Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Oct 2, 2026
Greenland Mines Ltd (GRML)
A forensic read on Greenland Mines Ltd 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
Grey Zone
Financial health
5.3
Distress distance
Clean
Earnings quality
3
Forensic signals
-0.7
P / E (ttm)
-111.5%
ROE
$1.4B
Market cap
0.00%
Dividend yield
0.0%
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, 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.
Greenland Mines Ltd earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 5.3, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+68.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +68.4% 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 sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by payables paid down 30% on the year. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 274% of net operating assets, against an accruals ratio of 68.4%. 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.
+79.0%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +220% over the last 2 years to FY2025 (+79.0%/yr). The count is growing — 15.1M shares in FY2023, 48.5M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~79.0% 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 ~69%.
$10,000
FY2024–FY2024
Goodwill impairments.Took $10,000 of goodwill writedowns across 1 year (FY2024 ($10,000)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Return on Equity-111.5%
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 Greenland Mines Ltd's actual 10-K/10-Q/8-K filings?