Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 13, 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). 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 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 +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.
+6.6%/yr
FY2023–FY2026
Share-count dilution.Diluted share count changed +21% over the last 3 years to FY2026 (+6.6%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~6.6% 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 FY2023 has been diluted ~17%.
0.7% of rev
FY2026
Stock-based comp load.
Key fundamentals
Latest Revenue$106.0M
Revenue Growth YoY+23.9%
Revenue CAGR (3yr)+12.8%
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 Aug 13, 2026. Forensic signals flag probability, not certainty.
Capstone Energy Plus, Inc. (CEPL) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
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 6.6% a year 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.
34d DSO
FY2025→FY2026
Receivables vs revenue.Days sales outstanding moved from 29 to 34 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 FY2022–FY2026 the day count ran 73 → 46 → 27 → 29 → 34 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.
8.1%
FY2026
Return on invested capital.Return on invested capital is 8.1% in the latest fiscal year and rising from -74% — around its ~9% cost of capital, so growth is roughly value-neutral.