Forensic Analysis · Technology / Software · as of Jun 27, 2026
Certara, Inc. (CERT)
A forensic read on Certara, 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
Safe
Financial health
2.8
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-1.4%
ROE
$908M
Market cap
Certara, Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 2.8, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
1%Return on invested capital.Return on invested capital is 1% and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
8% of revStock-based comp load.Stock-based compensation ran 8% of revenue and 35% of free cash flow in FY2025 — about $0.21 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.
+0.2%/yrShare-count dilution.Diluted share count changed +1% over the last 3 years to FY2025 (+0.2%/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.
$47MGoodwill impairments.Took $47M of goodwill writedowns across 1 year(s) (FY2023 ($47M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-0.4%
Debt / Equity0.28x
Free Cash Flow$94.6M
Latest Revenue$418.8M
Return on Equity-0.2%
Revenue Growth YoY+8.7%
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 Certara, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about CERT'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