Forensic Analysis · Educational Services · as of Nov 11, 2026
Boxlight Corp (BOXL)
A forensic read on Boxlight Corp 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
-4.5
Distress distance
Clean
Earnings quality
4
Forensic signals
-19.6%
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 (auditor quality, say on pay, board independence, going concern). 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.
Boxlight Corp earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -4.5, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-22.7%
FY2025
Return on invested capital.Return on invested capital is -22.7% in the latest fiscal year, against -21.6% in FY2023, having run between -22.7% and -18.8% across FY2023–FY2025 with no direction held. After-tax operating profit was ($21M) in FY2023 and ($13M) in FY2025, with operating income at -14.9% of revenue in FY2023, -14.3% in FY2024 and -15.0% in FY2025. The capital base behind it came down -41% across FY2023–FY2025, from $96M to $57M, so this return is struck on a smaller base than it started on. FY2023's operating profit carried a $25M goodwill write-off that alone took about 20.7 points off that year's return, so the FY2025 return is being compared with a base year that charge had already pulled down. A non-cash write-down lowers the reported return in the year it lands.
196d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 179 to 196 FY2024→FY2025 (against cost of goods sold; inventory -12% vs -15% in cost of sales). Inventory did not fall as fast as cost of sales, so days on hand lengthened — watch for markdowns.
0.2% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.2% of revenue in FY2025 — about $0.43 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 93.3% 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.
$25M
FY2023
Goodwill impairments.Took $25M of goodwill writedowns across 1 year (FY2023 ($25M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$109.2M
Revenue Growth YoY-19.6%
Revenue CAGR (2yr)-21.4%
Net Margin-21.8%
Free Cash Flow-$3.4M
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 Boxlight Corp's actual 10-K/10-Q/8-K filings?