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Financials · MDGL

Madrigal Pharmaceuticals Inc. (MDGL) financials

For the twelve months ended Sep 30, 2026, Madrigal Pharmaceuticals Inc. reported $1.43B of revenue and -$155.46M of net income.

Revenue, TTM
$1.43B
Revenue growth, YoY
+92.8%
Net income, TTM
-$155.46M
Net margin
-10.9%
Free cash flow, TTM
-$169.43M
Cash
$514.64M
Total debt
$341.27M
P/S
7.04
Market cap
$10.05B
Annual revenue$958.40M
FY2017FY2025
Annual net income-$288.28M
FY2016FY2025
Annual free cash flow-$190.02M
FY2016FY2025

MDGL revenue and earnings growth

MDGL revenueQ3 2026$431.27M

Quarter YoY
+50.1%
QoQ
+18.4%
FY YoY
+432.1%

MDGL revenue was $431.27M in fiscal Q3 2026 (ended Sep 30, 2026), up 50.1% from a year earlier and up 18.4% from the prior quarter. For the full fiscal 2025 it was $958.40M, up 432.1% from fiscal 2024. Fiscal 2025 is the highest of the 10 fiscal years on file.

MDGL net incomeQ3 2026$55.44M

MDGL net income was $55.44M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$114.19M a year earlier. For the full fiscal 2025 it was -$288.28M, compared with -$465.89M in fiscal 2024.

MDGL EPSQ3 2026$1.83

MDGL diluted EPS was $1.83 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$4.01 a year earlier. For the full fiscal 2025 it was -$12.85, compared with -$21.90 in fiscal 2024.

MDGL free cash flowQ3 2026$116.63M

Quarter YoY
+47.6%
QoQ
+511.4%

MDGL free cash flow was $116.63M in fiscal Q3 2026 (ended Sep 30, 2026), up 47.6% from a year earlier and up 511.4% from the prior quarter. For the full fiscal 2025 it was -$190.02M, compared with -$457.03M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$958.40M$180.13M$0$0$0$0$0$0$0-
Cost of revenue-$6.23M$0$0------
Gross profit-$173.90M$0$0------
Research and development$388.52M$236.72M$272.35M$245.44M$205.16M$184.81M$72.32M$25.39M$24.39M$15.93M
Selling, general and admin$813.83M$435.06M$108.15M$48.13M$37.32M$21.86M$22.65M$15.29M$7.67M$9.29M
Operating income-$300.10M-$497.88M-$380.50M-$293.57M-$242.48M-$206.67M-$94.97M-$40.68M-$32.06M-$25.22M
Interest expense$22.31M$14.67M$12.71M$3.96M$0$0---$1.21M
Income tax$0$0$0$0$0$0$0$0--
Net income-$288.28M-$465.89M-$373.63M-$295.35M-$241.85M-$202.24M-$83.95M-$32.81M-$31.15M-$26.39M
EPS, basic-$12.85-$21.90-$19.99-$17.23-$14.63-$13.09-$5.45-$2.22-$2.54-$5.07
EPS, diluted-$12.85-$21.90-$19.99-$17.23-$14.63-$13.09-$5.45-$2.22-$2.54-$5.07
Diluted shares22.4M21.3M18.7M17.1M16.5M15.4M15.4M14.8M12.2M5.2M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$198.69M$105.02M$99.92M$331.55M$36.27M$54.00M$46.70M$57.38M$148.63M$19.14M
Receivables$134.48M$53.82M$0-------
Inventory$74.84M$34.07M$0-------
Current assets$1.25B$1.03B$637.28M$361.37M$271.68M$285.16M$440.20M$485.20M$192.01M$41.21M
Total assets$1.26B$1.04B$640.55M$362.57M$273.33M$287.00M$442.06M$485.43M$192.31M$41.21M
Current liabilities$310.29M$169.28M$118.55M$115.89M$76.84M$46.56M$25.13M$8.44M$10.05M$4.80M
Long-term debt$339.88M$117.57M$115.48M$49.29M$0-----
Total debt$339.88M$117.57M$115.48M$49.29M$0-----
Total liabilities$656.90M$287.86M$235.21M$165.18M$77.22M$47.02M$25.49M$8.44M$10.05M$4.80M
Shareholders' equity$602.69M$754.38M$405.33M$197.39M$196.11M$239.97M$416.56M$476.98M$182.26M$36.41M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow-$189.55M-$455.57M-$324.23M-$224.86M-$183.92M-$157.56M-$41.62M-$25.51M-$22.32M-$17.61M
Capital expenditures$467.0K$1.46M$1.48M$217.0K$209.0K$334.0K$172.0K$22.0K$125.0K$3.0K
Free cash flow-$190.02M-$457.03M-$325.71M-$225.07M-$184.13M-$157.90M-$41.80M-$25.53M-$22.44M-$17.61M
Investing cash flow$32.32M-$274.39M-$502.52M$206.69M-$5.05M$159.78M$30.71M-$380.08M-$22.01M$21.99M
Financing cash flow$255.98M$735.06M$595.12M$313.45M$171.24M$5.09M$235.0K$314.33M$173.81M$14.45M
Stock-based compensation$98.13M$79.88M$49.73M$31.63M$26.87M$20.73M$22.76M$13.49M$3.25M$7.93M
Depreciation and amortization$1.51M$1.10M$527.0K$467.0K$405.0K$471.0K$112.0K$96.0K$77.0K$156

