Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 2026
Twist Bioscience Corp (TWST)
A forensic read on Twist Bioscience Corp 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
6.9
Distress distance
Clean
Earnings quality
4
Forensic signals
-51.8
P / E (ttm)
-16.4%
ROE
$8.2B
Market cap
0.00%
Dividend yield
20.3%
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.
Twist Bioscience Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 6.9, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-29.3%
FY2025
Return on invested capital.Return on invested capital is -29.3% in the latest fiscal year and rising from -38% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+3.5%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +11% over the last 3 years to FY2025 (+3.5%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~3.5% 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 ~10%.
+16.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +16.2% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +63% against revenue +20% and inventory up +18% against +3% in cost of sales. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 11% of net operating assets, diverging from the balance-sheet accrual read.
17% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 17% of revenue in FY2025 — about $1.08 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 3.5% a year and is falling.
Key fundamentals
Latest Revenue$376.6M
Revenue Growth YoY+20.3%
Revenue CAGR (3yr)+22.8%
Net Margin-20.6%
Free Cash Flow-$75.6M
Return on Equity-16.4%
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 Twist Bioscience Corp's actual 10-K/10-Q/8-K filings?