Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
AtriCure, Inc. (ATRC)
A forensic read on AtriCure, 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
3.4
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-0.9%
ROE
$1.5B
Market cap
AtriCure, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 3.4, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-2%Return on invested capital.Return on invested capital is -2% and rising from -7% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.5%/yrShare-count dilution.Diluted share count changed +4% over the last 3 years to FY2025 (+1.5%/yr). The count is GROWING — existing holders are being diluted. That's ~1.5% 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 ~4%.
8% of revStock-based comp load.Stock-based compensation ran 8% of revenue and 93% of free cash flow in FY2025 — about $0.94 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.
Key fundamentals
Net Margin-2.1%
Debt / Equity0.13x
Free Cash Flow$48.3M
Latest Revenue$534.5M
Return on Equity-2.3%
Revenue Growth YoY+14.9%
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 AtriCure, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ATRC'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