Forensic Analysis · Communication Services / Telecom · as of Jun 27, 2026
ADTRAN Holdings, Inc. (ADTN)
A forensic read on ADTRAN Holdings, 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
-0.3
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-24.0%
ROE
$1.1B
Market cap
6.65%
Dividend yield
ADTRAN Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -0.3, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-2%Return on invested capital.Return on invested capital is -2% and rising from -4% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+9.3%/yrShare-count dilution.Diluted share count changed +28% over the last 3 years to FY2025 (+9.3%/yr). The count is GROWING — existing holders are being diluted. That's ~9.3% 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 ~28%.
stoppedShareholder returns — halted.Capital returns have STOPPED — $21M of buybacks + dividends in FY2023, but ~$0 in FY2024. A halt usually means the company is conserving cash; understand why before reading it as neutral.
suspendedDividend — suspended.The dividend has been SUSPENDED — $21M paid in FY2023, then $0 in FY2024. A suspension is a major signal the board is conserving cash; the prior payment history doesn't offset it.
$335MGoodwill impairments.Took $335M of goodwill writedowns across 2 year(s) (FY2023 ($38M), FY2024 ($297M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-4.2%
Debt / Equity0.34x
Free Cash Flow$98.0M
Latest Revenue$1.08B
Return on Equity-31.3%
Revenue Growth YoY+17.5%
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 ADTRAN Holdings, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ADTN'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