MDGL

MKT CAP:$12B

Madrigal Pharmaceuticals, Inc.

Market Cap

$12B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$514.48-$79.39 (-13.37%)

Apr 24, 2026

Company Details

Madrigal Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular, metabolic, and liver diseases. Its lead product cand...

CEO

William J. Sibold

IPO Date

Feb 6, 2007

Website

www.madrigalpharma.com

Key Metrics TTM

Revenue

$958M

+479.1% YoY

Net Income

-$288M

EPS (Diluted)

-$12.87

Free Cash Flow

-$190M

Revenue / Share

$42.72

Gross Margin

94.1%

Operating Margin

-31.3%

Net Margin

-30.1%

FCF Margin

-19.8%

P/S

12.4x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 19, 2026

$958M+432.1%EPS -$12.85

Q4 2025

Feb 19, 2026

$321M+210.8%EPS -$2.57

Q3 2025

Nov 4, 2025

$287M+362.0%EPS -$5.08

Q2 2025

Aug 5, 2025

$213MEPS -$1.90

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$0	$0	-$65M
Q1 22	$0	$0	-$58M
Q2 22	$0	$0	-$70M
Q3 22	$0	$0	-$80M
Q4 22	$0	$0	-$85M
Q1 23	$0	$0	-$78M
Q2 23	$0	$0	-$86M
Q3 23	$0	$0	-$99M
Q4 23	$0	$0	-$117M
Q1 24	$0	$0	-$152M
Q3 24	$62M	$60M	-$116M
Q4 24	$103M	$100M	-$67M
Q1 25	$137M	$133M	-$79M
Q2 25	$213M	$204M	-$47M
Q3 25	$287M	$269M	-$114M
Q4 25	$321M	$297M	-$60M

Valuation

Quarter	P/S	P/E
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q3 24	190.4x	—
Q4 24	71.5x	—
Q1 25	39.1x	—
Q2 25	23.0x	—
Q3 25	16.0x	—
Q4 25	12.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$50M	-$50M
Q2 22	-$57M	-$57M
Q3 22	-$59M	-$59M
Q4 22	-$59M	-$59M
Q1 23	-$84M	-$84M
Q2 23	-$75M	-$75M
Q3 23	-$85M	-$85M
Q4 23	-$80M	-$81M
Q1 24	-$149M	-$150M
Q2 24	-$135M	-$140M
Q3 24	-$67M	-$68M
Q4 24	-$104M	-$105M
Q1 25	-$89M	-$89M
Q2 25	-$47M	-$47M
Q3 25	$80M	$79M
Q4 25	-$133M	-$133M

Capital Expenditures

Quarter	CapEx
Q1 22	$52.0K
Q2 22	$103.0K
Q3 22	$33.0K
Q4 22	$29.0K
Q1 23	$35.0K
Q2 23	$69.0K
Q3 23	$339.0K
Q4 23	$1M
Q1 24	$357.0K
Q2 24	$5M
Q3 24	$779.0K
Q4 24	$195.0K
Q1 25	$0
Q2 25	$0
Q3 25	$857.0K
Q4 25	$390.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	—	+8.5%
Q1 22	—	+8.7%
Q2 22	—	+13.8%
Q3 22	—	+27.3%
Q4 22	—	+32.0%
Q1 23	—	+36.0%
Q2 23	—	+23.0%
Q3 23	—	+22.5%
Q4 23	—	+37.4%
Q1 24	—	+94.1%
Q3 24	—	+106.5%
Q4 24	—	+72.8%
Q1 25	—	+84.8%
Q2 25	—	+71.0%
Q3 25	+362.0%	+124.8%
Q4 25	+210.8%	+123.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$7M	—
Q2 22	$8M	—
Q3 22	$8M	—
Q4 22	$8M	—
Q1 23	$11M	—
Q2 23	$11M	—
Q3 23	$13M	—
Q4 23	$15M	—
Q1 24	$20M	—
Q2 24	$24M	—
Q3 24	$18M	28.8%
Q4 24	$18M	17.1%
Q1 25	$21M	15.3%
Q2 25	$25M	11.8%
Q3 25	$26M	9.1%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q4 21	$53M	$12M	—
Q1 22	$48M	$10M	—
Q2 22	$58M	$12M	—
Q3 22	$68M	$12M	—
Q4 22	$71M	$15M	—
Q1 23	$62M	$16M	—
Q2 23	$69M	$18M	—
Q3 23	$71M	$28M	—
Q4 23	$71M	$47M	—
Q1 24	$71M	—	$81M
Q3 24	$69M	$108M	—
Q4 24	$26M	—	$141M
Q1 25	$44M	—	$168M
Q2 25	$54M	—	$197M
Q3 25	$174M	$209M	—
Q4 25	$116M	—	$240M

Revenue Segments

Quarter	Reportable Segment
Q2 25	$213M
Q3 25	$287M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$42M	$178M	$220M
Q2 22	$53M	$158M	$212M
Q3 22	$59M	$94M	$153M
Q4 22	$332M	$27M	$359M
Q1 23	$113M	$216M	$329M
Q2 23	$77M	$221M	$298M
Q3 23	$62M	$170M	$232M
Q4 23	$100M	$534M	$634M
Q1 24	$623M	$437M	$1.1B
Q2 24	$495M	$563M	$1.1B
Q3 24	$233M	$766M	$999M
Q4 24	$100M	$826M	$926M
Q1 25	$184M	$659M	$843M
Q2 25	$186M	$611M	$797M
Q3 25	$296M	$814M	$1.1B
Q4 25	$199M	$785M	$984M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	17M	+2.6%	+10.3%
Q1 22	17M	+0.2%	+8.0%
Q2 22	17M	0.0%	+3.2%
Q3 22	17M	0.0%	+2.8%
Q4 22	17M	+0.8%	+1.0%
Q1 23	18M	+5.5%	+6.3%
Q2 23	18M	+0.7%	+7.1%
Q3 23	18M	+0.9%	+8.0%
Q4 23	20M	+7.0%	+14.6%
Q1 24	20M	+1.2%	+10.0%
Q3 24	22M	+8.7%	+18.8%
Q4 24	22M	+0.8%	+18.7%
Q1 25	22M	+0.7%	+11.8%
Q2 25	22M	+0.5%	+11.0%
Q3 25	22M	+1.2%	+3.4%
Q4 25	22M	-0.2%	+2.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$0	71
Q1 22	$0	71
Q2 22	$0	71
Q3 22	$0	71
Q4 22	$0	92
Q1 23	$0	92
Q2 23	$0	92
Q3 23	$0	92
Q4 23	$0	376
Q1 24	$0	376
Q3 24	$165.4K	376
Q4 24	$195.7K	528
Q1 25	$259.9K	528
Q2 25	$403.0K	528
Q3 25	$544.1K	528
Q4 25	$350.9K	915

Revenue / Employee