Forensic Analysis · Semiconductors · as of Sep 24, 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
Safe
Financial health
3.4
Distress distance
Clean
Earnings quality
3
Forensic signals
-25.6
P / E (ttm)
$1.2B
Market cap
0.00%
Dividend yield
22.3%
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.
Arteris, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 3.4, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-330.1%
FY2025
Return on invested capital.Return on invested capital is -330.1% in the latest fiscal year and slipping across FY2023–FY2025 from -65%. The capital base behind it came down -81% across FY2023–FY2025, from $43M to $8M, so this is a return struck on a smaller base rather than a record of money put to work.
+8.9%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +19% over the last 2 years to FY2025 (+8.9%/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 ~8.9% 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 FY2023 has been diluted ~16%.
26% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 26% of revenue and 344% of free cash flow in FY2025 — about $0.43 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 8.9% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. 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$70.6M
Revenue Growth YoY+22.3%
Revenue CAGR (2yr)+14.7%
Net Margin-49.2%
Free Cash Flow$5.3M
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Arteris, Inc.'s actual 10-K/10-Q/8-K filings?