Forensic Analysis · Medical Devices · as of Nov 8, 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

6.7

Distress distance

Clean

Earnings quality

Forensic signals

-7.3%

ROE

-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 (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.

Anika Therapeutics, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 6.7, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-7.4%

FY2025

Return on invested capital. Return on invested capital is -7.4% in the latest fiscal year and slipping across FY2023–FY2025 from 0.3%. After-tax operating profit was $548,600 in FY2023 and ($9M) in FY2025, with operating income at 0.7% of revenue in FY2023, -4.3% in FY2024 and -9.8% in FY2025. The capital base behind it came down -31% across FY2023–FY2025, from $171M to $117M, so this return is struck on a smaller base than it started on. $24M of the $117M base at FY2025 is short-term investments (20.1%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so the loss on the operating capital is larger than this rate shows.

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%.

Key fundamentals

Latest Revenue$112.8M

Revenue Growth YoY-5.9%

Revenue CAGR (2yr)-3.4%

Net Margin-9.6%

Free Cash Flow$4.4M

Return on Equity-7.3%

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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