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY432.1%---------
Gross margin-96.5%--------
Operating margin-31.3%-276.4%--------
Net margin-30.1%-258.6%--------
Free cash flow margin-19.8%-253.7%--------
Return on equity-47.8%-61.8%-92.2%-149.6%-123.3%-84.3%-20.2%-6.9%-17.1%-72.5%
Return on assets-22.9%-44.7%-58.3%-81.5%-88.5%-70.5%-19.0%-6.8%-16.2%-64.0%
Current ratio4.016.105.383.123.546.1317.5257.4619.108.58
Debt to equity0.560.160.280.250.00-----

Source: XBRL data Madrigal Pharmaceuticals Inc. files with the SEC, latest filing dated Nov 3, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures and share counts are restated for stock splits the filings show: 2-for-85, first reported Mar 31, 2017.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

MDGL peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
MDGL$1.43B+92.8%-$155.46M-10.9%$10.05B
LLY$86.46B+45.5%$27.58B31.9%$1.33T
JNJ$99.33B+7.8%$16.09B16.2%$679.13B
ABBV$66.01B+10.7%$10.34B15.7%$518.44B
MRK$67.38B+4.9%$2.45B3.6%$366.73B
NVS$54.53B+8.4%$13.98B25.6%$312.35B
AZN$58.74B+8.6%$10.22B17.4%$293.69B
ABT$48.23B+10.0%$4.70B9.7%$191.40B
NVODKK 309.06B+6.4%DKK 102.43B33.1%$183.23B

MDGL FAQ

7 questions
  • What is MDGL revenue?
    Madrigal Pharmaceuticals Inc. (MDGL) reported $1.43B of revenue for the twelve months ended Sep 30, 2026. That is up 92.8% from the year before. Revenue for fiscal 2025 was $958.40M.
  • Is MDGL profitable?
    No. Madrigal Pharmaceuticals Inc. reported a net loss of $155.46M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does MDGL have?
    Madrigal Pharmaceuticals Inc. reported $514.64M in cash and cash equivalents and $341.27M of debt on its most recent balance sheet in SEC filings.
  • How fast is MDGL revenue growing?
    Madrigal Pharmaceuticals Inc.'s revenue changed +432.1% in fiscal 2025, to $958.40M.
  • What is MDGL free cash flow?
    Madrigal Pharmaceuticals Inc. generated -$169.43M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of -$157.01M less capital expenditures.
  • When did MDGL last report financial results?
    The latest statements here come from Madrigal Pharmaceuticals Inc.'s 10-Q filed on Nov 3, 2026, covering the period ended Sep 30, 2026.
  • Where does this MDGL financial data come from?
    Quantisnow builds these statements from the structured XBRL data Madrigal Pharmaceuticals Inc. files with the SEC. It is provided for information only and is not investment advice.