Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 12, 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
-11.5
P / E (ttm)
-34.4%
ROE
$809M
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). 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +38% against revenue +36%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 17% of net operating assets, diverging from the balance-sheet accrual read.
-33.9%
FY2025
Return on invested capital.Return on invested capital is -33.9% in the latest fiscal year and rising from -174% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
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
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. The bill lands on the share count instead, and this filer's count is not on file in enough years to say how much of the company changed hands to pay it.
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?