Forensic Analysis · Medical Devices · as of Nov 11, 2026
Sight Sciences, Inc. (SGHT)
A forensic read on Sight Sciences, 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
-6.0
Distress distance
Clean
Earnings quality
5
Forensic signals
-50.7%
ROE
-3.1%
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.
Sight Sciences, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -6.0, 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
+61.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +61.2% 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 inventory up +23% against -8% in cost of sales and payables paid down 21% against -8% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 93% of net operating assets, against an accruals ratio of 61.2%. 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.
240d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 223 to 240 FY2024→FY2025 (against cost of goods sold; inventory +23% vs -8% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
-303.4%
FY2025
Return on invested capital.Return on invested capital is -303.4% in the latest fiscal year, against -244.7% in FY2023, having run between -313.1% and -244.7% across FY2023–FY2025 with no direction held. After-tax operating profit was ($45M) in FY2023 and ($29M) in FY2025, with operating income at -70.7% of revenue in FY2023, -63.3% in FY2024 and -48.0% in FY2025. The capital base behind it came down -48% across FY2023–FY2025, from $18M to $10M, so this return is struck on a smaller base than it started on.
+3.6%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +7% over the last 2 years to FY2025 (+3.6%/yr). The count is growing — 48.6M shares in FY2023, 52.1M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~3.6% 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 ~7%.
17% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 17% of revenue in FY2025 — about $0.25 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 3.6% 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.
Key fundamentals
Latest Revenue$77.4M
Revenue Growth YoY-3.1%
Revenue CAGR (2yr)-2.3%
Net Margin-49.7%
Free Cash Flow-$29.9M
Return on Equity-50.7%
Debt / Equity0.63x
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 Sight Sciences, Inc.'s actual 10-K/10-Q/8-K filings?