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Verdict
Quantitative factor alignment verified for current market regime.
Quant Score
Rank
#2210
Positioning
Market Dominance
Manufacturing
Pharmaceutical Products
$1.6B
Michael E. Castagna
MannKind focuses on the development and commercialization of inhaled therapeutic products for endocrine and orphan lung diseases in the United States. It offers Afrezza, an inhaled insulin used to improve glycemic control in adults with diabetes. It also promotes Thyquidity to adult and pediatric endocrinologists, and other healthcare providers for the treatment of hypothyroidism.
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X-AXIS: EV/EBITDA (LOWER = CHEAPER) | Y-AXIS: ROE (HIGHER = ELITE) | RED CIRCLE = MNKD ANALYSIS TARGET
| Stock | Rating | Score▼ | Quality | Value | Momentum | P/E | EV/EBITDA | ROE | ROA | Gross Mgn | Op Mgn | Net Mgn | Rev Growth | Div Yield | D/E | Mkt Cap | AUDIT |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$UL UNILEVER PLC | 78 | 96 | 98 | 59 | - | - | 28.5% | 8.0% | 100.0% | 100.0% | 10.4% | -4.6% | 3.3% | 0.0x | $141.8B | VS | |
$ASML ASML HOLDING NV | 77 | 89 | 86 | 83 | - | - | 46.1% | 16.6% | 51.3% | 31.9% | 26.8% | -4.0% | 1.0% | 25.0x | $272.1B | VS | |
$ESLT ELBIT SYSTEMS LTD | 76 | 81 | 87 | 85 | - | - | 10.3% | 3.1% | 24.1% | 7.2% | 4.7% | 14.3% | 0.8% | 25.0x | $11.4B | VS | |
$MT ArcelorMittal | 75 | 71 | 98 | 85 | - | - | 2.2% | 1.5% | 9.3% | 5.3% | 2.2% | -8.5% | 2.2% | 16.0x | $18.9B | VS | |
$AMAT APPLIED MATERIALS INC /DE | 75 | 85 | 87 | 84 | 20.9x | 13.6x | 35.5% | 19.8% | 48.7% | 29.2% | 24.7% | 4.4% | 0.8% | 32.0x | $181.9B | VS | |
$SIMO Silicon Motion Technology CORP | 75 | 84 | 86 | 85 | - | - | 11.8% | 8.8% | 45.9% | 11.3% | 11.1% | 25.7% | 3.7% | 0.0x | $1.8B | VS | |
$CODA Coda Octopus Group, Inc. | 74 | 83 | 90 | 79 | 16.3x | 11.9x | 7.6% | 7.0% | 66.5% | 17.1% | 15.6% | 39.0% | 0.0% | 0.0x | $115M | VS | |
$GSK GSK plc | 74 | 84 | 90 | 70 | - | - | 22.6% | 4.9% | 71.2% | 12.8% | 9.4% | 1.7% | 5.9% | 124.0x | $72.1B | VS | |
$EFXT Enerflex Ltd. | 74 | 80 | 91 | 83 | - | - | 3.0% | 1.1% | 20.9% | 7.3% | 1.3% | 3.0% | 0.9% | 67.0x | $1.2B | VS | |
$BUD Anheuser-Busch InBev SA/NV | 74 | 84 | 97 | 63 | - | - | 8.2% | 3.5% | 55.3% | 25.9% | 12.4% | 0.7% | 1.7% | 0.0x | $87.0B | VS | |
$MNKD MANNKIND CORP | 49 | 43 | 62 | 56 | 51.0x | 26.8x | -23.0% | 6.7% | 94.8% | 19.1% | 11.0% | 13.5% | 0.0% | - | $1.6B | ||
| SECTOR BENCH | - | - | - | - | - | 22.3x | 11.5x | -2.5% | -0.1% | 42.5% | 1.3% | -0.2% | 5.9% | 0.0% | 0.2x | - | REF |
MANNKIND CORP (MNKD) receives a "Reduce" rating with a composite score of 48.7/100. It ranks #2210 out of 7,333 stocks in our coverage universe and carries a 2-star rating. Ratings are driven by a 6-factor quantitative model measuring quality, value, momentum, investment, stability, and short interest.
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YOY expansion rate
Core pricing power
Operating efficiency
Bottom-line conversion
Equity capital efficiency
Asset base utilization
Direct cash return
Michael E. Castagna
Chief Executive Officer
Labor Force
400
43
35
68
Audit Verdict: Lower quality and stability scores may indicate governance concerns.
