Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 26, 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
-4.3
Distress distance
Clean
Earnings quality
2
Forensic signals
-17.4
P / E (ttm)
$2.4B
Market cap
0.00%
Dividend yield
-19.3%
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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.
Nextnav Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -4.3, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+35.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +35.4% relative to their own average in FY2025 — 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. The build is led by payables paid down 23% on the year. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 462% of net operating assets, against an accruals ratio of 35.4%. 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.
364% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 364% of revenue in FY2025. 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 9.4% 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$4.6M
Revenue Growth YoY-19.3%
Revenue CAGR (2yr)+8.8%
Net Margin-4138.5%
Free Cash Flow-$50.8M
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 Nextnav Inc.'s actual 10-K/10-Q/8-K filings?