Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 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

2.3

Distress distance

Clean

Earnings quality

Forensic signals

12.5

P / E (ttm)

20.8%

ROE

$944M

Market cap

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 (red flags, auditor quality, say on pay, board independence). 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 2.3, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+5.5%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +17% over the last 3 years to FY2025 (+5.5%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~5.5% 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 FY2022 has been diluted ~15%.

12.4%

FY2025

Return on invested capital. Return on invested capital is 12.4% in the latest fiscal year and rising from 5% — a modest positive spread over its ~10% cost of capital — growth adds value, though not dramatically.

5% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 5% of revenue and 13% of free cash flow in FY2025 — about $1.06 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 6.2% a year and is falling.

Key fundamentals

Latest Revenue$780.6M

Revenue Growth YoY+23.6%

Revenue CAGR (3yr)+18.9%

Net Margin8.1%

Free Cash Flow$327.6M

Return on Equity20.8%

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