Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Oct 19, 2026
Advanced Biomed Inc. (ADVB)
A forensic read on Advanced Biomed Inc. 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
8.6
Distress distance
Clean
Earnings quality
4
Forensic signals
54.4%
ROE
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). 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.
Advanced Biomed Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 8.6, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
-2.27×
FY2025–FY2026
Cash conversion.Over FY2025–FY2026, cumulative operating cash flow was -2.27× 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.
+181.6%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +181.6% relative to their own average in FY2026 — 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. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 138% of net operating assets, against an accruals ratio of 181.6%. 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.
+22.1%/yr
FY2025–FY2026
Share-count dilution.Diluted share count changed +22% over the last 1 year to FY2026 (+22.1%/yr). The count is growing — 1.0M shares in FY2025, 1.3M in FY2026: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~22.1% 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 FY2025 has been diluted ~18%.
1359% of rev
FY2026
Stock-based comp load.Stock-based compensation ran 1359% of revenue in FY2026 — about $1.38 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 22.1% a year across FY2025–FY2026, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. 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.
Key fundamentals
Latest Revenue$127,637.00
Net Margin5231.3%
Return on Equity54.4%
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 Advanced Biomed Inc.'s actual 10-K/10-Q/8-K filings?