How profitable is Ligand Pharmaceuticals Incorporated (LGND)?

In FY 2025 (10-K), LGND converted $268.1M of revenue into a 52% gross margin, 15.3% operating margin, and $48.9M in free cash flow (18.2% FCF margin).

Stock Ratings / Health Care / LGND / financials

RYTM (38) BLTE (36) MANE (55) IONS (26) ⌘ Pro Terminal →

Ligand Pharmaceuticals Incorporated (LGND) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

$307.02 -4.87% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $303.75

Ligand Pharmaceuticals Incorporated (LGND) carries a Roarable Rating of C (Hold) with 62/100 RQD Confidence. The composite score sits in the neutral Hold band (59–69), meaning current holders don’t need to panic-sell while prospective buyers can wait for a move into the 70+ Buy zone.

ROARABLE C • HOLD / WATCH Cap $6.43B

📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card

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🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is LGND stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

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As of 2026-11-03, Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) is rated C (Hold / HOLD) by Roarable's 5-pillar RQD engine with a composite confidence score of 62/100 at a spot price of $307.02 (-4.87% 1D, market cap $6.43B). Pillar breakdown: Fundamental Cash Engine 7/20, Institutional 13F & Options Flow 18/20, SEC Balance-Sheet Forensics 15/20, FRED Macro Regime Fit 13/20, and Executive Insider Alignment 9/20. Across 1015 tracked Health Care issuers, LGND ranks #147 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief

🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does LGND compare to RYTM and BLTE in the Health Care sector?

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Within the Health Care sector (Biotechnology: Pharmaceutical Preparations), LGND carries a Roarable C (62/100 RQD), trailing P/E of 50.8x, gross margin of —, and ROIC of 3.0%. By comparison, RYTM (Rhythm Pharmaceuticals Inc.) holds a D- grade (38/100 RQD, P/E N/A, ROIC -29.6%, cap $6.37B) and BLTE (Belite Bio Inc) posts a D- grade (36/100 RQD, P/E N/A, ROIC -15.9%, cap $6.23B). Among the 5-stock peer group, LGND leads on earnings multiple (50.8x) while LGND leads on capital efficiency (3.0% ROIC).

✓ Pre-computed one-to-many AI Quant brief

🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for LGND?

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Per LGND's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0000886163), Ligand Pharmaceuticals Incorporated generated $268.1M in revenue (+60.4% YoY), $124.5M in net income, and $48.9M in free cash flow against $1.56B in total assets and $244.5M in total debt. Key quantitative strengths: Big institutional funds and options desks are actively positioning on the bullish side. Primary risk factors monitored: Company executives have done more routine share selling than personal cash buying lately. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief

🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).

INTERACTIVE SCENARIO DECK:

🛡️ Portfolio Crash X-Ray

EXT / AFTER-HRS: $303.73 (-1.07%)🧬 Disciplined Float (+0.80% YoY Shares)⚙️ Cash Engine: 7/20 (D-) • 18.2% FCF Margin

Verify 90D Bucket Audit →

📊 Historical Track Record: Scores of 62/100 (C) historically posted market-perform odds over rolling 90-day windows (+0.7% avg 90D alpha vs SPY • 54.3% hit rate — wait for RQD ≥ 70 breakout).

Audit Bucket Track Record →

RQD QUANT TACHOMETERHOLD / WATCH • C

2-of-3 Quant Analysts Bullish

Cash

SEC

Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR RQD RADARRw D+ · Rk B-

Each axis scored 0–20

12M PRICE TARGET CONE+1.8% Base Target

WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for LGND)Realized 20D OHLCV Swing Band: ±6.9%

Deterministic 5-Pillar Attribution (62/100 Composite)

🔍 WHY LGND SCORES 62/100 (C) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag

▲ #1 Bullish Driver: Whale & Options Positioning+18/20 pts (29% of score)

20D Institutional Volume Accumulation (±6.9% realized swing band)

▲ #2 Bullish Driver: SEC 10-K Forensic Risk+15/20 pts (24% of score)

Altman Z-Score 8.40 (FORTRESS SAFE (>3.0)) • Piotroski F-Score 8/9

▼ #1 Drag / Risk Factor: Cash Engine Quality7/20 pts (-13 pt drag)

Capital intensity & 15.3% operating margin leave 13 pts on the table

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current

Q1 (-3Q)

Grade C-$294.99+6.7% Next Q

Q2 (-2Q)

Grade C$314.78+1.3% Next Q

Q3 (-1Q)

Grade C$318.78-3.7% Next Q

Current

Grade C$307.02+0.7% Hist 90D α

Trajectory: C- (54) → C (62)Full Audit →

⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)GIDEON ASHMERE // FORENSIC SHORT & KILL-SWITCH DOSSIER

⚔️ Adversarial Opposing Case: Why the LGND Bull Thesis Could Fail

Gideon Ashmere Forensic Desk →

Even with a 62/100 (C) score, LGND faces multiple-compression risk if 50.8x trailing P/E re-rate toward historical sector medians or if hyperscaler/enterprise customer concentration slows in upcoming 10-Q filings.

