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Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 11, 2026

Vanda Pharmaceuticals Inc. (VNDA)

A forensic read on Vanda Pharmaceuticals 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
Distress
Financial health
0.1
Distress distance
Clean
Earnings quality
1
Forensic signals
-50.9%
ROE
8.7%
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 (auditor quality, say on pay, board independence, going concern). 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.

Vanda Pharmaceuticals Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.1, placing it in the Distress zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-33.5%
FY2025
Return on invested capital. Return on invested capital is -33.5% in the latest fiscal year and slipping across FY2023–FY2025 from -2.1%. After-tax operating profit was ($9M) in FY2023 and ($119M) in FY2025, with operating income at -7.2% of revenue in FY2023, -20.5% in FY2024 and -70.0% in FY2025. The capital base behind it came down -16% across FY2023–FY2025, from $425M to $356M, so this return is struck on a smaller base than it started on.

Key fundamentals

Latest Revenue$216.1M
Revenue Growth YoY+8.7%
Revenue CAGR (2yr)+5.9%
Net Margin-102.0%
Free Cash Flow-$110.4M
Return on Equity-50.9%

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Data from SEC EDGAR public filings · metrics as of Nov 11, 2026. Forensic signals flag probability, not certainty.

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