Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 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.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
1.5
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-9.6%
ROE
$769M
Market cap
SI-BONE, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 1.5, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-10%Return on invested capital.Return on invested capital is -10% and rising from -41% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+8.5%/yrShare-count dilution.Diluted share count changed +26% over the last 3 years to FY2025 (+8.5%/yr). The count is GROWING — existing holders are being diluted. That's ~8.5% 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 ~26%.
301dInventory days.Days inventory outstanding moved from 282 to 301 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 revStock-based comp load.Stock-based compensation ran 13% of revenue in FY2025 — about $0.59 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-9.4%
Debt / Equity0.20x
Free Cash Flow$-9.1M
Latest Revenue$200.9M
Return on Equity-10.6%
Revenue Growth YoY+20.2%
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 SI-BONE, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about SIBN'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