Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 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
-5.3
Distress distance
Clean
Earnings quality
5
Forensic signals
-15.5
P / E (ttm)
$2.1B
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). 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 -5.3, placing it in the Distress zone. 5 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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 build is led by payables paid down 23% on the year. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 462% of net operating assets, diverging from the balance-sheet accrual read.
364% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 364% of revenue in FY2025. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 8.1% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
FCF ($40M)
FY2022
Shareholder returns.Returned $4,000 to shareholders (buybacks + dividends) in FY2022, but free cash flow was ($40M) 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.
225d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 181 to 225 days FY2024→FY2025 (receivables -29% vs revenue -19%). Receivables are creeping up relative to sales. Across FY2022–FY2025 the day count ran 182 → 213 → 181 → 225 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 3 consecutive quarters (Sep 2025 +21, Dec 2025 +69, Mar 2026 +29 days). In the latest of them the receivable balance grew -16% against sales -35%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid.
Key fundamentals
Latest Revenue$4.6M
Revenue Growth YoY-19.3%
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?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
Nextnav Inc. (NN) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed -100% over the last 3 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -89.0%/yr figure isn't a real buyback/dilution read here.