Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 28, 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
3.4
Altman Z-score
Clean
Earnings quality
3
Forensic signals
14.6
P / E (ttm)
25.4%
ROE
$272M
Market cap
Niagen Bioscience, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 3.4, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+191.8%Accruals ratio.Net operating assets grew +191.8% relative to their average in FY2025 — the accrual component of earnings. 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 cash-flow cross-check agrees: reported earnings ran ahead of operating cash by +10% of net operating assets.
+7.5%/yrShare-count dilution.Diluted share count changed +23% over the last 3 years to FY2025 (+7.5%/yr). A reversal: the count shrank earlier (net -0.8%/yr since FY2012) but the company has SWUNG to issuing stock — recent holders are now being diluted, not rewarded. That's ~7.5% 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 ~23%.
5% of revStock-based comp load.Stock-based compensation ran 5% of revenue and 45% of free cash flow in FY2025 — about $0.07 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
Key fundamentals
Net Margin13.4%
Debt / Equity0.00x
Free Cash Flow$12.8M
Latest Revenue$129.4M
Return on Equity22.7%
Revenue Growth YoY+29.9%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Niagen Bioscience, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about NAGE's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown