castagna Michael | Tax withheld | 35K | $3.52 |
| 2026-05-11 | Binder Steven B. | Tax withheld | 5.6K | $3.52 |
| 2026-04-22 | Prentiss Christopher B | Tax withheld | 12K | $2.74 |
| 2026-03-10 | Castagna Michael | Buy | 100K | $2.59 |
| 2026-03-01 | Shannon James Samuel | Grant | 12K | $3.27 |
| 2026-03-01 | HOOPER ANTHONY C | Grant | 35K | $3.27 |
| 2026-03-01 | Prentiss Christopher B | Grant | 5.0K | $3.27 |
| 2026-03-01 | Castagna Michael | Grant | 15K | $3.27 |
| 2026-03-01 | Tross Stuart A | Grant | 15K | $3.27 |
| 2026-01-08 | Tross Stuart A | Sell | 47K | $6.33 |
| 2025-12-24 | Castagna Michael | Gift | 44K | — |
| 2025-12-17 | Castagna Michael | Option exercise | 66K | $4.55 |
| 2025-12-17 | Castagna Michael | Sell | 66K | $6.01 |
| 2025-12-16 | Castagna Michael | Option exercise | 21K | $4.55 |
| 2025-12-16 | Castagna Michael | Sell | 21K | $6.00 |
| 2025-12-12 | Castagna Michael | Sell | 21K | $6.00 |
| 2025-12-12 | Castagna Michael | Option exercise | 21K | $4.55 |
| 2025-12-02 | Thomson David | Option exercise | 88K | $4.60 |
| 2025-12-02 | Thomson David | Sell | 148K | $5.57 |
| 2025-12-02 | Castagna Michael | Option exercise | 108K | $4.55 |
| 2025-12-02 | Castagna Michael | Sell | 108K | $5.57 |
| 2025-12-02 | Thomson David | Option exercise | 60K | $4.55 |
| 2025-11-14 | Singh Sanjay R | Sell | 19K | $5.03 |
| 2025-11-11 | Ahuja Ajay | Grant | 318K | — |
| 2025-10-31 | Singh Sanjay R | Tax withheld | 17K | $5.59 |
| 2025-09-16 | Tross Stuart A | Sell | 47K | $5.34 |
| 2025-08-05 | Tross Stuart A | Grant | 13K | $3.92 |
| 2025-07-16 | Thomson David | Sell | 7.5K | $3.94 |
| 2025-07-16 | Binder Steven B. | Sell | 75K | $3.94 |
| 2025-07-15 | Tross Stuart A | Tax withheld | 28K | $3.85 |
| 2025-07-15 | Binder Steven B. | Tax withheld | 19K | $3.85 |
| 2025-07-15 | BLANK BURKHARD | Tax withheld | 9.6K | $3.85 |
| 2025-07-15 | Singh Sanjay R | Tax withheld | 15K | $3.85 |
| 2025-07-15 | Castagna Michael | Tax withheld | 111K | $3.85 |
| 2025-07-15 | Thomson David | Tax withheld | 30K | $3.85 |
| 2025-07-15 | Sabella Lauren M | Tax withheld | 12K | $3.85 |
| 2025-07-15 | Prentiss Christopher B | Tax withheld | 12K | $3.85 |
| 2025-06-10 | Binder Steven B. | Sell | 64K | $4.00 |
| 2025-05-27 | BLANK BURKHARD | Tax withheld | 16K | $4.12 |
| 2025-05-20 | Thomson David | Sell | 2.3K | $4.41 |
| 2025-05-20 | Binder Steven B. | Sell | 12K | $4.40 |
| 2025-05-19 | Thomson David | Tax withheld | 9.5K | $4.37 |
| 2025-05-19 | Tross Stuart A | Tax withheld | 6.1K | $4.37 |
| 2025-05-19 | Castagna Michael | Tax withheld | 26K | $4.37 |
| 2025-05-19 | Binder Steven B. | Tax withheld | 5.2K | $4.37 |
| 2025-05-14 | Marasco Dominic | Grant | 60K | — |
| 2025-05-14 | Castagna Michael | Grant | 27K | $4.56 |
| 2025-05-14 | Marasco Dominic | Grant | 22K | $4.56 |
| 2025-05-14 | HOOPER ANTHONY C | Grant | 25K | $4.56 |
| 2025-05-13 | Tross Stuart A | Grant | 119K | — |
| 2025-05-13 | Castagna Michael | Grant | 428K | — |
| 2025-05-13 | Singh Sanjay R | Grant | 119K | — |
| 2025-05-13 | Thomson David | Sell | 32K | $4.68 |
| 2025-05-13 | Thomson David | Grant | 119K | — |
| 2025-05-13 | Binder Steven B. | Sell | 80K | $4.69 |
| 2025-05-13 | Prentiss Christopher B | Grant | 119K | — |
| 2025-05-12 | Castagna Michael | Tax withheld | 335K | $4.56 |
| 2025-05-12 | Thomson David | Tax withheld | 118K | $4.56 |
| 2025-05-12 | Thomson David | Tax withheld | 12K | $4.56 |
| 2025-05-12 | Binder Steven B. | Tax withheld | 87K | $4.56 |
| 2025-05-12 | Binder Steven B. | Tax withheld | 6.4K | $4.56 |
| 2025-05-12 | Tross Stuart A | Tax withheld | 89K | $4.56 |
| 2025-05-12 | Tross Stuart A | Tax withheld | 8.1K | $4.56 |
| 2025-05-12 | Castagna Michael | Tax withheld | 35K | $4.56 |
| 2025-05-10 | Binder Steven B. | Grant | 106K | — |
| 2025-05-10 | Thomson David | Grant | 106K | — |
| 2025-05-10 | Tross Stuart A | Grant | 106K | — |
| 2025-05-10 | Castagna Michael | Grant | 299K | — |
| 2025-04-04 | Castagna Michael | Other | 40K | — |
| 2025-03-27 | Sabella Lauren M | Tax withheld | 16K | $5.10 |
| 2025-02-12 | Marasco Dominic | Grant | 252K | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (2)
- Cipla Ltd.
- United Therapeutics Corporation
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-02 | 2026-05-29 | 0001193125-26-252544 ↗ |
| 8-K | 2026-05-28 | 2026-05-27 | 0001193125-26-243074 ↗ |
| 8-K | 2026-05-22 | 2026-05-20 | 0001193125-26-237183 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001193125-26-208910 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001193125-26-208916 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001193125-26-073509 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001193125-26-073516 ↗ |
| 8-K/A | 2025-12-15 | 2025-10-07 | 0001193125-25-319170 ↗ |
| 8-K | 2025-11-10 | 2025-11-08 | 0001193125-25-273321 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001193125-25-265813 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001193125-25-265810 ↗ |
| 8-K | 2025-10-09 | 2025-10-07 | 0001193125-25-236064 ↗ |