Forensic Analysis · Technology / Software · as of Oct 7, 2026
Intellinetics, Inc. (INLX)
A forensic read on Intellinetics, Inc. 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
Distress
Financial health
-3.0
Distress distance
Clean
Earnings quality
3
Forensic signals
-16.5%
ROE
-8.0%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
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, valuation). 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.
Intellinetics, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -3.0, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+33.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +33.2% 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 — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by inventory up +72% against -15% in cost of sales and receivables up +12% against revenue -8%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 29% of net operating assets, against an accruals ratio of 33.2%. 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.
-11.5%
FY2025
Return on invested capital.Return on invested capital is -11.5% in the latest fiscal year and slipping across FY2023–FY2025 from 6.5%. After-tax operating profit was $874,901 in FY2023 and ($1M) in FY2025, with operating income at 6.6% of revenue in FY2023, -1.0% in FY2024 and -10.8% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: cash 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.
27d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 23 to 27 days FY2024→FY2025 (receivables +12% vs revenue -8%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 40 → 23 → 27 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. Deferred revenue was roughly flat (-1%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. 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.
Key fundamentals
Latest Revenue$16.6M
Revenue Growth YoY-8.0%
Revenue CAGR (2yr)-0.9%
Net Margin-11.3%
Free Cash Flow$579,493.00
Return on Equity-16.5%
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 Intellinetics, Inc.'s actual 10-K/10-Q/8-K filings?