Dragonfly Energy Holdings Corp. (DFLI) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Industrials / Manufacturing / Defense · as of Oct 12, 2026
Dragonfly Energy Holdings Corp. (DFLI)
A forensic read on Dragonfly Energy Holdings 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
-5.0
Distress distance
Clean
Earnings quality
4
Forensic signals
-606.6%
ROE
15.8%
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). 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.
Dragonfly Energy Holdings Corp. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -5.0, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+48.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +48.2% relative to their own average in FY2025 — 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 +74% against revenue +16% and inventory up +12% against +10% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 217% of net operating assets, against an accruals ratio of 48.2%. 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. Read them as two results, not one.
26d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 17 to 26 days FY2024→FY2025 (receivables +74% vs revenue +16%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Across FY2023–FY2025 the day count ran 9 → 17 → 26 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Deferred revenue was roughly flat (-62%) 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 — 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.
-37.4%
FY2025
Return on invested capital.Return on invested capital is -37.4% in the latest fiscal year and rising across FY2023–FY2025 from -51.8%. After-tax operating profit was ($22M) in FY2023 and ($18M) in FY2025, with operating income at -42.6% of revenue in FY2023, -50.9% in FY2024 and -39.5% in FY2025. The capital base behind it grew +17% across FY2023–FY2025, from $42M to $49M, and the return did not fall doing it, so the dollars added over that window earned at least the -51.8% the older base was already earning.
Key fundamentals
Latest Revenue$58.6M
Revenue Growth YoY+15.8%
Revenue CAGR (2yr)-4.6%
Net Margin-119.3%
Free Cash Flow-$27.9M
Return on Equity-606.6%
Debt / Equity0.84x
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 Dragonfly Energy Holdings Corp.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Oct 12, 2026. Forensic signals flag probability, not certainty.
1.2% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.2% of revenue in FY2025 — about $0.15 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 596.6% 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.