Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Vera Therapeutics, Inc. (VERA)
A forensic read on Vera 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
-74.9%
ROE
$3.0B
Market cap
Vera Therapeutics, Inc. earns a C (Mixed — selective) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-76%Return on invested capital. Return on invested capital is -76% and rising from -115% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+47.2%/yrShare-count dilution. Diluted share count changed +142% over the last 3 years to FY2025 (+47.2%/yr). The count is GROWING — existing holders are being diluted. That's ~47.2% 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 ~142%.
stoppedShareholder returns — halted. Capital returns have STOPPED — $13,000 of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash; understand why before reading it as neutral.
Key fundamentals
Debt / Equity0.12x
Free Cash Flow$-241.7M
Return on Equity-49.6%
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Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.