Forensic Analysis · General / Diversified · as of Jul 10, 2026
Currenc Group Inc. (CURR)
A forensic read on Currenc Group Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-4.2
Altman Z-score
Clean
Earnings quality
4
Forensic signals
1017.2%
ROE
$342M
Market cap
Currenc Group Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -4.2, 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
-2%Return on invested capital.Return on invested capital is -2% in the latest fiscal year and steady — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+34.5%/yrShare-count dilution.Diluted share count changed +81% over the last 2 years to FY2025 (+34.5%/yr). The count is GROWING — existing holders are being diluted. That's ~34.5% 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 ~45%.
10% of revStock-based comp load.Stock-based compensation ran 10% of revenue and 54% of free cash flow in FY2025 — about $0.06 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
$17MGoodwill impairments.Took $17M of goodwill writedowns across 2 years (FY2024 ($15M), FY2025 ($2M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Latest Revenue$37.8M
Revenue Growth YoY-18.6%
Net Margin-48.7%
Free Cash Flow$7.4M
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Currenc Group Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about CURR's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown