Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 30, 2026
Femasys Inc (FEMY)
A forensic read on Femasys 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
Distress
Financial health
-24.2
Distress distance
Clean
Earnings quality
5
Forensic signals
-317.4%
ROE
40.8%
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). 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.
Femasys Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads -24.2, 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). 5 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
1838d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 1244 to 1838 FY2024→FY2025 (against cost of goods sold; inventory +88% vs +60% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
34% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 34% of revenue in FY2025 — about $0.02 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 37.5% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. 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.
FCF ($20M)
FY2024
Shareholder returns.Returned $60,753 to shareholders (buybacks + dividends) in FY2024, but free cash flow was ($20M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
88d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 66 to 88 days FY2024→FY2025 (receivables +26% vs revenue +41%). Receivables are creeping up relative to sales. Across FY2022–FY2025 the day count ran 24 → 30 → 66 → 88 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter.
Key fundamentals
Latest Revenue$2.3M
Revenue Growth YoY+40.8%
Revenue CAGR (3yr)+23.9%
Net Margin-812.3%
Free Cash Flow-$19.2M
Return on Equity-317.4%
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 Femasys Inc's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 30, 2026. Forensic signals flag probability, not certainty.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed +235% over the last 3 years to FY2025, but that includes a large one-time change around FY2025 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 +49.6%/yr figure isn't a real buyback/dilution read here.