Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 13, 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 price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

-10.2

Distress distance

Clean

Earnings quality

Forensic signals

9.2%

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.

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 (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). 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.

-108.6%

FY2025

Return on invested capital. Return on invested capital is -108.6% in the latest fiscal year and slipping from -54% — well below its ~10% cost of capital, and it has been across FY2020–FY2025, so reinvested dollars have not been earning their keep.

+5.6%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +18% over the last 3 years to FY2025 (+5.6%/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 ~5.6% 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 ~15%.

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.

5% of rev

FY2025

Key fundamentals

Latest Revenue$58.4M

Revenue Growth YoY+9.2%

Revenue CAGR (3yr)+18.2%

Net Margin-58.7%

Free Cash Flow-$14.9M

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Data from SEC EDGAR public filings · metrics as of Aug 13, 2026. Forensic signals flag probability, not certainty.