Forensic Analysis · Software & SaaS · as of Nov 11, 2026
Duos Technologies Group, Inc. (DUOT)
A forensic read on Duos Technologies 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
-0.7
Distress distance
Watch
Earnings quality
5
Forensic signals
-38.7%
ROE
271.2%
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.
Duos Technologies Group, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -0.7, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-31.2%
FY2025
Return on invested capital.Return on invested capital is -31.2% in the latest fiscal year and rising across FY2023–FY2025 from -126.4%. After-tax operating profit was ($9M) in FY2023 and ($8M) in FY2025, with operating income at -153.2% of revenue in FY2023, -150.9% in FY2024 and -36.1% in FY2025. The capital base behind it grew +246% across FY2023–FY2025, from $7M to $25M, and the return did not fall doing it, so the dollars added over that window earned at least the -126.4% the older base was already earning.
+45.6%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +112% over the last 2 years to FY2025 (+45.6%/yr). The count is growing — 7.2M shares in FY2023, 15.3M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~45.6% 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 ~53%.
15% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 15% of revenue in FY2025 — about $0.27 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 45.6% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. 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.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-1.8M to FY2025 $+33.1M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.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.
10d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 5 to 10 days FY2024→FY2025 (receivables +570% vs revenue +271%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 71 → 5 → 10 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 (-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.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
Key fundamentals
Latest Revenue$27.0M
Revenue Growth YoY+271.2%
Revenue CAGR (2yr)+90.2%
Net Margin-36.4%
Free Cash Flow-$37.4M
Return on Equity-38.7%
Debt / Equity0.05x
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 Duos Technologies Group, Inc.'s actual 10-K/10-Q/8-K filings?