Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 8, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-14.7
Distress distance
Watch
Earnings quality
4
Forensic signals
-368.2%
ROE
144.6%
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.
MeiraGTx Holdings PLC earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -14.7, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-103.8%
FY2025
Return on invested capital.Return on invested capital is -103.8% in the latest fiscal year, against -83.2% in FY2023, having run between -110.2% and -83.2% across FY2023–FY2025 with no direction held. After-tax operating profit was ($108M) in FY2023 and ($84M) in FY2025, with operating income at -977.8% of revenue in FY2023, -493.4% in FY2024 and -130.2% in FY2025. The capital base behind it came down -38% across FY2023–FY2025, from $130M to $81M, so this return is struck on a smaller base than it started on.
+19.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +42% over the last 2 years to FY2025 (+19.3%/yr). The count is growing — 56.5M shares in FY2023, 80.4M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~19.3% 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 ~30%.
13d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 8 to 13 days FY2024→FY2025 (receivables +324% vs revenue +145%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 264 → 8 → 13 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. 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.
27% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 27% of revenue in FY2025 — about $0.27 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 19.3% a year across FY2023–FY2025, 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.
Key fundamentals
Latest Revenue$81.4M
Revenue Growth YoY+144.6%
Revenue CAGR (2yr)+141.0%
Net Margin-140.3%
Free Cash Flow-$50.2M
Return on Equity-368.2%
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 MeiraGTx Holdings PLC's actual 10-K/10-Q/8-K filings?