LIGAND PHARMACEUTICALS INCORPORATED

LGND · Healthcare · $6.0B mkt cap · FY2025 filings · Narrow moat

On the watchlist

Narrow moat

The four filters

Pricing power100

Median gross margin 96.2% over 3y, very stable.

Returns on capital24

Median ROIC 7.3%, above the 9% hurdle in 40% of years.

Balance-sheet safety44

Net debt/EBITDA n/ax, interest coverage 9x.

Capital discipline91

Owner earnings +39.7%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

291% above value

Owner earnings (normalized): $85.2M
Est. intrinsic value / share: $77.51
Recent price: $302.96
Discount to value: 291% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell LGND. See the disclaimer.