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Held by 328 of 5,944 reporting institutions (95th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $284.70 today, the market must believe free cash flow compounds 27.8%/yr for a decade (off $63M normalized FCF).
The market's 27.8% is more optimistic than its 9-yr track record.
2-stage DCF · 0.02B shares · net debt -$175M
mean 20.2% · volatility σ 86% · implied rate exceeded in 5/8 yrs
Central path = implied 27.8%/yr growth; shaded band = ±1σ (86%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
No trend data available for this metric.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $268.1M 100.0% | $167.1M 100.0% | $131.3M 100.0% | $196.2M 100.0% | $241.5M 100.0% | $163.6M 100.0% | $120.3M 100.0% | $251.5M 100.0% | $141.1M 100.0% | $109.0M 100.0% |
| Cost of Revenue | — | — | — | — | — | — | — | $6.3M 2.5% | $5.4M 3.8% | $5.6M 5.1% |
| Cost of Products | — | — | — | — | — | — | — | — | $5.4M 3.8% | $5.6M 5.1% |
| Research & Development | $81.2M 30.3% | $21.4M 12.8% | $24.5M 18.7% | $36.1M 18.4% | $32.1M 13.3% | $40.5M 24.8% | $55.9M 46.5% | $27.9M 11.1% | $26.9M 19.1% | $21.2M 19.5% |
| Selling, General & Admin | $92.4M 34.5% | $78.7M 47.1% | $52.8M 40.2% | $70.1M 35.7% | $46.8M 19.4% | $60.0M 36.7% | $41.9M 34.8% | $37.7M 15.0% | $28.7M 20.3% | $27.7M 25.4% |
| Operating Income | $41.0M 15.3% | -$22.6M -13.5% | $11.9M 9.1% | $3.0M 1.5% | $103.9M 43.0% | $37.5M 22.9% | $807.1M 671.0% | $163.7M 65.1% | $68.1M 48.2% | $43.9M 40.3% |
| Interest Expense | $4.7M 1.8% | $3.0M 1.8% | $656K 0.5% | $1.8M 0.9% | $19.6M 8.1% | $27.4M 16.8% | $35.7M 29.7% | $48.3M 19.2% | $13.5M 9.5% | $12.8M 11.8% |
| Interest & Investment Income | $13.7M 5.1% | $8.1M 4.8% | $7.7M 5.9% | $2.0M 1.0% | $886K 0.4% | $8.1M 4.9% | $28.4M 23.6% | $14.0M 5.6% | $2.1M 1.5% | — |
| Other Income (Expense), net | $118.0M 44.0% | $25.1M 15.0% | $51.7M 39.4% | $33.0M 16.8% | -$31.6M -13.1% | -$36.2M -22.1% | -$10.4M -8.7% | $9.6M 3.8% | -$10.8M -7.7% | -$35.9M -33.0% |
| Pretax Income | $159.0M 59.3% | $2.5M 1.5% | $63.7M 48.5% | $36.0M 18.4% | $72.2M 29.9% | $1.3M 0.8% | $796.6M 662.3% | $173.3M 68.9% | $57.2M 40.6% | $8.0M 7.3% |
| Income Tax Expense | $34.5M 12.9% | $6.5M 3.9% | $9.8M 7.5% | $41.2M 21.0% | -$4.1M -1.7% | -$5.3M -3.2% | $167.3M 139.1% | $30.0M 11.9% | $44.7M 31.7% | $10.3M 9.5% |
| Net Income | $124.5M 46.4% | -$4.0M -2.4% | $52.2M 39.7% | -$33.4M -17.0% | $57.1M 23.7% | -$3.0M -1.8% | $629.3M 523.2% | $143.3M 57.0% | $12.6M 8.9% | -$1.6M -1.5% |
| Per Share | ||||||||||
| EPS (Basic) | $6.44 | $-0.22 | $3.02 | $-1.98 | $3.44 | $-0.18 | $33.13 | $6.77 | $0.60 | $-0.08 |
| EPS (Diluted) | $6.13 | $-0.22 | $2.94 | $-1.98 | $3.31 | $-0.18 | $31.85 | $5.96 | $0.53 | $-0.08 |
| Weighted Avg Shares (Basic) | 19.3M | 18.3M | 17.3M | 16.9M | 16.6M | 16.2M | 19.0M | 21.2M | 21.0M | 20.8M |
| Weighted Avg Shares (Diluted) | 20.3M | 18.3M | 17.8M | 16.9M | 17.2M | 16.8M | 19.8M | 24.1M | 23.5M | 20.8M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
4/7 of the 9 checks — 2 couldn't be scored (see above), so the score is out of the 7 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash conversion lags reported earnings — watch accruals. Lower/negative accruals = higher quality (Sloan).
Comfortably covers interest.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $15M buybacks = $15M returned on $49M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 12%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-09-17
Nothing notable to watch.
No material risks flagged.
Where each multiple sits in its own 14-yr range · 81th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 2.5 | — | — | — | — | — | — | — |
| R&D | 11.1 | 46.5 | 24.8 | 13.3 | 18.4 | 18.7 | 12.8 | 30.3 |
| SG&A | 15.0 | 34.8 | 36.7 | 19.4 | 35.7 | 40.2 | 47.1 | 34.5 |
| Operating Income | 65.1 | 671.0 | 22.9 | 43.0 | 1.5 | 9.1 | -13.5 | 15.3 |
| Income Tax | 11.9 | 139.1 | -3.2 | -1.7 | 21.0 | 7.5 | 3.9 | 12.9 |
| Net Income | 57.0 | 523.2 | -1.8 | 23.7 | -17.0 | 39.7 | -2.4 | 46.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on LGND: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.20T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.02T | 49.6× | — | 15.7× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $916.2B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $643.4B | 24.2× | — | 6.8× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $464.4B | 111.2× | 33.2× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $362.6B | 19.9× | — | 5.6× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $340.0B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $252.6B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $244.5B | 36.5× | 31.5× | 5.5× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $202.8B | 26.4× | 17.4× | 5.5× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $183.3B | 21.8× | 20.0× | 6.2× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.2B | 27.5× | 19.3× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $156.1B | 20.2× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $147.3B | 41.3× | 30.5× | 6.0× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $135.8B | 48.6× | 37.3× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $130.4B | 33.5× | 28.6× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $129.4B | 18.4× | — | 2.7× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.5B | 24.8× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| LGVN | $117.4B | — | — | 97924.4× | -49.9% | 67.0% | -1894% | -400% | -400% | — | 31 |
| CVS | $116.6B | 66.0× | 11.7× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $108.8B | 33.9× | 18.7× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $103.4B | 23.1× | 16.3× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.7B | 15.2× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.1B | 16.4× | 15.4× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $81.0B | 18.7× | 19.4× | 5.7× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| LGND | $5.4B | 44.9× | 70.4× | 20.3× | 60.4% | — | 46.4% | 12.2% | 12.2% | — | 328 |
Peers = companies sharing LGND's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.