Madrigal Pharmaceuticals
MDGL on Nasdaq. Madrigal Pharmaceuticals sells Rezdiffra, a liver disease drug, to adults with MASH. Market value $11.4bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-1.81 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -61 cents a year. Above 10 is good.
Quality score: 30 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$493.62 a share, 25% above its 1-year low
Over the past year the price has ranged from $393.61 to $615.00.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $0 | $0 | $0 | $180m | $958m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | -276.4% | -31.3% |
| Debt to equity | |||||
| Debt to equity | 0.00 | 0.35 | 0.28 | 0.16 | 0.56 |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.56× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 35% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $364 million last quarter, up 71% on a year ago.
- A loss of $58 million, compared with a loss of $42 million a year ago.
- It loses 25 cents on each $1 of sales, compared with 60 cents a year earlier.
- Over the past 12 months it spent $206 million more cash than it brought in, compared with $308 million a year earlier.
- 3% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $48 million more than cash. A year ago it had $68 million more cash than debt.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $62m |
| December 2024 | $103m |
| March 2025 | $137m |
| June 2025 | $213m |
| September 2025 | $287m |
| December 2025 | $321m |
| March 2026 | $311m |
| June 2026 | $364m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$107m |
| December 2024 | -$59m |
| March 2025 | -$73m |
| June 2025 | -$42m |
| September 2025 | -$114m |
| December 2025 | -$59m |
| March 2026 | -$94m |
| June 2026 | -$58m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
None of the long-term investors we follow own it. 413 funds in all.
Largest holders overall
- Baker Bros. Advisors LP$1.2bn
- RTW Investments, LP$1.1bn
- Jupiter Topco$1.0bn
- Avoro Capital Advisors$984m
- Paulson$720mCut
- BlackRock$645mCut
- Vanguard Capital Management$449m
- Wellington Management Group LLP$443mAdded
- Vanguard Portfolio Management$420mCut
- State Street$283mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- JANUS HENDERSON GROUP PLCPassive investor8.8%+1.8 ptsSince 31 March 2026
- Paul A Friedman, M.D.Insider or founder7.8%0.0 ptsSince 10 December 2025
What they said
No changes, except that the Reporting Person no longer serves as Chairman of the Board and Chief Executive Officer of the Issuer; the Reporting Person continues to serve as a member of the Board of Directors of the Issuer.
Read the filing - Rebecca Taub, M.D.Insider or founder7.8%0.0 ptsSince 10 December 2025
What they said
No changes, except that the Reporting Person no longer serves as Chief Medical Officer of the Issuer; the Reporting Person serves as Senior Scientific and Medical Advisor of the Issuer and continues to serve as a member of the Board of Directors of the Issuer.
Read the filing - PAULSON & CO. INC.Passive investor6.1%−1.4 ptsSince 31 March 2026
- BlackRock, Inc.Passive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
JANUS HENDERSON GROUP PLC Passive investor | 8.8%+1.8 pts | 31 March 2026 | |
Paul A Friedman, M.D. Insider or founder | 7.8%0.0 pts | 10 December 2025 | What they saidNo changes, except that the Reporting Person no longer serves as Chairman of the Board and Chief Executive Officer of the Issuer; the Reporting Person continues to serve as a member of the Board of Directors of the Issuer. Read the filing |
Rebecca Taub, M.D. Insider or founder | 7.8%0.0 pts | 10 December 2025 | What they saidNo changes, except that the Reporting Person no longer serves as Chief Medical Officer of the Issuer; the Reporting Person serves as Senior Scientific and Medical Advisor of the Issuer and continues to serve as a member of the Board of Directors of the Issuer. Read the filing |
PAULSON & CO. INC. Passive investor | 6.1%−1.4 pts | 31 March 2026 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 9 sold $81m, $66m of it under preset trading plans.
- Sibold William JohnPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 11 September 2026
- Shares
- 5,221
- Price
- $542.39
- Value
- $3m
- Sibold William JohnPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 9 September 2026
- Shares
- 6,362
- Price
- $535.59
- Value
- $3m
- Kelley Shannon TGeneral CounselSold
- Date
- 17 August 2026
- Shares
- 664
- Price
- $514.97
- Value
- $341,940
- Sibold William JohnPresident and CEO, DirectorSold
- Date
- 20 July 2026
- Shares
- 2,500
- Price
- $547.30
- Value
- $1m
- Soergel DavidChief Medical OfficerSoldunder a preset trading plan
- Date
- 1 June 2026
- Shares
- 1,042
- Price
- $495.74
- Value
- $516,561
- Levy Richard SDirectorSoldunder a preset trading plan
- Date
- 22 May 2026
- Shares
- 5,682
- Price
- $515.44
- Value
- $3m
- Soergel DavidChief Medical OfficerSold
- Date
- 18 May 2026
- Shares
- 844
- Price
- $515.90
- Value
- $435,420
- Dier MardiEVP and CFOSoldunder a preset trading plan
- Date
- 6 March 2026
- Shares
- 1,982
- Price
- $430.87
- Value
- $853,993
- Sibold William JohnPresident and CEO, DirectorSold
- Date
- 6 March 2026
- Shares
- 1,663
- Price
- $431.94
- Value
- $718,316
- Kelley Shannon TGeneral CounselSold
- Date
- 6 March 2026
- Shares
- 360
- Price
- $431.94
- Value
- $155,498
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 September 2026 | Sibold William John President and CEO, Director | Sold under a preset trading plan | 5,221 | $542.39 | $3m |
| 9 September 2026 | Sibold William John President and CEO, Director | Sold under a preset trading plan | 6,362 | $535.59 | $3m |
| 17 August 2026 | Kelley Shannon T General Counsel | Sold | 664 | $514.97 | $341,940 |
| 20 July 2026 | Sibold William John President and CEO, Director | Sold | 2,500 | $547.30 | $1m |
| 1 June 2026 | Soergel David Chief Medical Officer | Sold under a preset trading plan | 1,042 | $495.74 | $516,561 |
| 22 May 2026 | Levy Richard S Director | Sold under a preset trading plan | 5,682 | $515.44 | $3m |
| 18 May 2026 | Soergel David Chief Medical Officer | Sold | 844 | $515.90 | $435,420 |
| 6 March 2026 | Dier Mardi EVP and CFO | Sold under a preset trading plan | 1,982 | $430.87 | $853,993 |
| 6 March 2026 | Sibold William John President and CEO, Director | Sold | 1,663 | $431.94 | $718,316 |
| 6 March 2026 | Kelley Shannon T General Counsel | Sold | 360 | $431.94 | $155,498 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.