Capstone Energy Plus, Inc. (CEPL) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Industrials / Manufacturing / Defense · as of Oct 1, 2026
Capstone Energy Plus, Inc. (CEPL)
A forensic read on Capstone Energy Plus, 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
-25.1
Distress distance
Watch
Earnings quality
6
Forensic signals
90.0
P / E (ttm)
$266M
Market cap
23.9%
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.
Capstone Energy Plus, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -25.1, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
-7.43×
FY2024–FY2026
Cash conversion.Over FY2024–FY2026, cumulative operating cash flow was -7.43× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
+106.9%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +106.9% relative to their own average in FY2026 — 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 +83% against revenue +24% and inventory up +33% against +16% in cost of sales. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 16% of net operating assets, against an accruals ratio of 106.9%. 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.
+5.4%/yr
FY2024–FY2026
Share-count dilution.Diluted share count changed +11% over the last 2 years to FY2026 (+5.4%/yr). The count is growing — 18.8M shares in FY2024, 20.8M in FY2026: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~5.4% 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 FY2024 has been diluted ~10%.
0.7% of rev
FY2026
Key fundamentals
Latest Revenue$106.0M
Revenue Growth YoY+23.9%
Revenue CAGR (2yr)+7.8%
Net Margin2.7%
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 Capstone Energy Plus, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Oct 1, 2026. Forensic signals flag probability, not certainty.
Stock-based comp load.
Stock-based compensation ran 0.7% of revenue in FY2026 — about $0.04 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 5.4% a year across FY2024–FY2026 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.
44d DSO
FY2025→FY2026
Receivables vs revenue.Days sales outstanding moved from 30 to 44 days FY2025→FY2026 (receivables +83% vs revenue +24%). Receivables are creeping up relative to sales. Only -743¢ of operating cash arrived for every dollar of profit reported over FY2024–FY2026 (-$22.5M against $3.0M), and the receivables balance is one of the places the rest is sitting. Across FY2024–FY2026 the day count ran 26 → 30 → 44 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 (-23%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. 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 — FY2025's opening balance is on file, but across the 3 fiscal years read here (FY2024–FY2026) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
8.1%
FY2026
Return on invested capital.Return on invested capital is 8.1% in the latest fiscal year and rising across FY2024–FY2026 from -45.9%. After-tax operating profit was ($18M) in FY2024 and $3M in FY2026, with operating income at -22.3% of revenue in FY2024, -6.5% in FY2025 and 3.2% in FY2026. The capital base behind it cannot be compared across FY2024–FY2026: cash is 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.