Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 13, 2026
Lexaria Bioscience Corp. (LEXX)
A forensic read on Lexaria Bioscience Corp. 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
-63.6
Distress distance
Clean
Earnings quality
4
Forensic signals
-398.1%
ROE
52.0%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
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.
Lexaria Bioscience Corp. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -63.6, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 4 forensic signals were flagged in its latest SEC filings, led by stock-based comp load.
What the filings flag
122% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 122% of revenue in FY2025 — about $0.05 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 30.2% a year 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.
135d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 111 to 135 days FY2024→FY2025 (receivables +138% vs revenue +52%). Receivables are creeping up relative to sales. Across FY2021–FY2025 the day count ran 166 → 389 → 265 → 111 → 135 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-100%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build.
n/m (stock split)
FY2011–FY2025
Share count (stock split).Diluted share count changed +27% over the last 14 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +1.7%/yr figure isn't a real buyback/dilution read here.
$164,597
FY2023–FY2024
Goodwill impairments.Took $164,597 of goodwill writedowns across 2 years (FY2023 ($106,761), FY2024 ($57,836)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$705,923.00
Revenue Growth YoY+52.0%
Revenue CAGR (3yr)+40.3%
Net Margin-1686.0%
Free Cash Flow-$10.5M
Return on Equity-398.1%
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 Lexaria Bioscience Corp.'s actual 10-K/10-Q/8-K filings?