⚠️ Forensic Kill-Switch #1

Company executives have done more routine share selling than personal cash buying lately.

⚠️ Forensic Kill-Switch #2

Priced at 51x earnings—high expectations leave less room for a lukewarm quarter.

⚠️ Forensic Kill-Switch #3

Technical & Forensic Kill-Switch: A daily close below the 50D SMA ($298.58) or 200D SMA ($254.51) invalidates the momentum regime and cuts Target Base ($312.55) toward Bear Floor ($243.79).

🎲 LIVE PREDICTION MARKET ODDS TIED TO $LGND• $2.4M Crowd Pool • Kalshi / Polymarket Composite

Contract: “LGND Beats Next Quarter EPS Consensus (Dec 30, 2026) & Holds Above 200D SMA”

YES 62%NO 38%Trade / Inspect Odds →

VISUAL REVENUE-TO-PROFIT SANKEY WATERFALL • FY 2025 (10-K)

How LGND Turns Every Dollar of Sales Into Real Bottom-Line Profit

Free Cash Flow:$48.9M (18.2% FCF Margin)

Multi-Year SEC EDGAR XBRL Revenue, Net Profit & Free Cash Flow Trajectory

■ Revenue■ Net Profit■ Free Cash Flow

FY23

Rev $131.3M

FY24

Rev $167.1M

FY25

Rev $268.1M

Fiscal Year	Revenue	Gross Margin	Op Margin	Net Profit	Free Cash Flow	ROIC %
FY 2025	$268.1M	52%	15.3%	$124.5M	$48.9M	3%
FY 2024	$167.1M	52%	-13.5%	-$4.0M	$95.2M	-2.2%
FY 2023	$131.3M	52%	9.1%	$52.2M	$43.7M	0.4%

ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk

Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring LGND)

✓Walkthrough of LGND's RQD Radar, SEC cash-conversion gap & downside invalidation levels
✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
✓Includes nightly RQD rating-change & forensic signal email alerts on your tracked stocks

RQD INSIDER CLUB WAITLIST$49/YR PLANNED

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LGND // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +34.45%🛡️ HOLDING TREND SUPPORT

2026-11-03O $317.3H $322.8L $307.0C $307.0VOL 344.4K

RES: $325.3SUP: $296.4SMA50: $298.6SMA200: $254.5

PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

LGND Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 LGND Butterfly Map → + Track LGND →

Share Count & Dilution Monitor

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle

36.8%/yr Implied 5Y Growth

vs. +60.4% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger

No active Ellis Vennor swing setup published on LGND today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for LGND. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video

🎬 No recent verified company-specific video clip queued for LGND today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →

DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (LGND)

Health Care Rank #147 of 1015 ⚔️ RYTM vs LGND Full Matrix →

1. Head-to-Head Health Care Peer Comparison (LGND vs. RYTM, BLTE, MANE, IONS)

Industry: Biotechnology: Pharmaceutical Preparations (489 Tracked Issuers)

Across 1015 tracked Health Care securities in the Roarable RQD universe, Ligand Pharmaceuticals Incorporated (LGND) ranks #147 by composite RQD confidence (62/100, grade C) and #138 by equity capitalization ($6.43B). Within this direct 5-issuer industry benchmark cohort, LGND leads on earnings valuation at 50.8x trailing P/E, while LGND leads on capital efficiency and profitability with 3.0% ROIC and — gross margin. LGND currently leads its immediate peer cohort in composite quantitative strength at 62/100 (C).

Ticker / Company	Roarable Grade	RQD Score	Trailing P/E	Gross Margin	ROIC	1D Change	Market Cap	Head-to-Head
LGND ACTIVE Ligand Pharmaceuticals Incorporated	C	62/100	50.8x	—	3.0%	-4.87%	$6.43B	Benchmark Subject
RYTM Rhythm Pharmaceuticals Inc.	D-	38/100	—	89.7%	-29.6%	+0.94%	$6.37B	/rytm-vs-lgnd →
BLTE Belite Bio Inc	D-	36/100	—	—	-15.9%	-0.69%	$6.23B	/blte-vs-lgnd →
MANE Veradermics Incorporated	D+	55/100	—	—	-11.9%	-7.27%	$5.84B	/mane-vs-lgnd →
IONS Ionis Pharmaceuticals Inc.	E	26/100	—	96.0%	-20.9%	-5.24%	$7.23B	/ions-vs-lgnd →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0000886163 ↗

In its most recent audited fiscal period (FY2025, filed 2025-12-31), Ligand Pharmaceuticals Incorporated (LGND) reported GAAP revenue of $268.1M (+60.4% vs. FY2024 revenue of $167.1M , and +104.2% cumulative change since FY2023) , GAAP net income of $124.5M, operating cash flow of $49.4M, and free cash flow of $48.9M (-48.6% YoY). On the balance sheet, LGND closed FY2025 with $1.56B in total assets against $244.5M in total debt (Altman Z-Score: 8.40, Piotroski F-Score: 8/9).

