Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 28, 2026
Shattuck Labs, Inc. (STTK)
A forensic read on Shattuck Labs, 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
Distress
Financial health
-3.8
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-60.7%
ROE
$494M
Market cap
Shattuck Labs, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -3.8, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+23.6%Accruals ratio.Net operating assets grew +23.6% 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 -35% of net operating assets.
-137%Return on invested capital.Return on invested capital is -137% and slipping from -61% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+21.4%/yrShare-count dilution.Diluted share count changed +64% over the last 3 years to FY2025 (+21.4%/yr). The count is GROWING — existing holders are being diluted. That's ~21.4% 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 ~64%.
700% of revStock-based comp load.Stock-based compensation ran 700% of revenue in FY2025 — about $0.10 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-4880.9%
Free Cash Flow$-40.0M
Latest Revenue$1.0M
Return on Equity-59.2%
Revenue Growth YoY-82.5%
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 Shattuck Labs, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about STTK'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