Forensic Analysis · Medical Devices · as of Nov 9, 2026
Globus Medical Inc (GMED)
A forensic read on Globus Medical Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
10.1
Distress distance
Clean
Earnings quality
4
Forensic signals
12.3%
ROE
16.7%
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 (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.
Globus Medical Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 10.1, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+9.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +20% over the last 2 years to FY2025 (+9.3%/yr). The count is growing — 114.6M shares in FY2023, 137.1M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~9.3% 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 FY2023 has been diluted ~16%.
+17.6%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +17.6% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +22% against revenue +17% and inventory up +15% against -8% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 6% of net operating assets, against an accruals ratio of 17.6%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
10.8%
FY2025
Return on invested capital.Return on invested capital is 10.8% in the latest fiscal year and rising across FY2023–FY2025 from 2.3%. After-tax operating profit was $99M in FY2023 and $427M in FY2025, with operating income at 8.5% of revenue in FY2023, 6.6% in FY2024 and 16.3% in FY2025. The capital base behind it went from $4.2B in FY2023 to $3.9B in FY2025 (-7%), while the revenue it carried went from $1.6B to $2.9B.
1.7% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.7% of revenue and 8% of free cash flow in FY2025 — about $0.36 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 9.3% a year across FY2023–FY2025, and the rate is falling. 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.
Key fundamentals
Latest Revenue$2.94B
Revenue Growth YoY+16.7%
Revenue CAGR (2yr)+36.9%
Net Margin18.3%
Free Cash Flow$588.8M
Return on Equity12.3%
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 Globus Medical Inc's actual 10-K/10-Q/8-K filings?