Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 9, 2026
Supernus, Inc. (INDV)
A forensic read on Supernus, 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
Distress
Financial health
-0.7
Distress distance
Watch
Earnings quality
4
Forensic signals
4.3%
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.
Supernus, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -0.7, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
-3.20×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was -3.20× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
FCF ($93M)
FY2025
Shareholder returns.Returned $11M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($93M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-322.0M to FY2025 $+25.0M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.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.
238d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 231 to 238 FY2024→FY2025 (against cost of goods sold; inventory -8% vs +6% in cost of sales). Inventory ended the year no higher than it began, but days on hand lengthened on the year's average balance — watch for markdowns.
Key fundamentals
Latest Revenue$1.24B
Revenue Growth YoY+4.3%
Revenue CAGR (2yr)+6.5%
Net Margin16.9%
Free Cash Flow-$93.0M
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 Supernus, Inc.'s actual 10-K/10-Q/8-K filings?