No recent insider transactions available for MNKD
In-line with peers — no strong momentum signal
Trading at a discount to fundamentals — favorable entry valuation
Average quality profile
Low volatility — smoother ride and historically better risk-adjusted returns
Aggressive spending — empire-building risk, dilutive growth
Mid-range overall rating
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Relative valuation derived from Manufacturing sector benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Re-calculated daily.
Projection based on user-defined inputs. Re-calculated daily against current market data.
Reverse DCF Framework — Mauboussin Methodology
Institutional-grade Reverse DCF analysis. This model identifies the growth hurdles embedded in current market prices. When implied growth is significantly lower than historical or projected rates, a margin of safety may exist. Re-audited daily.
No analyst ratings for MNKD.
View All RatingsHigh margin volatility — erratic forensic earnings quality
ROE proxy -23.0% (sector -2.5%)
GM 95% vs sector 43%, OM 19% vs sector 1%
Capital turnover N/A
Rev growth 13%, 10yr history
Interest coverage 7.9x, Net debt/EBITDA -0.8x
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation and elite competitive moats.
Profit generated per dollar of shareholder equity
Efficiency of asset utilization
Pricing power and cost efficiency
Core business profitability
Bottom-line profitability
The Quality factor evaluates the persistence and magnitude of realized cash flows. Companies with scores >70 exhibit superior pricing power and structural financial resilience through diverse economic regimes.
Our uncertainty rating tracks the predictability of future cash flows and potential for permanent capital loss. Moderate visibility with standard industry cyclicality.
MANNKIND CORP receives a Reduce rating from our analysis, with a composite score of 48.7/100 and 2 out of 5 stars, ranking #2210 out of 7,333 stocks. MNKD's factor profile shows weakness across multiple dimensions, suggesting the stock may underperform going forward. Existing holders may want to consider trimming positions or tightening stop-losses.
MNKD's quality score of 43/100 is below average, suggesting challenges with profitability or capital efficiency. The company reports a return on equity of -23.0% (sector avg: -2.5%), gross margins of 94.8% (sector avg: 42.5%), net margins of 11.0% (sector avg: -0.2%). Investors should examine whether management is actively addressing these weaknesses or if they reflect structural industry headwinds.
MNKD's value score of 62/100 indicates the stock is fairly valued based on its current fundamentals. Key valuation metrics include a P/E ratio of 50.99x, an EV/EBITDA of 26.78x. At this level, neither a clear bargain nor overpriced, the stock's attractiveness depends more on forward growth expectations and qualitative factors.
MANNKIND CORP's investment score of 35/100 suggests limited reinvestment activity. Key growth metrics include revenue growth of 13.5% vs. a sector average of 5.9% and a return on assets of 6.7% (sector: -0.1%). While this can be positive for mature, cash-generative businesses returning capital to shareholders, it may also signal a lack of growth opportunities or management conservatism.
MNKD demonstrates moderate momentum with a score of 56/100, suggesting a neutral price trend without strong directional conviction. Revenue growth stands at 13.5% year-over-year, while a beta of 0.58 reflects its sensitivity to broader market moves. Moderate momentum may indicate the stock is consolidating or transitioning between trends, warranting close monitoring of upcoming catalysts.
MNKD shows good financial stability with a score of 68/100. Key stability metrics include a beta of 0.58. This suggests manageable leverage and moderate price volatility, making it appropriate for investors seeking a balance between growth potential and capital preservation.
The short interest score of 43/100 for MNKD suggests somewhat elevated bearish positioning by institutional traders. Specific risk factors include small-cap liquidity risk. With a $1.6B market cap (small-cap), MANNKIND CORP may experience above-average volatility. Investors should consider whether the short thesis has merit or if it creates a potential short-squeeze opportunity.
MANNKIND CORP is a small-cap company in the Manufacturing sector, ranked #0 of 50 in its sector (100th percentile) and #2210 of 7,333 overall (70th percentile). Key comparisons include ROE of -23.0% trailing the -2.5% sector median and operating margins of 19.1% above the 1.3% sector average. This top-quartile standing reflects exceptional competitive strength relative to Manufacturing peers.
While MNKD currently exhibits a REDUCE profile, superior opportunities exist within the MANUFACTURING sector. Our model identifies several "Strong Buy" candidates with higher quality scores and more attractive valuations among direct industry competitors.
View Top Manufacturing Alpha →Quant Factor Profile
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Improvement in Investment (35) would have the largest impact on the composite score.
