Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 12, 2026
Emergent Biosolutions Inc. (EBS)
A forensic read on Emergent Biosolutions 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
Safe
Financial health
3.1
Distress distance
Clean
Earnings quality
5
Forensic signals
-1.4
P / E (ttm)
10.1%
ROE
$274M
Market cap
0.00%
Dividend yield
-28.8%
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.
Emergent Biosolutions Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.1, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
367d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 172 to 367 FY2024→FY2025 (against cost of goods sold; inventory +10% vs -52% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
6.6%
FY2025
Return on invested capital.Return on invested capital is 6.6% in the latest fiscal year and rising from -6% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+4.2%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +13% over the last 3 years to FY2025 (+4.2%/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 ~4.2% 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 ~12%.
2% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 2% of revenue and 10% of free cash flow in FY2025 — about $0.29 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 4.2% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
$267M
FY2021–FY2023
Goodwill impairments.
Key fundamentals
Latest Revenue$742.9M
Revenue Growth YoY-28.8%
Net Margin7.1%
Free Cash Flow$156.8M
Return on Equity10.1%
Debt / Equity1.09x
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 Emergent Biosolutions Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 12, 2026. Forensic signals flag probability, not certainty.
Emergent Biosolutions Inc. (EBS) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Took $267M of goodwill writedowns across 3 years (FY2021 ($42M), FY2022 ($7M), FY2023 ($218M)). Writedowns mean past acquisitions underperformed what was paid for them.