Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 9, 2026
Liquidia Corp (LQDA)
A forensic read on Liquidia Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-4.4
Distress distance
Watch
Earnings quality
4
Forensic signals
-111.1%
ROE
1031.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Liquidia Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -4.4, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-599.6%
FY2025
Return on invested capital.Return on invested capital is -599.6% in the latest fiscal year, against -360.0% in FY2023, having run between -680.7% and -360.0% across FY2023–FY2025 with no direction held. After-tax operating profit was ($58M) in FY2023 and ($41M) in FY2025, with operating income at -419.6% of revenue in FY2023, -866.6% in FY2024 and -32.5% in FY2025. The capital base behind it came down -58% across FY2023–FY2025, from $16M to $7M, so this return is struck on a smaller base than it started on. Across FY2024–FY2025, $9M went into capital expenditure against $3M of depreciation excluding $500,000 of intangible-asset amortisation. The base is struck net of amortisation, write-downs and the current liabilities that fund it, so it moved by less than that spending net of the wear, and this row does not say which of those absorbed the difference.
+15.1%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +32% over the last 2 years to FY2025 (+15.1%/yr). The count is growing — 65.0M shares in FY2023, 86.1M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~15.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~24%.
125d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 71 to 125 days FY2024→FY2025 (receivables +1889% vs revenue +1031%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 85 → 71 → 125 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
19% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 19% of revenue in FY2025 — about $0.34 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 15.1% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$158.3M
Revenue Growth YoY+1031.2%
Revenue CAGR (2yr)+200.9%
Net Margin-43.5%
Free Cash Flow-$40.0M
Return on Equity-111.1%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Liquidia Corp's actual 10-K/10-Q/8-K filings?