EV/EBITDA 134% ABOVE SECTOR MEDIAN
ROE 826% ABOVE SECTOR MEDIAN (FAVORABLE)
Gross Margin 123% ABOVE SECTOR MEDIAN (FAVORABLE)
AUDIT DATA AS OF SEP 30, 2025 (Q2 FY2025)
We rate MANNKIND CORP (MNKD) as a Reduce with a composite score of 48.7/100 at a current price of $5.53. The quantitative profile shows weakness across multiple dimensions, suggesting limited upside potential and elevated risk of underperformance relative to peers over the next 12 months.
The rating is primarily driven by strength in stability (68th percentile) and value (62th percentile), which together account for the majority of the composite score. Offsetting weakness in investment (35th percentile) and quality (43th percentile) tempers our overall conviction. We assign a Narrow Moat rating (47/100), Low uncertainty, and Poor capital allocation.
Key items to watch: quarterly earnings execution and sector-level competitive dynamics. Any material change in these dynamics could warrant a reassessment of our rating. The moat trend is stable, which suggests the competitive landscape is stable for now.
MANNKIND CORP holds a top-quartile position (#0 of 50) within the Manufacturing sector, based on our composite quantitative scoring across quality, value, momentum, and stability factors. The composite score of 48.7/100 places it at rank #2210 in our full 7,333-stock universe. At $1.6B in market capitalization, MANNKIND CORP is a small-cap player in the Manufacturing space, which limits certain scale advantages but may allow for more agile strategic execution.
Revenue is growing at 13%, though momentum at the 56th percentile suggests the market has not yet fully recognized this trajectory. This potential disconnect between fundamental improvement and market recognition could represent an opportunity for patient investors if the growth trend persists.
The margin cascade tells an important story: gross margins of 95% (+52.3pp vs sector) narrow to operating margins of 19% (+17.9pp vs sector) and net margins of 11.0%, yielding a gross-to-net conversion rate of 12%. The significant margin erosion from gross to net suggests elevated operating expenses, high interest costs, or other structural drags that warrant monitoring.
At a current price of $5.53, MANNKIND CORP is trading near fair value based on current fundamentals. Our value factor score of 62/100 reflects a composite assessment across multiple valuation metrics including price-to-earnings, price-to-book, EV/EBITDA, and price-to-sales ratios relative to both sector peers and the broader market. Valuation metrics are mixed, with no strong signal of mispricing in either direction.
The stock currently trades at a P/E of 51.0x (a 129% premium to the sector median of 22.3x), EV/EBITDA of 26.8x (at a premium), P/S of 5.5x. The above-sector P/E multiple suggests the market is pricing in superior growth or quality, which our analysis finds only partially justified by current fundamentals.
Gross margins of 95% signal strong pricing power and brand/IP advantages — businesses with margins above 40% have historically demonstrated more resilient earnings through economic cycles.
Revenue growth of 13% confirms the business is expanding its addressable market — growth at this level typically supports multiple expansion and attracts institutional capital.
The Reduce rating (composite 48.7/100) reflects multi-factor weakness, and historically, stocks in this scoring range have underperformed the market by a meaningful margin.
A P/E of 51.0x leaves little room for execution misses — any earnings disappointment could trigger a sharp multiple compression.
We assign a Low uncertainty rating to MANNKIND CORP. The company exhibits strong financial stability with a beta of 0.58, and a stability factor in the 68th percentile. The predictable nature of the business model and solid financial position reduce the range of potential outcomes, giving us confidence in our fair value estimate.
Specific risk factors that inform our assessment include: low beta of 0.58 — while defensive, this may indicate limited upside participation in bull markets; elevated valuation multiple (P/E 51.0x) that leaves limited margin for error. Each of these factors independently widens the distribution of potential outcomes, and in combination they create a risk profile that demands careful position sizing. The stability factor at the 68th percentile and quality factor at the 43th percentile provide a quantitative summary of the overall risk landscape.
Key risk mitigants include: healthy gross margins of 95% provide a buffer against cost pressures; above-average stability (68th percentile) suggests predictable business dynamics. These factors partially offset the identified risks and provide downside protection in adverse scenarios. On balance, the risk-reward profile is favorable for long-term investors.
We rate MANNKIND CORP's capital allocation as Poor. Key concerns include low returns on equity (-23.0%). Exemplary capital allocators generate ROE above 20% and maintain conservative leverage — MANNKIND CORP significantly underperforms these benchmarks, raising questions about management's ability to create shareholder value.
Investors should scrutinize management's reinvestment decisions and balance sheet trajectory before committing capital. Poor capital allocation often compounds over time: overlevered balance sheets limit strategic flexibility, while low returns on capital destroy shareholder value. We would need to see sustained improvement in profitability metrics and balance sheet discipline before considering an upgrade.
