Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Oct 24, 2026

Modular Medical, Inc. (MODD)

A forensic read on Modular Medical, Inc. 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

-27.6

Distress distance

Clean

Earnings quality

Forensic signals

-188.1%

ROE

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). 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.

Modular Medical, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -27.6, placing it in the Distress zone. 1 forensic signal was flagged in its latest SEC filings, led by accruals ratio (% of NOA).

What the filings flag

+40.7%

FY2025→FY2026

Accruals ratio (% of NOA). Net operating assets grew +40.7% relative to their own average in FY2026 — 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 PP&E up +54% on the year. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 90% of net operating assets, against an accruals ratio of 40.7%. 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.

Key fundamentals

Free Cash Flow-$27.7M

Return on Equity-188.1%

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Data from SEC EDGAR public filings · metrics as of Oct 24, 2026. Forensic signals flag probability, not certainty.