Forensic Analysis · Healthcare Providers & Services · as of Nov 8, 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.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
0.3
Distress distance
Watch
Earnings quality
5
Forensic signals
-35.0%
ROE
-17.7%
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.
Personalis, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 0.3, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+20.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +20.4% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +99% against revenue -18%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 5% of net operating assets, against an accruals ratio of 20.4%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
-43.7%
FY2025
Return on invested capital.Return on invested capital is -43.7% in the latest fiscal year, against -71.8% in FY2023, having run between -71.8% and -40.2% across FY2023–FY2025 with no direction held. After-tax operating profit was ($87M) in FY2023 and ($70M) in FY2025, with operating income at -149.6% of revenue in FY2023, -80.7% in FY2024 and -126.4% in FY2025. The capital base behind it grew +32% across FY2023–FY2025, from $121M to $159M, but the short-term investments inside it — only cash is subtracted from the base — grew $47M over the same years, at least the whole increase: no operating capital was added for that return to be earned on, and what the added dollars earned is the securities' yield, not the operation's. $105M of the $159M base at FY2025 is short-term investments (65.8%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so the loss on the operating capital is larger than this rate shows.
+36.1%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +85% over the last 2 years to FY2025 (+36.1%/yr). The count is growing — 48.2M shares in FY2023, 89.2M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~36.1% 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 FY2023 has been diluted ~46%.
14% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 14% of revenue in FY2025 — about $0.11 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 36.1% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
85d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 35 to 85 days FY2024→FY2025 (receivables +99% vs revenue -18%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 88 → 35 → 85 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-50%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
Key fundamentals
Latest Revenue$69.6M
Revenue Growth YoY-17.7%
Revenue CAGR (2yr)-2.6%
Net Margin-116.7%
Free Cash Flow-$79.5M
Return on Equity-35.0%
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 Personalis, Inc.'s actual 10-K/10-Q/8-K filings?