Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
CYTOKINETICS INC (CYTK)
A forensic read on CYTOKINETICS INC built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-7.9
Altman Z-score
Watch
Earnings quality
3
Forensic signals
-131.2%
ROE
$10.2B
Market cap
CYTOKINETICS INC earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -7.9, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-42%Return on invested capital.Return on invested capital is -42% and slipping from -30% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+11.2%/yrShare-count dilution.Diluted share count changed +34% over the last 3 years to FY2025 (+11.2%/yr). A reversal: the count shrank earlier (net -11.1%/yr since FY2016) but the company has SWUNG to issuing stock — recent holders are now being diluted, not rewarded. That's ~11.2% 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 ~34%.
128% of revStock-based comp load.Stock-based compensation ran 128% of revenue in FY2025 — about $934.91 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-891.6%
Free Cash Flow$-534.8M
Latest Revenue$88.0M
Revenue Growth YoY+376.6%
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 CYTOKINETICS INC:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about CYTK'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