Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 9, 2026
Cryoport, Inc. (CYRX)
A forensic read on Cryoport, 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
1.0
Distress distance
Watch
Earnings quality
4
Forensic signals
17.3%
ROE
12.4%
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.
Cryoport, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.0, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-6.5%
FY2025
Return on invested capital.Return on invested capital is -6.5% in the latest fiscal year, against -9.1% in FY2023, having run between -13.0% and -6.5% across FY2023–FY2025 with no direction held. After-tax operating profit was ($79M) in FY2023 and ($29M) in FY2025, with operating income at -59.6% of revenue in FY2023, -77.6% in FY2024 and -20.9% in FY2025. The capital base behind it came down -49% across FY2023–FY2025, from $877M to $450M, so this return is struck on a smaller base than it started on. $189M of the $450M base at FY2025 is short-term investments (41.9%) — 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 the loss on the operating capital is larger than this rate shows. FY2023's operating profit carried a $50M asset write-down and a $50M goodwill write-off that alone took about 8.9 points off that year's return, so more than the whole 2.6-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. FY2024's operating profit carried a $64M asset write-down and a $55M goodwill write-off that alone took about 12.6 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
FCF ($27M)
FY2025
Shareholder returns.Returned $10M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($27M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
69d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 59 to 69 days FY2024→FY2025 (receivables +32% vs revenue +12%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 91 → 59 → 69 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-18%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
$104M
FY2023–FY2024
Goodwill impairments.Took $104M of goodwill writedowns across 2 years (FY2023 ($50M), FY2024 ($55M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$176.2M
Revenue Growth YoY+12.4%
Revenue CAGR (2yr)+2.2%
Net Margin44.4%
Free Cash Flow-$26.9M
Return on Equity17.3%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Cryoport, Inc.'s actual 10-K/10-Q/8-K filings?