Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 28, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-6.0
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-59.1%
ROE
$310M
Market cap
Sight Sciences, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -6.0, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+61.2%Accruals ratio.Net operating assets grew +61.2% 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 -93% of net operating assets.
265dInventory days.Days inventory outstanding moved from 199 to 265 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.
-238%Return on invested capital.Return on invested capital is -238% and rising from -647% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+3.0%/yrShare-count dilution.Diluted share count changed +9% over the last 3 years to FY2025 (+3.0%/yr). The count is GROWING — existing holders are being diluted. That's ~3.0% 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 ~9%.
17% of revStock-based comp load.Stock-based compensation ran 17% of revenue in FY2025 — about $0.25 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-49.7%
Debt / Equity0.63x
Free Cash Flow$-29.9M
Latest Revenue$77.4M
Return on Equity-60.1%
Revenue Growth YoY-3.1%
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 Sight Sciences, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about SGHT'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