Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Trisalus Life Sciences, Inc. (TLSI)
A forensic read on Trisalus Life Sciences, 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
-27.1
Distress distance
Clean
Earnings quality
3
Forensic signals
-3.9
P / E (ttm)
$308M
Market cap
0.00%
Dividend yield
53.4%
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, going concern, valuation). 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.
Trisalus Life Sciences, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -27.1, 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
-627.4%
FY2025
Return on invested capital.Return on invested capital is -627.4% in the latest fiscal year, against -547.5% in FY2024. After-tax operating profit was ($29M) in FY2024 and ($21M) in FY2025, with operating income at -122.9% of revenue in FY2024 and -59.7% in FY2025. The capital base behind it came down -35% across FY2024–FY2025, from $5M to $3M, so this is a return struck on a smaller base rather than a record of money put to work.
n/m (stock split)
FY2023–FY2025
Share count (stock split).Diluted share count changed +303% over the last 2 years to FY2025, but that includes a large one-time change around FY2024 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 +100.8%/yr figure isn't a real buyback/dilution read here.
20% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 20% of revenue in FY2025 — about $0.24 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 49.6% a year, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. 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.
Key fundamentals
Latest Revenue$45.2M
Revenue Growth YoY+53.4%
Revenue CAGR (2yr)+56.1%
Net Margin-86.9%
Free Cash Flow-$18.9M
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 Trisalus Life Sciences, Inc.'s actual 10-K/10-Q/8-K filings?