Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Mirum Pharmaceuticals, Inc. (MIRM)
A forensic read on Mirum Pharmaceuticals, Inc. 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
0.5
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-289.3%
ROE
$7.5B
Market cap
Mirum Pharmaceuticals, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 0.5, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+140.7%Accruals ratio.Net operating assets grew +140.7% 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 -749% of net operating assets.
-5%Return on invested capital.Return on invested capital is -5% and rising from -40% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+15.9%/yrShare-count dilution.Diluted share count changed +48% over the last 3 years to FY2025 (+15.9%/yr). The count is GROWING — existing holders are being diluted. That's ~15.9% 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 ~48%.
14% of revStock-based comp load.Stock-based compensation ran 14% of revenue and 130% of free cash flow in FY2025 — about $1.42 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
Key fundamentals
Net Margin-4.5%
Free Cash Flow$54.9M
Latest Revenue$521.3M
Return on Equity-7.4%
Revenue Growth YoY+54.7%
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 Mirum Pharmaceuticals, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about MIRM'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