Forensic Analysis · Technology / Software · as of Sep 30, 2026
Bio Key International Inc (BKYI)
A forensic read on Bio Key International 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
-56.3
Distress distance
Clean
Earnings quality
3
Forensic signals
-140.2%
ROE
-14.3%
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.
Bio Key International Inc earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -56.3, 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). 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-214.7%
FY2025
Return on invested capital.Return on invested capital is -214.7% in the latest fiscal year, against -749.0% in FY2023, having run between -749.0% and -87.4% across FY2023–FY2025 with no direction held. After-tax operating profit was ($7M) in FY2023 and ($5M) in FY2025, with operating income at -113.8% of revenue in FY2023, -57.9% in FY2024 and -115.0% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-term debt and long-term debt are tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged. FY2025's operating profit carried a $2M asset write-down that alone took about 78.6 points off that year's return, so the latest return is depressed by that charge.
75d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 38 to 75 days FY2024→FY2025 (receivables +70% vs revenue -14%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 57 → 38 → 75 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. Deferred revenue was roughly flat (-35%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. 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 +58, Mar 2026 +21, Jun 2026 +29 days). In the latest of them the receivable balance grew +76% against sales +13%, 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.
3% of rev
Key fundamentals
Latest Revenue$5.9M
Revenue Growth YoY-14.3%
Revenue CAGR (2yr)-12.5%
Net Margin-120.6%
Free Cash Flow-$4.7M
Return on Equity-140.2%
Debt / Equity0.01x
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 Bio Key International Inc's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 30, 2026. Forensic signals flag probability, not certainty.
Bio Key International Inc (BKYI) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
FY2025
Stock-based comp load.Stock-based compensation ran 3% of revenue in FY2025 — about $0.25 per basic share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the basic count still rose about 222.7% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. 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.