Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 26, 2026
Gyre Therapeutics, Inc. (GYRE)
A forensic read on Gyre Therapeutics, 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
Safe
Financial health
15.0
Distress distance
Watch
Earnings quality
6
Forensic signals
-38.0
P / E (ttm)
9.3%
ROE
$825M
Market cap
0.00%
Dividend yield
10.2%
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, 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.
Gyre Therapeutics, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 15.0, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
97d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 68 to 97 days FY2024→FY2025 (receivables +59% vs revenue +10%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Across FY2023–FY2025 the day count ran 49 → 68 → 97 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. Deferred revenue was roughly flat (-77%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 3 consecutive quarters (Dec 2025 +12, Mar 2026 +9, Jun 2026 +11 days). In the latest of them the receivable balance grew +13% against sales -2%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
596d
FY2023→FY2024
Inventory days.Days inventory outstanding moved from 337 to 596 FY2023→FY2024 (against cost of goods sold; inventory +48% vs -16% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead. There's no FY2022 figure on file for inventory, so FY2023 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
+25.2%/yr
FY2023–FY2025
Share-count dilution.
Key fundamentals
Latest Revenue$116.6M
Revenue Growth YoY+10.2%
Revenue CAGR (2yr)+1.4%
Net Margin8.5%
Free Cash Flow-$180,000.00
Return on Equity9.3%
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 Gyre Therapeutics, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 26, 2026. Forensic signals flag probability, not certainty.
Gyre Therapeutics, Inc. (GYRE) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Diluted share count changed +57% over the last 2 years to FY2025 (+25.2%/yr). The count is growing — 65.8M shares in FY2023, 103.2M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~25.2% 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 ~36%.
+19.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +19.4% 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 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 +59% against revenue +10%. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 9% of net operating assets, against an accruals ratio of 19.4%. 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.
7.1%
FY2025
Return on invested capital.Return on invested capital is 7.1% in the latest fiscal year, against -84.3% in FY2023, having run between -84.3% and 13.2% across FY2023–FY2025 with no direction held. After-tax operating profit was ($53M) in FY2023 and $8M in FY2025, with operating income at -59.3% of revenue in FY2023, 15.3% in FY2024 and 9.9% in FY2025. The capital base behind it grew +76% across FY2023–FY2025, from $63M to $111M, and the return did not fall doing it, so the dollars added over that window earned at least the -84.3% the older base was already earning. $15M of the $111M base at FY2025 is short-term investments (13.9%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns.
6% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 6% of revenue in FY2025 — about $0.07 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 25.2% 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.