Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Beam Therapeutics Inc. (BEAM)
A forensic read on Beam Therapeutics 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
Grey Zone
Financial health
10.7
Distress distance
Watch
Earnings quality
4
Forensic signals
-30.4
P / E (ttm)
-6.5%
ROE
$2.5B
Market cap
0.00%
Dividend yield
120.0%
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.
Beam Therapeutics Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 10.7, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+13.2%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +28% over the last 2 years to FY2025 (+13.2%/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 ~13.2% 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 FY2023 has been diluted ~22%.
67% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 67% of revenue in FY2025 — about $0.95 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 13.4% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. 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.
-$841.5M
FY2023–FY2025
Cash burn vs. reported loss.Over FY2023–FY2025, the company reported a cumulative net loss of $589.3M against operating cash flow of -$841.5M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.
+70.5%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +70.5% 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, and much of it is accounted for. That build tracks a +120% revenue year: net operating assets grew +109%, so the balance sheet is carrying more volume rather than getting heavier per dollar of sales — the accrual build is funding demand the company is shipping, not earnings running ahead of collection. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 38% of net operating assets, against an accruals ratio of 70.5%. 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.
Key fundamentals
Latest Revenue$139.7M
Revenue Growth YoY+120.0%
Revenue CAGR (2yr)-39.2%
Net Margin-57.2%
Free Cash Flow-$360.0M
Return on Equity-6.5%
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 Beam Therapeutics Inc.'s actual 10-K/10-Q/8-K filings?