Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 18, 2026
Astrotech Corp (ASTC)
A forensic read on Astrotech Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Distress
Financial health
-24.5
Distress distance
Watch
Earnings quality
6
Forensic signals
-62.7%
ROE
-41.2%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
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.
Astrotech Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads -24.5, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+49.5%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +49.5% 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 +530% against revenue -41%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 5% of net operating assets, against an accruals ratio of 49.5%. 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.
236d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 143 to 236 FY2024→FY2025 (against cost of goods sold; inventory -16% vs -45% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
+3.0%/yr
FY2011–FY2014
Share-count dilution.Diluted share count changed +9% over the last 3 years to FY2014 (+3.0%/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 ~3.0% 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 FY2011 has been diluted ~9%.
stopped
FY2023→FY2024
Shareholder returns — halted.
Key fundamentals
Latest Revenue$1.0M
Revenue Growth YoY-41.2%
Revenue CAGR (3yr)+4.8%
Net Margin-1385.0%
Free Cash Flow-$13.8M
Return on Equity-62.7%
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 Astrotech Corp's actual 10-K/10-Q/8-K filings?
Capital returns have STOPPED — $119,000 of buybacks + dividends in FY2023, but ~$0 in FY2024. A halt usually means the company is conserving cash.
103d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 32 to 103 days FY2024→FY2025 (receivables +530% vs revenue -41%). Receivables are creeping up relative to sales. Across FY2021–FY2025 the day count ran 58 → 13 → 68 → 32 → 103 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in.
83% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 83% of revenue in FY2025. 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 3.0% 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.