Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Oct 25, 2026
ENvue Medical, Inc. (FEED)
A forensic read on ENvue Medical, 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
-6.2
Distress distance
Clean
Earnings quality
4
Forensic signals
-106.6%
ROE
-0.2%
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, going concern). 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.
ENvue Medical, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -6.2, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by cash burn vs. reported loss.
What the filings flag
-$15.5M
FY2023–FY2025
Cash burn vs. reported loss.Over FY2023–FY2025, the company reported a cumulative net loss of $15.1M against operating cash flow of -$15.5M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-0.1M to FY2025 $+30.5M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
14% of rev
FY2024
Stock-based comp load.Stock-based compensation ran 14% of revenue in FY2024 — about $13.19 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 2229.2% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
$11M
FY2025
Goodwill impairments.Took $11M of goodwill writedowns across 1 year (FY2025 ($11M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$2.6M
Revenue Growth YoY-0.2%
Revenue CAGR (2yr)+5.7%
Net Margin-712.3%
Free Cash Flow-$9.4M
Return on Equity-106.6%
Debt / Equity0.04x
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 ENvue Medical, Inc.'s actual 10-K/10-Q/8-K filings?