Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
CytomX Therapeutics, Inc. (CTMX)
A forensic read on CytomX Therapeutics, 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
Distress
Financial health
-10.1
Altman Z-score
Watch
Earnings quality
4
Forensic signals
-36.6%
ROE
$740M
Market cap
CytomX Therapeutics, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -10.1, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
-15.64×Cash conversion.Over FY2023–FY2025, operating cash flow was -15.64× cumulative net income. Reported profit is not turning into cash — a classic earnings-quality warning.
+522.0%Accruals ratio.Net operating assets grew +522.0% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by +243% of net operating assets.
-19%Return on invested capital.Return on invested capital is -19% and rising from -64% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+36.6%/yrShare-count dilution.Diluted share count changed +110% over the last 3 years to FY2025 (+36.6%/yr). The count is GROWING — existing holders are being diluted. That's ~36.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~110%.
Key fundamentals
Net Margin-22.8%
Debt / Equity0.03x
Free Cash Flow$-75.8M
Latest Revenue$76.2M
Return on Equity-17.5%
Revenue Growth YoY-44.8%
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 CytomX Therapeutics, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about CTMX'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