Forensic Analysis · Industrials / Manufacturing / Defense · as of Jul 3, 2026
HUDSON TECHNOLOGIES INC /NY (HDSN)
A forensic read on HUDSON TECHNOLOGIES INC /NY built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
8.3
Altman Z-score
Clean
Earnings quality
4
Forensic signals
17.5
P / E (ttm)
5.7%
ROE
$252M
Market cap
HUDSON TECHNOLOGIES INC /NY earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 8.3, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
269dInventory days.Days inventory outstanding moved from 205 to 269 FY2024→FY2025 (against cost of goods sold; inventory +41% vs +8% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
6%Return on invested capital.Return on invested capital is 6% and slipping from 53% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+14.9%Accruals ratio.Net operating assets grew +14.9% relative to their average in FY2025 — the accrual component of earnings. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by inventory (up +41% on the year) and receivables (up +25% on the year). The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by +10% of net operating assets.
25d DSOReceivables vs revenue.Days sales outstanding moved from 21 to 25 days FY2024→FY2025 (receivables +25% vs revenue +4%). Receivables are creeping up relative to sales — watch the trend.
Key fundamentals
Net Margin6.8%
Debt / Equity0.18x
Free Cash Flow$-8.2M
Latest Revenue$246.6M
Return on Equity6.8%
Revenue Growth YoY+4.0%
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 HUDSON TECHNOLOGIES INC /NY:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about HDSN'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