Beyond Air, Inc. (XAIR) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Oct 11, 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.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-31.4
Distress distance
Clean
Earnings quality
2
Forensic signals
-542.8%
ROE
107.3%
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). 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 an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -31.4, placing it in the Distress zone. 2 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.
69% of rev
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 145.2% a year across FY2025–FY2026, 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.
Key fundamentals
Latest Revenue$7.7M
Revenue Growth YoY+107.3%
Revenue CAGR (2yr)+157.4%
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?