Forensic Analysis · Technology / Software · as of Jun 27, 2026
Netskope Inc (NTSK)
A forensic read on Netskope 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
Altman Z-score
Clean
Earnings quality
3
Forensic signals
$4.2B
Market cap
Netskope Inc earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -4.3, 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
-78%Return on invested capital.Return on invested capital is -78% and rising from -122% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+67.0%/yrShare-count dilution.Diluted share count changed +134% over the last 2 years to FY2026 (+67.0%/yr). The count is GROWING — existing holders are being diluted. That's ~67.0% 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 ~134%.
73% of revStock-based comp load.Stock-based compensation ran 73% of revenue and 3407% of free cash flow in FY2026 — about $2.41 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
Key fundamentals
Net Margin-95.8%
Free Cash Flow$15.2M
Latest Revenue$709.0M
Return on Equity-349.2%
Revenue Growth YoY+31.7%
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 Netskope Inc:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about NTSK'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