Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 24, 2026
Genedx Holdings Corp. (WGS)
A forensic read on Genedx Holdings Corp. 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
Safe
Financial health
5.7
Distress distance
Clean
Earnings quality
5
Forensic signals
-27.8
P / E (ttm)
-6.8%
ROE
$2.5B
Market cap
0.00%
Dividend yield
40.0%
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.
Genedx Holdings Corp. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 5.7, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
63d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 45 to 63 days FY2024→FY2025 (receivables +98% vs revenue +40%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. 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 +20, Mar 2026 +20, Jun 2026 +24 days). In the latest of them the receivable balance grew +74% against sales +11%, 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. There's no FY2023 figure on file for receivables, so FY2024 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
-3.3%
FY2025
Return on invested capital.Return on invested capital is -3.3% in the latest fiscal year and rising across FY2023–FY2025 from -55%. The capital base behind it grew +21% across FY2023–FY2025, from $261M to $314M, and the return did not fall doing it, so the dollars added over that window earned at least the -55% the older base was already earning.
+8.5%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +18% over the last 2 years to FY2025 (+8.5%/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 ~8.5% 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 ~15%.
+18.2%
Key fundamentals
Latest Revenue$427.5M
Revenue Growth YoY+40.0%
Revenue CAGR (2yr)+45.2%
Net Margin-4.9%
Free Cash Flow$14.3M
Return on Equity-6.8%
Debt / Equity0.17x
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 Genedx Holdings Corp.'s actual 10-K/10-Q/8-K filings?
Accruals ratio (% of NOA).Net operating assets grew +18.2% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +98% against revenue +40% and payables paid down 69% against +16% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 23% of net operating assets, against an accruals ratio of 18.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
8% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 8% of revenue and 226% of free cash flow in FY2025 — about $1.12 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 8.6% 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.