Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 27, 2026
Nn Inc (NNBR)
A forensic read on Nn 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
-0.8
Distress distance
Clean
Earnings quality
3
Forensic signals
-3.8
P / E (ttm)
-100.0%
ROE
$300M
Market cap
0.00%
Dividend yield
-9.1%
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.
Nn Inc earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -0.8, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-4.3%
FY2025
Return on invested capital.Return on invested capital is -4.3% in the latest fiscal year, against -4.2% in FY2023, having run between -6.0% and -4.2% across FY2023–FY2025 with no direction held. After-tax operating profit was ($17M) in FY2023 and ($15M) in FY2025, with operating income at -4.5% of revenue in FY2023, -5.9% in FY2024 and -4.5% in FY2025. The capital base behind it came down -16% across FY2023–FY2025, from $411M to $345M, so this return is struck on a smaller base than it started on. FY2024's operating profit carried a $13M restructuring charge and a $6M asset write-down that alone took about 4.2 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
+2.8%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +6% over the last 2 years to FY2025 (+2.8%/yr). The count is growing — 46.7M shares in FY2023, 49.4M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.8% 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 FY2023 has been diluted ~5%.
0.8% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.8% of revenue in FY2025 — about $0.06 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 2.8% a year across FY2023–FY2025, and the rate is falling. 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$422.2M
Revenue Growth YoY-9.1%
Revenue CAGR (2yr)-7.1%
Net Margin-8.1%
Free Cash Flow-$7.2M
Return on Equity-100.0%
Debt / Equity4.69x
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 Nn Inc's actual 10-K/10-Q/8-K filings?