Artivion, Inc. (AORT) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Artivion, Inc. (AORT)
A forensic read on Artivion, 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
Safe
Financial health
4.7
Distress distance
Clean
Earnings quality
4
Forensic signals
-391.8
P / E (ttm)
2.2%
ROE
$1.1B
Market cap
0.00%
Dividend yield
13.6%
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.
Artivion, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 4.7, 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
3.1%
FY2025
Return on invested capital.Return on invested capital is 3.1% in the latest fiscal year and rising across FY2023–FY2025 from 0.7%. After-tax operating profit was $5M in FY2023 and $22M in FY2025, with operating income at 1.6% of revenue in FY2023, 10.0% in FY2024 and 7.6% in FY2025. The capital base behind it barely moved across FY2023–FY2025 ($677M to $718M, +6%), so there has been little new capital for that return to be earned on.
+7.6%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +16% over the last 2 years to FY2025 (+7.6%/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 ~7.6% 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 ~14%.
6% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 6% of revenue and 2906% of free cash flow in FY2025 — about $0.52 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 7.7% 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.
+10.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +10.8% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by inventory up +16% against +12% in cost of sales and receivables up +13% against revenue +14%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 5% of net operating assets, against an accruals ratio of 10.8%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
Key fundamentals
Latest Revenue$441.3M
Revenue Growth YoY+13.6%
Revenue CAGR (2yr)+11.6%
Net Margin2.2%
Free Cash Flow$839,000.00
Return on Equity2.2%
Debt / Equity0.48x
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 Artivion, Inc.'s actual 10-K/10-Q/8-K filings?