Forensic Analysis · Technology / Software · as of Aug 12, 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
-0.0
Distress distance
Clean
Earnings quality
5
Forensic signals
-16.0
P / E (ttm)
-74.1%
ROE
$1.2B
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). 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 -0.0, 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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 build is led by receivables up +132% against revenue +4% and PP&E up +73% against revenue +4%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 19% of net operating assets, diverging from the balance-sheet accrual read.
-12.7%
FY2025
Return on invested capital.Return on invested capital is -12.7% in the latest fiscal year and rising from -40% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
13% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 13% of revenue in FY2025 — about $0.42 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 48.6% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
84d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 39 to 84 days FY2024→FY2025 (receivables +132% vs revenue +4%). Receivables are creeping up relative to sales. Across FY2021–FY2025 the day count ran 30 → 16 → 20 → 39 → 84 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. 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.
Key fundamentals
Latest Revenue$106.6M
Revenue Growth YoY+4.4%
Revenue CAGR (3yr)+17.7%
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 Aug 12, 2026. Forensic signals flag probability, not certainty.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed -72% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -34.2%/yr figure isn't a real buyback/dilution read here.
Blacksky Technology Inc. (BKSY) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy