Forensic Analysis · Other Metal Mining · as of Nov 9, 2026
Realloys Inc. (ALOY)
A forensic read on Realloys Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-11.6
Distress distance
Watch
Earnings quality
4
Forensic signals
-80.1%
ROE
-5.3%
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 (auditor quality, say on pay, board independence, going concern). 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.
Realloys Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -11.6, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+28.0%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +28.0% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +179% against revenue -5% and payables paid down 10% against -12% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 20% of net operating assets, against an accruals ratio of 28.0%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
-55.9%
FY2025
Return on invested capital.Return on invested capital is -55.9% in the latest fiscal year, against -58.8% in FY2023, having run between -58.8% and -41.1% across FY2023–FY2025 with no direction held. After-tax operating profit was ($4M) in FY2023 and ($3M) in FY2025, with operating income at -170.6% of revenue in FY2023, -128.9% in FY2024 and -165.7% in FY2025. The capital base behind it came down -20% across FY2023–FY2025, from $7M to $6M, so this return is struck on a smaller base than it started on.
+8.6%/yr
FY2023–FY2025
Share-count dilution.Basic share count changed +18% over the last 2 years to FY2025 (+8.6%/yr). The count is growing — 3.2M shares in FY2023, 3.8M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~8.6% 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 ~15%.
56% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 56% of revenue in FY2025 — about $0.36 per basic share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the basic count still rose about 8.6% a year across FY2023–FY2025 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$2.4M
Revenue Growth YoY-5.3%
Revenue CAGR (2yr)-11.5%
Net Margin-182.1%
Return on Equity-80.1%
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 Realloys Inc.'s actual 10-K/10-Q/8-K filings?