Forensic Analysis · Technology / Software · as of Jun 27, 2026
Arteris, Inc. (AIP)
A forensic read on Arteris, 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
-6.4
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-307.2%
ROE
$2.0B
Market cap
Arteris, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -6.4, 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
-330%Return on invested capital.Return on invested capital is -330% and slipping from -66% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+9.9%/yrShare-count dilution.Diluted share count changed +30% over the last 3 years to FY2025 (+9.9%/yr). The count is GROWING — existing holders are being diluted. That's ~9.9% 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 ~30%.
26% of revStock-based comp load.Stock-based compensation ran 26% of revenue and 344% of free cash flow in FY2025 — about $0.43 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.
Key fundamentals
Net Margin-49.2%
Free Cash Flow$5.3M
Latest Revenue$70.6M
Revenue Growth YoY+22.3%
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 Arteris, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about AIP'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