Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 9, 2026
Organon & Co. (OGN)
A forensic read on Organon & Co. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Grey Zone
Financial health
1.6
Distress distance
Clean
Earnings quality
3
Forensic signals
-2.9%
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 (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.
Organon & Co. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 1.6, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
6.1%
FY2025
Return on invested capital.Return on invested capital is 6.1% in the latest fiscal year and slipping across FY2023–FY2025 from 12.8%. After-tax operating profit was $1.1B in FY2023 and $604M in FY2025. The capital base behind it grew +16% across FY2023–FY2025, from $8.5B to $9.8B, while the return fell 6.7 points, so the dollars added over that window earned less than the 12.8% the older base was already earning. FY2025's operating profit carried a $301M goodwill write-off, a $95M restructuring charge and a $9M asset write-down that alone took about 2.7 points off that year's return, so about 2.7 of the 6.7-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. A non-cash write-down lowers the reported return in the year it lands.
$301M
FY2025
Goodwill impairments.Took $301M of goodwill writedowns across 1 year (FY2025 ($301M)) — about 161% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
-71%
FY2024→FY2025
Dividend — cut.The payout was CUT ~71% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.
Key fundamentals
Latest Revenue$6.22B
Revenue Growth YoY-2.9%
Revenue CAGR (2yr)-0.4%
Net Margin3.0%
Free Cash Flow$538.0M
Debt / Equity11.49x
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 Organon & Co.'s actual 10-K/10-Q/8-K filings?