Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 28, 2026
Zentalis Pharmaceuticals, Inc. (ZNTL)
A forensic read on Zentalis 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
-9.0
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-52.8%
ROE
$288M
Market cap
Zentalis Pharmaceuticals, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -9.0, 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
-56%Return on invested capital.Return on invested capital is -56% and slipping from -41% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+12.0%/yrShare-count dilution.Diluted share count changed +36% over the last 3 years to FY2025 (+12.0%/yr). The count is GROWING — existing holders are being diluted. That's ~12.0% 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 ~36%.
$4MGoodwill impairments.Took $4M of goodwill writedowns across 1 year(s) (FY2024 ($4M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Free Cash Flow$-125.2M
Return on Equity-63.4%
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 Zentalis Pharmaceuticals, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ZNTL'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