Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Si-Bone, Inc. (SIBN)
A forensic read on Si-Bone, 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
Safe
Financial health
11.1
Distress distance
Clean
Earnings quality
4
Forensic signals
-53.2
P / E (ttm)
-10.6%
ROE
$834M
Market cap
0.00%
Dividend yield
20.2%
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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.
Si-Bone, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 11.1, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-10.3%
FY2025
Return on invested capital.Return on invested capital is -10.3% in the latest fiscal year and rising across FY2023–FY2025 from -21.3%. After-tax operating profit was ($37M) in FY2023 and ($18M) in FY2025, with operating income at -33.8% of revenue in FY2023, -21.1% in FY2024 and -11.1% in FY2025. The capital base behind it barely moved across FY2023–FY2025 ($174M to $171M, -2%), so there has been little new capital for that return to be earned on.
+5.7%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +12% over the last 2 years to FY2025 (+5.7%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~5.7% 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 ~11%.
271d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 246 to 271 FY2024→FY2025 (against cost of goods sold; inventory +25% vs +17% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
13% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 13% of revenue in FY2025 — about $0.59 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 5.8% a year, and the rate is falling. 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$200.9M
Revenue Growth YoY+20.2%
Revenue CAGR (2yr)+20.3%
Net Margin-9.4%
Free Cash Flow-$9.1M
Return on Equity-10.6%
Debt / Equity0.20x
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 Si-Bone, Inc.'s actual 10-K/10-Q/8-K filings?