Forensic Analysis · Software & SaaS · as of Nov 10, 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
-3.7
Distress distance
Watch
Earnings quality
6
Forensic signals
-55.6%
ROE
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 (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.
Trump Media & Technology Group Corp. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -3.7, 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.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
-28.1%
FY2025
Return on invested capital.Return on invested capital is -28.1% in the latest fiscal year. $456M of the $1.6B base at FY2025 is short-term investments (28.3%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so the loss on the operating capital is larger than this rate shows.
+70.6%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +191% over the last 2 years to FY2025 (+70.6%/yr). The count is growing — 87.5M shares in FY2023, 254.5M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~70.6% 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 ~66%.
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
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.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
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 70.6% a year across FY2023–FY2025, and the rate is falling. 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.
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-55.6%
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?