Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Trevi Therapeutics, Inc. (TRVI)
A forensic read on Trevi Therapeutics, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
3
Forensic signals
-24.5%
ROE
$2.6B
Market cap
Trevi Therapeutics, Inc. earns a C (Mixed — selective) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+85.9%Accruals ratio. Net operating assets grew +85.9% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran in line with operating cash by -1% of net operating assets.
-24%Return on invested capital. Return on invested capital is -24% and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+36.3%/yrShare-count dilution. Diluted share count changed +109% over the last 3 years to FY2025 (+36.3%/yr). The count is GROWING — existing holders are being diluted. That's ~36.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~109%.
Key fundamentals
Free Cash Flow$-42.1M
Return on Equity-23.3%
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Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.