Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 11, 2026
Macrogenics Inc (MGNX)
A forensic read on Macrogenics 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
-12.9
Distress distance
Watch
Earnings quality
3
Forensic signals
-86.9%
ROE
-0.3%
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.
Macrogenics Inc earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -12.9, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-64.0%
FY2025
Return on invested capital.Return on invested capital is -64.0% in the latest fiscal year, against -94.0% in FY2023, having run between -106.1% and -64.0% across FY2023–FY2025 with no direction held. After-tax operating profit was ($133M) in FY2023 and ($58M) in FY2025, with operating income at -286.4% of revenue in FY2023, -73.7% in FY2024 and -48.7% in FY2025. The capital base behind it came down -36% across FY2023–FY2025, from $141M to $90M, so this return is struck on a smaller base than it started on.
-$227.6M
FY2023–FY2025
Cash burn vs. reported loss.Over FY2023–FY2025, the company reported a cumulative net loss of $150.6M against operating cash flow of -$227.6M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.
33d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 10 to 33 days FY2024→FY2025 (receivables +210% vs revenue 0%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 64 → 10 → 33 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-33%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
Key fundamentals
Latest Revenue$149.5M
Revenue Growth YoY-0.3%
Revenue CAGR (2yr)+59.5%
Net Margin-49.9%
Free Cash Flow-$83.0M
Return on Equity-86.9%
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 Macrogenics Inc's actual 10-K/10-Q/8-K filings?