Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Annexon, Inc. (ANNX)
A forensic read on Annexon, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
2
Forensic signals
-101.2%
ROE
$898M
Market cap
Annexon, Inc. earns a C (Mixed — selective) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-235%Return on invested capital. Return on invested capital is -235% and slipping from -119% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+61.2%/yrShare-count dilution. Diluted share count changed +184% over the last 3 years to FY2025 (+61.2%/yr). The count is GROWING — existing holders are being diluted. That's ~61.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~184%.
Key fundamentals
Free Cash Flow$-186.5M
Return on Equity-97.7%
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 Annexon, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ANNX'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
🔒Peer comparison + filing-change monitoring & alerts
No credit card · informational only, not investment advice · see the track record
← Browse all forensic stock analyses
Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.