Forensic Analysis · Medical Devices · as of Nov 9, 2026
Bioventus Inc. (BVS)
A forensic read on Bioventus 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
Distress
Financial health
0.4
Distress distance
Clean
Earnings quality
3
Forensic signals
13.7%
ROE
-0.9%
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.
Bioventus Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.4, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
9.8%
FY2025
Return on invested capital.Return on invested capital is 9.8% in the latest fiscal year and rising across FY2023–FY2025 from -10.3%. After-tax operating profit was ($65M) in FY2023 and $49M in FY2025, with operating income at -16.0% of revenue in FY2023, -2.7% in FY2024 and 9.5% in FY2025. The capital base behind it came down -21% across FY2023–FY2025, from $626M to $495M, so this return is struck on a smaller base than it started on. FY2023's operating profit carried a $79M asset write-down and a $840,000 restructuring charge that alone took about 10.0 points off that year's return, so about 10.0 of the 20.1-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. FY2024's operating profit carried a $36M asset write-down and a $52,000 restructuring charge that alone took about 5.1 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
+4.9%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +10% over the last 2 years to FY2025 (+4.9%/yr). The count is growing — 62.6M shares in FY2023, 68.9M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.9% 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 ~9%.
2% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 2% of revenue and 18% of free cash flow in FY2025 — about $0.18 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 4.9% a year across FY2023–FY2025 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.
Key fundamentals
Latest Revenue$568.1M
Revenue Growth YoY-0.9%
Revenue CAGR (2yr)+5.3%
Net Margin4.0%
Free Cash Flow$72.1M
Return on Equity13.7%
Debt / Equity1.60x
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 Bioventus Inc.'s actual 10-K/10-Q/8-K filings?