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ZYBERNO

Stock Report

Updated Aug 30, 2026

LIQUIDIA CORPORATION (LQDA)

Healthcare • NASDAQ

$67.69

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

60.0/100

AVERAGE BUSINESS

LIQUIDIA CORPORATION (LQDA) scores 60/100 — decent metrics but limited evidence of durable competitive advantage.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full LQDA quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

-22.4%

Market Overestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full LQDA valuation analysis · → View full LQDA Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):EXCELLENT (63.3%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.07x)

Operating Margin (Operational Efficiency):GOOD (21.2%)

Return on Capital (Capital Efficiency):EXCELLENT (36.8%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

LIQUIDIA CORPORATION (LQDA) stock report — Zyberno Score 60/100 (AVERAGE BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, LIQUIDIA CORPORATION (LQDA) shows a Brina Gap of -22.4%, which weakens the case: based on the company's ROIC (36.8%) and reinvestment rate (3.2%), the business can fundamentally grow at 1.2% — but the current enterprise value implies the market expects 23.5%.

Over the trailing twelve months, LQDA generated $46.41M in Owner Earnings. Capital was deployed as follows: $6.84M invested in capital expenditures. Reinvestment rate: 3.2%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:67.69

Market Cap:$6.02B

Valuation Multiples (4)

P/E Ratio:

147.15x

📊 Click to view full LQDA P/E analysis →

P/B Ratio:30.84x

P/S Ratio:13.34x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$5.74B

Ev Ebitda Ratio:59.04x

Pfcf Ratio:146.23x

Price Action & Momentum (3)

12-1 Momentum:

+361.3% (100th pctile)

📈 Click to view full LQDA Momentum analysis →

Momentum Percentile:100 / 100

% of 52-Week High:72.3%

B. Profitability Assessment

Return Metrics (7)

ROE:

63.3%

📊 Click to view full LQDA ROE analysis →

ROA:15.4%

Roic:

36.8%

📊 Click to view full LQDA ROIC analysis →

Reinvestment Rate:3.2%

Fundamental Growth Rate (g):1.2%

Market-Implied Growth Rate:23.5%

Brina Gap:

-22.4%

☷ Click to view full LQDA Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:21.2%

Net Margin Ttm:13.0%

Ebitda Margin:21.6%

TTM Performance (3)

Gross Margin Ttm:1.8%

Operating Margin Ttm:21.2%

Net Margin Ttm:13.0%

Yield Metrics (3)

Earnings Yield:$0.68

Owner Earnings Yield:$0.77

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+3.95

📊 Click to view full LQDA Earnings Surprise analysis →

EPS Surprise vs Expected:254.6%

Latest Earnings Filed:2026-08-12

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):100.0%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:2.31x

Quick Ratio:2.12x

Cash Ratio:1.50x

Leverage Analysis (3)

Debt To Equity Ttm:0.07x

Debt-to-Equity Ratio:0.07x

Debt To Ebitda:0.09x

Coverage Ratios (2)

Interest Coverage Ratio:-1.93x

Times Interest Earned:-1.93

Capital Structure (4)

Working Capital:248,410,000.00

Cash And Cash Equivalents:284,181,000.00

Long Term Debt:$6.79M

Net Debt:-$275.45M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $450.91M

Linear Growth: 100.0%

📊 Click to view full LQDA Revenue analysis & methodology →

Cost Of Revenue Ttm:$5.93M

Profitability Breakdown (2)

Gross profit TTM: $8.22M

Linear Growth: -8.6%

📊 Click to view full LQDA Gross Profit analysis & methodology →

$95.65M

Bottom Line Performance (3)

$58.66M

Income Before Tax:$81.70M

Ebitda Ttm:97,238,000.00

Operating Expenses (5)

Operating Expenses:282,332,000.00

R And D Expense:56,044,000.00

Sga Expense:192,658,000.00

Income Tax Expense:$10.90M

Interest Expense:26,634,000.00

Expense Ratios (3)

R And D To Revenue Percentage:32.6%

Sga To Revenue Percentage:112.2%

Ebitda Margin:21.6%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$521.92M

Current Assets:$437.71M

Ppe Net:34,555,000.00

Goodwill:3,903,000.00

Intangible Assets:$2.85M

Liability Structure (4)

Total Liabilities:326,804,000.00

Current Liabilities:189,298,000.00

Long Term Debt:$6.79M

Short Term Debt:$1.94M

Equity & Capital (3)

Equity:$195.11M

Retained Earnings:-$498.73M

Common Stock:115,000,000.00

Working Capital Items (3)

Accounts Receivable:108,584,000.00

Inventory:36,177,000.00

Accounts Payable:12,748,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:10,370,000.00

C. Cash Flow Analysis

Operating Activities (2)

$47.98M$41.15M

Investment Activities (2)

Investing Cash Flow:-$2.83M

Capital Expenditures Ttm:6,836,000.00

Financing Activities (3)

Financing Cash Flow:-$18.05M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$19.97M

Non-Cash Items (1)

Depreciation Amortization Ttm:1,593,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):0.64

$0.46

Earnings Per Share Ttm:$0.66

Revenue & Cash Per Share (3)

Sales Per Share Ttm:5.07

Operating Cash Flow Per Share:-$0.40

Fcf Per Share Ttm:0.46

Book Value & Capital (2)

Book Value Per Share:$2.20

Cash Per Share:3.20

Dividend Policy (1)

Dividend Payout Ratio:0.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:1.18x

Working Capital Turnover Ttm:1.82x

Receivables Management (2)

Receivables Turnover Ttm:4.15x

Days Sales Outstanding Ttm:87.90

Inventory Management (2)

Inventory Turnover Ttm:0.16x

Days Inventory Outstanding Ttm:2,227.12

Payables & Cash Cycle (2)

Days Payable Outstanding:784.79

Cash Conversion Cycle:1,530.23

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:40.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $46.41M

Linear Growth: 0.0%

📊 Click to view full LQDA Owner Earnings analysis & methodology →

Owner Earnings Per Share:$0.52

Owner Earnings Yield:$0.77

Damodaran Growth Analysis (4)

Reinvestment Rate:3.2%

Fundamental Growth Rate (g):1.2%

Market-Implied Growth Rate:23.5%

Brina Gap:

-22.4%

☷ Click to view full LQDA Brina Gap analysis →

Return Scenarios (1)

Forward Expected Return (Yield + Growth):

2.0%

📊 Click to view full LQDA expected return analysis →

Investment Assessment (1)

Buffett Assessment:Overvalued

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):100.0%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):-8.6%

Book Value Growth Rate (Linear):-5.3%

C. Company Profile & Context

Corporate Information (6)

Symbol:LQDA

Company Name:LIQUIDIA CORPORATION

Sector:Healthcare

Industry:Pharmaceuticals

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:high

Volume Category:N/A

Share Structure (3)

Shares Outstanding:88.89M

Shares Outstanding Basic:88.89M

Shares Outstanding Diluted:101.40M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-30 02:39:09 UTC

Data Timestamp:2026-08-30T02:39:09.286652