Forensic Analysis · General / Diversified · as of Jun 27, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-1.9
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-63.6%
ROE
$1.7B
Market cap
Absci Corp earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -1.9, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-55%Return on invested capital.Return on invested capital is -55% and slipping from -37% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+16.9%/yrShare-count dilution.Diluted share count changed +51% over the last 3 years to FY2025 (+16.9%/yr). The count is GROWING — existing holders are being diluted. That's ~16.9% 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 FY2022 has been diluted ~51%.
+17.7%Accruals ratio.Net operating assets grew +17.7% relative to their average in FY2025 — the accrual component of earnings. Accruals are building faster than is comfortable — part of profit sits in receivables, inventory or capitalized costs rather than cash. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -14% of net operating assets.
654% of revStock-based comp load.Stock-based compensation ran 654% of revenue in FY2025 — about $0.13 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
$21MGoodwill impairments.Took $21M of goodwill writedowns across 1 year(s) (FY2023 ($21M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-4113.7%
Debt / Equity0.02x
Free Cash Flow$-94.0M
Latest Revenue$2.8M
Return on Equity-60.8%
Revenue Growth YoY-38.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Absci Corp:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ABSI's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown