MDGL financial statements

The full income statement, balance sheet, and cash-flow statement for Madrigal Pharmaceuticals Inc. (MDGL), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 21.7M2024-09 21.8M2024-12 22.1M2025-03 22.2M2025-06 22.3M2025-09 22.7M2025-12 22.9M2026-03 23.1M2026-06 23.1M+6.4% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	958M YoY+432.1%	180M	0.00	0.00	0.00
Cost of revenue	—	6.23M	0.00	0.00	—
	1.26B YoY+85.6%	678M YoY+78.2%	380M YoY+29.6%	294M YoY+21.1%	242M YoY+17.3%
Research & development	389M YoY+64.1%	237M YoY-13.1%	272M YoY+11.0%	245M YoY+19.6%	205M YoY+11.0%
Selling, general & administrative	814M YoY+87.1%	435M YoY+302.3%	108M YoY+124.7%	48.1M YoY+29.0%	37.3M YoY+70.7%
General & administrative	—	—	108M YoY+124.7%	48.1M YoY+29.0%	37.3M YoY+70.7%
Provision for credit losses	0.00	0.00	—	—	—
Operating income	-300M YoY+39.7%	-498M YoY-30.8%	-380M YoY-29.6%	-294M YoY-21.1%	-242M YoY-17.3%
Interest expense	22.3M YoY+52.1%	14.7M YoY+15.4%	12.7M YoY+220.7%	3.96M	0.00
Interest & investment income	37.4M YoY-19.9%	46.7M YoY+138.3%	19.6M YoY+796.0%	2.19M YoY+501.9%	363K
Other non-operating income	-463K	0.00	0.00	—	—
Income tax	0.00	0.00	0.00	0.00	0.00
Net income	-288M YoY+38.1%	-466M YoY-24.7%	-374M YoY-26.5%	-295M YoY-22.1%	-242M YoY-19.6%
	-$10.15 YoY+41.4%	-$17.31 YoY+0.1%	-$17.33 YoY-0.6%	-$17.23 YoY-17.8%	-$14.63 YoY-11.8%
EPS (basic)	-$10.15 YoY+41.4%	-$17.31 YoY+0.1%	-$17.33 YoY-0.6%	-$17.23 YoY-17.8%	-$14.63 YoY-11.8%
	28.4M YoY+5.6%	26.9M YoY+24.8%	21.6M YoY+25.8%	17.1M YoY+3.6%	16.5M YoY+7.0%
	28.4M YoY+5.6%	26.9M YoY+24.8%	21.6M YoY+25.8%	17.1M YoY+3.6%	16.5M YoY+7.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.25B YoY+20.6%	1.03B YoY+62.1%	637M YoY+76.4%	361M YoY+33.0%	272M YoY-4.7%
Cash & equivalents	199M YoY+98.7%	100M YoY+0.1%	99.9M YoY-69.9%	332M YoY+814.1%	36.3M YoY-32.8%
Cash & short-term investments	—	931M YoY+46.9%	634M YoY+76.7%	359M	—
Accounts receivable	134M YoY+149.9%	53.8M	0.00	—	—
Inventory	74.8M YoY+119.7%	34.1M	0.00	—	—
Prepaid expenses	47.8M YoY+246.8%	13.8M YoY+337.7%	3.15M YoY+21.4%	2.60M YoY+93.9%	1.34M YoY+32.0%
	1.26B YoY+20.9%	1.04B YoY+62.7%	641M YoY+76.7%	363M YoY+32.6%	273M YoY-4.8%
Property, plant & equipment	1.50M YoY-31.6%	2.19M YoY+41.0%	1.55M YoY+158.4%	601K YoY-29.4%	851K YoY-18.7%
Operating lease right-of-use	4.94M YoY+105.7%	2.40M YoY+40.2%	1.71M YoY+184.6%	602K YoY-24.5%	797K YoY+1.5%
Intangible assets	7.38M YoY+56.1%	4.73M	0.00	—	—
Other non-current assets	0.00	—	—	—	—
	310M YoY+83.3%	169M YoY+42.8%	119M YoY+2.3%	116M YoY+50.8%	76.8M YoY+65.0%
Accounts payable	48.9M YoY+12.1%	43.6M YoY+55.5%	28.0M YoY+17.7%	23.8M YoY+11.5%	21.4M YoY+2002.3%
Accrued liabilities	260M YoY+108.8%	125M YoY+38.6%	90.0M YoY-1.6%	91.5M YoY+66.1%	55.0M YoY+21.7%
Current lease liability	1.02M YoY+3.6%	983K YoY+86.5%	527K YoY-12.5%	602K YoY+46.8%	410K YoY+28.9%
