Forensic Analysis · Transportation / Logistics · as of Nov 10, 2026
Strata Critical Medical, Inc. (SRTA)
A forensic read on Strata Critical Medical, 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
Safe
Financial health
6.5
Distress distance
Watch
Earnings quality
6
Forensic signals
16.5%
ROE
34.3%
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 (auditor quality, say on pay, board independence, going concern). 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.
Strata Critical Medical, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 6.5, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
74d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 49 to 74 days FY2024→FY2025 (receivables +102% vs revenue +34%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Across FY2023–FY2025 the day count ran 34 → 49 → 74 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
-7.2%
FY2025
Return on invested capital.Return on invested capital is -7.2% in the latest fiscal year and rising across FY2023–FY2025 from -23.2%. After-tax operating profit was ($54M) in FY2023 and ($18M) in FY2025, with operating income at -30.3% of revenue in FY2023, -15.3% in FY2024 and -11.3% in FY2025. The capital base behind it went from $232M in FY2023 to $245M in FY2025 (+6%), while the revenue it carried went from $225M to $197M. Across FY2024–FY2025, $113M went into capital expenditure, purchases of intangible assets and acquisitions against $10M of depreciation excluding $4M of intangible-asset amortisation. The base is struck net of amortisation, write-downs and the current liabilities that fund it, so it moved by less than that spending net of the wear, and this row does not say which of those absorbed the difference. $70M of the $245M base at FY2025 is short-term investments (28.4%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so the loss on the operating capital is larger than this rate shows. FY2023's operating profit carried a $21M asset write-down that alone took about 7.1 points off that year's return, so about 7.1 of the 16.0-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. FY2024's operating profit carried a $6M asset write-down that alone took about 2.0 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
+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 — 73.5M shares in FY2023, 82.1M in FY2025: 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 ~10%.
9% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 9% of revenue in FY2025 — about $0.22 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 5.7% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. 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.
stopped
FY2024→FY2025
Shareholder returns — halted.Capital returns have STOPPED — $244,000 of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash.
-$83.8M
FY2023–FY2025
Cash burn vs. reported loss.Over FY2023–FY2025, the company reported a cumulative net loss of $42.0M against operating cash flow of -$83.8M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.
Key fundamentals
Latest Revenue$197.1M
Revenue Growth YoY+34.3%
Revenue CAGR (2yr)-6.4%
Net Margin21.0%
Free Cash Flow-$58.5M
Return on Equity16.5%
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 Strata Critical Medical, Inc.'s actual 10-K/10-Q/8-K filings?