Lensar, Inc. (LNSR) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 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.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-10.2
Distress distance
Clean
Earnings quality
5
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, going concern, valuation). 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 an F (Poor — capital at risk) 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, against -25.9% in FY2023, having run between -108.6% and -24.1% 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 -52% across FY2023–FY2025, from $37M to $18M, so this is a return struck on a smaller base rather than a record of money put to work.
+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: 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%.
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.
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?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
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, 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.