Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 9, 2026

Ironwood Pharmaceuticals Inc (IRWD)

A forensic read on Ironwood Pharmaceuticals 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

Clean

Earnings quality

Forensic signals

-15.7%

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.

Ironwood Pharmaceuticals Inc earns a C (Mixed — selective) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+2.4%/yr

FY2023–FY2025

Share-count dilution. Diluted share count changed +5% over the last 2 years to FY2025 (+2.4%/yr). The count is growing — 155.4M shares in FY2023, 163.0M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.4% 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 ~5%.

6% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 6% of revenue and 14% of free cash flow in FY2025 — about $0.11 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 2.4% 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.

Key fundamentals

Latest Revenue$296.2M

Revenue Growth YoY-15.7%

Revenue CAGR (2yr)-18.2%

Net Margin8.1%

Free Cash Flow$127.0M

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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