Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 27, 2026
NEXTNAV INC. (NN)
A forensic read on NEXTNAV 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
-12.2
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-276.9%
ROE
$2.3B
Market cap
NEXTNAV INC. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -12.2, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+35.4%Accruals ratio.Net operating assets grew +35.4% 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 behind operating cash by -462% of net operating assets.
-67%Return on invested capital.Return on invested capital is -67% and rising from -87% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
364% of revStock-based comp load.Stock-based compensation ran 364% of revenue in FY2025 — about $125.22 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-4138.5%
Free Cash Flow$-50.8M
Latest Revenue$4.6M
Revenue Growth YoY-19.3%
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 NEXTNAV INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about NN'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