Forensic Analysis · Technology / Software · as of Jul 30, 2026
Firy Inc. (FIRY)
A forensic read on Firy Inc. 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
-12.2
Altman Z-score
Watch
Earnings quality
6
Forensic signals
-63.0%
ROE
12.5%
Revenue growth
Financial health / Altman Z-score above is based on book value, not market value — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
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.
Firy Inc. earns an F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -12.2, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+50.6%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +50.6% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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 build is led by receivables up +195% against revenue +13% and PP&E up +28% against revenue +13%. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 4% of net operating assets, diverging from the balance-sheet accrual read.
34d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 21 to 34 days FY2024→FY2025 (receivables +195% vs revenue +13%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-110.2%
FY2025
Return on invested capital.Return on invested capital is -110.2% in the latest fiscal year and rising from -159% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
FCF ($70M)
FY2025
Shareholder returns.Returned $9M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($70M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
Key fundamentals
Latest Revenue$104.5M
Revenue Growth YoY+12.5%
Net Margin-67.4%
Free Cash Flow$-70.3M
Return on Equity-63.0%
Debt / Equity1.14x
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Firy Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about FIRY's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown
Data from SEC EDGAR public filings · metrics as of Jul 30, 2026. Forensic signals flag probability, not certainty.
Firy Inc. (FIRY) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
19% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 19% of revenue in FY2025 — about $1.25 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
$86M
FY2022–FY2022
Goodwill impairments.Took $86M of goodwill writedowns across 1 year (FY2022 ($86M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.