	657M YoY+128.2%	288M YoY+22.4%	235M YoY+42.4%	165M YoY+113.9%	77.2M YoY+64.2%
Long-term debt	340M YoY+189.1%	118M YoY+1.8%	115M YoY+134.3%	49.3M	0.00
Non-current lease liability	6.73M YoY+561.2%	1.02M YoY-14.2%	1.19M	0.00 YoY-100.0%	387K YoY-17.3%
Operating lease liability (total)	7.75M YoY+287.3%	2.00M YoY+16.8%	1.71M YoY+184.6%	602K YoY-24.5%	797K YoY+1.4%
Total non-current liabilities	347M YoY+192.3%	119M YoY+1.6%	117M YoY+136.7%	49.3M YoY+12636.2%	387K YoY-17.3%
	603M YoY-20.1%	754M YoY+86.1%	405M YoY+105.3%	197M YoY+0.7%	196M YoY-18.3%
Preferred stock	0.00	0.00	0.00	0.00	—
Common stock	2.00K YoY+0.0%	2.00K YoY+0.0%	2.00K YoY+0.0%	2.00K YoY+0.0%	2.00K YoY+0.0%
Additional paid-in capital	2.69B YoY+5.3%	2.56B YoY+46.8%	1.74B YoY+50.1%	1.16B YoY+34.3%	863M YoY+29.8%
Retained earnings	-2.09B YoY-16.0%	-1.80B YoY-34.9%	-1.34B YoY-38.8%	-963M YoY-44.3%	-667M YoY-56.8%
Accumulated other comprehensive income	873K YoY+86.5%	468K YoY+0.0%	468K YoY+1562.5%	-32.0K YoY+60.0%	-80.0K YoY-270.2%
Total liabilities & equity	1.26B YoY+20.9%	1.04B YoY+62.7%	641M YoY+76.7%	363M YoY+32.6%	273M YoY-4.8%
	22.8M YoY+3.8%	22.0M YoY+10.7%	19.9M YoY+9.8%	18.1M YoY+5.8%	17.1M YoY+10.3%
	22.8M YoY+3.8%	22.0M YoY+10.7%	19.9M YoY+9.8%	18.1M YoY+5.8%	17.1M YoY+10.3%
	22.9M YoY+3.9%	22.1M YoY+11.0%	19.9M YoY+9.7%	18.1M YoY+6.0%	17.1M YoY+6.7%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	-190M YoY+58.4%	-456M YoY-40.5%	-324M YoY-44.2%	-225M YoY-22.3%	-184M YoY-16.7%
Depreciation & amortization	1.51M YoY+37.4%	1.10M YoY+108.0%	527K YoY+12.8%	467K YoY+15.3%	405K YoY-14.0%
Share-based compensation	98.1M YoY+22.8%	79.9M YoY+60.6%	49.7M YoY+57.3%	31.6M YoY+17.7%	26.9M YoY+29.6%
Change in receivables	80.7M YoY+49.9%	53.8M	0.00	0.00	—
Change in inventory	37.0M YoY+8.5%	34.1M	0.00	0.00	—
	32.3M YoY+111.8%	-274M YoY+45.4%	-503M YoY-343.1%	207M YoY+4188.7%	-5.05M YoY-103.2%
Capital expenditure	467K YoY-68.1%	1.46M YoY-1.1%	1.48M YoY+581.6%	217K YoY+3.8%	209K YoY-37.4%
Free cash flow	-190M YoY+58.4%	-457M YoY-40.3%	-326M YoY-44.7%	-225M YoY-22.2%	-184M YoY-16.6%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Sales/maturities of investments	—	—	—	350M YoY-10.0%	389M YoY-20.5%
	256M YoY-65.2%	735M YoY+23.5%	595M YoY+89.9%	313M YoY+83.1%	171M YoY+3265.5%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00
Net change in cash	98.8M YoY+1835.0%	5.10M YoY+102.2%	-232M YoY-178.4%	295M YoY+1765.0%	-17.7M
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	13.4B YoY+96.1%	6.81B YoY+49.2%	4.57B YoY-8.0%	4.96B YoY+242.5%	1.45B YoY-18.6%
P/S	13.9× YoY-63.1%	37.8×	—	—	—
P/B	22.2× YoY+145.4%	9.0× YoY-95.6%	205.3× YoY-55.9%	465.3× YoY+6195.2%	7.4× YoY-0.4%
Source filing	10-K	10-K	10-K	10-K/A	10-K

About this data

Source: MDGL's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MDGL filings on SEC EDGAR → Not investment advice.