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Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 8, 2026

Collegium Pharmaceutical, Inc (COLL)

A forensic read on Collegium Pharmaceutical, Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Grey Zone
Financial health
1.8
Distress distance
Clean
Earnings quality
1
Forensic signals
23.7%
ROE
23.6%
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.

Collegium Pharmaceutical, Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 1.8, placing it in the Grey zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

11.8%
FY2025
Return on invested capital. Return on invested capital is 11.8% in the latest fiscal year and slipping across FY2023–FY2025 from 24.3%. After-tax operating profit was $109M in FY2023 and $122M in FY2025, with operating income at 29.5% of revenue in FY2023, 26.9% in FY2024 and 23.0% in FY2025. The capital base behind it grew +132% across FY2023–FY2025, from $446M to $1.0B, while the return fell 12.5 points, so the dollars added over that window earned less than the 24.3% the older base was already earning. $124M of the $1.0B base at FY2025 is short-term investments (12.0%) — 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 this rate understates what the operating capital earns.

Key fundamentals

Latest Revenue$780.6M
Revenue Growth YoY+23.6%
Revenue CAGR (2yr)+17.4%
Net Margin8.1%
Free Cash Flow$327.6M
Return on Equity23.7%

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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