Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
NeuroPace Inc (NPCE)
A forensic read on NeuroPace 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
Distress
Financial health
-13.1
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-120.7%
ROE
$562M
Market cap
NeuroPace Inc earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -13.1, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-20%Return on invested capital.Return on invested capital is -20% and rising from -33% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+11.0%/yrShare-count dilution.Diluted share count changed +33% over the last 3 years to FY2025 (+11.0%/yr). The count is GROWING — existing holders are being diluted. That's ~11.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~33%.
271dInventory days.Days inventory outstanding moved from 235 to 271 FY2024→FY2025 (against cost of goods sold; inventory +26% vs +9% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
Key fundamentals
Net Margin-21.5%
Debt / Equity3.09x
Free Cash Flow$-11.3M
Latest Revenue$100.0M
Return on Equity-112.8%
Revenue Growth YoY+25.1%
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 NeuroPace Inc:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about NPCE'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