Halozyme Therapeutics, Inc. (HALO) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 24, 2026
Halozyme Therapeutics, Inc. (HALO)
A forensic read on Halozyme Therapeutics, 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
Safe
Financial health
8.4
Distress distance
Clean
Earnings quality
2
Forensic signals
30.9
P / E (ttm)
$12.8B
Market cap
37.6%
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.
Halozyme Therapeutics, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 8.4, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+15.9%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +15.9% 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 +48% against revenue +38% and inventory up +24% against +44% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 18% of net operating assets, against an accruals ratio of 15.9%. 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.
14.4%
FY2025
Return on invested capital.Return on invested capital is 14.4% in the latest fiscal year, against 26% in FY2021, having run between 14.4% and 25.9% across FY2021–FY2025 with no direction held — a modest positive spread over the ~10% cost of capital we hold this sector to — the capital already deployed adds value, though not dramatically. The capital base behind it grew +131% across FY2021–FY2025, from $958M to $2.2B, while the return fell 11.5 points, so the dollars added over that window earned less than the 26% the older base was already earning.
Key fundamentals
Latest Revenue$1.40B
Revenue Growth YoY+37.6%
Revenue CAGR (3yr)+28.4%
Net Margin22.7%
Free Cash Flow$644.6M
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 Halozyme Therapeutics, Inc.'s actual 10-K/10-Q/8-K filings?