Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 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
14.6
Distress distance
Clean
Earnings quality
5
Forensic signals
74.0
P / E (ttm)
10.4%
ROE
$6.0B
Market cap
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 (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.
Kiniksa Pharmaceuticals International, PLC earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 14.6, 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.
+3.9%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +12% over the last 3 years to FY2025 (+3.9%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~3.9% 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 FY2022 has been diluted ~11%.
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. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 4.0% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
+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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 24% of net operating assets, diverging from the balance-sheet accrual read.
Key fundamentals
Latest Revenue$677.6M
Revenue Growth YoY+60.1%
Revenue CAGR (3yr)+45.4%
Net Margin8.7%
Free Cash Flow$136.4M
Return on Equity10.4%
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?
Return on invested capital.Return on invested capital is 11.2% in the latest fiscal year and rising from 3% — a modest positive spread over its ~10% cost of capital — growth adds value, though not dramatically.