Forensic Analysis · Technology / Software · as of Jun 27, 2026

Trump Media & Technology Group Corp. (DJT)

A forensic read on Trump Media & Technology Group Corp. 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

-3.7

Altman Z-score

Watch

Earnings quality

Forensic signals

-58.2%

ROE

$2.1B

Market cap

Trump Media & Technology Group Corp. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -3.7, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio.

What the filings flag

+106.7%Accruals ratio. Net operating assets grew +106.7% relative to their average in FY2025 — the accrual component of earnings. 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 cash-flow cross-check agrees: reported earnings ran behind operating cash by -45% of net operating assets.

24d DSOReceivables vs revenue. Days sales outstanding moved from 2 to 24 days FY2024→FY2025 (receivables +1305% vs revenue +2%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.

-18%Return on invested capital. Return on invested capital is -18% and slipping from -1% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.

+63.6%/yrShare-count dilution. Diluted share count changed +191% over the last 3 years to FY2025 (+63.6%/yr). The count is GROWING — existing holders are being diluted. That's ~63.6% 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 FY2022 has been diluted ~191%.

1607% of revStock-based comp load. Stock-based compensation ran 1607% of revenue and 417% of free cash flow in FY2025 — about $0.23 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.

378% of FCFShareholder returns. Returned $54M to shareholders (buybacks + dividends) in FY2025 — 378% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely.

Key fundamentals

Net Margin-19343.4%

Debt / Equity0.58x

Free Cash Flow$14.2M

Latest Revenue$3.7M

Return on Equity-43.3%

Revenue Growth YoY+1.8%

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Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.