Forensic Analysis · Television Broadcasting · as of Nov 8, 2026
Newsmax Inc. (NMAX)
A forensic read on Newsmax 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
Distress
Financial health
-3.3
Distress distance
5
Forensic signals
10.7%
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.
Newsmax Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -3.3, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-114.7%
FY2025
Return on invested capital.Return on invested capital is -114.7% in the latest fiscal year.
+163.5%/yr
FY2024–FY2025
Share-count dilution.Diluted share count changed +163% over the last 1 year to FY2025 (+163.5%/yr). The count is growing — 41.1M shares in FY2024, 108.2M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~163.5% 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 ~62%.
FCF ($107M)
FY2025
Shareholder returns.Returned $915,069 to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($107M) 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 (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-33.1M to FY2025 $+85.6M) — 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.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.
6% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 6% of revenue in FY2025 — about $0.11 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 163.5% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. 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$189.3M
Revenue Growth YoY+10.7%
Net Margin-52.6%
Free Cash Flow-$107.1M
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 Newsmax Inc.'s actual 10-K/10-Q/8-K filings?