Forensic Analysis · Technology / Software · as of Sep 25, 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, 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.
Inseego Corp. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -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
+15.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +33% over the last 2 years to FY2025 (+15.3%/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 ~15.3% 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 ~25%.
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. 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 15.5% a year 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.
55d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 26 to 55 days FY2024→FY2025 (receivables +82% vs revenue -13%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 40 → 26 → 55 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. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 5 consecutive quarters (Jun 2025 +18, Sep 2025 +29, Dec 2025 +21, Mar 2026 +7, Jun 2026 +29 days). In the latest of them the receivable balance grew +67% against sales +9%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid. 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$166.2M
Revenue Growth YoY-13.1%
Revenue CAGR (2yr)-0.3%
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?