Forensic Analysis · Medical Devices · as of Nov 10, 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
6.9
Distress distance
Watch
Earnings quality
5
Forensic signals
-346.5%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 6.9, 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.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
-31.1%
FY2025
Return on invested capital.Return on invested capital is -31.1% 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 +86% across FY2024–FY2025, from $98M to $182M, 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. $130M of the $182M base at FY2025 is short-term investments (71.6%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so the loss on the operating capital is larger than this rate shows.
+536.7%/yr
FY2024–FY2025
Share-count dilution.Diluted share count changed +537% over the last 1 year to FY2025 (+536.7%/yr). The count is growing — 6.4M shares in FY2024, 40.5M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~536.7% 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 ~84%.
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.
16% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 16% of revenue in FY2025 — about $0.40 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 536.7% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$100.3M
Revenue Growth YoY+53.9%
Net Margin-73.0%
Free Cash Flow-$56.2M
Return on Equity-346.5%
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?