Forensic Analysis · Medical Devices · as of Nov 12, 2026
Lensar, Inc. (LNSR)
A forensic read on Lensar, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a quality and risk rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-10.2
Distress distance
Clean
Earnings quality
5
Forensic signals
9.2%
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.
Lensar, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -10.2, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
192d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 179 to 192 FY2024→FY2025 (against cost of goods sold; inventory +88% vs +13% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
-73.4%
FY2025
Return on invested capital.Return on invested capital is -73.4% in the latest fiscal year, against -25.9% in FY2023, having run between -73.4% and -23.3% across FY2023–FY2025 with no direction held. After-tax operating profit was ($10M) in FY2023 and ($19M) in FY2025, with operating income at -29.0% of revenue in FY2023, -19.9% in FY2024 and -42.1% in FY2025. The capital base behind it came down -29% across FY2023–FY2025, from $37M to $26M, so this return is struck on a smaller base than it started on. $6M of the $26M base at FY2025 is short-term investments (21.2%) — 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 the loss on the operating capital is larger than this rate shows.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from positive to negative FY2024→FY2025 (FY2024 $+2.4M to FY2025 $-25.2M) — 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.
+4.4%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +9% over the last 2 years to FY2025 (+4.4%/yr). The count is growing — 11.0M shares in FY2023, 12.0M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.4% 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 ~8%.
5% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 5% of revenue in FY2025 — about $0.26 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 4.4% 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$58.4M
Revenue Growth YoY+9.2%
Revenue CAGR (2yr)+17.7%
Net Margin-58.7%
Free Cash Flow-$14.9M
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 Lensar, Inc.'s actual 10-K/10-Q/8-K filings?