Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Cogent Biosciences, Inc. (COGT)
A forensic read on Cogent Biosciences, 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
13.9
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-83.3%
ROE
$6.5B
Market cap
Cogent Biosciences, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 13.9, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+110.3%Accruals ratio.Net operating assets grew +110.3% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -18% of net operating assets.
-47%Return on invested capital.Return on invested capital is -47% and rising from -87% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+39.8%/yrShare-count dilution.Diluted share count changed +119% over the last 3 years to FY2025 (+39.8%/yr). The count is GROWING — existing holders are being diluted. That's ~39.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~119%.
76% of revStock-based comp load.Stock-based compensation ran 76% of revenue in FY2020. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-950.4%
Debt / Equity0.35x
Free Cash Flow$-266.0M
Latest Revenue$7.9M
Return on Equity-51.7%
Revenue Growth YoY-65.0%
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 Cogent Biosciences, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about COGT'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