Forensic Analysis · Communication Services / Telecom · as of Jun 28, 2026
Gogo Inc. (GOGO)
A forensic read on Gogo Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Distress
Financial health
-1.5
Altman Z-score
Clean
Earnings quality
4
Forensic signals
30.8
P / E (ttm)
13.0%
ROE
$430M
Market cap
Gogo Inc. earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is -1.5, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by stock-based comp load.
What the filings flag
3% of revStock-based comp load.Stock-based compensation ran 3% of revenue and 37% of free cash flow in FY2025 — about $176.23 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 — $33M 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.
7%Return on invested capital.Return on invested capital is 7% and slipping from 23% — around its ~8% cost of capital, so growth is roughly value-neutral — watch the trend.
+0.7%/yrShare-count dilution.Diluted share count changed +2% over the last 3 years to FY2025 (+0.7%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Net Margin1.4%
Debt / Equity8.27x
Free Cash Flow$65.1M
Latest Revenue$910.5M
Return on Equity12.8%
Revenue Growth YoY+104.7%
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 Gogo Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about GOGO'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