Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 15, 2026
Neuronetics, Inc. (STIM)
A forensic read on Neuronetics, 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
Distress
Financial health
-8.3
Distress distance
Clean
Earnings quality
3
Forensic signals
-7.7
P / E (ttm)
-174.3%
ROE
$251M
Market cap
0.00%
Dividend yield
99.2%
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). 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.
Neuronetics, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -8.3, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-30.0%
FY2025
Return on invested capital.Return on invested capital is -30.0% in the latest fiscal year and rising from -105% — well below its ~10% cost of capital, and it has been across FY2019–FY2025, so reinvested dollars have not been earning their keep.
5% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 5% of revenue in FY2025 — about $0.10 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 7.6% a year 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.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed +145% over the last 3 years to FY2025, but that includes a large one-time change around FY2025 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 +34.8%/yr figure isn't a real buyback/dilution read here.
Key fundamentals
Latest Revenue$149.2M
Revenue Growth YoY+99.2%
Revenue CAGR (3yr)+31.8%
Net Margin-26.1%
Free Cash Flow-$21.2M
Return on Equity-174.3%
Debt / Equity2.94x
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 Neuronetics, Inc.'s actual 10-K/10-Q/8-K filings?