Ligand Pharmaceuticals Incorporated (LGND) - Net Assets

Latest as of March 2026: $997.32 Million USD

Based on the latest financial reports, Ligand Pharmaceuticals Incorporated (LGND) has net assets worth $997.32 Million USD as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($1.53 Billion) and total liabilities ($534.78 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check tangible net worth ratio of Ligand Pharmaceuticals Incorporated to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	$997.32 Million
% of Total Assets	65.09%
Annual Growth Rate	12.51%
5-Year Change	23.88%
10-Year Change	174.29%
Growth Volatility	256.01

Ligand Pharmaceuticals Incorporated - Net Assets Trend (1994–2025)

This chart illustrates how Ligand Pharmaceuticals Incorporated's net assets have evolved over time, based on quarterly financial data. See LGND cash and liquid assets coverage to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Ligand Pharmaceuticals Incorporated (1994–2025)

The table below shows the annual net assets of Ligand Pharmaceuticals Incorporated from 1994 to 2025. For live valuation and market cap data, see Ligand Pharmaceuticals Incorporated (LGND) total market value.

Year	Net Assets	Change
2025-12-31	$1.02 Billion	+22.49%
2024-12-31	$830.44 Million	+18.48%
2023-12-31	$700.91 Million	+17.31%
2022-12-31	$597.49 Million	-27.24%
2021-12-31	$821.16 Million	+15.73%
2020-12-31	$709.52 Million	-7.52%
2019-12-31	$767.23 Million	+36.78%
2018-12-31	$560.91 Million	+33.98%
2017-12-31	$418.65 Million	+12.89%
2016-12-31	$370.85 Million	+21.83%
2015-12-31	$304.39 Million	+1147.10%
2014-12-31	$24.41 Million	-50.80%
2013-12-31	$49.61 Million	+87.32%
2012-12-31	$26.48 Million	+206.33%
2011-12-31	$8.65 Million	+223.67%
2010-12-31	$-6.99 Million	-286.73%
2009-12-31	$3.74 Million	+136.12%
2008-12-31	$-10.37 Million	-135.60%
2007-12-31	$29.11 Million	+6.45%
2006-12-31	$27.35 Million	+124.77%
2005-12-31	$-110.42 Million	-46.61%
2004-12-31	$-75.32 Million	-206.49%
2003-12-31	$70.73 Million	-4.44%
2002-12-31	$74.02 Million	+227.89%
2001-12-31	$-57.88 Million	-4.99%
2000-12-31	$-55.12 Million	-115.33%
1999-12-31	$-25.60 Million	-124.56%
1998-12-31	$-11.40 Million	-133.24%
1997-12-31	$34.30 Million	-0.58%
1996-12-31	$34.50 Million	+22.78%
1995-12-31	$28.10 Million	+6.84%
1994-12-31	$26.30 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Ligand Pharmaceuticals Incorporated's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have grown by 68418800000.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	$608.09 Million	59.78%
Common Stock	$20.00K	0.00%
Other Comprehensive Income	$8.46 Million	0.83%
Other Components	$400.65 Million	39.39%
Total Equity	$1.02 Billion	100.00%

Ligand Pharmaceuticals Incorporated Competitors by Market Cap

The table below lists competitors of Ligand Pharmaceuticals Incorporated ranked by their market capitalization.

Company	Market Cap
TAG Immobilien AG F:TEG	$2.69 Billion
Companhia de Gás de São Paulo - COMGÁS SA:CGAS3	$2.69 Billion
Viscofan MC:VIS	$2.69 Billion
Gold Road Resources Ltd AU:GOR	$2.69 Billion
Redwire Corp NYSE:RDW	$2.69 Billion
Cargotec Oyj HE:CGCBV	$2.68 Billion
North Navigation Control Technology Co Ltd SHG:600435	$2.68 Billion
Seadrill Limited NYSE:SDRL	$2.68 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Ligand Pharmaceuticals Incorporated's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 830,439,000 to 1,017,212,000, a change of 186,773,000 (22.5%).
Net income of 124,453,000 contributed positively to equity growth.
Share repurchases of 15,000,000 reduced equity.
Other comprehensive income increased equity by 14,397,000.
Other factors increased equity by 62,923,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	$124.45 Million	+12.23%
Share Repurchases	$15.00 Million	-1.47%
Other Comprehensive Income	$14.40 Million	+1.42%
Other Changes	$62.92 Million	+6.19%
Total Change	$-	22.49%

Book Value vs Market Value Analysis

This analysis compares Ligand Pharmaceuticals Incorporated's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 5.09x
The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
The price-to-book ratio has decreased from 27.92x to 5.09x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
1994-12-31	$9.14	$255.25	x
1995-12-31	$7.52	$255.25	x
1996-12-31	$7.19	$255.25	x
1997-12-31	$6.21	$255.25	x
1998-12-31	$-1.69	$255.25	x
1999-12-31	$-3.26	$255.25	x
2000-12-31	$-5.94	$255.25	x
2001-12-31	$-5.84	$255.25	x
2002-12-31	$6.42	$255.25	x
2003-12-31	$6.00	$255.25	x
2004-12-31	$-6.13	$255.25	x
2005-12-31	$-8.95	$255.25	x
2006-12-31	$2.04	$255.25	x
2007-12-31	$1.78	$255.25	x
2008-12-31	$-0.65	$255.25	x
2009-12-31	$0.20	$255.25	x
2010-12-31	$-0.36	$255.25	x
2011-12-31	$0.44	$255.25	x
2012-12-31	$1.33	$255.25	x
2013-12-31	$2.39	$255.25	x
2014-12-31	$1.23	$255.25	x
2015-12-31	$14.34	$255.25	x
2016-12-31	$17.80	$255.25	x
2017-12-31	$17.83	$255.25	x
2018-12-31	$23.31	$255.25	x
2019-12-31	$38.83	$255.25	x
2020-12-31	$43.84	$255.25	x
2021-12-31	$47.61	$255.25	x
2022-12-31	$35.42	$255.25	x
2023-12-31	$39.47	$255.25	x
2024-12-31	$45.40	$255.25	x
2025-12-31	$50.12	$255.25	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Ligand Pharmaceuticals Incorporated utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 12.23%
The company shows good efficiency in utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 46.42%
• Asset Turnover: 0.17x
• Equity Multiplier: 1.53x
Recent ROE (12.23%) is above the historical average (11.56%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
1994	-103.04%	-203.76%	0.28x	1.78x	$-29.73 Million
1995	-228.47%	-262.04%	0.26x	3.33x	$-67.01 Million
1996	-108.12%	-101.36%	0.36x	2.96x	$-40.75 Million
1997	-292.13%	-193.81%	0.48x	3.13x	$-103.63 Million
1998	0.00%	-666.10%	0.11x	0.00x	$-116.76 Million
1999	0.00%	-182.64%	0.30x	0.00x	$-72.14 Million
2000	0.00%	-150.44%	0.42x	0.00x	$-66.86 Million
2001	0.00%	-56.32%	0.65x	0.00x	$-37.21 Million
2002	-44.04%	-33.73%	0.36x	3.66x	$-40.00 Million
2003	-52.97%	-26.54%	0.47x	4.26x	$-44.53 Million
2004	0.00%	-27.61%	0.49x	0.00x	$-37.61 Million
2005	0.00%	-20.61%	0.56x	0.00x	$-25.36 Million
2006	-116.05%	-22.52%	0.43x	11.92x	$-34.48 Million
2007	967.50%	2184.64%	0.07x	5.95x	$278.78 Million
2008	0.00%	-359.19%	0.16x	0.00x	$-97.08 Million
2009	-52.03%	-5.00%	0.34x	30.37x	$-2.32 Million
2010	0.00%	-53.17%	0.31x	0.00x	$-11.82 Million
2011	117.70%	33.88%	0.25x	14.15x	$9.31 Million
2012	-1.99%	-1.68%	0.30x	3.94x	$-3.18 Million
2013	23.02%	23.32%	0.47x	2.11x	$6.46 Million
2014	45.69%	18.63%	0.25x	9.80x	$9.39 Million
2015	84.53%	357.80%	0.13x	1.75x	$226.87 Million
2016	-0.44%	-1.50%	0.18x	1.62x	$-38.72 Million
2017	3.00%	8.90%	0.21x	1.60x	$-29.31 Million
2018	25.55%	57.00%	0.20x	2.25x	$87.23 Million
2019	82.02%	523.19%	0.08x	1.95x	$552.58 Million
2020	-0.42%	-1.82%	0.12x	1.92x	$-73.94 Million
2021	6.96%	23.66%	0.19x	1.58x	$-24.98 Million
2022	-5.58%	-17.00%	0.26x	1.28x	$-93.11 Million
2023	7.44%	39.72%	0.17x	1.12x	$-17.94 Million
2024	-0.49%	-2.41%	0.18x	1.13x	$-87.08 Million
2025	12.23%	46.42%	0.17x	1.53x	$22.73 Million

Industry Comparison

This section compares Ligand Pharmaceuticals Incorporated's net assets metrics with peer companies in the Biotechnology industry.

Industry Context

Industry: Biotechnology
Average net assets among peers: $296,451,843
Average return on equity (ROE) among peers: -36.17%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Ligand Pharmaceuticals Incorporated (LGND)	$997.32 Million	-103.04%	0.54x	$2.69 Billion
Aardvark Therapeutics, Inc. Common Stock (AARD)	$-34.80 Million	0.00%	0.00x	$81.00 Million
Abcellera Biologics Inc (ABCL)	$1.15 Billion	-12.70%	0.29x	$1.55 Billion
Abeona Therapeutics Inc (ABEO)	$-17.08 Million	0.00%	0.00x	$321.39 Million
Acumen Pharmaceuticals Inc (ABOS)	$-18.59 Million	0.00%	0.00x	$155.29 Million
Abpro Holdings, Inc. (ABP)	$-75.73 Million	0.00%	0.00x	$2.00 Million
Absci Corp (ABSI)	$176.18 Million	-62.76%	0.23x	$1.01 Billion
Arbutus Biopharma Corp (ABUS)	$97.37 Million	-71.81%	0.35x	$831.63 Million
ABVC Biopharma Inc (ABVC)	$2.46 Million	-172.46%	1.68x	$33.54 Million
Abivax SA American Depositary Shares (ABVX)	$455.01 Million	-73.87%	0.28x	$7.77 Billion
ACADIA Pharmaceuticals Inc (ACAD)	$1.23 Billion	31.86%	0.27x	$3.59 Billion

About Ligand Pharmaceuticals Incorporated

NASDAQ:LGND USA Biotechnology

Market Cap

$3.10 Billion

Market Cap Rank

#5370 Global

#1736 in USA

Share Price

$255.25

Change (1 day)

+0.79%

52-Week Range

$112.56 - $255.54

All Time High

$255.54