Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 10, 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.

D · Weak — demands caution

Forensic grade

Distress

Financial health

-6.2

Distress distance

Watch

Earnings quality

Forensic signals

-54.3%

ROE

-0.2%

Revenue growth

The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.

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, valuation). 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 a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -6.2, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).

What the filings flag

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.

n/m (stock split)

FY2022–FY2025

Share count (stock split). Diluted share count changed -56% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -23.8%/yr figure isn't a real buyback/dilution read here.

14% of rev

FY2024

Stock-based comp load. Stock-based compensation ran 14% of revenue in FY2024 — about $13.19 per diluted share. It is a real cost, but it is not a cash cost — no cash left the business, which is why operating cash flow adds it back. Where a compensation charge lands instead is the share count, and this filer's count is not on file in enough years to say how the count moved.

$11M

FY2025–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 (3yr)+50.3%

Net Margin-712.3%

Free Cash Flow-$9.4M

Return on Equity-54.3%

Debt / Equity0.04x

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Data from SEC EDGAR public filings · metrics as of Sep 10, 2026. Forensic signals flag probability, not certainty.