Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 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.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
1.9
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-291.2%
ROE
$10.9B
Market cap
Summit Therapeutics Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 1.9, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+41.7%Accruals ratio.Net operating assets grew +41.7% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -211% of net operating assets.
-188%Return on invested capital.Return on invested capital is -188% and slipping from -21% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+95.6%/yrShare-count dilution.Diluted share count changed +287% over the last 3 years to FY2025 (+95.6%/yr). The count is GROWING — existing holders are being diluted. That's ~95.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~287%.
Key fundamentals
Free Cash Flow$-323.6M
Return on Equity-163.9%
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 Summit Therapeutics Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about SMMT'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