Ligand Pharmaceuticals Incorporated (LGND) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Ligand Pharmaceuticals Incorporated $92.16, price $298, upside -69.1%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch Ligand Pharmaceuticals Incorporated for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $46.49 – $322.61 · fair‑value band $59.69 – $186.49 · the $298.41 price screens above the $92.16 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.
Follow Ligand Pharmaceuticals in your weekly email
Every Wednesday you see whether Ligand Pharmaceuticals is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, develops and licenses biopharmaceutical assets worldwide.
Show more
Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, develops and licenses biopharmaceutical assets worldwide. It offers Pradefovir, Posaconazole, Voriconazole, CAPVAXIVE, NOXAFIL, MenFive, and ZELSUVMI for infectious disease; EVOMELA and KYPROLIS for multiple myeloma; FILSPARI for the treatment of immunoglobulin a nephropathy; PNEUMOSIL, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia in children; and QARZIBA to treat neuroblastoma. The company also provides Teriparatide injection product for osteoporosis; RYLAZE, a recombinant erwinia asparaginase for acute lymphoblastic leukemia or lymphoblastic lymphoma in adult and pediatric patients; TZIELD, a CD3-directed antibody indicated to delay the onset of Stage 3 type 1 diabetes in adults and children aged 8 years and older with Stage 2 T1D; and VAXNEUVANCE for the prevention of invasive disease caused by streptococcus pneumoniae serotypes. In addition, it offers Duavee for menopause; Frovatriptan to treat Neurology; FYCOMPA and SESQUIENT for CNS; MEKINIST for cardiology; Nexterone, a captisol-enabled formulation of amiodarone; VEKLURY, an antiviral treatment for COVID-19; and Viviant for osteoporosis. Further, the company develops ACLX-002, Ciforadenant, UGN-301, Viright, MB07133, BOT/BAL, and Lasofoxifene for oncology; Ensifentrine for respiratory disease; QTORIN for rare disease; Sparsentan for kidney disease; VK2809 for hepatology; ANEB-001 for acute cannabinoid intoxication; Reproxalap for opthamology; VK0214 for Rare Disease; and VK5211 for musculoskeletal disorder. The company was incorporated in 1987 and is based in Jupiter, Florida.
Stock analysis
Ligand Pharmaceuticals Incorporated (LGND) currently trades at $298.41, while our model-based Fair Value estimate is $92.16, implying the stock looks roughly 223.8% overvalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of $169.17 per share, and 0 of the 22 models we run sit above the $298.41 price.
Bear case: the Asset-Based group reads lowest at $34.01, and 22 of the 22 models stay below the price. Evidence for this calculation is medium.
Scenario range: $59.69 (bear) to $186.49 (bull), the price of $298.41 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 56/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Ligand Pharmaceuticals Incorporated reported revenue of $268M in FY2025 versus $242M in FY2021, a compound +2.6%/yr. Reported net income was $124M in FY2025, compounding +21.5%/yr from FY2021.
Key figures
Market cap $6.1B · P/E ratio 37.9 · P/S ratio 17.6 · EPS (TTM) $7.87 · Net margin 46.4% · Return on equity 17.1% · Return on assets (EBIT) 2.1% · Operating margin 33.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 79% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −5% fair-value upside, at −69%, LGND screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely ($17.08 to $285.87). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear $59.69Fair Value $92.16Bull $186.49
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($5.76 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.83/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+60.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.4%
Start year 2020 (pandemic). Over 10 years: +14.1% a year
Revenue growth 31 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.2%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−19.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−19.0%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−19% vs 0%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.23% → 18%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+44.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+21.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +41.3% a year for the price and +18.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (88 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
Compare Ligand Pharmaceuticals Incorporated with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 651 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−69% · Below median
Profitability
Return on equity (TTM)17% · Top 25%
Return on assets5% · Top 25%
Net margin (TTM)56% · Top 25%
Operating margin (TTM)34% · Top 25%
Growth and dividend
Revenue growth14% · Above median
Balance sheet
Debt / equity0.44× · Highest 25%
Valuation Multiplesvs Biotechnology median · lower = cheaper
P/E (TTM)37.9× · Pricier than median
P/B5.95× · Priciest 25%
P/S (TTM)22.06× · Priciest 25%
P/FCF123.8× · Priciest 25%
EV/EBITDA47.1× · Priciest 25%
PEG1.53× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)71· sector 0
PAST (return on equity)69· sector 0
HEALTH (low debt)78· sector 97
DIVIDEND (yield)0· sector 23
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Ligand Pharmaceuticals Incorporated (LGND) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $92.16 versus a price of $298.41, about −69% upside (overvalued).
What is the fair value of LGND?
Our model-based fair value for Ligand Pharmaceuticals Incorporated is $92.16 (as of Sep 23, 2026), built from audited fundamentals. The current price: $298.41.
What is the quality score of LGND?
Ligand Pharmaceuticals Incorporated has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Ligand Pharmaceuticals Incorporated (LGND)?
Our model-based price target is the fair value of $92.16 (as of Sep 23, 2026) from 24 valuation models. Cautious scenario $59.69, optimistic scenario $186.49. It is a calculation from audited fundamentals, not an analyst target.
What is the Ligand Pharmaceuticals Incorporated stock forecast for 2026?
Our models put fair value at $92.16, about −69% upside versus a price of $298.41 (overvalued). Cautious scenario $59.69, optimistic scenario $186.49. The calculation is refreshed regularly with new filings.
What is the revenue of Ligand Pharmaceuticals Incorporated (LGND)?
