Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
MeiraGTx Holdings plc (MGTX)
A forensic read on MeiraGTx Holdings plc 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
-14.7
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-315.6%
ROE
$1.1B
Market cap
MeiraGTx Holdings plc earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -14.7, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
13d DSOReceivables vs revenue.Days sales outstanding moved from 8 to 13 days FY2024→FY2025 (receivables +324% vs revenue +145%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-150%Return on invested capital.Return on invested capital is -150% and slipping from -76% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+26.0%/yrShare-count dilution.Diluted share count changed +78% over the last 3 years to FY2025 (+26.0%/yr). The count is GROWING — existing holders are being diluted. That's ~26.0% 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 FY2022 has been diluted ~78%.
27% of revStock-based comp load.Stock-based compensation ran 27% of revenue in FY2025 — about $0.27 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-140.3%
Free Cash Flow$-50.2M
Latest Revenue$81.4M
Revenue Growth YoY+144.6%
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 MeiraGTx Holdings plc:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about MGTX'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