Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Veracyte, Inc. (VCYT)
A forensic read on Veracyte, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
14.0
Distress distance
Clean
Earnings quality
3
Forensic signals
27.9
P / E (ttm)
5.1%
ROE
$3.5B
Market cap
16.0%
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.
Veracyte, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 14.0, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
5.3%
FY2025
Return on invested capital.Return on invested capital is 5.3% in the latest fiscal year and rising across FY2023–FY2025 from -8.1%. After-tax operating profit was ($68M) in FY2023 and $52M in FY2025, with operating income at -23.8% of revenue in FY2023, 3.6% in FY2024 and 11.2% in FY2025. The capital base behind it grew +17% across FY2023–FY2025, from $837M to $984M, and the return did not fall doing it, so the dollars added over that window earned at least the -8.1% the older base was already earning. FY2023's operating profit carried a $68M asset write-down that took about 6.4 points off that year's return, and FY2025's carried a $21M asset write-down that took about 1.9 points off the latest; so, net of each other, the two charges add about 4.5 points to the +13.4-point change across FY2023–FY2025.
+5.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +11% over the last 2 years to FY2025 (+5.3%/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 ~5.3% 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 FY2023 has been diluted ~10%.
8% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 8% of revenue and 34% of free cash flow in FY2025 — about $0.54 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 5.3% a year, and the rate is falling. 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$517.1M
Revenue Growth YoY+16.0%
Revenue CAGR (2yr)+19.7%
Net Margin12.8%
Free Cash Flow$126.6M
Return on Equity5.1%
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 Veracyte, Inc.'s actual 10-K/10-Q/8-K filings?