MannKind Corp logo

MannKind Corp(MNKD)

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ADVISORIES YOU CAN VERIFY
QUALITY SIGNAL
1-STAR RATING
PASS
LAST CLOSE
$3.34
09/25/2026
(24-hour delay)

Advisory History & Simulated Performance *

*as per simulation (see disclosures)
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Upturn Advisory & Investor View for MNKD

09/25/2026: MNKD (1-star) is currently NOT-A-BUY. Pass it for now.

MannKind Corp is a specialty biotechnology company focused on developing and commercializing inhaled therapeutics for endocrine and orphan lung diseases. The firm's primary strength lies in its proprietary Technosphere drug-delivery technology and its successful commercial partnership for Tyvaso DPI. A major growth opportunity exists in the continued market adoption of this pulmonary product and potential expansion of its therapeutic pipeline. However, investors must consider risks including intense competition from large-cap pharmaceutical incumbents in the diabetes market, high operating costs, and reliance on commercial partners. The stock may best suit growth-oriented investors willing to tolerate the high volatility and clinical uncertainties inherent in the biotech sector.

How to Read the Upturn Advisory

The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.

Company fundamentals, valuation, risks, and news provide supporting context about the business.

Investor Fit

Investor styleFitWhy
Growth investorStrong fitThe company exhibits significant potential for revenue expansion through its innovative drug delivery platform.
Momentum investorMixed fitThis style is conditional on positive market sentiment and sustained upward price movement.
Value investorWeak fitThe stock's valuation is driven more by future growth prospects than current earnings or asset value.
Dividend investorWeak fitMannKind does not pay dividends and reinvests capital into R&D.
Low-risk investorWeak fitThe volatility and clinical/commercial risks of a biotech company are unsuitable for low-risk portfolios.

Risk Profile

Risk factorLevelWhy it matters
Price volatilityHighBiotech stocks are prone to significant price swings based on clinical and commercial outcomes.
Valuation riskMedium / highSpeculative growth can lead to valuation premiums that are sensitive to news cycle changes.
Competition risk (Diabetes/Pulmonary)HighIncumbents have significantly larger marketing budgets and established distribution networks.
Business qualityMediumThe company has demonstrated successful partnerships but still faces challenges in achieving consistent profitability.
Dividend incomeLow / noneThe company does not provide income to shareholders.
Execution riskMedium / highSuccessful commercialization depends on maintaining strong partnerships and navigating complex health markets.

Price Behavior

Downtrend
PRICE PATH

Downtrend

The stock has experienced a sustained decline in price over recent periods.

Extreme Price Shocks
PRICE STABILITY

Extreme Price Shocks

The stock has experienced exceptionally large and disruptive price movements during the period.

Analysis of Past Performance

Type Stock
Historic Profit 21.54%
Avg. Invested days 37
Today’s Advisory PASS
Upturn Advisory Rating upturn star rating icon
Upturn Advisory Performance Upturn Advisory Performance icon 4.0
Stock Returns Performance Upturn Returns Performance icon 3.0
Upturn Profits based on simulation icon Profits based on simulation
Upturn last close icon Last Close 09/25/2026

Upturn Scorecard

Upturn Star Rating

★★★★★
MNKD receives a 3-star rating, supported by solid unit economics, and solid analyst coverage. The rating is constrained by weak price momentum.

Company Fundamentals

★★★★★
MNKD has moderate overall fundamentals (3 stars), with moderate financial health, soft growth momentum, and solid ownership. In FY2025 versus FY2024, solid revenue growth (+22.2%) is partially offset by negative earnings growth (-78.7%), soft cash generation (FCF margin 3.9%), soft profitability (net margin 1.7%).

Financial Health Rating

★★★★★
MNKD's financial health is supported by solid cash strength, including free-cash-flow generation (3.9% of revenue). Profitability is moderate (3 stars), which helps explain the 3-star overall score.

Growth Momentum Score

★★★★★
Revenue growth is MNKD's strongest growth driver at +22.2% FY2025 versus FY2024 (solid, 4 stars). By comparison, while earnings growth (-78.7%, negative) and free-cash-flow growth (-58.3%, negative) hold the profile back, so recent growth is not broad-based across the business.

Ownership

★★★★★
Institutional ownership is 57.2% and approximately 92.5% of outstanding shares are publicly tradable, supporting liquidity and institutional participation. Insider ownership of 1.47% provides only moderate management-shareholder alignment.

Top 5 Institutional Investors

BlackRock Inc 8.89%
State Street Corp 5.81%
Vanguard Capital Management, LLC 4.01%
UBS Group AG 2.57%
Wellington Management Company LLP 2.44%

Unit Economics (Per $1K Revenue)

★★★★★
MNKD generates approximately $825 of gross profit, $111 of operating income, and $39 of free cash flow for every $1,000 of revenue. Based on FY2025 results. Strong margins, cash conversion, and capital efficiency support the rating.