In summary, MANNKIND CORP receives a Reduce rating with a composite score of 48.7/100 (rank #2210 of 7,333). Our quantitative framework assigns a Narrow Moat (47/100, trend: stable), Low uncertainty, and Poor capital allocation. The average factor score across quality, value, momentum, stability, and investment is 52/100.
Our analysis does not support a constructive view on MANNKIND CORP at this time. The combination of the current quantitative profile, low uncertainty, and poor capital allocation suggests unfavorable risk-reward at current levels. We recommend investors avoid new positions and existing holders consider reducing exposure.
Analysis derived from Blank Capital Research quantitative terminal. For informational purposes only. No trade solicitation. Past performance not indicative of future results. Consult a qualified advisor.
We assign MANNKIND CORP a Narrow Moat rating with a composite moat score of 47/100. The company possesses identifiable competitive advantages, though they are less entrenched than those of wide-moat peers. Our analysis indicates that MANNKIND CORP can sustain above-average returns on invested capital for at least 10 years, with the strongest contributor being growth durability at 16.3/20.
The strongest moat sources are growth durability (16.3/20) and margin superiority (14.2/20). Rev growth 13%, 10yr history. GM 95% vs sector 43%, OM 19% vs sector 1%. These pillars form the core of MANNKIND CORP's competitive identity and are the primary drivers of excess returns in our framework.
Areas of relative weakness include reinvestment efficiency (0/20) and economic value creation (2.9/20). Capital turnover N/A. Improvement in these areas could meaningfully widen the moat over time, while deterioration would be an early warning of competitive erosion.
Our moat trend assessment is Stable. Multi-year ROIC and operating margin trajectories show neither meaningful improvement nor deterioration, suggesting the competitive position is steady. We expect MANNKIND CORP's moat profile to remain largely unchanged absent a material shift in return on capital or industry dynamics.
Key profit drivers include gross margins of 95% providing a solid profitability foundation, operating margins of 19% reflecting effective cost management, moderate revenue growth of 13%. The margin cascade from 95% gross to 19% operating to 11.0% net reveals the company's cost structure and reinvestment intensity. Our analysis indicates that profit quality is adequate though not exceptional, with the quality factor at the 43th percentile.
The margin profile shows gross margins of 95%, operating margins of 19%, net margins of 11.0%. Return metrics include ROE of -23.0% and ROA of 6.7%. Relative to the Manufacturing sector, gross margins are 52.3 percentage points above the sector median of 43%, and ROE of -23.0% compares to a sector median of -2.5%.
The balance sheet reflects revenue growth of 13%. Overall balance sheet health is adequate for the current business environment.
Above 50MA
37.18%
Net New Highs
+51081
MannKind CEO Michael Castagna sold 65,804 shares on December 17, 2025, for approximately $395,482. The sale represents a routine transaction aligned with his typical trading cadence and is not considered a warning sign. The company is performing well with strong Q3 results, FDA acceptance of a pediatric Afrezza application, and completion of the scPharmaceuticals acquisition. However, with a P/E ratio around 60, current investors may consider selling, while prospective buyers should wait for a price drop.
MannKind (NasdaqGM:MNKD) has started enrolling pediatric patients in its pivotal INHALE-1ST trial of Afrezza inhaled insulin. The study focuses on using Afrezza shortly after a type 1 diabetes diagnosis in children and adolescents. The FDA is currently reviewing a supplemental application to expand Afrezza’s label to pediatric use, with a decision expected in the coming months. If cleared, Afrezza could become the first needle free insulin option for young patients in the US. Shares of...
MannKind (NasdaqGM:MNKD) is advancing Afrezza toward pediatric use, with the FDA currently reviewing a supplemental Biologics License Application. The company has started the INHALE-1ST clinical study in newly diagnosed pediatric diabetes patients to further assess Afrezza in this group. If ultimately approved, Afrezza could become the first needle free insulin option for children and adolescents in over a century. MannKind focuses on inhaled therapeutics, and Afrezza is its inhaled insulin...
MannKind Corporation announced it will acquire scPharmaceuticals for $303 million, expanding its presence in cardiometabolic and lung diseases. The deal includes an upfront cash payment of $5.35 per share and potential additional milestone payments, representing a 36% premium to scPharmaceuticals' recent trading price.
Nitorum Capital fully exited its stake in Lantheus Holdings, selling 344,444 shares worth $28.2 million in Q3. The exit comes as Lantheus faces significant headwinds including a 77% year-over-year earnings decline, declining sales of its flagship prostate cancer imaging agent, CEO retirement, and margin compression despite strong revenue generation.