CG Oncology, Inc. (CGON) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
CG Oncology, Inc. (CGON)
A forensic read on CG Oncology, 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
15.5
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-23.3%
ROE
$6.3B
Market cap
CG Oncology, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 15.5, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+41.2%Accruals ratio.Net operating assets grew +41.2% relative to their average in FY2025 — the accrual component of earnings. 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 cash-flow cross-check agrees: reported earnings ran in line with operating cash by -5% of net operating assets.
-21%Return on invested capital.Return on invested capital is -21% and rising from -25% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+842.5%/yrShare-count dilution.Diluted share count changed +1685% over the last 2 years to FY2025 (+842.5%/yr). The count is GROWING — existing holders are being diluted. That's ~842.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~1685%.
62d DSOReceivables vs revenue.Days sales outstanding moved from 0 to 62 days FY2024→FY2025. Receivables are creeping up relative to sales — watch the trend.
660% of revStock-based comp load.Stock-based compensation ran 660% of revenue in FY2025 — about $0.35 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-3985.0%
Debt / Equity0.00x
Free Cash Flow$-132.5M
Latest Revenue$4.0M
Return on Equity-21.4%
Revenue Growth YoY+254.7%
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 CG Oncology, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about CGON'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