MDGL Healthcare

Madrigal Pharmaceuticals, Inc.

$396.32-8.08%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 9.2B USD
Enterprise value: 9.9B USD
Full-time employees: 915

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: more debt relative to equity (0.65× vs a peer median of 0.22×)higher risk: more debt vs equity (0.65× vs peers 0.22×)

Ranks #836 of 1,157 healthcare companies (bottom 28%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 28% from December 2022 to July 2026.
Madrigal Pharmaceuticals had 28% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Madrigal Pharmaceuticals had 28% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 10% of revenue in 2025.
Madrigal Pharmaceuticals paid employees $98M in stock in 2025, 10% of its $958M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Madrigal Pharmaceuticals looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.
Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -25%).

StockQuotient Score

39/ 100

Oct 5 39 → Nov 4 39

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-3.6%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-3.7%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-2.3%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield5.7%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

93/100

Strong

2/3 inputs reported · Partial data

Since last quarter: ▲ Stronger

12-month revenue up 13.4%

Why

Stronger than most peers on:

▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growthUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0584 · MAD: 0.0840

Revenue growth149.0%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 10.15Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

21/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 2.6 points to -25.1%

Why

Weaker than most peers on:

▼ ROIC
▼ ROA
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-25.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.64Sector median: 0.0706 · MAD: 0.1217

Return on assets-26.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -5.18Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-44.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -4.91Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin91.5%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-62.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

2/3 inputs reported · Partial data

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 32 → 33

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

BetaUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.6250 · MAD: 0.3380

Current ratio3.20×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.45Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.65×

SEC filings · latest balance sheetReported value33% base weight · Z-score -2.10Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Madrigal Pharmaceuticals

Is Madrigal Pharmaceuticals getting weaker?: Its latest SEC filing (Jul 30, 2026) got stronger: operating margin rose 2.6 points to -25.1%. Its overall score is unchanged at 39/100 since Oct 28, 2026.
How is Madrigal Pharmaceuticals valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -3.6% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -3.6% vs peers 1.5% (weaker than 100% of peers).
Is Madrigal Pharmaceuticals growing?: Yes, faster than most of its peers. Growth scores 93/100 against 1,393 healthcare peers. Revenue growth 149.0% vs a peer median of 6.1% (stronger than 95% of peers).Revenue growth 149.0% vs peers 6.1% (stronger than 95% of peers).
How profitable is Madrigal Pharmaceuticals?: Less profitable than most of its peers. Profitability scores 21/100 against 1,393 healthcare peers. Return on invested capital -44.6% vs a peer median of 4.7% (weaker than 87% of peers).Return on invested capital -44.6% vs peers 4.7% (weaker than 87% of peers).
How risky is Madrigal Pharmaceuticals?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 0.65× vs a peer median of 0.22× (weaker than 72% of peers).Debt / equity 0.65× vs peers 0.22× (weaker than 72% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 2.6 points to -25.1%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.1B USD	1.3B USD	+13.4%
Net income (12 months)	−309.4M USD	−325.1M USD	+5.1%
Operating margin	-27.7%	-25.1%	+2.6 pts
Free cash flow (12 months)	−272.4M USD	−206.3M USD	−24.3%
Debt	340.3M USD	340.8M USD	+0.1%
Cash	227.0M USD	292.7M USD	+28.9%
Shares outstanding	23.1M	23.1M	+0.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	—	—	—	96.5%	—	—
Operating margin	—	—	—	-276.4%	-31.3%	▲ 245 pts
Net margin	—	—	—	-258.6%	-30.1%	▲ 229 pts
Return on assets (ROA)	-88.5%	-81.5%	-58.3%	-44.7%	-22.9%	▲ 22 pts
Return on equity (ROE)	-123.3%	-149.6%	-92.2%	-61.8%	-47.8%	▲ 14 pts
Free cash flow margin	—	—	—	-253.7%	-19.8%	▲ 234 pts
Current ratio	3.54×	3.12×	5.38×	6.10×	4.01×	▼ 34%
Quick ratio	—	—	5.38×	5.90×	3.77×	▼ 36%
Debt to equity	0.00×	0.35×	0.28×	0.16×	0.56×	▲ 262%
Interest coverage	—	-74.06×	-29.93×	-33.94×	-13.45×	▲ 60%

MDGL price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: more debt relative to equity (0.65× vs a peer median of 0.22×)higher risk: more debt vs equity (0.65× vs peers 0.22×)

Ranks #836 of 1,157 healthcare companies (bottom 28%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 28% from December 2022 to July 2026.

Madrigal Pharmaceuticals had 28% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Madrigal Pharmaceuticals had 28% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 10% of revenue in 2025.

Madrigal Pharmaceuticals paid employees $98M in stock in 2025, 10% of its $958M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Madrigal Pharmaceuticals looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.

Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -25%).

Questions investors ask about Madrigal Pharmaceuticals

Is Madrigal Pharmaceuticals getting weaker?

Its latest SEC filing (Jul 30, 2026) got stronger: operating margin rose 2.6 points to -25.1%. Its overall score is unchanged at 39/100 since Oct 28, 2026.

How is Madrigal Pharmaceuticals valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -3.6% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -3.6% vs peers 1.5% (weaker than 100% of peers).

Is Madrigal Pharmaceuticals growing?

Yes, faster than most of its peers. Growth scores 93/100 against 1,393 healthcare peers. Revenue growth 149.0% vs a peer median of 6.1% (stronger than 95% of peers).Revenue growth 149.0% vs peers 6.1% (stronger than 95% of peers).

How profitable is Madrigal Pharmaceuticals?

Less profitable than most of its peers. Profitability scores 21/100 against 1,393 healthcare peers. Return on invested capital -44.6% vs a peer median of 4.7% (weaker than 87% of peers).Return on invested capital -44.6% vs peers 4.7% (weaker than 87% of peers).

How risky is Madrigal Pharmaceuticals?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 0.65× vs a peer median of 0.22× (weaker than 72% of peers).Debt / equity 0.65× vs peers 0.22× (weaker than 72% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.1B USD

1.3B USD

+13.4%

Net income (12 months)

−309.4M USD

−325.1M USD

+5.1%

Operating margin

-27.7%

-25.1%

+2.6 pts

Free cash flow (12 months)

−272.4M USD

−206.3M USD

−24.3%

Debt

340.3M USD

340.8M USD

+0.1%

Cash

227.0M USD

292.7M USD

+28.9%

Shares outstanding

23.1M

23.1M

+0.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

—

96.5%

—

Operating margin

—

-276.4%

-31.3%

▲ 245 pts

Net margin

—

-258.6%

-30.1%

▲ 229 pts

Return on assets (ROA)

-88.5%

-81.5%

-58.3%

-44.7%

-22.9%

▲ 22 pts

Return on equity (ROE)

-123.3%

-149.6%

-92.2%

-61.8%

-47.8%

▲ 14 pts

Free cash flow margin

—

-253.7%

-19.8%

▲ 234 pts

Current ratio

3.54×

3.12×

5.38×

6.10×

4.01×

▼ 34%

Quick ratio

—

5.38×

5.90×

3.77×

▼ 36%

Debt to equity

0.00×

0.35×

0.28×

0.16×

0.56×

▲ 262%

Interest coverage

—

-74.06×

-29.93×

-33.94×

-13.45×

▲ 60%