Madrigal Pharmaceuticals, Inc. (MDGL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+476.6%

$2,482.68

vs $430.58 price

Levered DCF

$1,107.92

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

6.8

Safe zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-45.32×	-14.09×	-11.57×	-16.85×	-5.79×	-8.49×	-19.26×	-50.77×
P/B	21.68×	8.7×	10.67×	25.2×	7.15×	7.16×	3.37×	3.5×
P/S	13.63×	36.44×	0×	0×	0×	0×	0×	0×
EV / EBITDA	-49.99×	-14.63×	-12.05×	-16.13×	-5.66×	-8.25×	-16.18×	-49.23×
Gross margin	94.1%	96.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	-31.3%	-276.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net margin	-30.1%	-258.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	4.01×	6.1×	5.38×	3.12×	3.54×	6.13×	17.52×	57.46×
Debt / equity	0.59×	0.16×	0.29×	0.25×	0×	0×	0×	0×
Interest coverage	-13.45×	-33.94×	-29.93×	-74.06×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-47.8%	-61.8%	-92.2%	-149.6%	-123.3%	-84.3%	-20.2%	-6.9%
Return on invested capital	-31.6%	-57.0%	-72.8%	-118.7%	-123.1%	-85.7%	-22.8%	-8.5%
Return on assets	-22.9%	-44.7%	-58.3%	-81.5%	-88.5%	-70.5%	-19.0%	-6.8%
Free cash flow yield	-1.5%	-7.0%	-7.5%	-4.5%	-13.1%	-9.2%	-3.0%	-1.5%
Earnings yield	-2.2%	-7.1%	-8.6%	-5.9%	-17.3%	-11.8%	-6.0%	-2.0%
Enterprise value	$13.2B	$6.6B	$4.3B	$4.7B	$1.4B	$1.7B	$1.4B	$1.6B
Net debt / EBITDA	-0.59×	-0.04×	-0.05×	0.97×	0.15×	0.26×	0.55×	1.75×
Cash conversion cycle (days)	220	-449	0	0	0	-788	-3,839	-9,456