Forensic Analysis · Technology / Software · as of Aug 11, 2026

Extreme Networks Inc (EXTR)

A forensic read on Extreme Networks 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

0.2

Distress distance

Clean

Earnings quality

Forensic signals

194.0

P / E (ttm)

-11.4%

ROE

$3.2B

Market cap

2.0%

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). 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.

Extreme Networks Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.2, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

3.2%

FY2025

Return on invested capital. Return on invested capital is 3.2% in the latest fiscal year and slipping from 13% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.

103d

FY2024→FY2025

Inventory days. Days inventory outstanding moved from 86 to 103 FY2024→FY2025 (against cost of goods sold; inventory -27% vs -11% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.

-0.3%/yr

FY2022–FY2025

Share count. Diluted share count changed -1% over the last 3 years to FY2025 (-0.3%/yr). Roughly flat — buybacks ($38M) are about offsetting stock comp ($82M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$1.14B

Revenue Growth YoY+2.0%

Revenue CAGR (3yr)+0.8%

Net Margin-0.7%

Free Cash Flow$127.3M

Return on Equity-11.4%

Debt / Equity2.71x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.