Forensic Analysis · Communication Services / Telecom · as of Jun 27, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-4.1
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-98.6%
ROE
$919M
Market cap
BlackSky Technology Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -4.1, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+29.4%Accruals ratio.Net operating assets grew +29.4% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -19% of net operating assets.
117d DSOReceivables 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.
-13%Return on invested capital.Return on invested capital is -13% and rising from -40% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
13% of revStock-based comp load.Stock-based compensation ran 13% of revenue in FY2025 — about $0.42 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-65.9%
Debt / Equity2.12x
Free Cash Flow$-44.5M
Latest Revenue$106.6M
Return on Equity-74.1%
Revenue Growth YoY+4.4%
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 BlackSky Technology Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about BKSY'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