Madrigal Pharmaceuticals, Inc.

MDGL

HealthcareSmall CapUS Equities · NYSE / NASDAQ

AI Agents

Company Profile

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.

Valuation

Market Cap$11.4B

Current Price$515.93as of Jun 23, 2026

P/E Ratio-39.41

P/B Ratio18.85

EV / EBITDA-43.53

EV / Sales12.01

Profitability

Operating Margin-31.3%

Net Profit Margin-30.1%

EBITDA Margin-27.6%

Returns

ROE-47.8%

ROCE-31.6%

ROIC %-28.0%

ROA-22.9%

Solvency

Current Ratio4.01

Debt / Equity0.58

Debt / Assets0.28

CFO / Net Profit0.66

Price History▲ 82.31% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$958M▲ 432.1%

EBITDA$-264M▼ 41.2%

Net Profit$-288M▼ 38.1%

Cash from Ops (CFO)$-190M▼ 58.4%

Free Cash Flow (FCF)$-193M▼ 58.2%

Revenue CAGR 3Y-

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$958M	$-264M	$-288M	$-193M	-47.8%	432.1%	-38.1%
2024	$180M	$-450M	$-466M	$-462M	-61.8%	-	24.7%
2023	$0M	$-360M	$-374M	$-326M	-92.2%	-	26.5%
2022	$0M	$-291M	$-295M	$-225M	-149.6%	-	-
2021	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	0	0	180.13	958.40
Operating Revenue	-	0	0	180.13	958.40
Cost Of Revenue	-	0	0	6.23	56.15
Gross Profit	-	0	0	173.90	902.26
Operating Expense	-	293.57	380.50	671.78	1,202.35
Research And Development	-	245.44	272.35	236.72	388.52
Selling General And Administration	-	48.13	108.15	435.06	813.83
Total Expenses	-	293.57	380.50	678.01	1,258.50
Operating Income	-	-293.57	-380.50	-497.88	-300.10
Total Operating Income As Reported	-	-293.57	-380.50	-497.88	-300.10
EBITDA	-	-290.92	-360.39	-450.12	-264.47
Normalized EBITDA	-	-290.92	-360.39	-450.12	-261.69
EBIT	-	-291.39	-360.92	-451.22	-265.98
Interest Income	-	2.18	19.58	46.65	37.36
Interest Expense	-	3.96	12.71	14.67	22.31
Net Interest Income	-	-1.78	6.87	31.98	15.06
Other Non Operating Income Expenses	0.27	-	-	-	-0.46
Other Income Expense	0.27	-	-	-	-3.24
Interest Income Non Operating	-	2.18	19.58	46.65	37.36
Interest Expense Non Operating	-	3.96	12.71	14.67	22.31
Net Non Operating Interest Income Expense	-	-1.78	6.87	31.98	15.06
Pretax Income	-	-295.35	-373.63	-465.89	-288.28
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	0	0	0	0
Net Income From Continuing And Discontinued Operation	-	-295.35	-373.63	-465.89	-288.28
Net Income From Continuing Operation Net Minority Interest	-	-295.35	-373.63	-465.89	-288.28
Net Income	-	-295.35	-373.63	-465.89	-288.28
Net Income Common Stockholders	-	-295.35	-373.63	-465.89	-288.28
Net Income Including Noncontrolling Interests	-	-295.35	-373.63	-465.89	-288.28
Normalized Income	-	-295.35	-373.63	-465.89	-285.50
Diluted NI Availto Com Stockholders	-	-295.35	-373.63	-465.89	-288.28
Basic Average Shares	-	17.14	18.69	21.27	22.43
Diluted Average Shares	-	17.14	18.69	21.27	22.43
Reconciled Depreciation	-	0.47	0.53	1.10	1.51
Reconciled Cost Of Revenue	-	0	0	6.23	56.15
Total Unusual Items	-	-	0	0	-2.78
Total Unusual Items Excluding Goodwill	-	-	0	0	-2.78
Special Income Charges	-	-	0	0	-2.78
Other Special Charges	-	-	-	-	2.78
General And Administrative Expense	37.32	48.13	108.15	-	-
Other Gand A	37.32	48.13	108.15	-	-

