Forensic Analysis · Live Entertainment & Events · as of Nov 8, 2026
Lucky Strike Entertainment Corp (LUCK)
A forensic read on Lucky Strike Entertainment 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
Clean
Earnings quality
3
Forensic signals
3.7%
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.
Lucky Strike Entertainment Corp earns a D (Weak — demands caution) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+28.0%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +28.0% relative to their own average in FY2026 — 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. Net operating assets also rose $40.4M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by PP&E up +31% against revenue +4%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 11% of net operating assets, against an accruals ratio of 28.0%. 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.
3.7%
FY2026
Return on invested capital.Return on invested capital is 3.7% in the latest fiscal year and steady across FY2024–FY2026, inside a 1.1-point range. After-tax operating profit was $72M in FY2024 and $108M in FY2026, with operating income at 7.9% of revenue in FY2024, 11.4% in FY2025 and 11.0% in FY2026. The capital base behind it went from $2.9B in FY2024 to $3.0B in FY2026 (+3%), while the revenue it carried went from $1.2B to $1.2B. FY2024's operating profit carried a $60M asset write-down that took about 1.7 points off that year's return, and FY2026's carried a $17M asset write-down that took about 0.5 points off the latest; so, net of each other, the two charges add about 1.2 points to the +1.2-point change across FY2024–FY2026. A non-cash write-down lowers the reported return in the year it lands.
FCF ($10M)
FY2026
Shareholder returns.Returned $70M to shareholders (buybacks + dividends) in FY2026, but free cash flow was ($10M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $104M — 67% of that. Capex and the payout together ran $80M past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. The balance sheet covered it: cash fell $20M and total debt rose $470M over FY2026.
Key fundamentals
Latest Revenue$1.25B
Revenue Growth YoY+3.7%
Revenue CAGR (2yr)+3.9%
Net Margin-2.9%
Free Cash Flow-$9.8M
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 Lucky Strike Entertainment Corp's actual 10-K/10-Q/8-K filings?