Tango Therapeutics, Inc. (TNGX) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Tango Therapeutics, Inc. (TNGX)
A forensic read on Tango 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
Safe
Financial health
5.6
Altman Z-score
Watch
Earnings quality
5
Forensic signals
-41.5%
ROE
$4.6B
Market cap
Tango Therapeutics, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 5.6, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+57.1%Accruals ratio.Net operating assets grew +57.1% 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 ahead of operating cash by +20% of net operating assets.
29d DSOReceivables vs revenue.Days sales outstanding moved from 20 to 29 days FY2021→FY2022 (receivables +0% vs revenue -33%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-33%Return on invested capital.Return on invested capital is -33% and slipping from -27% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+10.8%/yrShare-count dilution.Diluted share count changed +32% over the last 3 years to FY2025 (+10.8%/yr). The count is GROWING — existing holders are being diluted. That's ~10.8% 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 ~32%.
42% of revStock-based comp load.Stock-based compensation ran 42% of revenue in FY2025 — about $0.23 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-162.9%
Free Cash Flow$-139.9M
Latest Revenue$62.4M
Return on Equity-29.3%
Revenue Growth YoY+48.3%
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 Tango Therapeutics, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about TNGX'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