Madrigal Pharmaceuticals, Inc.MDGL
NasdaqGS•Healthcare•Biotechnology
Madrigal Pharmaceuticals, Inc., a biopharmaceutical company, focuses on delivering novel therapeutics for metabolic dysfunction-associated steatohepatitis (MASH) in the United States. It offers Rezdiffra, a liver-directed thyroid hormone receptor beta agonist for treating MASH. The company was founded in 2016 and is headquartered in West Conshohocken, Pennsylvania.
Madrigal Pharmaceuticals, Inc. (MDGL) reported trailing twelve months revenue of $1.13B as of March 2026, a 256.8% increase year-over-year. Quarterly revenue reached $311.34M, reflecting continued top-line momentum.
Madrigal Pharmaceuticals, Inc. reported a TTM net loss of $309.44M, with quarterly EBITDA of $-92.34M. The operating margin expanded from -57.8% to -29.8%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (-29.8%) and net margin (-30.3%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -53.4% a year ago, signaling stronger bottom-line efficiency.
MDGL trades at a P/S of 13.0x. The price-to-book ratio of 27.0x indicates a significant premium over book value.
The company reported negative free cash flow of $-171.28M, indicating cash consumption over the period. The balance sheet shows $1.23B in total assets with $340.33M in long-term debt against $543.45M in stockholders equity for a debt-to-equity ratio of 0.6. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -191.3%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 1 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~7636.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.
Debt-to-equity has risen 277.1% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 35.6% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation