Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 12, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-10.2
Distress distance
Clean
Earnings quality
3
Forensic signals
17.4
P / E (ttm)
23.9%
ROE
$453M
Market cap
-0.9%
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 (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.
Puma Biotechnology, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -10.2, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+31.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +31.2% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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 build is led by receivables up +68% against revenue -1% and payables paid down 8% against -10% in cost of sales. This is the fifth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 10% of net operating assets, diverging from the balance-sheet accrual read.
+4.1%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +13% over the last 3 years to FY2025 (+4.1%/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 ~4.1% 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 ~11%.
3% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 3% of revenue and 17% of free cash flow in FY2025 — about $0.14 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 4.1% a year and is falling.
Key fundamentals
Latest Revenue$228.4M
Revenue Growth YoY-0.9%
Revenue CAGR (3yr)+0.0%
Net Margin13.6%
Free Cash Flow$41.7M
Return on Equity23.9%
Debt / Equity0.17x
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 Puma Biotechnology, Inc.'s actual 10-K/10-Q/8-K filings?