Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 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
12.5
Distress distance
Clean
Earnings quality
4
Forensic signals
-6.9
P / E (ttm)
-7.4%
ROE
$6.3B
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). 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 12.5, 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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 build is led by receivables up +58% against revenue +55% and payables paid down 34% against +55% in revenue. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 749% of net operating assets, diverging from the balance-sheet accrual read.
-5.1%
FY2025
Return on invested capital.Return on invested capital is -5.1% in the latest fiscal year and rising from -40% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+13.9%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +48% over the last 3 years to FY2025 (+13.9%/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 ~13.9% 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 ~32%.
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. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 14.1% a year and is falling.
Key fundamentals
Latest Revenue$521.3M
Revenue Growth YoY+54.7%
Revenue CAGR (3yr)+89.1%
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?