Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 8, 2026
Mannkind Corp (MNKD)
A forensic read on Mannkind Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Watch
Earnings quality
4
Forensic signals
22.2%
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.
Mannkind Corp earns a C (Mixed — selective) forensic quality grade. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+8.5%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +18% over the last 2 years to FY2025 (+8.5%/yr). The count is growing — 267.0M shares in FY2023, 314.1M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~8.5% 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 ~15%.
7% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 7% of revenue and 177% of free cash flow in FY2025 — about $0.08 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 8.5% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. 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.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-89.1M to FY2025 $+228.7M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
8.6%
FY2025
Return on invested capital.Return on invested capital is 8.6% in the latest fiscal year, against 5.2% in FY2023, having run between 5.2% and 32.8% across FY2023–FY2025 with no direction held. After-tax operating profit was $7M in FY2023 and $35M in FY2025, with operating income at 4.4% of revenue in FY2023, 25.4% in FY2024 and 11.1% in FY2025. The capital base behind it grew +206% across FY2023–FY2025, from $133M to $406M, and the return did not fall doing it, so the dollars added over that window earned at least the 5.2% the older base was already earning. $124M of the $406M base at FY2025 is short-term investments (30.5%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns.
Key fundamentals
Latest Revenue$349.0M
Revenue Growth YoY+22.2%
Revenue CAGR (2yr)+32.4%
Net Margin1.7%
Free Cash Flow$13.7M
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 Mannkind Corp's actual 10-K/10-Q/8-K filings?