Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 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
-9.5
P / E (ttm)
-25.5%
ROE
$740M
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). 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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 build is led by PP&E up +80% against revenue +54% and inventory up +63% against +53% in cost of sales. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 15% of net operating assets, diverging from the balance-sheet accrual read.
-21.3%
FY2025
Return on invested capital.Return on invested capital is -21.3% in the latest fiscal year and rising from -36% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
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.
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.
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 Aug 11, 2026. Forensic signals flag probability, not certainty.
Beta Bionics, Inc. (BBNX) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
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. The bill lands on the share count instead, and this filer's count is not on file in enough years to say how much of the company changed hands to pay it.