Mannkind
MNKD on Nasdaq. Pharmaceutical preparations. Market value $1.2bn.
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
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 $-1.52 of spare cash in the past 12 months. A savings account pays about $4.
You pay 158.8 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns -77 cents a year. Above 10 is good.
Quality score: 33 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$3.71 a share, 66% above its 1-year low
Over the past year the price has ranged from $2.23 to $6.51.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $18 million in the past 12 months, $14 million in the year to December 2025.
| Revenue | |||||
| Revenue | $75m | $100m | $199m | $286m | $349m |
| Operating margin | |||||
| Operating margin | -62.3% | -64.3% | 4.4% | 25.4% | 11.1% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.26bn | 0.27bn | 0.28bn | 0.31bn | 0.32bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Warning signs
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 39.9% a year
- Buying back its own sharesNo, 22% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $109 million last quarter, up 43% on a year ago.
- A loss of $19 million, after a profit of $668,000 a year ago.
- It keeps 2 cents of each $1 of sales as operating profit, down from 22 cents a year earlier.
- Over the past 12 months it spent $18 million more cash than it brought in. A year earlier it had $29 million spare.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $266 million more than cash. A year ago it had $21 million more cash than debt.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $70m |
| December 2024 | $77m |
| March 2025 | $78m |
| June 2025 | $77m |
| September 2025 | $82m |
| December 2025 | $112m |
| March 2026 | $90m |
| June 2026 | $109m |
| Quarter to | Amount |
|---|---|
| September 2024 | $12m |
| December 2024 | $7m |
| March 2025 | $13m |
| June 2025 | $668,000 |
| September 2025 | $8m |
| December 2025 | -$16m |
| March 2026 | -$17m |
| June 2026 | -$19m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
2 long-term investors we follow own it, up from 1 last quarter. 259 funds in all.
- Bruce & Co.R. Jeffrey Bruce
- Value
- $831,011
- Share of fund
- 0.2%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Bruce & Co.R. Jeffrey Bruce | $831,011 | 0.2% | |
| Gotham Asset ManagementJoel Greenblatt | $452,463 | <0.1% | New |
Largest holders overall
- BlackRock$137mAdded
- Rubric Capital Management LP$77mAdded
- State Street$69mCut
- Vanguard Capital Management$56mAdded
- Geode Capital Management$34mAdded
- Wellington Management Group LLP$33mAdded
- Frazier Life Sciences Management, L.P.$28mAdded
- Deep Track Capital, LP$26mNew
- 180 Wealth Advisors$21mAdded
- FMR$17mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- STATE STREET CORPORATIONPassive investor6.1%Since 31 March 2026
- Rubric Capital Management LPPassive investorat least 5.8%(filed with 1 related holder)Since 30 June 2026
- Vanguard Capital ManagementPassive investor5.0%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
STATE STREET CORPORATION Passive investor | 6.1% | 31 March 2026 | |
Rubric Capital Management LP Passive investor | at least 5.8% (filed with 1 related holder) | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.0% | 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
In the last 12 months, 1 insider bought $259,000 of shares on the open market. 5 sold $3m, $3m of it under preset trading plans.
- Binder Steven B.DirectorSoldunder a preset trading plan
- Date
- 25 September 2026
- Shares
- 39,051
- Price
- $3.29
- Value
- $128,478
- Binder Steven B.DirectorSoldunder a preset trading plan
- Date
- 10 September 2026
- Shares
- 33,558
- Price
- $3.81
- Value
- $127,856
- Binder Steven B.DirectorSoldunder a preset trading plan
- Date
- 7 August 2026
- Shares
- 39,051
- Price
- $4.06
- Value
- $158,547
- Thomson DavidEVP Genl Counsel & SecretarySoldunder a preset trading plan
- Date
- 17 July 2026
- Shares
- 24,109
- Price
- $4.05
- Value
- $97,641
- Binder Steven B.DirectorSoldunder a preset trading plan
- Date
- 17 July 2026
- Shares
- 52,485
- Price
- $4.06
- Value
- $213,089
- Binder Steven B.DirectorSoldunder a preset trading plan
- Date
- 12 May 2026
- Shares
- 16,940
- Price
- $3.29
- Value
- $55,733
- Thomson DavidEVP Genl Counsel & SecretarySoldunder a preset trading plan
- Date
- 12 May 2026
- Shares
- 3,033
- Price
- $3.29
- Value
- $9,979
- Castagna MichaelChief Executive Officer, DirectorBought
- Date
- 10 March 2026
- Shares
- 100,000
- Price
- $2.59
- Value
- $259,000
- Tross Stuart AChief People & Workpl OfficerSoldunder a preset trading plan
- Date
- 8 January 2026
- Shares
- 47,006
- Price
- $6.33
- Value
- $297,548
- Castagna MichaelChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 17 December 2025
- Shares
- 65,804
- Price
- $6.01
- Value
- $395,482
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 25 September 2026 | Binder Steven B. Director | Sold under a preset trading plan | 39,051 | $3.29 | $128,478 |
| 10 September 2026 | Binder Steven B. Director | Sold under a preset trading plan | 33,558 | $3.81 | $127,856 |
| 7 August 2026 | Binder Steven B. Director | Sold under a preset trading plan | 39,051 | $4.06 | $158,547 |
| 17 July 2026 | Thomson David EVP Genl Counsel & Secretary | Sold under a preset trading plan | 24,109 | $4.05 | $97,641 |
| 17 July 2026 | Binder Steven B. Director | Sold under a preset trading plan | 52,485 | $4.06 | $213,089 |
| 12 May 2026 | Binder Steven B. Director | Sold under a preset trading plan | 16,940 | $3.29 | $55,733 |
| 12 May 2026 | Thomson David EVP Genl Counsel & Secretary | Sold under a preset trading plan | 3,033 | $3.29 | $9,979 |
| 10 March 2026 | Castagna Michael Chief Executive Officer, Director | Bought | 100,000 | $2.59 | $259,000 |
| 8 January 2026 | Tross Stuart A Chief People & Workpl Officer | Sold under a preset trading plan | 47,006 | $6.33 | $297,548 |
| 17 December 2025 | Castagna Michael Chief Executive Officer, Director | Sold under a preset trading plan | 65,804 | $6.01 | $395,482 |
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 26 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 7 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
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
- Its accounts show patterns that sometimes come before companies have to correct past results (Beneish score).
- It isn't cheap on profits: 158.8× operating profit.
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.