Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Acadia Pharmaceuticals Inc (ACAD)
A forensic read on Acadia Pharmaceuticals Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
12.6
Distress distance
Watch
Earnings quality
5
Forensic signals
12.4
P / E (ttm)
31.9%
ROE
$4.4B
Market cap
11.9%
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, going concern, valuation). 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.
Acadia Pharmaceuticals Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 12.6, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.51×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.51× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
+87.0%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +87.0% 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 sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by payables paid down 33% against +9% in cost of sales and receivables up +23% against revenue +12%. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 38% of net operating assets, against an accruals ratio of 87.0%. 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.
+1.8%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +4% over the last 2 years to FY2025 (+1.8%/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 ~1.8% 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 ~4%.
416d
FY2024→FY2025
Key fundamentals
Latest Revenue$1.07B
Revenue Growth YoY+11.9%
Revenue CAGR (2yr)+21.4%
Net Margin36.5%
Free Cash Flow$105.1M
Return on Equity31.9%
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 Acadia Pharmaceuticals Inc's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Inventory days.
Days inventory outstanding moved from 295 to 416 FY2024→FY2025 (against cost of goods sold; inventory +21% vs +9% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
8.5%
FY2025
Return on invested capital.Return on invested capital is 8.5% in the latest fiscal year, against -18.9% in FY2023, having run between -18.9% and 42.8% across FY2023–FY2025 with no direction held. After-tax operating profit was ($58M) in FY2023 and $94M in FY2025, with operating income at -10.1% of revenue in FY2023, 24.1% in FY2024 and 9.8% in FY2025. The capital base behind it grew +262% across FY2023–FY2025, from $306M to $1.1B, and the return did not fall doing it, so the dollars added over that window earned at least the -18.9% the older base was already earning.