Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 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
Safe
Financial health
11.4
Distress distance
Clean
Earnings quality
4
Forensic signals
-6.3
P / E (ttm)
-7.4%
ROE
$5.8B
Market cap
0.00%
Dividend yield
54.7%
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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.
Mirum Pharmaceuticals, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 11.4, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+140.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +140.7% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +58% against revenue +55% and payables paid down 34% against +55% in revenue. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 749% of net operating assets, against an accruals ratio of 140.7%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
-5.1%
FY2025
Return on invested capital.Return on invested capital is -5.1% in the latest fiscal year and rising across FY2023–FY2025 from -31.6%. After-tax operating profit was ($86M) in FY2023 and ($17M) in FY2025, with operating income at -58.6% of revenue in FY2023, -26.0% in FY2024 and -4.2% in FY2025. The capital base behind it grew +25% across FY2023–FY2025, from $273M to $340M, and the return did not fall doing it, so the dollars added over that window earned at least the -31.6% the older base was already earning.
+10.8%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +23% over the last 2 years to FY2025 (+10.8%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~10.8% 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 ~19%.
Key fundamentals
Latest Revenue$521.3M
Revenue Growth YoY+54.7%
Revenue CAGR (2yr)+67.2%
Net Margin-4.5%
Free Cash Flow$54.9M
Return on Equity-7.4%
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 Mirum Pharmaceuticals, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Mirum Pharmaceuticals, Inc. (MIRM) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
14% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 14% of revenue and 130% of free cash flow in FY2025 — about $1.42 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 10.9% a year, 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.