Peer Comparison

Healthcare sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Madrigal Pharmaceuticals, Inc.this co.	MDGL	$11.4B	-39.41	18.85	-47.8%	-43.53
BridgeBio Pharma, Inc.	BBIO	$13.2B	-18.19	-6.32	34.7%	-26.38
Axsome Therapeutics, Inc.	AXSM	$11.9B	-65.03	134.91	-207.5%	-70.25
Arrowhead Pharmaceuticals, Inc.	ARWR	$10.6B	-6491.00	22.72	-0.3%	65.92
Cytokinetics, Incorporated	CYTK

Learn while you research

Hand-picked academy chapters to deepen your understanding of Madrigal Pharmaceuticals, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Growth Investing

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$958M

$-264M

$-288M

$-193M

-47.8%

432.1%

-38.1%

2024

$180M

$-450M

$-466M

$-462M

-61.8%

24.7%

2023

$0M

$-360M

$-374M

$-326M

-92.2%

26.5%

2022

$0M

$-291M

$-295M

$-225M

-149.6%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

180.13

958.40

Operating Revenue

180.13

958.40

Cost Of Revenue

6.23

56.15

Gross Profit

173.90

902.26

Operating Expense

293.57

380.50

671.78

1,202.35

Research And Development

245.44

272.35

236.72

388.52

Selling General And Administration

48.13

108.15

435.06

813.83

Total Expenses

293.57

380.50

678.01

1,258.50

Operating Income

-293.57

-380.50

-497.88

-300.10

Total Operating Income As Reported

-293.57

-380.50

-497.88

-300.10

EBITDA

-290.92

-360.39

-450.12

-264.47

Normalized EBITDA

-290.92

-360.39

-450.12

-261.69

EBIT

-291.39

-360.92

-451.22

-265.98

Interest Income

2.18

19.58

46.65

37.36

Interest Expense

3.96

12.71

14.67

22.31

Net Interest Income

-1.78

6.87

31.98

15.06

Other Non Operating Income Expenses

0.27

-0.46

Other Income Expense

0.27

-3.24

Interest Income Non Operating

2.18

19.58

46.65

37.36

Interest Expense Non Operating

3.96

12.71

14.67

22.31

Net Non Operating Interest Income Expense

-1.78

6.87

31.98

15.06

Pretax Income

-295.35

-373.63

-465.89

-288.28

Tax Rate For Calcs

Tax Effect Of Unusual Items

Net Income From Continuing And Discontinued Operation

-295.35

-373.63

-465.89

-288.28

Net Income From Continuing Operation Net Minority Interest

-295.35

-373.63

-465.89

-288.28

Net Income

-295.35

-373.63

-465.89

-288.28

Net Income Common Stockholders

-295.35

-373.63

-465.89

-288.28

Net Income Including Noncontrolling Interests

-295.35

-373.63

-465.89

-288.28

Normalized Income

-295.35

-373.63

-465.89

-285.50

Diluted NI Availto Com Stockholders

-295.35

-373.63

-465.89

-288.28

Basic Average Shares

17.14

18.69

21.27

22.43

Diluted Average Shares

17.14

18.69

21.27

22.43

Reconciled Depreciation

0.47

0.53

1.10

1.51

Reconciled Cost Of Revenue

6.23

56.15

Total Unusual Items

-2.78

Total Unusual Items Excluding Goodwill

-2.78

Special Income Charges

-2.78

Other Special Charges

2.78

General And Administrative Expense

37.32

48.13

108.15

Other Gand A

37.32

48.13

108.15

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Madrigal Pharmaceuticals, Inc.this co.

MDGL

$11.4B

-39.41

18.85

-47.8%

-43.53

BridgeBio Pharma, Inc.

BBIO

$13.2B

-18.19

-6.32

34.7%

-26.38

Axsome Therapeutics, Inc.

AXSM

$11.9B

-65.03

134.91

-207.5%

-70.25

Arrowhead Pharmaceuticals, Inc.

ARWR

$10.6B

-6491.00

22.72

-0.3%

65.92

Cytokinetics, Incorporated

CYTK

Madrigal Pharmaceuticals, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Madrigal Pharmaceuticals, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on