Forensic Analysis · Technology / Software · as of Oct 26, 2026
Healthcare Triangle, Inc. (HCTI)
A forensic read on Healthcare Triangle, 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
-8.1
Distress distance
Watch
Earnings quality
4
Forensic signals
-392.4%
ROE
18.8%
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.
Healthcare Triangle, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -8.1, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-146.3%
FY2025
Return on invested capital.Return on invested capital is -146.3% in the latest fiscal year.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-0.4M to FY2025 $+23.6M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
54d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 35 to 54 days FY2024→FY2025 (receivables +86% vs revenue +19%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 40 → 35 → 54 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 4 consecutive quarters (Sep 2025 +3, Dec 2025 +14, Mar 2026 +30, Jun 2026 +14 days). In the latest of them the receivable balance grew +232% against sales +158%, 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 — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
3% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 3% of revenue in FY2025 — about $7.29 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 17427.8% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$13.9M
Revenue Growth YoY+18.8%
Revenue CAGR (2yr)-35.3%
Net Margin-68.2%
Free Cash Flow-$16.5M
Return on Equity-392.4%
Debt / Equity2.14x
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 Healthcare Triangle, Inc.'s actual 10-K/10-Q/8-K filings?