Forensic Analysis · Professional & Commercial Services · as of Aug 11, 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
Grey Zone
Financial health
3.3
Distress distance
Clean
Earnings quality
4
Forensic signals
-10.8
P / E (ttm)
-60.8%
ROE
$1.4B
Market cap
0.00%
Dividend yield
-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 (red flags, auditor quality, say on pay, board independence). 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 a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 3.3, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+14.6%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +51% over the last 3 years to FY2025 (+14.6%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~14.6% 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 ~34%.
654% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 654% of revenue in FY2025 — about $0.13 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 15.1% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
+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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 14% of net operating assets, diverging from the balance-sheet accrual read.
$21M
FY2023–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%
Net Margin-4113.7%
Free Cash Flow-$94.0M
Return on Equity-60.8%
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?