Ligand Pharmaceuticals Incorporated
$5.33B- Market cap
- $5.69B
- Debt
- +$374.08M
- Cash
- −$733.52M
Capital structure 94% equity / 6% debt · EV / Revenue 19.90x · EV / EBITDA 33.28x
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
Decision snapshot: LGND stock price vs ZS: inconclusive Relative valuation is incomplete for this pair. Review the available filing metrics before drawing a conclusion.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at ZS's multiple
Needs ZS P/E.
Implied fair value · at LGND's multiple
Needs EPS (TTM) is negative, LGND P/E.
Snapshot Sep 4, 4:00 PM ET
Metric by metric
Where each company leads, and how wide the gap is.
Growth edge
Pricing power
Operating leverage
Multiple premium
Not comparable
Lower leverage
Statements
Core statements aligned to each company's latest fiscal year.
SEC periods: LGND FY 2025 (ended Dec 31, 2025) · ZS FY 2026 (ended Jul 31, 2026). Fiscal years are not aligned.
Trendline
Six fiscal years of revenue, earnings, and margins before underwriting a re-rating.
Price framework
Market cap plus debt, less cash.
Capital structure 94% equity / 6% debt · EV / Revenue 19.90x · EV / EBITDA 33.28x
Capital structure 94% equity / 6% debt · EV / Revenue 8.55x · EV / EBITDA 262.32x
ZS carries the larger enterprise value at $28.66B against $5.33B; ZS trades on the lower EV / Revenue multiple (8.55x vs 19.90x); LGND on the lower EV / EBITDA (33.28x vs 262.32x).
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
LIGAND PHARMACEUTICALS INCORPORATED · implied price per share
Debt and bridge-cash inputs are required to translate enterprise value into equity value.
Zscaler Inc · implied price per share
Debt and bridge-cash inputs are required to translate enterprise value into equity value.
Balance sheet health
Financial health checks to separate durable balance sheets from potential value traps.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Debt / equity
Total debt against shareholders' equity
0.37x
0.73x
Net debt / EBITDA
Leverage against operating earnings
-2.24x
8.93x
Cash and equivalents
Liquid reserves on the balance sheet
$733.52M
$928.35M
Total debt
Interest-bearing obligations outstanding
Comparable set
Where the pair sits against the wider comparable set.
Keep comparing
Open adjacent comparisons from the same industry to pressure-test the read across multiple pairs.
Royalty Pharma plc
LGND vs RPRX
Sarepta Therapeutics, Inc.
LGND vs SRPT
INCYTE CORP
LGND vs INCY
EXELIXIS, INC.
LGND vs EXEL
Palo Alto Networks Inc
LGND vs PANW
CrowdStrike Holdings, Inc.
LGND vs CRWD
Okta, Inc.
LGND vs OKTA
Cloudflare, Inc.
LGND vs NET
Fortinet, Inc.
LGND vs FTNT
$374.08M
$1.90B
LLM-powered synthesis
An on-demand narrative read of the same deterministic data.
This explanation uses an earlier data snapshot or evidence version. Review its generation date and the current figures, or refresh after signing in.
If you believe LGND can sustain its superior margins and growth while the market re-rates the stock closer to its historical band, then hold or selectively add only after price weakness, because the supplied P/S valuation still implies a large downside from the current price.
On the supplied P/S basis, LGND’s current price of $319.55 sits far above the implied price of $119.82, which suggests a -62.5% gap. The discrepancy is driven by LGND’s much richer multiple relative to ZS on P/S, even though LGND has superior margins and profitability.
Supporting Metrics