Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 2, 2026
Anika Therapeutics, Inc. (ANIK)
A forensic read on Anika Therapeutics, 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
9.3
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-71.5
P / E (ttm)
-7.6%
ROE
$258M
Market cap
0.00%
Dividend yield
-5.9%
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). 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.
Anika Therapeutics, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 9.2, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-7.9%
FY2025
Return on invested capital.Return on invested capital is -7.9% in the latest fiscal year and slipping from 1% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
9% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 9% of revenue and 231% of free cash flow in FY2025 — about $0.70 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.
217% of FCF
FY2025
Shareholder returns.Returned $9M to shareholders (buybacks + dividends) in FY2025 — 217% of free cash flow, but 85% of operating cash flow. Returns run ahead of free cash flow, with the gap funded by debt or cash reserves rather than the cash the business itself throws off; the payout itself is still covered by operating cash. Counting the $10M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 449%.
$43M
FY2020–FY2020
Goodwill impairments.Took $43M of goodwill writedowns across 1 year (FY2020 ($43M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$112.8M
Revenue Growth YoY-5.9%
Revenue CAGR (3yr)-0.3%
Net Margin-9.6%
Free Cash Flow$4.4M
Return on Equity-7.6%
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 Anika Therapeutics, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ANIK'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