Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 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.
A · High-quality compounder
Forensic grade
Distress
Financial health
-5.8
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-36.6%
ROE
$1.6B
Market cap
Maze Therapeutics, Inc. earns a A (High-quality compounder) forensic quality grade, and its Altman Z-score is -5.8, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+199.8%Accruals ratio.Net operating assets grew +199.8% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -23% of net operating assets.
-61%Return on invested capital.Return on invested capital is -61% and slipping from 244% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+1474.0%/yrShare-count dilution.Diluted share count changed +1474% over the last 1 years to FY2025 (+1474.0%/yr). The count is GROWING — existing holders are being diluted. That's ~1474.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~1474%.
Key fundamentals
Net Margin31.2%
Debt / Equity0.11x
Free Cash Flow$-112.7M
Latest Revenue$167.5M
Return on Equity-36.9%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Maze Therapeutics, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about MAZE's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown