Forensic Analysis · Consulting & Engineering Services · as of Nov 9, 2026
Absci Corp (ABSI)
A forensic read on Absci Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-1.9
Distress distance
4
Forensic signals
-62.5%
ROE
-38.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Absci Corp earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -1.9, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+21.9%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +49% over the last 2 years to FY2025 (+21.9%/yr). The count is growing — 92.0M shares in FY2023, 136.8M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~21.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~33%.
654% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 654% of revenue in FY2025 — about $0.13 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 21.9% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
+17.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +17.7% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 14% of net operating assets, against an accruals ratio of 17.7%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
$21M
FY2023
Goodwill impairments.Took $21M of goodwill writedowns across 1 year (FY2023 ($21M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$2.8M
Revenue Growth YoY-38.2%
Revenue CAGR (2yr)-30.0%
Net Margin-4113.7%
Free Cash Flow-$94.0M
Return on Equity-62.5%
Debt / Equity0.02x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Absci Corp's actual 10-K/10-Q/8-K filings?