Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 28, 2026
PUMA BIOTECHNOLOGY, INC. (PBYI)
A forensic read on PUMA BIOTECHNOLOGY, INC. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Distress
Financial health
-14.1
Altman Z-score
Clean
Earnings quality
4
Forensic signals
16.9
P / E (ttm)
20.4%
ROE
$413M
Market cap
PUMA BIOTECHNOLOGY, INC. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is -14.1, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+31.2%Accruals ratio.Net operating assets grew +31.2% 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 behind operating cash by -10% of net operating assets.
86d DSOReceivables vs revenue.Days sales outstanding moved from 51 to 86 days FY2024→FY2025 (receivables +68% vs revenue -1%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
+4.2%/yrShare-count dilution.Diluted share count changed +13% over the last 3 years to FY2025 (+4.2%/yr). The count is GROWING — existing holders are being diluted. That's ~4.2% 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 FY2022 has been diluted ~13%.
3% of revStock-based comp load.Stock-based compensation ran 3% of revenue and 17% of free cash flow in FY2025 — about $0.14 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin13.6%
Debt / Equity0.17x
Free Cash Flow$41.7M
Latest Revenue$228.4M
Return on Equity23.9%
Revenue Growth YoY-0.9%
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 PUMA BIOTECHNOLOGY, INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about PBYI'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