Forensic Analysis · Technology / Software · as of Sep 25, 2026
Agilysys Inc (AGYS)
A forensic read on Agilysys Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
A · High-quality
Forensic grade
Safe
Financial health
15.4
Distress distance
Clean
Earnings quality
3
Forensic signals
65.8
P / E (ttm)
11.9%
ROE
$2.9B
Market cap
0.00%
Dividend yield
15.9%
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.
Agilysys Inc earns an A (High-quality) forensic quality grade, and its balance-sheet distress test reads 15.4, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+2.8%/yr
FY2024–FY2026
Share-count dilution.Diluted share count changed +6% over the last 2 years to FY2026 (+2.8%/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 ~2.8% 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 FY2024 has been diluted ~5%.
14.4%
FY2026
Return on invested capital.Return on invested capital is 14.4% in the latest fiscal year, against 12.2% in FY2024, having run between 8.1% and 14.4% across FY2024–FY2026 with no direction held. After-tax operating profit was $14M in FY2024 and $34M in FY2026, with operating income at 6.6% of revenue in FY2024, 8.2% in FY2025 and 13.5% in FY2026. The capital base behind it grew +106% across FY2024–FY2026, from $116M to $240M, and the return did not fall doing it, so the dollars added over that window earned at least the 12.2% the older base was already earning.
7% of rev
FY2026
Stock-based comp load.Stock-based compensation ran 7% of revenue and 32% of free cash flow in FY2026 — about $0.77 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 2.9% 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.
Key fundamentals
Latest Revenue$319.3M
Revenue Growth YoY+15.9%
Revenue CAGR (2yr)+16.0%
Net Margin12.1%
Free Cash Flow$68.1M
Return on Equity11.9%
Debt / Equity0.00x
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