Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Amylyx Pharmaceuticals, Inc. (AMLX)
A forensic read on Amylyx Pharmaceuticals, 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
Safe
Financial health
8.1
Distress distance
Clean
Earnings quality
3
Forensic signals
-23.0
P / E (ttm)
-47.4%
ROE
$3.8B
Market cap
0.00%
Dividend yield
-100.0%
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.
Amylyx Pharmaceuticals, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 8.1, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-145.4%
FY2025
Return on invested capital.Return on invested capital is -145.4% in the latest fiscal year, against 13.2% in FY2023, having run between -283.1% and 13.2% across FY2023–FY2025 with no direction held. After-tax operating profit was $35M in FY2023 and ($121M) in FY2025, with operating income at 10.2% of revenue in FY2023. The capital base behind it came down -69% across FY2023–FY2025, from $265M to $83M, so this is a return struck on a smaller base rather than a record of money put to work.
+16.2%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +35% over the last 2 years to FY2025 (+16.2%/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 ~16.2% 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 ~26%.
10% of rev
FY2023
Stock-based comp load.Stock-based compensation ran 10% of revenue and 348% of free cash flow in FY2023 — about $0.53 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 18.1% a year 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.
Key fundamentals
Latest Revenue$380.8M
Net Margin12.9%
Free Cash Flow-$123.5M
Return on Equity-47.4%
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 Amylyx Pharmaceuticals, Inc.'s actual 10-K/10-Q/8-K filings?