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Held by 244 of 5,944 reporting institutions (93th 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 $3.58 today, the market must believe free cash flow compounds 22.6%/yr for a decade (off $23M normalized FCF).
The market's 22.6% is more optimistic than its 1-yr track record.
2-stage DCF · 0.31B shares · net debt $280M
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.
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 | $349.0M 100.0% | $285.5M 100.0% | $199.0M 100.0% | $99.8M 100.0% | $75.4M 100.0% | $65.1M 100.0% | $63.0M 100.0% | $27.9M 100.0% | $11.7M 100.0% | $174.8M 100.0% |
| Cost of Revenue | $26.8M 7.7% | $17.4M 6.1% | $20.9M 10.5% | $16.0M 16.0% | $16.8M 22.3% | $15.1M 23.2% | $20.1M 31.9% | $19.4M 69.6% | $17.2M 146.7% | $17.1M 9.8% |
| Cost of Products | — | — | — | — | — | — | — | — | $17.2M 146.7% | $17.1M 9.8% |
| Selling, General & Admin | $144.1M 41.3% | $94.3M 33.0% | $94.3M 47.4% | $91.5M 91.7% | $77.4M 102.6% | $59.0M 90.6% | $74.7M 118.5% | $79.7M 286.1% | $75.0M 638.2% | $46.9M 26.9% |
| Total Operating Expenses | $88.0M 25.2% | $76.6M 26.8% | $62.8M 31.5% | $57.5M 57.6% | $38.9M 51.5% | $24.6M 37.8% | $107.6M 170.7% | $104.5M 374.9% | $119.9M 1021.1% | $107.5M 61.5% |
| Operating Income | $38.8M 11.1% | $72.6M 25.4% | $8.7M 4.4% | -$64.1M -64.3% | -$47.0M -62.3% | -$47.9M -73.5% | -$44.6M -70.7% | -$76.6M -274.9% | -$108.2M -921.1% | $67.3M 38.5% |
| Interest Expense | $13.8M 4.0% | $12.0M 4.2% | $15.2M 7.6% | $15.0M 15.0% | $15.2M 20.2% | $9.5M 14.5% | $6.3M 10.0% | $5.1M 18.4% | $9.5M 80.8% | $15.6M 8.9% |
| Interest & Investment Income | $8.1M 2.3% | $12.6M 4.4% | $6.2M 3.1% | $2.5M 2.5% | $112K 0.1% | $167K 0.3% | $997K 1.6% | $501K 1.8% | $293K 2.5% | $85K 0.0% |
| Other Income (Expense), net | -$37.4M -10.7% | -$42.1M -14.7% | -$19.1M -9.6% | -$23.3M -23.3% | -$33.9M -44.9% | -$9.5M -14.7% | -$7.3M -11.6% | -$10.1M -36.4% | -$9.1M -77.4% | $58.4M 33.4% |
| Pretax Income | $1.4M 0.4% | $30.5M 10.7% | -$10.4M -5.2% | -$87.4M -87.6% | -$80.9M -107.3% | -$57.5M -88.2% | -$51.9M -82.3% | -$86.7M -311.3% | -$117.3M -998.6% | $125.7M 71.9% |
| Income Tax Expense | -$4.5M -1.3% | $2.9M 1.0% | $1.6M 0.8% | $0 0.0% | $0 0.0% | -$218K -0.3% | $0 0.0% | $240K 0.9% | $51K 0.4% | $0 0.0% |
| Net Income | $5.9M 1.7% | $27.6M 9.7% | -$11.9M -6.0% | -$87.4M -87.6% | -$80.9M -107.3% | -$57.2M -87.9% | -$51.9M -82.3% | -$87.0M -312.2% | -$117.3M -999.0% | $125.7M 71.9% |
| Per Share | ||||||||||
| EPS (Basic) | $0.02 | $0.10 | $-0.04 | $-0.34 | $-0.32 | $-0.26 | — | $-0.60 | $-1.13 | $1.37 |
| EPS (Diluted) | $0.02 | $0.10 | $-0.04 | $-0.34 | $-0.32 | $-0.26 | — | $-0.60 | $-1.13 | $1.36 |
| Weighted Avg Shares (Basic) | 305.6M | 274.4M | 267.0M | 257.1M | 249.2M | 222.6M | — | 144.1M | 104.2M | 92.1M |
| Weighted Avg Shares (Diluted) | 314.1M | 283.8M | 267.0M | 257.1M | 249.2M | 222.6M | — | 144.1M | 104.2M | 92.1M |
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.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage rising year-over-year.
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 + $0 buybacks = $0 returned on $14M 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 reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 2%. 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.
Cash of $75M covers the $11M due within a year 6.7× over. Scheduled principal only (excludes interest & revolver draws). As of 2020-09-30 (10-Q).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~3.9% on $355M of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-17
Where each multiple sits in its own 14-yr range · 42th 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 | 69.6 | 31.9 | 23.2 | 22.3 | 16.0 | 10.5 | 6.1 | 7.7 |
| SG&A | 286.1 | 118.5 | 90.6 | 102.6 | 91.7 | 47.4 | 33.0 | 41.3 |
| Operating Income | -274.9 | -70.7 | -73.5 | -62.3 | -64.3 | 4.4 | 25.4 | 11.1 |
| Income Tax | 0.9 | 0.0 | -0.3 | 0.0 | 0.0 | 0.8 | 1.0 | -1.3 |
| Net Income | -312.2 | -82.3 | -87.9 | -107.3 | -87.6 | -6.0 | 9.7 | 1.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MNKD: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
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.
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 |
| MNKD | $1.1B | 177.5× | 29.3× | 3.1× | 22.2% | 92.3% | 1.7% | -11.5% | 1.9% | 7.6× | 244 |
Peers = companies sharing MNKD'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.