Economic Dimensions

★★★★★
Effective Tax Rate: -316.70% (Tax Credit)

Quantitative Style Profile

★★★★★
MNKD has a liquid profile. Weak momentum is the primary drawback, while valuation that is moderately attractive rather than deeply discounted.

Style Classification

Quality Focused

Small / Mid Cap RiskShort Squeeze RiskHighly Liquid / Institution-Friendly

Key Highlights

Company Size Small-Cap Stock
Market Capitalization 1.06B USD
Price to earnings Ratio -
1Y Target Price 7.97
Price to earnings Ratio -
1Y Target Price 7.97
Volume (30-day avg) 3.9M shares
Beta 1.1
52 Weeks Range 2.23 - 6.51
Updated Date 09/25/2026
52 Weeks Range 2.23 - 6.51
Updated Date 09/25/2026
Dividends yield (FY) -
Basic EPS (TTM) -0.15

How Company Makes Money

Business areaWhat it includesRetail investor read
Endocrine ProductsRevenue from the sale of Afrezza for diabetes treatment.Revenue comes from patients using the inhaled insulin product.
Collaboration and LicensingRevenue from partnerships, specifically the royalty and supply agreements for Tyvaso DPI.The company receives significant income by partnering with larger firms to commercialize its tech.

Analyzing Revenue: Products, Geography and Growth

Revenue by Products

Product revenue - Year on Year

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Valuation

Trailing PE -
Forward PE 25.71
Enterprise Value 1.43B
Price to Sales(TTM) 2.69
Enterprise Value 1.43B
Price to Sales(TTM) 2.69
Enterprise Value to Revenue 3.63
Enterprise Value to EBITDA 70.14
Shares Outstanding 321.54M
Shares Floating 297.56M
Shares Outstanding 321.54M
Shares Floating 297.56M
Percent Insiders 1.47
Percent Institutions 57.25

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Financial Metrics

🧭 Investment Snapshot

Total Revenue (Scale)

Information icon Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.

Net Income (Profit)

Information icon Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.

Free Cash Flow (Cash Strength)

Information icon Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.

📈 Growth & Strength

Operating Income (Core Profit)

Information icon Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.

EBITDA (Cash Earnings)

Information icon Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.

Gross Profit (Unit Profitability)

Information icon Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.

🛡️ Financial Safety

Cash (Liquidity Buffer)

Information icon Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.

Total Debt (Leverage Risk)

Information icon Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.

Net Working Capital (Short-Term Health)

Information icon Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.

🧱 Balance Sheet Strength

Stockholder Equity (Net Worth)

Information icon Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.

Total Assets (Asset Base)

Information icon The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.

Income Before Tax (Pre-Tax Earnings)

Information icon Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.

⚙️ Cost & Drag Factors

Cost of Revenue (Production Cost)

Information icon Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.

Total Operating Expenses (Operating Cost)

Information icon Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.

Income Tax Expense (Tax Drag)

Information icon Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.

About MannKind Corp

Exchange NASDAQ
Headquarters Danbury, CT, United States
IPO Launch date 2004-07-28
CEO & Director Dr. Michael E. Castagna Pharm.D.
Sector Healthcare
Industry Biotechnology
Full time employees 591
Full time employees 591

MannKind Corporation, a biopharmaceutical company, focuses on the provision of various solutions for transforming chronic disease care. It develops and commercializes treatments that address various unmet medical needs, including diabetes, pulmonary hypertension, and fluid overload in heart failure and chronic kidney disease. The company's commercial products include Afrezza, an inhaled insulin used to improve glycemic control in adults with diabetes; Furoscix, a formulation of furosemide injection to treat edema in pediatric patients and adult patients with chronic heart failure or chronic kidney disease; and V-Go, a mechanical basal-bolus insulin delivery system, which provides continuous subcutaneous infusion of insulin in adults that require insulin. It also developed Tyvaso DPI inhalation powder for the treatment of pulmonary arterial hypertension, as well as for the treatment of pulmonary hypertension associated with interstitial lung disease. The company's pipeline of treatments for orphan lung diseases include MNKD-201, a dry-powder formulation of nintedanib for the treatment of idiopathic pulmonary fibrosis and MNKD-701 that focuses on bumetanide. It has collaboration and license agreement with United Therapeutics Corporation; collaboration agreement with Thirona Bio, Inc. to evaluate the therapeutic for the treatment of pulmonary fibrosis; and licensing and collaboration agreement with Rose Pharma Inc. to develop ROSE-010 Technosphere for weight management. MannKind Corporation was incorporated in 1991 and is headquartered in Danbury, Connecticut.