+27.8%Accruals ratio. Net operating assets grew +27.8% 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 -154% of net operating assets.
86d DSOReceivables vs revenue. Days sales outstanding moved from 64 to 86 days FY2024→FY2025 (receivables +89% vs revenue +41%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-87%Return on invested capital. Return on invested capital is -87% and slipping from -81% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+40.0%/yrShare-count dilution. Diluted share count changed +80% over the last 2 years to FY2025 (+40.0%/yr). The count is GROWING — existing holders are being diluted. That's ~40.0% 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 ~80%.
129% of revStock-based comp load. Stock-based compensation ran 129% of revenue and 554% of free cash flow in FY2025 — about $4.05 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.
stoppedShareholder returns — halted. Capital returns have STOPPED — $861,000 of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash; understand why before reading it as neutral.