Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 2026
Summit Therapeutics Inc. (SMMT)
A forensic read on Summit Therapeutics 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
Grey Zone
Financial health
118.5
Distress distance
Clean
Earnings quality
4
Forensic signals
-12.4
P / E (ttm)
-163.9%
ROE
$11.6B
Market cap
0.00%
Dividend yield
-98.6%
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). 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.
Summit Therapeutics Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 118.5, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+41.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +41.7% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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 build is led by PP&E up +317% on the year. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 211% of net operating assets, diverging from the balance-sheet accrual read.
4349d DSO
FY2018→FY2019
Receivables vs revenue.Days sales outstanding moved from 104 to 4349 days FY2018→FY2019 (receivables -97% vs revenue -99%). Receivables are creeping up relative to sales.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed +287% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +57.0%/yr figure isn't a real buyback/dilution read here.
108% of rev
FY2019
Stock-based comp load.Stock-based compensation ran 108% of revenue in FY2019 — about $0.03 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 22.3% a year and is falling.
Key fundamentals
Latest Revenue$785,126.10
Revenue Growth YoY-98.6%
Revenue CAGR (3yr)-37.6%
Net Margin-3709.8%
Free Cash Flow-$323.6M
Return on Equity-163.9%
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 Summit Therapeutics Inc.'s actual 10-K/10-Q/8-K filings?