Forensic Analysis · Retail / Consumer Discretionary · as of Nov 9, 2026
Inno Holdings Inc. (INHD)
A forensic read on Inno Holdings 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
Safe
Financial health
13.2
Distress distance
Clean
Earnings quality
5
Forensic signals
-78.8%
ROE
221.4%
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 (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.
Inno Holdings Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 13.2, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-95.4%
FY2025
Return on invested capital.Return on invested capital is -95.4% in the latest fiscal year, against -513.7% in FY2024. After-tax operating profit was ($667,427) in FY2024 and ($3M) in FY2025, with operating income at -95.4% of revenue in FY2024 and -153.3% in FY2025. The capital base behind it cannot be compared across FY2024–FY2025: long-term debt is 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.
+72.5%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +198% over the last 2 years to FY2025 (+72.5%/yr). The count is growing — 1.8M shares in FY2023, 5.4M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~72.5% 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 FY2023 has been diluted ~66%.
77% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 77% of revenue in FY2025 — about $0.40 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 72.5% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. 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.
+91.9%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +91.9% relative to their own average in FY2025 — 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, and much of it is accounted for. The build is led by inventory up +533% on the year. That build tracks a +221% revenue year: net operating assets grew +170%, so the balance sheet is carrying more volume rather than getting heavier per dollar of sales — the accrual build is funding demand the company is shipping, not earnings running ahead of collection. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 67% of net operating assets, against an accruals ratio of 91.9%. 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. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
$3,514
FY2025
Goodwill impairments.Took $3,514 of goodwill writedowns across 1 year (FY2025 ($3,514)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$2.8M
Revenue Growth YoY+221.4%
Revenue CAGR (2yr)+88.7%
Net Margin-248.7%
Return on Equity-78.8%
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 Inno Holdings Inc.'s actual 10-K/10-Q/8-K filings?