Forensic Analysis · Packaged Foods · as of Nov 9, 2026
Mama's Creations, Inc. (MAMA)
A forensic read on Mama's Creations, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
4.3
Distress distance
Clean
Earnings quality
3
Forensic signals
13.6%
ROE
39.2%
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.
Mama's Creations, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 4.3, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+71.6%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +71.6% 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 $468,000 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 +114% against revenue +39% and inventory up +100% against +39% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 22% of net operating assets, against an accruals ratio of 71.6%. 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.
+3.8%/yr
FY2024–FY2026
Share-count dilution.Diluted share count changed +8% over the last 2 years to FY2026 (+3.8%/yr). The count is growing — 38.4M shares in FY2024, 41.4M in FY2026: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~3.8% 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 FY2024 has been diluted ~7%.
1.1% of rev
FY2026
Stock-based comp load.Stock-based compensation ran 1.1% of revenue and 20% of free cash flow in FY2026 — about $0.05 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 3.8% a year across FY2024–FY2026 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.
Key fundamentals
Latest Revenue$171.7M
Revenue Growth YoY+39.2%
Revenue CAGR (2yr)+28.9%
Net Margin3.1%
Free Cash Flow$9.8M
Return on Equity13.6%
Debt / Equity0.11x
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 Mama's Creations, Inc.'s actual 10-K/10-Q/8-K filings?