Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026
Biolife Solutions Inc (BLFS)
A forensic read on Biolife Solutions Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
11.4
Distress distance
Clean
Earnings quality
4
Forensic signals
33.5
P / E (ttm)
-1.2%
ROE
$1.7B
Market cap
0.00%
Dividend yield
28.9%
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.
Biolife Solutions Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 11.4, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-3.7%
FY2025
Return on invested capital.Return on invested capital is -3.7% in the latest fiscal year and slipping from -1% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+4.1%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +13% over the last 3 years to FY2025 (+4.1%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. Note: the share count shows a large one-time jump around FY2012, consistent with a reverse split or bankruptcy reorg rather than gradual buybacks, so the earlier shrinkage doesn't reflect real repurchase discipline. That's ~4.1% 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 ~11%.
24% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 24% of revenue and 216% of free cash flow in FY2025 — about $0.47 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 4.2% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
+22.9%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +22.9% 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, and much of it is accounted for. The build is led by PP&E up +146% against revenue +29% and payables paid down 56% against +39% in cost of sales. That build tracks a +29% revenue year: net operating assets grew +26% and receivables -6%, 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. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 8% of net operating assets, diverging from the balance-sheet accrual read.
Key fundamentals
Latest Revenue$96.2M
Revenue Growth YoY+28.9%
Revenue CAGR (3yr)+8.1%
Net Margin-4.8%
Free Cash Flow$10.6M
Return on Equity-1.2%
Debt / Equity0.01x
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 Biolife Solutions Inc's actual 10-K/10-Q/8-K filings?