Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026
Axogen, Inc. (AXGN)
A forensic read on Axogen, 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
10.7
Distress distance
Clean
Earnings quality
5
Forensic signals
-68.8
P / E (ttm)
-12.2%
ROE
$2.6B
Market cap
0.00%
Dividend yield
20.2%
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). 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.
Axogen, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 10.7, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-3.8%
FY2025
Return on invested capital.Return on invested capital is -3.8% in the latest fiscal year and rising from -15% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+3.0%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +9% over the last 3 years to FY2025 (+3.0%/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 ~3.0% 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 ~9%.
13% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 13% of revenue in FY2025 — about $0.65 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 3.1% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
+13.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +13.4% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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 +28% against +28% in cost of sales and payables paid down 26% against +28% in cost of sales. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 12% of net operating assets, diverging from the balance-sheet accrual read.
Key fundamentals
Latest Revenue$225.2M
Revenue Growth YoY+20.2%
Revenue CAGR (3yr)+17.6%
Net Margin-7.0%
Free Cash Flow-$2.9M
Return on Equity-12.2%
Debt / Equity0.38x
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 Axogen, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
Axogen, Inc. (AXGN) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
238d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 226 to 238 FY2024→FY2025 (against cost of goods sold; inventory +28% vs +28% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.