Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
AtaiBeckley Inc. (ATAI)
A forensic read on AtaiBeckley 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
-21.0
Altman Z-score
Watch
Earnings quality
4
Forensic signals
-366.5%
ROE
$1.9B
Market cap
AtaiBeckley Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -21.0, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+77.9%Accruals ratio.Net operating assets grew +77.9% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -285% of net operating assets.
-159%Return on invested capital.Return on invested capital is -159% and slipping from -66% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+41.4%/yrShare-count dilution.Diluted share count changed +41% over the last 1 years to FY2025 (+41.4%/yr). The count is GROWING — existing holders are being diluted. That's ~41.4% 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 FY2024 has been diluted ~41%.
348% of revStock-based comp load.Stock-based compensation ran 348% of revenue in FY2025 — about $0.06 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-16142.0%
Debt / Equity0.61x
Free Cash Flow$-103.6M
Latest Revenue$4.1M
Return on Equity-297.5%
Revenue Growth YoY+1227.6%
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 AtaiBeckley Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ATAI'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