Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
CareDx, Inc. (CDNA)
A forensic read on CareDx, 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
Distress
Financial health
-0.8
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-2.6%
ROE
$1.5B
Market cap
CareDx, Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is -0.8, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-9%Return on invested capital.Return on invested capital is -9% and rising from -16% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
9% of revStock-based comp load.Stock-based compensation ran 9% of revenue and 83% of free cash flow in FY2025 — about $0.65 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
209% of FCFShareholder returns.Returned $88M to shareholders (buybacks + dividends) in FY2025 — 209% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely.
-0.0%/yrShare-count dilution.Diluted share count changed -0% over the last 3 years to FY2025 (-0.0%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Net Margin-5.6%
Debt / Equity0.00x
Free Cash Flow$40.0M
Latest Revenue$379.8M
Return on Equity-7.0%
Revenue Growth YoY+13.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on CareDx, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about CDNA's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown