Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 2026
Omeros Corp (OMER)
A forensic read on Omeros Corp 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
-6.6
Distress distance
Clean
Earnings quality
5
Forensic signals
11.1
P / E (ttm)
$970M
Market cap
-34.0%
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.
Omeros Corp earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -6.6, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-40.8%
FY2025
Return on invested capital.Return on invested capital is -40.8% in the latest fiscal year and slipping from -29% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+8.2%/yr
FY2019–FY2022
Share-count dilution.Diluted share count changed +27% over the last 3 years to FY2022 (+8.2%/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 ~8.2% 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 FY2019 has been diluted ~21%.
stopped
FY2024→FY2025
Shareholder returns — halted.Capital returns have STOPPED — $12M of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash.
506d
FY2019→FY2020
Inventory days.Days inventory outstanding moved from 261 to 506 FY2019→FY2020 (against cost of goods sold; inventory +18% vs +4% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
20% of rev
FY2020
Stock-based comp load.Stock-based compensation ran 20% of revenue in FY2020 — about $0.26 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 8.4% a year and is falling.
Key fundamentals
Latest Revenue$73.8M
Revenue Growth YoY-34.0%
Revenue CAGR (3yr)+4.4%
Net Margin-187.0%
Free Cash Flow-$116.2M
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 Omeros Corp's actual 10-K/10-Q/8-K filings?