Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 28, 2026
Forte Biosciences, Inc. (FBRX)
A forensic read on Forte Biosciences, 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
-1.2
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-106.2%
ROE
$431M
Market cap
Forte Biosciences, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -1.2, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-96%Return on invested capital.Return on invested capital is -96% and slipping from -79% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+24.5%/yrShare-count dilution.Diluted share count changed +24% over the last 1 years to FY2022 (+24.5%/yr). The count is GROWING — existing holders are being diluted. That's ~24.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2021 has been diluted ~24%.
100% of revStock-based comp load.Stock-based compensation ran 100% of revenue in FY2019. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-11302.8%
Debt / Equity0.43x
Free Cash Flow$-51.0M
Latest Revenue36000.00
Return on Equity-113.7%
Revenue Growth YoY-99.8%
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 Forte Biosciences, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about FBRX'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