Ligand Pharmaceuticals Incorporated reported trailing-twelve-month revenue of about $274M (latest available figure, as of Sep 23, 2026).
What growth is priced into Ligand Pharmaceuticals Incorporated (LGND)?
For today's price to be fair in a discounted-cash-flow model, Ligand Pharmaceuticals Incorporated would have to grow free cash flow by +44.7 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.4 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of LGND use?
Our models discount Ligand Pharmaceuticals Incorporated at 9.7 %: a base by market capitalisation (mid), damped by beta 0.98, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Ligand Pharmaceuticals Incorporated that is +44.7 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Ligand Pharmaceuticals Incorporated (LGND) delivered so far?
Over the past 5 years revenue at Ligand Pharmaceuticals Incorporated grew +10.4 % a year. The price currently implies +44.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Ligand Pharmaceuticals Incorporated (LGND) growing?
The median revenue growth in the sector is +4.2 % a year. That is the yardstick for the growth priced into Ligand Pharmaceuticals Incorporated (+44.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Ligand Pharmaceuticals Incorporated (LGND)?
The free-cash-flow yield on the price is 0.81 %: that much free cash flow Ligand Pharmaceuticals Incorporated produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ligand Pharmaceuticals Incorporated (LGND)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ligand Pharmaceuticals Incorporated it is $92.16 per share (as of Sep 23, 2026), against a price of $298.41. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Ligand Pharmaceuticals Incorporated stock overvalued or undervalued in 2026?
As of Sep 23, 2026, LGND trades above its calculated fair value: price $298.41, fair value $92.16, a gap of about −69% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of LGND?
No. The price is what the market pays today ($298.41); the fair value is what the company's own numbers justify ($92.16). For Ligand Pharmaceuticals Incorporated the two are $206.25 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ligand Pharmaceuticals Incorporated worth?
The market values Ligand Pharmaceuticals Incorporated at about $6.1B (market capitalisation, as of Sep 23, 2026). Per share that is $298.41; our models calculate a fair value of $92.16 per share.
What do the bullish and bearish scenarios say about LGND?
Our models span a range for Ligand Pharmaceuticals Incorporated: cautious scenario $59.69, base $92.16, optimistic $186.49 per share (as of Sep 23, 2026, price $298.41). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of LGND?
Ligand Pharmaceuticals Incorporated trades at a price-to-earnings ratio of 37.9 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $92.16 is built from several models across several years. Other multiples: PEG 1.5, P/B 6.0, P/S 22.1, EV/EBITDA 47.1.
What is the PEG ratio of LGND?
The PEG ratio of Ligand Pharmaceuticals Incorporated is 1.53 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Ligand Pharmaceuticals Incorporated (LGND)?
Balance-sheet figures for Ligand Pharmaceuticals Incorporated (as of Sep 23, 2026): return on equity 17.1%, debt of 0.44 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is LGND from its 52-week high?
Ligand Pharmaceuticals Incorporated trades at $298.41, about 8% below its 52-week high of $322.61 and 79% above the low of $166.76 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $92.16 is for.
Which stocks are comparable to Ligand Pharmaceuticals Incorporated?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, Samsung Biologics Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Ligand Pharmaceuticals Incorporated stock attractive at the current price?
The data as of Sep 23, 2026: price $298.41, calculated fair value $92.16 (−69%), Quality Score 56/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of LGND calculated?
We run Ligand Pharmaceuticals Incorporated through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $92.16, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Ligand Pharmaceuticals Incorporated itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Ligand Pharmaceuticals Incorporated (LGND)?
The closing price on Sep 23, 2026 was $298.41. Our model-based fair value is $92.16, about −69% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ligand Pharmaceuticals Incorporated right now?
The price sits above even our optimistic bull case ($186.49). The favourable scenario is already priced in. The model range is unusually wide ($59.69 to $186.49). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Ligand Pharmaceuticals Incorporated
How large is the market capitalisation of Ligand Pharmaceuticals Incorporated (LGND)?
The market capitalisation of Ligand Pharmaceuticals Incorporated is $6.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Ligand Pharmaceuticals Incorporated (LGND)?
The price-to-sales ratio of Ligand Pharmaceuticals Incorporated is 17.6 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Ligand Pharmaceuticals Incorporated (LGND)?
Earnings per share at Ligand Pharmaceuticals Incorporated are $7.87 (price ÷ EPS = P/E 37.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ligand Pharmaceuticals Incorporated (LGND)?
The net margin of Ligand Pharmaceuticals Incorporated is 46.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Ligand Pharmaceuticals Incorporated (LGND)?
The return on equity (ROE) of Ligand Pharmaceuticals Incorporated is 17.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Ligand Pharmaceuticals Incorporated (LGND)?
On an EBIT basis the return on assets of Ligand Pharmaceuticals Incorporated is 2.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Ligand Pharmaceuticals Incorporated (LGND)?
The operating margin of Ligand Pharmaceuticals Incorporated is 33.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ligand Pharmaceuticals Incorporated (LGND)?
Revenue at Ligand Pharmaceuticals Incorporated is growing +14.1% versus a year earlier (3y avg +11.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Ligand Pharmaceuticals Incorporated (LGND)?
Earnings per share at Ligand Pharmaceuticals Incorporated are growing +103% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ligand Pharmaceuticals Incorporated (LGND) carry?
The net debt of Ligand Pharmaceuticals Incorporated is $277M (fiscal year 2025, ≈ 5.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Ligand Pharmaceuticals Incorporated in the live analysis
One click puts Ligand Pharmaceuticals Incorporated on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Some data
Sep 23, 2026