Fiscal Period	Filing Date	Revenue	Net Income	Operating Cash Flow	Free Cash Flow	Total Assets	Total Debt
FY2025 (FY)	2025-12-31	$268.1M	$124.5M	$49.4M	$48.9M	$1.56B	$244.5M
FY2024 (FY)	2024-12-31	$167.1M	-$4.0M	$97.0M	$95.2M	$941.8M	$50.1M
FY2023 (FY)	2023-12-31	$131.3M	$52.2M	$49.6M	$43.7M	$3.48B	$814.2M

3. LGND Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is LGND stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

How does LGND compare to RYTM and BLTE in the Health Care sector?

What are the biggest fundamental strengths and SEC risk factors for LGND?

Where is LGND trading relative to its 50-day, 200-day, and 52-week technical levels?

LGND last traded at $307.02 (-4.87% on volume of 265,507 shares), positioning the stock +2.83% above its 50-day simple moving average ($298.58) and +20.63% above its 200-day simple moving average ($254.51). Across its 52-week range of $175.89 to $326.63, LGND sits at the 87.0% percentile with a 14-day RSI of 61.9 (BULLISH MOMENTUM) and an implied next-earnings move of ±6.9% ($285.84 to $328.20).

Direct Sub-Reports: LGND RQD Cockpit LGND 12M Forecast LGND Earnings & Move LGND Dividends & DRIP LGND Insiders & 13F LGND Whale Options LGND Profit Sankey LGND News & Why

ROARABLE RATING BRIEF • RQD 62/100 (C) ✓ SEC XBRL & RQD VERIFIED

LGND — Ligand Pharmaceuticals Incorporated: What the Facts Mean to a Prospective Investor

Methodology: RQD v6.2 Deterministic 5-Pillar & SEC XBRL Audit

Updated: 2025-12-31

1. Roarable Rating Brief: What This Means to a Prospective Investor

Ligand Pharmaceuticals Incorporated (LGND) earns a live Roarable RQD composite score of 62/100, corresponding to a C letter grade (Roarable Hold) at a spot price of $307.02 (-4.87% 1D, market capitalization $6.43B).

Fundamental Cash Engine (7/20): Anchored by return on invested capital (ROIC) of 3.0%, gross margin of —, operating margin of 15.3%, and free cash flow yield of 0.77%.
Whale 13F & Options Flow (18/20) + Insider Conviction (9/20): Tracks institutional 13F accumulation, CBOE options call/put positioning, and SEC Form 4 / Congressional PTR filings.
Macro Regime Fit (13/20) + Forensic Balance Sheet (15/20): Incorporates a 1.07x equity beta, Altman Z-Score of 8.40, Piotroski F-Score of 8/9, and Debt/Equity of 0.22x.

2. Business Model, Unit Margins & SEC Financial Trajectory

Ligand Pharmaceuticals Incorporated is a NASDAQ-listed issuer in the Health Care sector, operating within the Biotechnology: Pharmaceutical Preparations industry..3B.

In its latest audited SEC EDGAR 10-K filing for FY2025 (filed 2025-12-31), Ligand Pharmaceuticals Incorporated (LGND) reported $268.1M in annual revenue (up from $167.1M in FY2024, +60.4% YoY) and $124.5M in GAAP net income. Over the multi-year SEC filing window from FY2023 ($131.3M revenue, $52.2M net income) through FY2025, LGND scaled operating cash flow to $49.4M and free cash flow to $48.9M, backed by $1.56B in total assets against $244.5M in total debt.

3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff

🐂 Primary Bull Case (C • RQD 62/100): Big institutional funds and options desks are actively positioning on the bullish side. Clean SEC annual filing review with no major hidden accounting time-bombs. With Fundamental Cash Engine at 7/20 and Institutional Whale Flow at 18/20, sustained execution supports upside toward the upper end of the $175.89 – $326.63 52-week range.
🐻 Primary Bear Case & Valuation Risk: Company executives have done more routine share selling than personal cash buying lately. Investors must weigh 50.8x trailing P/E and 95.0x EV/EBITDA against 15.3% operating margins and a 1.07x macro beta.

