Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 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

8.0

Distress distance

Clean

Earnings quality

Forensic signals

32.6

P / E (ttm)

$11.7B

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). 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 8.0, 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 18% of net operating assets, diverging from the balance-sheet accrual read.

14.4%

FY2025

Return on invested capital. Return on invested capital is 14.4% in the latest fiscal year and steady — a modest positive spread over its ~10% cost of capital — growth adds value, though not dramatically.

Key fundamentals

Latest Revenue$1.40B

Revenue Growth YoY+37.6%

Revenue CAGR (3yr)+28.4%

Net Margin22.7%

Free Cash Flow$644.6M

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.