Forensic Analysis · Technology / Software · as of Sep 24, 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.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-2.8
Distress distance
Watch
Earnings quality
6
Forensic signals
-1.9
P / E (ttm)
-43.2%
ROE
$2.5B
Market cap
0.00%
Dividend yield
1.8%
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, 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.
Trump Media & Technology Group Corp. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -2.8, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+105.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +105.7% 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 +1305% against revenue +2%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 45% of net operating assets, against an accruals ratio of 105.7%. 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.
-18.4%
FY2025
Return on invested capital.Return on invested capital is -18.4% in the latest fiscal year, close to the -19% of FY2024. The capital base behind it grew +226% across FY2024–FY2025, from $756M to $2.5B, and the return did not fall doing it, so the dollars added over that window earned at least the -19% the older base was already earning.
378% of FCF
FY2025
Shareholder returns.Returned $54M to shareholders (buybacks + dividends) in FY2025 — 378% of free cash flow. That is $39M (278%) more than free cash flow covered, and more than operating cash flow as well. The balance sheet covered it: cash and short-term investments fell $337M and total debt rose $932M over FY2025. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $59M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 795%.
24d DSO
Key fundamentals
Latest Revenue$3.7M
Revenue Growth YoY+1.8%
Revenue CAGR (2yr)-5.6%
Net Margin-19335.8%
Free Cash Flow$14.2M
Return on Equity-43.2%
Debt / Equity0.58x
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 Trump Media & Technology Group Corp.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 24, 2026. Forensic signals flag probability, not certainty.
Trump Media & Technology Group Corp. (DJT) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 2 to 24 days FY2024→FY2025 (receivables +1305% vs revenue +2%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 7 → 2 → 24 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 (-97%) 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.
n/m (stock split)
FY2023–FY2025
Share count (stock split).Diluted share count changed +191% over the last 2 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +70.6%/yr figure isn't a real buyback/dilution read here.
1607% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1607% of revenue and 417% of free cash flow in FY2025 — about $0.23 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 50.1% a year, 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.