Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
ANAPTYSBIO, INC (ANAB)
A forensic read on ANAPTYSBIO, 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
Distress
Financial health
-0.3
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-13.1%
ROE
$1.8B
Market cap
ANAPTYSBIO, INC earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -0.3, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by stock-based comp load.
What the filings flag
15% of revStock-based comp load.Stock-based compensation ran 15% of revenue and 184% of free cash flow in FY2025 — about $1.25 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
350% of FCFShareholder returns.Returned $69M to shareholders (buybacks + dividends) in FY2025 — 350% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely.
+0.7%/yrShare-count dilution.Diluted share count changed +2% over the last 3 years to FY2025 (+0.7%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Net Margin-5.6%
Free Cash Flow$19.6M
Latest Revenue$234.6M
Return on Equity-35.6%
Revenue Growth YoY+157.0%
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 ANAPTYSBIO, INC:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ANAB'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