Forensic Analysis · Technology / Software · as of Aug 6, 2026
Inseego Corp. (INSG)
A forensic read on Inseego Corp. 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
-30.2
Distress distance
Clean
Earnings quality
3
Forensic signals
-13.1%
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). 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.
Inseego Corp. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -30.2, 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 share-count dilution.
What the filings flag
+12.1%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +41% over the last 3 years to FY2025 (+12.1%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. Note: the share count shows a large one-time jump around FY2019, consistent with a reverse split or bankruptcy reorg rather than gradual buybacks, so the earlier shrinkage doesn't reflect real repurchase discipline. That's ~12.1% 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 FY2022 has been diluted ~29%.
4% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 4% of revenue and 114% of free cash flow in FY2025 — about $0.49 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 12.3% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
43d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 31 to 43 days FY2024→FY2025 (receivables +82% vs revenue -13%). Receivables are creeping up relative to sales. Across FY2021–FY2025 the day count ran 39 → 39 → 47 → 31 → 43 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 (-33%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build.
Key fundamentals
Latest Revenue$166.2M
Revenue Growth YoY-13.1%
Net Margin0.5%
Free Cash Flow$6.5M
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 Inseego Corp.'s actual 10-K/10-Q/8-K filings?