Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Maze Therapeutics, Inc. (MAZE)
A forensic read on Maze Therapeutics, Inc. 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
11.6
Distress distance
Clean
Earnings quality
4
Forensic signals
-8.2
P / E (ttm)
-36.9%
ROE
$1.6B
Market cap
0.00%
Dividend yield
700.0%
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, 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.
Maze Therapeutics, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 11.6, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+199.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +199.8% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 23% of net operating assets, against an accruals ratio of 199.8%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
-60.9%
FY2025
Return on invested capital.Return on invested capital is -60.9% in the latest fiscal year, against 224.8% in FY2024. After-tax operating profit was $52M in FY2024 and ($113M) in FY2025, with operating income at 34.4% of revenue in FY2024. The capital base behind it grew +704% across FY2024–FY2025, from $23M to $185M, while the return fell 285.7 points, so the dollars added over that window earned less than the 224.8% the older base was already earning. $171M of the $185M base at FY2025 is short-term investments and long-term marketable securities (92.2%) — 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.
+1474.0%/yr
FY2024–FY2025
Share-count dilution.Diluted share count changed +1474% over the last 1 year to FY2025 (+1474.0%/yr). The count is growing — 2.7M shares in FY2024, 43.0M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1474.0% 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 FY2024 has been diluted ~94%.
Key fundamentals
Latest Revenue$167.5M
Net Margin31.2%
Free Cash Flow-$112.7M
Return on Equity-36.9%
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 Maze Therapeutics, 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.
Maze Therapeutics, Inc. (MAZE) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
6% of rev
FY2024
Stock-based comp load.Stock-based compensation ran 6% of revenue and 13% of free cash flow in FY2024 — about $3.53 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 1474.0% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. 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.