Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 25, 2026
Intuitive Machines, Inc. (LUNR)
A forensic read on Intuitive Machines, 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
7.0
Distress distance
Clean
Earnings quality
3
Forensic signals
-14.8
P / E (ttm)
$3.5B
Market cap
0.00%
Dividend yield
-7.9%
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 (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.
Intuitive Machines, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 7.0, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-138.6%
FY2025
Return on invested capital.Return on invested capital is -138.6% in the latest fiscal year, against -698.3% in FY2023, having run between -698.3% and -92.6% across FY2023–FY2025 with no direction held. After-tax operating profit was ($55M) in FY2023 and ($69M) in FY2025, with operating income at -76.8% of revenue in FY2023, -25.2% in FY2024 and -41.5% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-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.
FCF ($56M)
FY2025
Shareholder returns.Returned $21M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($56M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
n/m (stock split)
FY2023–FY2025
Share count (stock split).Diluted share count changed +352% over the last 2 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +112.5%/yr figure isn't a real buyback/dilution read here.
Key fundamentals
Latest Revenue$210.1M
Revenue Growth YoY-7.9%
Revenue CAGR (2yr)+62.4%
Net Margin-39.7%
Free Cash Flow-$56.0M
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 Intuitive Machines, Inc.'s actual 10-K/10-Q/8-K filings?