Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 28, 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.
D · Weak — demands caution
Forensic grade
Safe
Financial health
3.4
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-1.6%
ROE
$440M
Market cap
Emergent BioSolutions Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 3.4, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
384dInventory days.Days inventory outstanding moved from 167 to 384 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%Return on invested capital.Return on invested capital is 6% and rising from -6% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+4.4%/yrShare-count dilution.Diluted share count changed +13% over the last 3 years to FY2025 (+4.4%/yr). The count is GROWING — existing holders are being diluted. That's ~4.4% 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 ~13%.
$267MGoodwill impairments.Took $267M of goodwill writedowns across 3 year(s) (FY2021 ($42M), FY2022 ($7M), FY2023 ($218M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin7.1%
Debt / Equity1.09x
Free Cash Flow$156.8M
Latest Revenue$742.9M
Return on Equity10.1%
Revenue Growth YoY-28.8%
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 Emergent BioSolutions Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about EBS'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