Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 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.

D · Weak — demands caution

Forensic grade

Safe

Financial health

8.9

Distress distance

Clean

Earnings quality

Forensic signals

20.9

P / E (ttm)

-7.0%

ROE

$2.5B

Market cap

13.8%

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.

Caredx, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 8.9, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-9.4%

FY2025

Return on invested capital. Return on invested capital is -9.4% in the latest fiscal year and rising from -16% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.

209% of OCF

FY2025

Shareholder returns. Returned $88M to shareholders (buybacks + dividends) in FY2025 — 209% of operating cash flow. Capex isn't disclosed for FY2025, so this is the ceiling on coverage, not the free-cash-flow payout; returns exceed even operating cash, so the extra is coming from debt or reserves.

-0.0%/yr

FY2022–FY2025

Share count. Diluted share count changed -0% over the last 3 years to FY2025 (-0.0%/yr). Roughly flat — buybacks ($88M) are about offsetting stock comp ($35M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$379.8M

Revenue Growth YoY+13.8%

Revenue CAGR (3yr)+5.7%

Net Margin-5.6%

Return on Equity-7.0%

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.