Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-11.9
Altman Z-score
Watch
Earnings quality
5
Forensic signals
-297.7%
ROE
$1.3B
Market cap
MANNKIND CORP earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -11.9, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+455.3%Accruals ratio.Net operating assets grew +455.3% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -18% of net operating assets.
40d DSOReceivables vs revenue.Days sales outstanding moved from 15 to 40 days FY2024→FY2025 (receivables +225% vs revenue +22%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
7%Return on invested capital.Return on invested capital is 7% and rising from -32% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+7.4%/yrShare-count dilution.Diluted share count changed +22% over the last 3 years to FY2025 (+7.4%/yr). The count is GROWING — existing holders are being diluted. That's ~7.4% 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 FY2022 has been diluted ~22%.
7% of revStock-based comp load.Stock-based compensation ran 7% of revenue and 177% of free cash flow in FY2025 — about $0.08 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
Key fundamentals
Net Margin1.7%
Free Cash Flow$13.7M
Latest Revenue$349.0M
Revenue Growth YoY+22.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on MANNKIND CORP:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about MNKD's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown