Forensic Analysis · Technology / Software · as of Jun 28, 2026
Atomera Inc (ATOM)
A forensic read on Atomera 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
-31.5
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-84.8%
ROE
$274M
Market cap
Atomera Inc earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -31.5, 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
-214%Return on invested capital.Return on invested capital is -214% and rising from -235736% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+11.1%/yrShare-count dilution.Diluted share count changed +33% over the last 3 years to FY2025 (+11.1%/yr). The count is GROWING — existing holders are being diluted. That's ~11.1% 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 ~33%.
7635% of revStock-based comp load.Stock-based compensation ran 7635% of revenue in FY2025 — about $0.16 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-31036.9%
Free Cash Flow$-14.9M
Latest Revenue65000.00
Return on Equity-109.8%
Revenue Growth YoY-51.9%
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 Atomera Inc:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ATOM'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