Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 8, 2026
Kiniksa Pharmaceuticals International, PLC (KNSA)
A forensic read on Kiniksa Pharmaceuticals International, PLC 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
5.1
Distress distance
Clean
Earnings quality
5
Forensic signals
11.7%
ROE
60.1%
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.
Kiniksa Pharmaceuticals International, PLC earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 5.1, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
191d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 172 to 191 FY2024→FY2025 (against cost of goods sold; inventory +108% vs +28% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
+44.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +44.8% 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 sharply, and much of it is accounted for. The build is led by inventory up +108% against +28% in cost of sales. That build tracks a +60% revenue year: net operating assets grew +58% and receivables -63%, so the balance sheet is carrying more volume rather than getting heavier per dollar of sales — the accrual build is funding demand the company is shipping, not earnings running ahead of collection. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 24% of net operating assets, against an accruals ratio of 44.8%. 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.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.
13.6%
FY2025
Return on invested capital.Return on invested capital is 13.6% in the latest fiscal year, against -5.6% in FY2023, having run between -11.1% and 13.6% across FY2023–FY2025 with no direction held. After-tax operating profit was ($20M) in FY2023 and $51M in FY2025, with operating income at -9.3% of revenue in FY2023, -10.8% in FY2024 and 11.4% in FY2025. The capital base behind it went from $355M in FY2023 to $378M in FY2025 (+6%), while the revenue it carried went from $270M to $678M. $154M of the $378M base at FY2025 is short-term investments (40.9%) — 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.
+4.8%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +10% over the last 2 years to FY2025 (+4.8%/yr). The count is growing — 71.9M shares in FY2023, 79.0M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.8% 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 ~9%.
5% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 5% of revenue and 27% of free cash flow in FY2025 — about $0.47 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 4.8% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. 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$677.6M
Revenue Growth YoY+60.1%
Revenue CAGR (2yr)+58.3%
Net Margin8.7%
Free Cash Flow$136.4M
Return on Equity11.7%
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 Kiniksa Pharmaceuticals International, PLC's actual 10-K/10-Q/8-K filings?