Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 25, 2026
Ceribell, Inc. (CBLL)
A forensic read on Ceribell, 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
12.5
Distress distance
Clean
Earnings quality
4
Forensic signals
-13.8
P / E (ttm)
-34.4%
ROE
$906M
Market cap
0.00%
Dividend yield
36.1%
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.
Ceribell, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 12.5, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+156.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +156.7% 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 receivables up +38% against revenue +36%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 17% of net operating assets, against an accruals ratio of 156.7%. 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.
-33.9%
FY2025
Return on invested capital.Return on invested capital is -33.9% in the latest fiscal year, against -173.8% in FY2024. After-tax operating profit was ($31M) in FY2024 and ($46M) in FY2025, with operating income at -60.7% of revenue in FY2024 and -65.6% in FY2025. The capital base behind it grew +654% across FY2024–FY2025, from $18M to $136M, and the return did not fall doing it, so the dollars added over that window earned at least the -173.8% the older base was already earning.
n/m (stock split)
FY2024–FY2025
Share count (stock split).Diluted share count changed +206% 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 +205.8%/yr figure isn't a real buyback/dilution read here.
14% of rev
Key fundamentals
Latest Revenue$89.1M
Revenue Growth YoY+36.1%
Net Margin-60.0%
Free Cash Flow-$41.6M
Return on Equity-34.4%
Debt / Equity0.13x
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 Ceribell, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Ceribell, Inc. (CBLL) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
FY2025
Stock-based comp load.Stock-based compensation ran 14% of revenue in FY2025 — about $0.33 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. Where a compensation charge lands instead is the share count, and this filer's count is not on file in enough years to say how the count moved.