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Forensic Analysis · Healthcare Providers & Services · as of Nov 9, 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
Distress
Financial health
-0.8
Distress distance
Clean
Earnings quality
2
Forensic signals
-6.3%
ROE
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 (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.

CareDx, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -0.8, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-8.9%
FY2025
Return on invested capital. Return on invested capital is -8.9% in the latest fiscal year, against -52.4% in FY2023, having run between -52.4% and 12.4% across FY2023–FY2025 with no direction held. After-tax operating profit was ($161M) in FY2023 and ($24M) in FY2025, with operating income at -72.5% of revenue in FY2023, 12.2% in FY2024 and -8.1% in FY2025. The capital base behind it came down -11% across FY2023–FY2025, from $307M to $272M, so this return is struck on a smaller base than it started on. $141M of the $272M base at FY2025 is short-term investments and long-term marketable securities (51.7%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so the loss on the operating capital is larger than this rate shows.
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.

Key fundamentals

Latest Revenue$379.8M
Revenue Growth YoY+13.8%
Revenue CAGR (2yr)+16.4%
Net Margin-5.6%
Return on Equity-6.3%

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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