Forensic Analysis · General / Diversified · as of Jul 30, 2026
Nocera, Inc. (NCRA)
A forensic read on Nocera, Inc. 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
-5.1
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-9.0%
Revenue growth
Financial health / Altman Z-score above is based on book value, not market value — 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.
Nocera, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -5.1, 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). 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-121.7%
FY2025
Return on invested capital.Return on invested capital is -121.7% in the latest fiscal year and slipping from 0% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+22.0%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +82% over the last 3 years to FY2025 (+22.0%/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 ~22.0% 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 ~45%.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from positive to negative FY2024→FY2025 (FY2024 $+1.7M to FY2025 $-5.8M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
$5M
FY2023–FY2024
Goodwill impairments.Took $5M of goodwill writedowns across 2 years (FY2023 ($2M), FY2024 ($3M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Latest Revenue$11.0M
Revenue Growth YoY-9.0%
Net Margin-26.1%
Free Cash Flow$-2.6M
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Nocera, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about NCRA's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown