Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Beta Bionics, Inc. (BBNX)
A forensic read on Beta Bionics, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Safe
Financial health
12.2
Distress distance
Watch
Earnings quality
5
Forensic signals
-13.0
P / E (ttm)
-25.5%
ROE
$1.2B
Market cap
0.00%
Dividend yield
53.9%
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.
Beta Bionics, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 12.2, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+139.6%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +139.6% 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 sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by PP&E up +80% against revenue +54% and inventory up +63% against +53% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 15% of net operating assets, against an accruals ratio of 139.6%. 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.
-21.3%
FY2025
Return on invested capital.Return on invested capital is -21.3% in the latest fiscal year, against -36.5% in FY2024. After-tax operating profit was ($36M) in FY2024 and ($57M) in FY2025, with operating income at -69.5% of revenue in FY2024 and -71.5% in FY2025. The capital base behind it grew +171% across FY2024–FY2025, from $98M to $266M, and the return did not fall doing it, so the dollars added over that window earned at least the -36.5% the older base was already earning.
177d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 166 to 177 FY2024→FY2025 (against cost of goods sold; inventory +63% vs +53% in cost of sales). Inventory is building a little faster than sales — watch for markdowns. There's no FY2023 figure on file for inventory, so FY2024 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
Key fundamentals
Latest Revenue$100.3M
Revenue Growth YoY+53.9%
Net Margin-73.0%
Free Cash Flow-$56.2M
Return on Equity-25.5%
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 Beta Bionics, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
n/m (stock split)
FY2024–FY2025
Share count (stock split).Diluted share count changed +537% over the last 1 year to FY2025, but that includes a large one-time change around FY2025 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +536.7%/yr figure isn't a real buyback/dilution read here.
16% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 16% of revenue in FY2025 — about $0.40 per diluted share. It is a real cost, but it is not a cash cost — no cash left the business, which is why operating cash flow adds it back. Where a compensation charge lands instead is the share count, and this filer's count is not on file in enough years to say how the count moved.
Beta Bionics, Inc. (BBNX) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy