Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 8, 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
Watch
Earnings quality
4
Forensic signals
-217.9%
ROE
283684.6%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
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, 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.
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 (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 4 forensic signals were 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.
stopped
FY2017→FY2018
Shareholder returns — halted.Capital returns have STOPPED — $14,098 of buybacks + dividends in FY2017, but ~$0 in FY2018. A halt usually means the company is conserving cash.
n/m (stock split)
FY2022–FY2026
Share count (stock split).Diluted share count changed -81% over the last 4 years to FY2026, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -34.1%/yr figure isn't a real buyback/dilution read here.
738% of rev
FY2022
Stock-based comp load.Stock-based compensation ran 738% of revenue in FY2022 — about $0.23 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 28.3% 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.
Key fundamentals
Latest Revenue$368,920.00
Revenue Growth YoY+283684.6%
Revenue CAGR (3yr)+110.8%
Net Margin-3762.1%
Free Cash Flow-$27.7M
Return on Equity-217.9%
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 Modular Medical, Inc.'s actual 10-K/10-Q/8-K filings?