Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 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
-0.0
Distress distance
Clean
Earnings quality
3
Forensic signals
-1.1
P / E (ttm)
-67.4%
ROE
$305M
Market cap
0.00%
Dividend yield
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 (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.
Vanda Pharmaceuticals Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -0.0, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-46.1%
FY2025
Return on invested capital.Return on invested capital is -46.1% 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 -39% across FY2023–FY2025, from $425M to $259M, so this is a return struck on a smaller base rather than a record of money put to work.
+1.2%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +2% over the last 2 years to FY2025 (+1.2%/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 ~1.2% 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 FY2023 has been diluted ~2%.
92d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 86 to 92 days FY2024→FY2025 (receivables +16% vs revenue +9%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 65 → 86 → 92 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 3 consecutive quarters (Dec 2025 +6, Mar 2026 +19, Jun 2026 +30 days). In the latest of them the receivable balance grew +33% against sales -4%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
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-67.4%
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 Vanda Pharmaceuticals Inc.'s actual 10-K/10-Q/8-K filings?