Niagen Bioscience, Inc. (NAGE) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 7, 2026
Niagen Bioscience, Inc. (NAGE)
A forensic read on Niagen Bioscience, 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
10.4
Distress distance
Clean
Earnings quality
3
Forensic signals
22.7%
ROE
$276M
Market cap
29.9%
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.
Niagen Bioscience, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 10.4, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+191.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +191.8% 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 +25% against revenue +30%. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by 10% of net operating assets.
+7.0%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +23% over the last 3 years to FY2025 (+7.0%/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 ~7.0% 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 ~18%.
5% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 5% of revenue in FY2025 — about $0.07 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 7.0% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
Key fundamentals
Latest Revenue$129.4M
Revenue Growth YoY+29.9%
Revenue CAGR (3yr)+21.6%
Net Margin13.4%
Return on Equity22.7%
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 Niagen Bioscience, Inc.'s actual 10-K/10-Q/8-K filings?