Vanda Pharmaceuticals Inc. (VNDA) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 28, 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.
C · Mixed — selective
Forensic grade
Distress
Financial health
0.1
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-61.4%
ROE
$361M
Market cap
Vanda Pharmaceuticals Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 0.1, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-46%Return on invested capital.Return on invested capital is -46% and slipping from 1% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.1%/yrShare-count dilution.Diluted share count changed +3% over the last 3 years to FY2025 (+1.1%/yr). The count is GROWING — existing holders are being diluted. That's ~1.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~3%.
92d DSOReceivables vs revenue.Days sales outstanding moved from 86 to 92 days FY2024→FY2025 (receivables +16% vs revenue +9%). Receivables are creeping up relative to sales — watch the trend.
Key fundamentals
Net Margin-102.0%
Free Cash Flow$-110.4M
Latest Revenue$216.1M
Return on Equity-67.4%
Revenue Growth YoY+8.7%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Vanda Pharmaceuticals Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about VNDA's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown