Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 30, 2026
Beyond Air, Inc. (XAIR)
A forensic read on Beyond Air, 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
-31.4
Distress distance
Clean
Earnings quality
4
Forensic signals
-542.8%
ROE
107.3%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
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). 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.
Beyond Air, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -31.4, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+74.3%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +74.3% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +53% against revenue +107%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 98% of net operating assets, against an accruals ratio of 74.3%. 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.
FCF ($7M)
FY2017
Shareholder returns.Returned $25,000 to shareholders (buybacks + dividends) in FY2017, but free cash flow was ($7M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
n/m (stock split)
FY2023–FY2026
Share count (stock split).Diluted share count changed -72% over the last 3 years to FY2026, but that includes a large one-time change around FY2025 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -34.8%/yr figure isn't a real buyback/dilution read here.
69% of rev
Key fundamentals
Latest Revenue$7.7M
Revenue Growth YoY+107.3%
Net Margin-433.0%
Free Cash Flow-$19.2M
Return on Equity-542.8%
Debt / Equity3.53x
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 Beyond Air, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 30, 2026. Forensic signals flag probability, not certainty.
Beyond Air, Inc. (XAIR) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
FY2026
Stock-based comp load.Stock-based compensation ran 69% of revenue in FY2026 — about $0.64 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 10.6% a year, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. 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.