Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Personalis, Inc. (PSNL)
A forensic read on Personalis, 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
0.3
Altman Z-score
Watch
Earnings quality
5
Forensic signals
-43.5%
ROE
$1.4B
Market cap
Personalis, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 0.3, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+20.4%Accruals ratio.Net operating assets grew +20.4% 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 -5% of net operating assets.
85d DSOReceivables vs revenue.Days sales outstanding moved from 35 to 85 days FY2024→FY2025 (receivables +99% vs revenue -18%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-41%Return on invested capital.Return on invested capital is -41% and rising from -54% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+31.8%/yrShare-count dilution.Diluted share count changed +95% over the last 3 years to FY2025 (+31.8%/yr). The count is GROWING — existing holders are being diluted. That's ~31.8% 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 ~95%.
14% of revStock-based comp load.Stock-based compensation ran 14% of revenue in FY2025 — about $0.11 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-116.7%
Debt / Equity0.09x
Free Cash Flow$-79.5M
Latest Revenue$69.6M
Return on Equity-31.1%
Revenue Growth YoY-17.7%
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 Personalis, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about PSNL'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