Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 12, 2026
Terrestrial Energy Inc. /De/ (IMSR)
A forensic read on Terrestrial Energy Inc. /De/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
17.1
Distress distance
Clean
Earnings quality
3
Forensic signals
-14.5
P / E (ttm)
-9.5%
ROE
$601M
Market cap
0.00%
Dividend yield
-100.0%
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). 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.
Terrestrial Energy Inc. /De/ earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 17.1, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+18.6%/yr
FY2024–FY2025
Share-count dilution.Diluted share count changed +19% over the last 1 year to FY2025 (+18.6%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~18.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~16%.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-16.5M to FY2025 $+198.2M) — 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.
270% of rev
FY2024
Stock-based comp load.Stock-based compensation ran 270% of revenue in FY2024 — about $0.01 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 18.6% a year, small enough that totals and per-share results tell the same story.
Key fundamentals
Latest Revenue$248,357.00
Net Margin-4624.6%
Free Cash Flow-$17.5M
Return on Equity-9.5%
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 Terrestrial Energy Inc. /De/'s actual 10-K/10-Q/8-K filings?