Forensic Analysis · General / Diversified · as of Jun 27, 2026
Powerfleet, Inc. (AIOT)
A forensic read on Powerfleet, 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
0.6
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-4.3%
ROE
$502M
Market cap
Powerfleet, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 0.6, placing it in the Distress zone. 4 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 -3% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+68.9%/yrShare-count dilution.Diluted share count changed +275% over the last 4 years to FY2026 (+68.9%/yr). The count is GROWING — existing holders are being diluted. That's ~68.9% 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 ~275%.
2% of revStock-based comp load.Stock-based compensation ran 2% of revenue and 85% of free cash flow in FY2026 — about $0.06 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
stoppedShareholder returns — halted.Capital returns have STOPPED — $3M of buybacks + dividends in FY2025, but ~$0 in FY2026. A halt usually means the company is conserving cash; understand why before reading it as neutral.
Key fundamentals
Net Margin-4.6%
Debt / Equity0.50x
Free Cash Flow$8.8M
Latest Revenue$443.8M
Return on Equity-4.3%
Revenue Growth YoY+22.4%
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 Powerfleet, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about AIOT'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