Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 28, 2026
SAB Biotherapeutics, Inc. (SABS)
A forensic read on SAB Biotherapeutics, 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
Safe
Financial health
6.9
Altman Z-score
Watch
Earnings quality
3
Forensic signals
21.9
P / E (ttm)
15.2%
ROE
$291M
Market cap
SAB Biotherapeutics, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 6.9, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+156.8%Accruals ratio.Net operating assets grew +156.8% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by +73% of net operating assets.
-32%Return on invested capital.Return on invested capital is -32% and rising from -109% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+436.4%/yrShare-count dilution.Diluted share count changed +1309% over the last 3 years to FY2025 (+436.4%/yr). The count is GROWING — existing holders are being diluted. That's ~436.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~1309%.
Key fundamentals
Free Cash Flow$-45.7M
Return on Equity8.8%
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 SAB Biotherapeutics, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about SABS'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