Forensic Analysis · Technology / Software · as of Sep 25, 2026
Blacksky Technology Inc. (BKSY)
A forensic read on Blacksky Technology 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
-1.2
Distress distance
Clean
Earnings quality
5
Forensic signals
-11.9
P / E (ttm)
-74.1%
ROE
$911M
Market cap
0.00%
Dividend yield
4.4%
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.
Blacksky Technology Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -1.2, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+29.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +29.4% 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 +132% against revenue +4% and PP&E up +73% against revenue +4%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 19% of net operating assets, against an accruals ratio of 29.4%. 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.
117d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 53 to 117 days FY2024→FY2025 (receivables +132% vs revenue +4%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Across FY2023–FY2025 the day count ran 27 → 53 → 117 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 3 consecutive quarters (Dec 2025 +45, Mar 2026 +82, Jun 2026 +48 days). In the latest of them the receivable balance grew +305% against sales +50%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
Key fundamentals
Latest Revenue$106.6M
Revenue Growth YoY+4.4%
Revenue CAGR (2yr)+6.2%
Net Margin-65.9%
Free Cash Flow-$44.5M
Return on Equity-74.1%
Debt / Equity2.19x
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 Blacksky Technology Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Blacksky Technology Inc. (BKSY) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
-12.7%
FY2025
Return on invested capital.Return on invested capital is -12.7% in the latest fiscal year and rising across FY2023–FY2025 from -27.0%. After-tax operating profit was ($44M) in FY2023 and ($37M) in FY2025, with operating income at -59.2% of revenue in FY2023, -43.4% in FY2024 and -44.0% in FY2025. The capital base behind it grew +78% across FY2023–FY2025, from $164M to $292M, and the return did not fall doing it, so the dollars added over that window earned at least the -27.0% the older base was already earning.
+40.8%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +98% over the last 2 years to FY2025 (+40.8%/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 ~40.8% 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 ~50%.
13% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 13% of revenue in FY2025 — about $0.42 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 41.6% 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.