Forensic Analysis · Automotive / Vehicle Manufacturing · as of Oct 13, 2026
Fly-E Group, Inc. (FLYE)
A forensic read on Fly-E Group, 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
Grey Zone
Financial health
1.2
Distress distance
Watch
Earnings quality
5
Forensic signals
-53.1%
ROE
-25.0%
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, 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.
Fly-E Group, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 1.2, placing it in the Grey zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+88.4%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +88.4% relative to their own average in FY2026 — 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 +1412% against revenue -25% and payables paid down 66% against -4% in cost of sales. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 28% of net operating assets, against an accruals ratio of 88.4%. 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.
-22.3%
FY2026
Return on invested capital.Return on invested capital is -22.3% in the latest fiscal year and slipping across FY2024–FY2026 from 10.1%. After-tax operating profit was $2M in FY2024 and ($5M) in FY2026, with operating income at 10.1% of revenue in FY2024, -17.9% in FY2025 and -33.8% in FY2026. The capital base behind it cannot be compared across FY2024–FY2026: cash and long-term debt are tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged. FY2025's operating profit carried a $870,589 asset write-down that alone took about 3.4 points off that year's return; FY2025 sits between the two ends of FY2024–FY2026, so the charge shapes the path between them without moving the change across it.
$456,209
FY2024–FY2024
Goodwill impairments.Took $456,209 of goodwill writedowns across 1 year (FY2024 ($456,209)) — about 24% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
Key fundamentals
Latest Revenue$19.1M
Revenue Growth YoY-25.0%
Revenue CAGR (2yr)-23.1%
Net Margin-48.6%
Free Cash Flow-$13.9M
Return on Equity-53.1%
Debt / Equity0.35x
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 Fly-E Group, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Oct 13, 2026. Forensic signals flag probability, not certainty.
Fly-E Group, Inc. (FLYE) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
-$19.6M
FY2024–FY2026
Cash burn vs. reported loss.Over FY2024–FY2026, the company reported a cumulative net loss of $12.2M against operating cash flow of -$19.6M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.
135d DSO
FY2025→FY2026
Receivables vs revenue.Days sales outstanding moved from 7 to 135 days FY2025→FY2026 (receivables +1412% vs revenue -25%). Receivables are creeping up relative to sales. Across FY2024–FY2026 the day count ran 2 → 7 → 135 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. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 6 consecutive quarters (Mar 2025 +6, Jun 2025 +14, Sep 2025 +30, Dec 2025 +49, Mar 2026 +80, Jun 2026 +266 days). In the latest of them the receivable balance grew +703% against sales -48%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid. 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 — FY2025's opening balance is on file, but across the 3 fiscal years read here (FY2024–FY2026) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.