4. 2nd-Order Butterfly Ripples & Key Questions to Watch

The supply chain is NONE, with empty butterfly links and empty proprietary signals. — for upstream or downstream dependencies, sector correlations beyond the beta reading, or second-order bottlenecks. A prospective investor should note that the absence of mapped links means this analysis cannot identify ripple effects from the data provided.

Key Question #1: Can LGND sustain or expand its 15.3% operating margin and 3.0% ROIC against Biotechnology: Pharmaceutical Preparations peers over the next 4 quarters?
Key Question #2: Following FY2025 revenue of $268.1M and free cash flow of $48.9M, how will capital allocation balance growth reinvestment against $244.5M in total debt?
Key Question #3: How sensitive is LGND's 42.7x forward P/E multiple to Health Care capital spending cycles and macro interest-rate shifts (Beta 1.07x)?

LGND Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for Ligand Pharmaceuticals Incorporated (LGND) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to LGND Debate Forum (3) ↓

🟡 MARKET WIRE Yahoo Finance • 1d ago

What Ligand Pharmaceuticals (LGND) Said on Its Q3 Earnings Call

Yahoo Finance report covering Ligand Pharmaceuticals Incorporated (LGND) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Seeking Alpha • 1d ago

Ligand Pharmaceuticals Incorporated 2026 Q3 - Results - Earnings Call Presentation (NASDAQ:LGND) 2026-10-30

Seeking Alpha report covering Ligand Pharmaceuticals Incorporated (LGND) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE TradingView • 1d ago

Ligand Pharmaceuticals Incorporated Estimates – NASDAQ:LGND

TradingView report covering Ligand Pharmaceuticals Incorporated (LGND) market action, institutional positioning, and fundamental catalysts.

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🔴 RISK WATCH Quiver Quantitative • 1d ago

Ligand Pharmaceuticals (LGND) Releases Q3 2026 Earnings: Revenue Falls and Losses Widen

Quiver Quantitative report covering Ligand Pharmaceuticals Incorporated (LGND) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Stock Titan • 1d ago

A director proposes selling 1,209 Ligand Pharmaceuticals (LGND) shares around October 30, 2026.

Stock Titan report covering Ligand Pharmaceuticals Incorporated (LGND) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟢 CATALYST Stock Titan • 1d ago

A partner CEO will discuss a gel being developed for rare conditions at Ligand's investor day.

Stock Titan report covering Ligand Pharmaceuticals Incorporated (LGND) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE ad-hoc-news.de • 2d ago

Barclays sets target for Ligand Pharmaceuticals stock at USD 345

ad-hoc-news.de report covering Ligand Pharmaceuticals Incorporated (LGND) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE ad-hoc-news.de • 2d ago

Barclays sets USD 345.00 target for Ligand Pharmaceuticals stock

ad-hoc-news.de report covering Ligand Pharmaceuticals Incorporated (LGND) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

LGND Bull vs. Bear Conversation Board — What's Your Call at $307.02?

🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON LGND 🐻 33% BEARISH CONVICTION

QU QuantViper RQD DEBATE OPENER • Systematic Momentum Desk 🐂 BULLISH 🎯 Target: $419.57 (+30.0%)

📌 Pinned Debate

Institutional accumulation and options positioning score 17 of 20 in the RQD rating, the strongest pillar, alongside an Altman Z-Score

Here is why I am bullish on LGND here at $322.75: Institutional accumulation and options positioning score 17 of 20 in the RQD rating, the strongest pillar, alongside an Altman Z-Score of 8.4 and Piotroski F-Score of 8 of 9.. Compare LGND's 15.3% operating margin and 3.0% ROIC against the rest of Biotechnology: Pharmaceutical Preparations. As long as cash conversion holds up, dips toward $306.61 are getting bought.

RetailWhale_TX 🐂 BULL

@BearTrap_Alert Shorting a 18/20 institutional whale-flow stock at $322.75 is dangerous when funds are rotating into Health Care.

BE BearTrap_Alert RQD DEBATE OPENER • Cycle Peak Watcher 🐻 BEARISH 🎯 Target: $267.88 (-17.0%)

Spot @ $322.75

Trading at a P/E (TTM) of 50.8 and EV/EBITDA of 95 with a 0.77% FCF yield and 3% ROIC, the stock's valuation is not supported by curren

Trading at a P/E (TTM) of 50.8 and EV/EBITDA of 95 with a 0.77% FCF yield and 3% ROIC, the stock's valuation is not supported by current cash-generation returns.. Look at the math on LGND: paying 50.8x trailing P/E for 3.0% ROIC and 15.3% operating margins leaves zero margin of safety if Biotechnology: Pharmaceutical Preparations demand softens. I'd wait for a retest of $284.02 before getting long.