Forensic Analysis · Communication Services / Telecom · as of Jun 27, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-3.3
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-79.3%
ROE
$967M
Market cap
0.06%
Dividend yield
Newsmax Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -3.3, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+452.4%Accruals ratio.Net operating assets grew +452.4% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by +19% of net operating assets.
-57%Return on invested capital.Return on invested capital is -57% and steady — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+163.5%/yrShare-count dilution.Diluted share count changed +163% over the last 1 years to FY2025 (+163.5%/yr). The count is GROWING — existing holders are being diluted. That's ~163.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~163%.
64d DSOReceivables vs revenue.Days sales outstanding moved from 60 to 64 days FY2024→FY2025 (receivables +18% vs revenue +11%). Receivables are creeping up relative to sales — watch the trend.
Key fundamentals
Net Margin-52.6%
Free Cash Flow$-107.1M
Latest Revenue$189.3M
Return on Equity-93.8%
Revenue Growth YoY+10.7%
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 Newsmax Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about NMAX'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