Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Dyne Therapeutics, Inc. (DYN)
A forensic read on Dyne Therapeutics, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
3
Forensic signals
-58.3%
ROE
$3.5B
Market cap
Dyne Therapeutics, Inc. earns a C (Mixed — selective) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-152%Return on invested capital. Return on invested capital is -152% and slipping from -60% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+991.7%/yrShare-count dilution. Diluted share count changed +1983% over the last 2 years to FY2021 (+991.7%/yr). The count is GROWING — existing holders are being diluted. That's ~991.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2019 has been diluted ~1983%.
+15.8%Accruals ratio. Net operating assets grew +15.8% relative to their average in FY2025 — the accrual component of earnings. Accruals are building faster than is comfortable — part of profit sits in receivables, inventory or capitalized costs rather than cash. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -20% of net operating assets.
Key fundamentals
Debt / Equity0.15x
Free Cash Flow$-405.1M
Return on Equity-45.9%
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Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.